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PMI CAPM > PMI Lexicon & PMBOK Glossary > Flashcards

PMI Lexicon & PMBOK Glossary Flashcards

PMI Lexicon Version 3.2 published September 2017 PMI PMBOK Guide Seventh Edition

1
Q

Acceptance Criteria

A

A set of conditions that are met before deliverables are accepted.

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2
Q

Accuracy

A

Within the quality management system, accuracy is an assessment of correctness

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3
Q

Activity

A

A distinct, scheduled portion of work performed during the course of a project.

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4
Q

Activity Code

A

An alphanumeric value assigned to each activity. Enabled classifying, sorting, and filtering.

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5
Q

Activity Identifier

A

A unique alphanumeric value assigned to an activity. Used to differentiate that activity from other activities.

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6
Q

Activity Label

A

A phrase that names and describes an activity.

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7
Q

Activity List

A

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.

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8
Q

Actual Cost (AC)

A

The realized cost incurred for the work performed on an activity during a specific time period.

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9
Q

Adaptive Approach

A

A development approach in which the requirements are subject to a high level of uncertainty and volatility and are likely to change throughout the project.

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10
Q

Affinity Diagram

A

A diagram that shows large numbers of ideas classified into groups for review and analysis.

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11
Q

Affinity Grouping

A

The process of classifying items into similar categories or collections on the basis of their likeness.

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12
Q

Agile

A

A term used to describe a mindset of values and principles as set forth in the Agile Manifesto.

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13
Q

Alternatives Analysis

A

A method used to evaluate identified options in order to select the options or approaches to use to perform the work of the project.

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14
Q

Ambiguity

A

A state of being unclear, having difficulty in identifying the cause of events, or having multiple options from which to choose.

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15
Q

Analogous Estimating

A

A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.

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16
Q

Apportioned Effort

A

An activity where effort is allotted proportionately across certain discrete efforts and not divisible into discrete efforts.

Apportioned effort is one of three earned value management (EVM) types of activities used to measure work performance.

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17
Q

Artifact

A

A template, document, output, or project deliverable.

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18
Q

Assumption

A

A factor in the planning process considered to be true, real, or certain without proof of demonstration.

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19
Q

Assumption and Constraint Analysis

A

An assessment that ensures assumptions and constraints are integrated into the project plans and documents, and that there is consistency among them.

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20
Q

Assumption Log

A

A project document used to record all assumptions and constraints throughout the project.

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21
Q

Authority

A

The right to apply project resources, expend funds, make decisions, or give approvals.

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22
Q

Backlog

A

An ordered list of work to be done

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23
Q

Backlog Refinement

A

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.

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24
Q

Backward Pass

A

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.

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25
Q

Baseline

A

The approved version of a work product used as the basis for comparison to actual results.

Can be changed using the formal change control procedures.

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26
Q

Basis of Estimates

A

Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.

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27
Q

Benchmarking

A

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.

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28
Q

Benefits Management Plan

A

The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.

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29
Q

Bid Documents

A

All documents used to solicit information, quotations, or proposals from prospective sellers.

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30
Q

Bidder Conference

A

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. Also known as contractor conferences, vendor conferences, or pre-bid conferences.

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31
Q

Bottom-Up Estimating

A

A method of estimating project duration or cost by aggregating the estimates of the lower-level component of the work breakdown structure (WBS).

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32
Q

Budget

A

The approved estimate for the project or any work breakdown structure (WBS) component or any schedule activity.

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33
Q

Budget at Completion (BAC)

A

The sum of all budgets established for the work to be performed.

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34
Q

Burn Chart

A

A graphical representation of the work remaining in a timebox or the work completed toward the release of a product or project deliverable.

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35
Q

Business Case

A

A value proposition for a proposed project that may include financial and nonfinancial benefits.

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36
Q

Business Model Canvas

A

A one-page, visual summary that describes the value proposition, infrastructure, customers, and finances.

These are often used in Lean Startup situations.

