PMBoK Vocabulary Flashcards
acceptance criteria
A set of conditions that are met before deliverables are accepted.
activity list
A documented tabulation of schedule activities that shows the activity description, activity identifier, and a sufficiently detailed scope of work description so project team members understand what work is to be performed.
actual cost (AC)
The realized cost incurred for the work performed on an activity during a specific time period.
affinity diagram
A diagram that shows large numbers of ideas classified into groups for review and analysis.
“Convergent thinking tool used to organize or ‘cluster’ ideas and data”
*thinking brainstorming with sticky notes and grouping into categories
analogous estimating
A technique for estimating the duration, cost, or required resources for an activity or project using historical data from a similar activity or project. See also bottom-up estimating, parametric estimating, program evaluation and review technique (PERT), and multipoint estimating.
backlog
An ordered list of work to be done, often written as user stories, and prioritized by the business to manage and organize an adaptive or agile project’s work.
backlog refinement
Progressive elaboration of the content in the backlog and (re)prioritization of it to identify the work that can be accomplished in an upcoming iteration.
backward pass
A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date.
benchmarking
The comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.
benefits management plan
The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a program or project.
Bidder Conference
The meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement.
AKA: contractor conferences, vendor conferences, or pre-bid conferences.
Blocker
An obstacle that prevents the team from achieving its objectives.
AKA: impediment
budget at completion (BAC)
The sum of all budgets established for the work to be performed.
burndown chart
A graphical representation of the work remaining versus the time left in a timebox.
burnup chart
A graphical representation of the work completed toward a milestone.
Business Model Canvas
A one-page, visual summary that describes the value proposition, infrastructure, customers, and finances. Often used in Lean Startup situations.
cause-and-effect diagram
A visual representation that helps trace an effect back to its root cause. A cause-and-effect diagram may also be known as a fishbone or Ishikawa diagram.
change control
A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.
change control board (CCB)
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.
contingency reserve
Time or money allocated in the schedule or cost baseline for known risks with active response strategies.
cost baseline
The approved version of the time-phased project budget, excluding any management reserves (includes contingency reserves), which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.
cost management plan
A component of a program or project management plan that describes how costs will be planned, structured, and controlled.
cost of quality (COQ)
All costs incurred over the life of the product by investment in preventing nonconformance to requirements, appraisal of the product or service for conformance to requirements, and failure to meet requirements.
cost performance index (CPI)
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
cost variance (CV)
The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.
cost-benefit analysis
A financial analysis method used to determine the benefits provided by a project against its costs.
cost-plus-award-fee contract
A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.
cost-plus-fixed-fee contract
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee).
cost-plus-incentive-fee contract
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (allowable costs are defined by the contract), and the seller earns its profit if it meets defined performance criteria.
cost-reimbursable contract
A type of contract involving payment to the seller for the seller’s actual costs, plus a fee typically representing the seller’s profit.
crashing
A schedule compression technique used to shorten the schedule duration for the least incremental cost by adding resources.
Criteria
Standards, rules, or tests on which a judgement or decision can be based or by which a product, service, result, or process can be evaluated
critical path
The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.
critical path method.
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.
Cumulative Flow Diagram
A chart indicating features completed over time, features in other states of development, and those in backlog
Cycle Time Chart
A diagram that shows the average cycle time of the work items completed over time
decomposition
A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts.
definition of done (DoD)
A checklist of all the criteria required to be met so that a deliverable can be considered ready for customer use.
definition of ready (DoR)
A team’s checklist for a user-centric requirement that has all the information the team needs to be able to begin working on it.
deliverable
Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.
Delivery Performance Domain
The performance domain that addresses activities and functions associated with delivering the scope and quality that the project was undertaken to achieve
development approach
A method used to create and evolve the product, service, or result during the project life cycle such as an adaptive, predictive, or hybrid method.
Development Approach and Life Cycle Performance Domain
The performance domain that addresses activities and functions associated with the development approach, cadence, and life cycle phases of the project.
DevOps
A collection of practices for creating a smooth flow of delivery by improving collaboration between development and operations staff.
Digital Product
A product or service that is delivered, used, and stored in an electronic format
Discretionary Dependency
A relationship that is based on best practices or project preferences
early finish date (critical path method)
the earliest possible point in time when the uncompleted portions of a schedule activity can finish based on the schedule network logic, the data date, and any schedule constraints.
early start date (critical path method)
the earliest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the data date, and any schedule constraints.
earned value (EV)
The measure of work performed expressed in terms of the budget authorized for that work.
