Misc Definitions

Question 1

Activity

Answer 1

Discrete unit of work to be performed. It should be measurable, one resource (i.e. painting not patching), specific, and no interruptions (meaning not reliant on someone/thing else like writing and publishing)

Question 2

Milestone

Answer 2

Measurement point or event. Have zero duration. Example - contract approved

Question 3

Rolling wave planning

Answer 3

Used often in agile. Form of progressive elaboration.

Question 4

Risks

Answer 4

Potential positive or negative impacts to the activity

Question 5

PMI Talent Triangle

Answer 5

Technical project management; Leadership; Strategic and business management

Question 6

Analogous estimating

Answer 6

Used in preliminary estimating. Most common type. Top-down estimating that begins with information from prior project and supplements with information from the team and SMEs. Adjust for differences in new project.

Question 7

Parametric estimating

Answer 7

Used in preliminary estimating. Uses known values and multiples them by a variable. Known values could be published rates, number of gallons, etc. Works best with tangible outcomes.

Question 8

Three-point estimating

Answer 8

Used in budgetary estimating. Three estimates: optimistic, pessimistic, most likely. Perform weighted calculation. PERT formula: PERT = (O + 4ML + P) / 6 where O = optimistic, ML = most likely, and P = pessimistic. Represent a 50% confidence level. Expected = 50% confidence.

Question 9

Delphi estimating

Answer 9

Used in budgetary estimating. Obtain one estimate, most likely, from multiple people. Mitigates estimator bias and is consensus based. Done over rounds to reach consensus, each round throw out high and low.

Question 10

Definitive estimates

Answer 10

Bottom-up estimating technique performed immediately preceding the scheduled work, sometimes referred to as a two-week look-ahead. Most accurate. Associated with implementation phases.

Question 11

Triple constraint (of quality)

Answer 11

Scope, time, cost

Question 12

Performance Measurement Baseline (PMB)

Answer 12

Another term for cost baseline used when using Earned Value Management (EVM). Time-scaled project budget. Can’t be changed without approval. Integrates scope, cost, and schedule baselines into one. Used to compare actual performance to planned performance

Question 13

S-Curve

Answer 13

Projects generally start with low cost, then increase, then level out. When graphed, it looks like a lazy S shape

Question 14

Budget at Completion (BAC)

Answer 14

Budget completed in time (at 10 weeks) and by money ($10,000). Marks end point for completion. Represents the planned budget at completion.

Question 15

Planned Value (PV)

Answer 15

The dollar value of work planned as of that point in time

Question 16

Earned Value Analysis (EVA)

Answer 16

Determines how well project is progressing by measuring work plan, work performance, and actual spending. Includes 4 elements: Planned Value (PV), Budget at Completion (BAC) aka cumulative planned value, Earned Value (EV) aka how much work has been completed, Actual Cost (AC) aka how much was spent to complete the work

Question 17

Earned Value (EV)

Answer 17

How much work has been completed

Question 18

Actual Cost (AC)

Answer 18

How much was spent to complete the work

Question 19

Data date or time now

Answer 19

Point in time Planned Value, Earned Value and Actual Cost are measured. Before the time now, it does not have a planned value (history) after the time now it does have planned value

Question 20

Variance

Answer 20

Difference between planned and actual performance. Can be favorable or unfavorable

Question 21

Estimate at Completion (EAC)

Answer 21

Revised Budget at Completion (BAC) taking Time Now statuses into account

Question 22

Estimate to Complete (ETC)

Answer 22

Amount of additional funds needed to get to EAC based on how much spent so far and how much work remains

Question 23

Earned Schedule (ES)

Answer 23

Schedule equivalent of Earned Value. Look at EV compared to PV and where it falls on the schedule. For example may be at week 5 but only completed work equivalent to week 4. Minor concept.

Question 24

Prevention Costs

Answer 24

Money spent to avoid quality problems

Question 25

Appraisal Costs

Answer 25

Money spent on measuring and monitoring quality activities such as running tests or audits