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37
Q

Business Value

A

The net quantifiable benefit derived from a business endeavor that may be tangible, intangible, or both.

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38
Q

Cadence

A

A rhythm of activities conducted throughout the project.

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39
Q

Cause-and-Effect Diagram

A

A visual representation that helps trace an undesirable effect back to its root cause.

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40
Q

Change

A

A modification to any formally controlled deliverable, project management plan component, or project document.

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41
Q

Change Control

A

A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.

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42
Q

Change Control Board (CCB)

A

A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changed to the project, and for recording and communicating such decisions.

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43
Q

Change Control Plan

A

A component of the project management plan that establishes the change control board, documents the extent of its authority, and describes how the change control system will be implemented.

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44
Q

Change Control System

A

A set of procedures that describes how modifications to the project deliverables and documentation are managed and controlled.

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45
Q

Change Log

A

A comprehensive list of changes submitted during the project and their current status.

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46
Q

Change Management

A

A comprehensive, cyclic, and structured approach for transitioning individuals, groups, and organizations from a current state to a future state with intended business benefits.

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47
Q

Change Request

A

A formal proposal to modify a document, deliverable, or baseline.

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48
Q

Check Sheet

A

A tally sheet that can be used as a checklist when gathering data.

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49
Q

Closing Process Group

A

The process(es) performed to formally complete or close a project, phase, or contract.

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50
Q

Code of Accounts

A

A numbering system used to uniquely identify each component of the work breakdown structure (WBS).

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51
Q

Communications Management Plan

A

A component of the project, program, or portfolio management plan that described how, when, and by whom information will be administered and disseminated.

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52
Q

Complexity

A

A characteristic of a program or project or its environment that is difficult to manage due to human behavior, system behavior, and ambiguity.

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53
Q

Configuration Management System

A

A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.

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54
Q

Confirmation Bias

A

A type of cognitive bias that confirms preexisting beliefs or hypotheses.

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55
Q

Conformance

A

The degree to which the results meet the set quality requirements.

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56
Q

Constraint

A

A factor that limits the options for managing a project, program, portfolio, or process.

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57
Q

Contingency

A

An event or occurrence that could affect the execution of the project, which may be accounted for with a reserve.

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58
Q

Contingency Plan

A

A document describing actions that the project team can take if predetermined trigger conditions occur.

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59
Q

Contingency Reserve

A

Time or money allocated in the schedule or cost baseline for known risks with active response strategies.

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60
Q

Continuous Delivery

A

The practice of delivering feature increments immediately to customers, often through the use of small batches of work and automation technology.

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61
Q

Contract

A

A mutually binding agreement that obligates the seller to provide the specified product, service, or result and obligates the buyer to pay for it.

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62
Q

Control

A

The process of comparing actual performance with planned performance, analyzing variances, assessing trends to effect process improvements, evaluating possible alternatives, and recommending appropriate corrective action as needed.

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63
Q

Control Account

A

A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.

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64
Q

Control Chart

A

A graphic display of process data over time and against established control limits, which has a centerline that assists in detecting a trend of plotted values toward either control limit.

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65
Q

Corrective Action

A

An intentional activity that realigns the performance of the project work with the project management plan.

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66
Q

Cost Baseline

A

The approved version of work package cost estimates and contingency reserve used as the basis for comparison to actual results.

Can be changed using formal change control procudures.

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67
Q

Cost-Benefit Analysis

A

A financial analysis method used to determine the benefits provided by a project against its costs.

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68
Q

Cost Management Plan

A

A component of a project or program management plan that describes how costs will be planned, structured, and controlled.

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69
Q

Cost of Quality (COQ)

A

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.

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70
Q

Cost Performance Index (CPI)

A

A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.

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71
Q

Cost Plus Award Fee Contract (CPAF)

A

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.

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72
Q

Cost Plus Fixed Fee Contract (CPFF)

A

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).

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73
Q

Cost Plus Incentive Fee Contract (CPIF)

A

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.