Earned Value Analysis (EVA)
An analysis method that uses a set of measures associated with scope, schedule, and cost to determine the cost and schedule performance of a project.
earned value management (EVM)
A methodology that combines scope, schedule, cost, and resource measurements to assess project performance and progress.
emotional intelligence
The ability to identify, assess, and manage the personal emotions of oneself and other people, as well as the collective emotions of groups of people.
enterprise environmental factors (EEFs)
Conditions, not under the immediate control of the team, that influence, constrain, or direct the portfolio, program, or project.
enterprise risk management
An approach to managing risk that reflects the organization’s culture, capability, and strategy to create and sustain value.
epic
A large, related body of work intended to hierarchically organize a set of requirements and deliver specific business outcomes.
estimate at completion (EAC)
The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.
estimate to complete (ETC)
The expected cost to finish all the remaining project work.
Executing Process Group
Those processes performed to complete the work defined in the project management plan to satisfy the project requirements
expected monetary value (EMV)
The estimated value of an outcome expressed in monetary terms.
Explicit Knowledge
Knowledge that can be codified using symbols such as words, numbers, and pictures
External dependency
A relationship between project activities and non-project activities
fast tracking
A schedule compression technique in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.
feature
A set of related requirements or functionalities that provides value to an organization.
finish-to-finish (critical path method)
A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.
finish-to-start (critical path method)
A logical relationship in which a successor activity cannot start until a predecessor activity has finished.
firm-fixed-price contract
A type of fixed-price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller’s costs.
fixed-price contract
An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.
fixed-price-incentive-fee contract
A type of contract where the buyer pays the seller a set amount (as defined by the contract) and the seller can earn an additional amount if the seller meets defined performance criteria.
Flowchart
The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.
forward pass (critical path method)
technique for calculating the early start and early finish dates by working forward through the schedule model from the project start date or a given point in time.
free float
The amount of time that a schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.
Function Point
An estimate of the amount of business functionality in an information system, used to calculate the functional size measurement of a software system
Gantt chart
A bar chart of schedule information where activities are listed on the vertical axis, dates are shown on the horizontal axis, and activity durations are shown as horizontal bars placed according to start and finish dates.
hybrid approach
A combination of elements from both adaptive and predictive approaches that is useful when there is uncertainty or risk around the requirements.
Impact Mapping
A strategic planning method that serves as a visual roadmap for the organization during product development
incremental approach
An adaptive development approach in which the deliverable is produced successively, adding functionality until the deliverable contains the necessary and sufficient capability to be considered complete.
Indefinite Delivery Indefinite Quantity (IDIQ)
A contract that provides for an indefinite quantity of goods or services, with a stated lower and upper limit, within a fixed period of time
Influence Diagram
A graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.
information radiator
A visible, physical display that provides information to the rest of the organization, enabling timely knowledge sharing.
Initiating Process Group
Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase
Iteration planning
A meeting to clarify the details of the backlog items, acceptance criteria, and work effort required to meet an upcoming iteration committment
Internal Dependency
A relationship between two or more project activities
Interpersonal Skills
Skills used to establish and maintain relationships with other people
issue
A current condition or situation that may have an impact on one or more objectives.
iteration
A short cycle of development during which a product or deliverable is released or further matured.
iteration review
A meeting held at the end of an iteration to demonstrate the work that was accomplished during the iteration.
iterative approach
A development approach that focuses on an initial, simplified implementation then progressively elaborates, adding to the feature set until the final deliverable is complete.
kanban board
A visualization tool that shows work in progress to help identify bottlenecks and overcommitments, thereby allowing the team to optimize the workflow.
key performance indicator (KPI)
Metric defined by an organization’s leadership that is used to evaluate an organization’s progress toward meeting the targets or end states identified in their objectives or goals, helping to achieve strategic alignment.
Last Responsible Moment
The concept of deferring a decision to allow the team to consider multiple options until the cost of further delay would exceed the benefit
late finish date (critical path method)
the latest possible point in time when the uncompleted portions of a schedule activity can finish based on the schedule network logic, the project completion date, and any schedule constraints.
late start date (critical path method)
the latest possible point in time when the uncompleted portions of a schedule activity can start based on the schedule network logic, the project completion date, and any schedule constraints.
Lead Time Chart
A diagram showing the trend over time of the average lead time of the items completed in work.
Lean Startup Canvas
A one-page template designed to communicate a business plan with key stakeholders in an efficient and effective manner
Life Cycle Assessment (LCA)
A tool used to evaluate the total environment impact of a product, process, or system
Log
A document used to record and describe or denote selected items identified during execution of a process or activity. Usually used with a modifier, such as issue, change, or assumption
management reserve
Time or money that management sets aside in addition to the schedule or cost baseline and releases for unforeseen work that is within the scope of the portfolio, program, or project.
