Key Terms P

Question 1

parametric estimating

Answer 1

A quantitatively based estimating technique that is typically calculated by multiplying rate times quantity

Question 2

Pareto diagram

Answer 2

A Quality Control technique used to rank importance of a problem based on its frequency of occurrence over time. This diagram is based on the Pareto principle, more commonly referred to as the 80/20 rule, which says that the majority of defects are caused by a small set of problems.

Question 3

payback period

Answer 3

The length of time it takes a company to recover the initial cost of producing the product or service of the project.

Question 4

performance reporting

Answer 4

Collecting information regarding project progress and project accomplishments and reporting it to the stakeholders, project team members, management team, and other interested parties. It also makes predictions regarding future project performance.

Question 5

planned value (PV)

Answer 5

The cost of work that ’ s been budgeted for an activity during a certain time period.

Question 6

planning

Answer 6

The process group where the project plans are developed that will be used
throughout the project to direct, monitor, and control work results. The primary result of
this process is the project plan.

Question 7

post - mortem analysis

Answer 7

Performed when a project is canceled or ends prematurely. It describes the reasons for cancellation or failure and documents the deliverables that were completed.

Question 8

post - project review

Answer 8

Conducted at the end of the project to document lessons learned

Question 9

precedence diagramming method (PDM)

Answer 9

A network diagramming method that places

activities on nodes, which connect to dependent activities using arrows. Also known as activity on node .

Question 10

predecessor

Answer 10

A task on the network diagram that occurs before another task.

Question 11

preliminary investigation

Answer 11

An investigation at project request time to determine the costs and benefits of the project, as well as examine alternatives to the proposed solution in order to determine the feasibility of carrying out the project.

Question 12

preventive action

Answer 12

A type of change request that usually occur during the Monitoring and Controlling process group. Preventive actions are implemented to help reduce the
probability of a negative risk event.

Question 13

prevention

Answer 13

A Quality Control tool and technique that keeps errors from reaching the
customer. Prevention is less expensive than having to fix problems after they’ve occurred.

Question 14

prevention costs

Answer 14

The cost of activities performed to avoid quality problems, including quality planning, training, and any product or process testing.

Question 15

probability

Answer 15

The likelihood a risk event will occur. Probability is expressed as a number
between 0.0 and 1.0.

Question 16

procurement planning

Answer 16

The process of identifying what goods or services will be purchased from outside the organization. It uses make - or - buy analysis to determine whether goods or services should be purchased outside the organization or produced internally.

Question 17

product description

Answer 17

Explains the major characteristics of the product and describes the relationship between the business need and the product. This is also referred to as high -level requirements

Question 18

product verification

Answer 18

Occurs in the Close Procurements process and determines whether the work of the contract is acceptable and satisfactory.

Question 19

program

Answer 19

A grouping of related projects that are managed together to capitalize on
benefits that couldn’t be achieved if the projects were managed separately.

Question 20

program evaluation and review technique (PERT)

Answer 20

Calculates the expected value, or weighted average, of critical path tasks to determine project duration by using three estimates: most likely, pessimistic, and optimistic. The PERT calculation is
(optimistic + pessimistic + (4 × most likely)) / 6

Question 21

progress reports

Answer 21

Reports from project team members listing the tasks each team member is working on, the current progress of each task, and the work remaining

Question 22

project

Answer 22

Temporary in nature, with a definite start and end date; creates a unique product,
service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.

Question 23

project - based organization

Answer 23

An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources

Question 24

project champion

Answer 24

The person who fully understands, believes in, and espouses the
benefits of the project to the organization. This is the cheerleader for the project.

Question 25

project charter

Answer 25

An official, written acknowledgment and recognition that a project exists. It’s signed by the project sponsor and gives the project manager authority to assign organizational resources to the work of the project.

Question 26

project closure

Answer 26

The formal acceptance of a project and the activities required to formally end the project work.

Question 27

project description

Answer 27

Documents the key characteristics of the product or service that will be created by the project.

Question 28

project execution

Answer 28

Carrying out the project plan. Activities are clarified, the work is authorized to begin, resources are committed and assigned to activities, and the product or service of the project is created. The largest portion of the project budget will be spent during this process.

Question 29

project justification

Answer 29

Documentation in the project charter that includes the reason the project is being undertaken and the business need the project will address.

Question 30

project life cycle

Answer 30

The grouping of project phases in a sequential order from the beginning
of the project to the close.

Question 31

project management

Answer 31

Applying skills, knowledge, and project management tools and
techniques to fulfill the project requirements

Question 32

Project Management Institute (PMI)

Answer 32

The world’s leading professional project

management association

Question 33

project management knowledge areas

Answer 33

The nine project management groupings, or
Knowledge Areas, that bring together common or related processes. They are Integration, Scope, Time, Cost, Quality, Human Resource, Communications, Risk, and Procurement

Question 34

project management office (PMO)

Answer 34

Established by organizations to create and maintain procedures and standards for project management methodologies to be used throughout the organization

Question 35

Project Manager

Answer 35

The person responsible for applying the skills, knowledge, and project management tools and techniques to the project activities to successfully complete the project objectives.

Question 36

project performance indicators

Answer 36

Measures that the project manager uses to determine whether the project is on track, such as any deviation from the baseline schedule or the
baseline budget.

Question 37

project plan

Answer 37

A document, or assortment of documents, that constitutes what the project
is, what the project will deliver, and how all the processes will be managed. Used as the guideline throughout the project Executing and Controlling phases to track and measure project performance and to make future project decisions. Also used as a communication and information tool for stakeholders, team members, and management.

Question 38

project review

Answer 38

A formal presentation by the project manager or project team members to the sponsor, the client, and the other executive stakeholders.

Question 39

project schedule

Answer 39

Determines the start and finish dates for project activities and assigns resources to the activities

Question 40

project selection

Answer 40

Used to determine which proposed projects are approved to move forward.

Question 41

proof concept

Answer 41

A project that undertakes to prove that a specific activity can be done or an idea can be accomplished