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74
Q

Cost-Reimbursable Contract

A

A type of contract involving payment to the seller for the seller’s actual costs, plus a fee typically representing the seller’s profit.

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75
Q

Cost Variance (CV)

A

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.

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76
Q

Crashing

A

A schedule compression technique used to shorten the schedule duration for the least incremental cost by adding resources.

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77
Q

Criteria

A

Standards, rules, or tests on which a judgment or decision can be based or by which a product, service, result, or process can be evaluated.

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78
Q

Critical Chain Method

A

A schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties.

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79
Q

Critical Path

A

The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.

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80
Q

Critical Path Activity

A

Any activity on the critical path in a project schedule.

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81
Q

Critical Path Method (CPM)

A

A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths withing the schedule model.

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82
Q

Cumulative Flow Diagram (CFD)

A

A chart indicating features completed over time, features in other states of development, and those in the backlog.

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83
Q

Cycle Time

A

The total elapsed time from the start of a particular activity or work item to its completion.

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84
Q

Cycle Time Chart

A

A diagram that shows the average cycle time of the work items completed over time.

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85
Q

Daily Standup

A

A brief, daily collaboration meeting in which the team reviews progress from the previous day, declares intentions for the current day, and highlights any obstacles encountered or anticipated.

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86
Q

Dashboard

A

A set of charts and graphs showing progress or performance against important measures of the project.

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87
Q

Data Date

A

A point in time when the status of the project is recorded.

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88
Q

Data Gathering and Analysis Methods

A

Methods used to collect, assess, and evaluate data and information to gain a deeper understanding of a situation.

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89
Q

Decision Tree Analysis

A

A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty.

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90
Q

Decomposition

A

A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts.

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91
Q

Defect Repair

A

An intentional activity to modify a nonconforming product or product component.

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92
Q

Definition of Done (DoD)

A

A checklist of all the criteria required to be met so that a deliverable can be considered ready for customer use.

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93
Q

Deliverable

A

Any unique and verifiable product, result, or capability to perform a service that is produced to complete a process, phase, or project.

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94
Q

Delivery Performance Domain

A

The performance domain that addresses activities and functions associated with delivering the scope and quality that the project was undertaken to achieve.

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95
Q

Development Approach

A

A method used to create and evolve the product, service, or result during the project life cycle, such as a predictive, iterative, incremental, agile, or hybrid method.

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96
Q

Development Approach and Life Cycle Performance Domain

A

The performance domain that addresses activities and functions associated with the development approach, cadence, and life cycle phases of the project.

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97
Q

DevOps

A

A collection of practices for creating a smooth flow of deliveries by improving collaboration between development and operations staff.

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98
Q

Digital Product

A

A product or service that is delivered, used, and stored in an electronic format.

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99
Q

Discrete Effort

A

An activity that can be planned and measured and that yields a specific output.

Discrete Effort is one of three earned value management (EVM) types of activities used to measure work performance.

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100
Q

Discretionary Dependency

A

A relationship that is based on best practices or project preferences.

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101
Q

Duration

A

The total number of work periods required to complete an activity or work breakdown structure (WBS) component.

Expressed in hours, days, or weeks.

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102
Q

Early Finish Date

A

In the 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.

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103
Q

Earned Value (EV)

A

The measure of work performed expressed in terms of the budget authorized for that work.

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104
Q

Earned Value Analysis (EVA)

A

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.

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105
Q

Earned Value Management

A

A methodology that combines scope, schedule, and resource measurements to assess project performance and progress.

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106
Q

Effort

A

The number of labor units required to complete a schedule activity or work breakdown structure (WBS) component.

Often expressed in hours, days, or weeks.

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107
Q

Emotional Intelligence

A

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.

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108
Q

Enterprise Environmental Factors (EEF)

A

Conditions not under immediate control of the team that influence, constraint, or direct the project, program, or portfolio.

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109
Q

Epic

A

A large, related body of work intended to hierarchically organize a set of requirements and deliver specific business outcomes.