Mandatory Dependency
A relationship that is contractually required or inherent in the nature of the work
matrix organization
An organizational structure in which the project manager shares authority with the functional manager temporarily to assign work and apply resources.
Measurement Performance Domain
The performance domain that addresses activities and functions associated with assessing project performance and taking appropriate actions to maintain acceptable performance
mind mapping
A technique used to consolidate ideas created through individual brainstorming sessions into a single map to reflect commonality and differences in understanding and to generate new ideas.
minimum viable product (MVP)
A concept used to define the scope of the first release of a solution to customers by identifying the fewest number of features or requirements that would deliver value.
Monte Carlo simulation
A method of identifying the potential impacts of risk and uncertainty using multiple iterations of a computer model to develop a probability distribution of a range of outcomes that could result from a decision or course of action.
most likely duration
An estimate of the most probable activity duration that takes into account all of the known variables that could affect performance.
multipoint estimating
A method used to estimate cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.
near-critical activity
An activity with a total float that is deemed to be low based on expert judgment.
near-critical path
A sequence of activities with low float that, if exhausted, becomes a critical path sequence for the project.
Net Promotor Score
An index that measures the willingness of customers to recommend network diagram
network path
A sequence of activities connected by logical relationships in a project schedule network diagram. See also early finish date, early start date, late finish date, late start date, and network logic.
objectives and key results (OKRs)
A goal-setting framework used to define and track objectives and their outcomes. OKRs are typically used in business settings to align individual, team, and organizational goals with measurable results.
opportunity
A risk that would have a positive effect on one or more portfolio, program, or project objectives.
optimistic duration
An estimate of the shortest activity duration that takes into account all of the known variables that could affect performance. See also most likely duration and pessimistic duration.
organizational breakdown structure
A hierarchical representation of the project organization that illustrates the relationship between project activities and the organizational units that will perform those activities.
organizational process assets (OPAs)
Plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization.
organizational project management (OPM)
A framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.
Osmotic Communication
Means of receiving information without direct communication by overhearing through nonverbal cues
parametric estimating
An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters. See also analogous estimating, bottom-up estimating, program evaluation and review technique (PERT), and multipoint estimating.
performance measurement baseline (PMB)
Integrated scope, schedule, and cost baselines used for comparison to manage, measure, and control project execution. See alsobaseline, cost baseline, schedule baseline,andscope baseline.
pessimistic duration
An estimate of the longest activity duration that takes into account all of the known variables that could affect performance.
PESTLE analysis
A strategic planning tool used to systematically evaluate political, economic, sociocultural, technological, legal, and environmental factors. These factors provide a view of the project’s external operating environment and indicate potential opportunities and threats
phase gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a program or project.
planned value (PV)
The authorized budget assigned to scheduled work.
Planning Performance Domain
The performance domain that addresses activities and functions associated with the initial, ongoing, and evolving organization and coordination necessary for delivering project deliverables and results
Planning Process Group
Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve
Predictive Approach
A development approach in which the project scope, time, and cost are determined in the early phases of the life cycle
Prioritization Matrix
A scatter diagram that plots effort against value so as to classify items by priority
Prioritization Schema
Methods used too prioritize portfolio, program, or project components, as well as requirements, risks, features, or other product information
Probabilistic Estimimating
A method used to develop a range of estimates along with the associated probabilities within that range
probability and impact matrix
A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs. See also risk.
product owner
A person responsible for maximizing the value of the product and accountable for the end product.
Product Scope
The features and functions that characterize a product, service, or result
program evaluation and review technique (PERT)
A technique used to estimate project duration through a weighted average of optimistic, pessimistic, and most likely activity durations when there is uncertainty with the individual activity estimates.
program manager
The person authorized by the performing organization to lead the team or teams responsible for achieving program objectives.
progressive elaboration
The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.
Project Brief
A high-level overview of the goals, deliverables, and processes for the project
project charter
A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
project governance
The framework, functions, and processes that guide project management activities in order to meet or exceed target project objectives.
Project Lead
A person who helps the project team to achieve the project objectives, typically by orchestrating the work of the project
Project Management Body of Knowledge (PMBOK)
Term to describe the knowledge within the profession of project management
project management information system (PMIS)
An information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes.
project management office
A management entity that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques to maximize the return on project investments.