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110
Q

Estimate

A

A quantitative assessment of the likely amount or outcome of a variable, such as project costs, resources, effort, or durations.

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111
Q

Estimate at Completion (EAC)

A

The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.

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112
Q

Estimate to Complete (ETC)

A

The expected cost to finish all the remaining project work.

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113
Q

Estimating Methods

A

Methods used to develop an approximation of work, time, or cost on a project.

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114
Q

Executing Process Group

A

Those processes performed to complete the work defined in the project management plan to satisfy the project requirements.

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115
Q

Expected Monetary Value (EMV)

A

The estimated value of an outcome expressed in monetary terms.

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116
Q

Explicit Knowledge

A

Knowledge that can be codified using symbols such as words, numbers, and pictures.

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117
Q

External Dependency

A

A relationship between project activities and non-project activities.

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118
Q

Fast Tracking

A

A schedule compression technique in which activities or phrases normally done in sequence are performed in parallel for at least a portion of their duration.

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119
Q

Feature

A

A set of related requirements or functionalities that provides value to an organization.

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120
Q

Finish-to-Finish (FF)

A

A logical relationship in which a successor activity cannot finish until a predecessor activity has finished.

A must be completed for B to be completed.

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121
Q

Finish-to-Start (FS)

A

A logical relationship in which a successor activity cannot start until a predecessor activity has finished.

A must be completed for B to be started.

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122
Q

Firm Fixed Price Contract (FFP)

A

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.

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123
Q

Fixed Duration

A

A type of activity where the length of time required to complete the activity remains constant regardless of the number of people or resources assigned to the activity.

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124
Q

Fixed Formula Method

A

A method of estimating earned value (EV).

A specified percentage of the budget value of a work package is assigned to the start milestone, and the remaining percentage is assigned when the work package is complete.

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125
Q

Fixed-Price Contract

A

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.

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126
Q

Fixed Price Incentive Fee Contract (FPIF)

A

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

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127
Q

Fixed Price with Economic Price Adjustment Contract (FPEPA)

A

A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.

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128
Q

Flow

A

The measure of how efficiently work moves through a given process or framework.

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129
Q

Flowchart

A

The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.

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130
Q

Forecast

A

An estimate or prediction of conditions and events in the project’s future based on information and knowledge available at the time of the forecast.

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131
Q

Forward Pass

A

A 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.

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132
Q

Free Float

A

The amount of time that schedule activity can be delayed without delaying the early start date of any successor or violating a schedule constraint.

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133
Q

Functional Organization

A

An organizational structure in which staff are grouped by areas of specialization. The project manager has limited authority to assign work and apply resources.

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134
Q

Function Point

A

An estimate of the amount of business functionality in an information system, used to calculate the functional size measurement of a software system.

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135
Q

Gantt Chart

A

A bar chart of schedule information.

Activities are listed on the vertical axis. Dates are on the horizontal axis. Activity durations are shown as horizontal bars placed according to start and finish dates.

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136
Q

Governance

A

The framework for directing and enabling an organization through its established policies, practices, and other relevant documentation.

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137
Q

Grade

A

A category or rank used to distinguish items that have the same functional use but do not share the same requirements for quality.

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138
Q

Hierarchy Chart

A

A chart that begins with high-level information that is progressively decomposed into lower levels of detail.

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139
Q

Histogram

A

A bar chart that shows the graphical representation of numerical data.

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140
Q

Hybrid Approach

A

A combination of two or more agile and nonagile elements, having a nonagile end result.

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141
Q

Impact Mapping

A

A strategic planning method that serves as a visual roadmap for the organization during product development.

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142
Q

Impediment

A

An obstacle that prevents the team from achieving its objectives.

Also known as a Blocker.

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143
Q

Incremental Approach

A

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.

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144
Q

Indefinite Delivery Indefinite Quantity (IDIQ)

A

A contract that provides for an indefinite quantity of goods or services, with a stated lower and upper limit, within a fixed time period.