Project Management Process Group
A logical grouping of project management inputs, tools, techniques, and outputs. Includes Initiating, Planning, Executing, Monitoring and Controlling, and Closing.
project phase
A collection of logically related project activities that culminates in the completion of one or more deliverables.
project schedule network diagram
A graphical representation of the logical relationships among the project schedule activities.
project scope
The work performed to deliver a product, service, or result with the specified features and functions.
Project Vision Statement
A concise, high-level description of the project that states the purpose and inspires the team to contribute to the project
Project Work Performance Domain
The performance domain that addresses activities and functions associated with establishing project processes, managing physical resources, and fostering a learning environment
qualitative risk analysis
The consideration of a range of characteristics such as probability of occurrence, degree of impact on the objectives, manageability, timing of possible impacts, relationships with other risks, and common causes or effects.
quality audit
A structured, independent process to determine if project activities comply with organizational and project policies, processes, and procedures.
quantitative risk analysis
The combined effect of identified risks on the desired outcome.
RACI (responsible, accountable, consulted, informed) matrix
A type of responsibility assignment matrix that uses responsible, accountable, consulted, and informed statuses to define the involvement of stakeholders in project activities.
readiness assessment
An assessment that occurs as the organization approaches solution deployment. It helps the organization understand the extent to which the organization is prepared for the transition and evaluates the organization’s readiness to integrate and sustain the solution.
regression analysis
An analytical method where a series of input variables are examined in relation to their corresponding output results in order to develop a mathematical or statistical relationship.
relative estimating
A method for creating estimates that are derived from performing a comparison against a similar body of work, taking effort, complexity, and uncertainty into consideration.
requirements management plan
A component of the program or project management plan that describes how requirements will be analyzed, documented, and managed.
requirements traceability matrix
A grid that links product requirements from their origin to the deliverables that satisfy them.
reserve analysis
A method used to evaluate the amount of risk on the project and the amount of schedule and budget reserve to determine whether the reserve is sufficient for the remaining risk.
resource breakdown structure
A hierarchical representation of resources by category and type.
responsibility assignment matrix
A grid that shows the project resources assigned to each work package.
retrospective
A regularly occurring workshop in which participants explore their work and results in order to improve both the process and product.
rework
Action taken to bring a defective or nonconforming component into compliance with requirements or specifications.
risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more portfolio, program, or project objectives.
risk acceptance
A risk response strategy that involves acknowledging the risk and taking no action unless it occurs. Acceptance of the risk’s implication(s) usually means using schedule and/or cost reserves and accepting scope and/or quality reduction(s).
risk appetite
The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.
risk breakdown structure
A hierarchical representation of potential sources of risk.
risk enhancement
A risk response strategy that involves increasing the probability of occurrence or impact of an opportunity.
risk escalation
A risk response strategy that involves transferring the ownership of the risk to a relevant party in the organization because the risk is outside of scope or the team does not have sufficient authority to address it.
risk exploiting
A risk response strategy whereby the project team acts to ensure that an opportunity occurs.
risk exposure
An aggregate measure of the potential impact of all risks at any given point in time in a portfolio, program, or project.
risk sharing
A risk response strategy that involves allocating ownership of an opportunity to a third party that is best able to capture the opportunity or absorb the impact of the threat.
risk transference
A risk response strategy that involves shifting the impact of a threat to a third party, together with ownership of the response.
Risk-Adjusted Backlog
A backlog that includes product work and actions to address threats and opportunities
rolling wave planning
An iterative planning technique in which the work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level.
root cause analysis
An analytical method used to determine the basic underlying reason that causes a variance, defect, or risk.
rough order of magnitude (ROM) estimate
An initial estimate of the cost of a project or parts of a project, with a rough accuracy range. This estimate provides stakeholders and decision makers with a general idea of the project cost’s order of magnitude. The ROM estimate is refined over time as more information becomes available during the project, following the concept of progressive elaboration.
S-curve analysis
A technique used to indicate performance trends by using a graph that displays cumulative costs over a specific time period.
schedule baseline
The approved version of a schedule model that can be changed using formal change control procedures and is used as the basis for comparison to actual results.
schedule compression
A technique used to shorten the schedule duration without reducing the project scope.
schedule management plan
A component of the program or project management plan that establishes the criteria and the activities for developing, monitoring, and controlling the schedule.
schedule network analysis
A technique to identify early and late start dates, as well as early and late finish dates, for the uncompleted portions of project activities.
schedule performance index (SPI)
A measure of schedule efficiency expressed as the ratio of earned value to planned value.
schedule variance (SV)
A measure of schedule performance expressed as the difference between the earned value and the planned value.
scope baseline
The approved version of formal scope documents that can be changed using formal change control procedures and is used as the basis for comparison to actual results.
scope creep
The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.
Sensitivity analysis
An analysis method to determine which individual project risks or other sources of uncertainty have the most potential impact on project outcomes by correlating variations in project outcomes with variations in elements of a quantitative risk analysis model
servant leadership
The practice of leading the team by focusing on understanding and addressing the needs and development of team members in order to enable the highest possible team performance.
single-point estimating
An estimating method that involves using data to calculate a single value that reflects a best guess estimate.
sponsor
An individual or a group that provides resources and support for the portfolio, program, or project, and is accountable for enabling success.
sprint
A timeboxed interval within a project during which a usable and potentially releasable increment of a product is created.
sprint review
A collaborative review session where the team demonstrates the work that was completed during the sprint to stakeholders and solicits their feedback.
stakeholder engagement assessment matrix
A matrix that compares current and desired stakeholder engagement levels.
start-to-finish (critical path method)
A logical relationship in which a successor activity cannot finish until a predecessor activity has started.
start-to-start (critical path method)
A logical relationship in which a successor activity cannot start until a predecessor activity has started.
statement of work (SOW)
A narrative description of products, services, or results to be delivered by the project.
steering committee
An advisory body of senior stakeholders who provide direction and support for the portfolio, program, or project team and make decisions outside of the team’s authority.
story map
A visual model of all the features and functionality desired for a given product, created to give the team a holistic view of what they are building and why.
story point
A unit used to estimate the relative level of effort needed to implement a user story.
Strategic Plan
A high-level document that explains an organization’s vision and mission plus the approach that will be adopted to achieve this mission and vision, including the specific goals and objectives to be achieved during the period covered by the document
Swarm
A method in which multiple team members focus collectively on resolving a specific problem or task
SWOT analysis
Analysis of strengths, weaknesses, opportunities, and threats of an organization, project, or option.
Tacit Knowledge
Personal knowledge that can be difficult to articulate and share such as beliefs, experience, and insights
tailoring
The deliberate adaptation of approach, governance, and processes to make them more suitable for the given environment and the work at hand.
Team charter
A document that records the team values, agreements, and operating guidelines, as well as establishes clear expectations regarding acceptable behavior by project team members
Technical Performance Measures
Quantifiable measures of technical performance that are used to ensure system components meet the technical requirements
threat (risk)
A risk that would have a negative effect on one or more portfolio, program, or project objectives.
throughput
The number of items passing through a process.
time and materials (T&M) contract
A type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts.
to-complete performance index (TCPI)
A measure of the cost performance that should be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the remaining budget.
total float (critical path method)
The amount of time that a schedule activity can be delayed or extended from its early start date without delaying the project finish date or violating a schedule constraint. See also free float, critical path, near-critical activity, and near-critical path
Triple bottom line
A framework for considering the full cost of doing business by evaluating a company’s bottom line from the perspective of profit, people, and the planet.
use case
An artifact for describing and exploring how a user interacts with a system to achieve a specific goal.
user story
A brief description of an outcome for a specific user, which is a promise for a conversation to clarify details.
value delivery office
A project delivery support structure that focuses on coaching teams, building agile skills and capabilities throughout the organization, and mentoring sponsors and product owners to be more effective in those roles.
value delivery system
A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.
value proposition
The value of a product or service that an organization communicates to its customers.
value stream map
A display of the critical steps in a process and the time taken in each step used to identify waste.
Vanity metric
A measure that appears to show some result but does not provide useful information for making decisions
variance at completion (VAC)
A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.
velocity (project team)
A measure of a team’s productivity rate at which the deliverables are produced, validated, and accepted within a predefined interval.
Vision statement
A summarized, high-level description about the expectations for a product such as target market, users, major benefits, and what differentiates the product from others in the market
Voice of the Customer (planning)
A planning method used to provide products, services, and results that truly reflect customer requirements by translating those customer requirements into the appropriate technical requirements for each phase of project or product development
WBS dictionary
A document that provides detailed deliverable, activity, scheduling, cost, and resource information about each component in the work breakdown structure.
Wideband Delphi
An estimating method in which subject matter experts go through multiple rounds of producing estimates individually, with a team discussion after each round, until a consensus is achieved
work breakdown structure (WBS)
A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.
work in process (WIP)
The project tasks or activities that are in progress but have not yet been completed.
work package
The work defined at the lowest level of the work breakdown structure for which cost, effort, duration, and resources are estimated and managed.