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145
Q

Influence Diagram

A

A graphical representation of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.

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146
Q

Information Radiator

A

A visible, physical display that provides information to the rest of the organization, enabling timely knowledge sharing.

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147
Q

Initiating Process Group

A

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.

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148
Q

Internal Dependency

A

A relationship between two or more project activities.

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149
Q

Interpersonal Skills

A

Skills used to establish and maintain relationships with other people.

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150
Q

Issue

A

A current condition or situation that may have an impact on the project objectives.

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151
Q

Issue Log

A

A project document where information about issues is recorded and monitored.

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152
Q

Iteration

A

A timeboxed cycle of development on a product or deliverable in which all of the work that is needed to deliver value is performed.

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153
Q

Iteration Plan

A

A detailed plan for the current iteration.

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154
Q

Iteration Planning

A

A meeting to clarify the details of the backlog items, acceptance criteria, and work effort required to meet an upcoming iteration commitment.

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155
Q

Iteration Review

A

A meeting held at the end of an iteration to demonstrate the work that was accomplished during the iteration.

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156
Q

Iterative Approach

A

A development approach that focuses on an initial, simplified implementation then progressively elaborates adding to the feature set until the final deliverable is complete.

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157
Q

Kanban Board

A

A visualization tool that shows work in progress to help identify bottlenecks and overcommitments, thereby allowing the team to optimize the workflow.

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158
Q

Kickoff Meeting

A

A gathering of team members and other key stakeholders at the outset of a project to formally set expectations, gain a common understanding, and commence work.

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159
Q

Knowledge

A

A mixture of experience, values and beliefs, contextual information, intuition,
and insight that people use to make sense of new experiences and information.

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160
Q

Lag

A

The amount of time whereby a successor activity will be delayed with respect to a predecessor activity.

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161
Q

Last Responsible Moment

A

The concept of deferring a decision to allow the team to consider multiple options until the cost of further delay would exceed the benefit.

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162
Q

Late Finish Date

A

In the 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.

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163
Q

Late Start Date

A

In the 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.

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164
Q

Lead

A

The amount of time whereby a successor activity can be advanced with respect to a predecessor activity.

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165
Q

Lead Time

A

The time between a customer request and the actual delivery.

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166
Q

Lead Time Chart

A

A diagram showing the trend over time of the average lead time of the items completed in work.

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167
Q

Lean Startup Canvas

A

A one-page template designed to communicate a business plan with key stakeholders in an efficient and effective manner.

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168
Q

Lessons Learned

A

The knowledge gained during a project which shows how project events were addressed or should be addressed in the future for the purpose of improving future performance.

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169
Q

Lessons Learned Register

A

A project document used to record knowledge gained during a project, phase, or iteration so that it can be used to improve future performance for the team and the organization

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170
Q

Level of Effort

A

An activity that does not produce definitive end product and is measured by the passage of time

Level of Effort is one of three earned value management (EVM) types of activities used to measure work performance.

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171
Q

Life Cycle Assessment (LCA)

A

A tool used to evaluate the total environmental impact of a product, process, or system.

172
Q

Log

A

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.

173
Q

Logical Relationship

A

A dependency between two activities or between an activity and a milestone.

174
Q

Make-or-Buy Analysis

A

The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product.

175
Q

Management Reserve

A

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 project.

176
Q

Mandatory Dependency

A

A relationship that is contractually required or inherent in the nature
of the work.

177
Q

Matrix Organization

A

An organizational structure in which the project manager temporarily shares authority with the functional manager to assign work and apply resources.

Weak Matrix: The Functional Manager has more authority and control over the project team. Project Manager often seen as a coordinator or expeditor.

Strong Matrix: The Project Manager has more authority and control over the project team. Project Manager is seen as the primary authority figure.

178
Q

Measurement Performance Domain

A

The performance domain that addresses activities and functions associated with assessing project performance and taking appropriate actions to maintain acceptable performance.

179
Q

Measures of Performance

A

Measures that characterize physical or functional attributes relating to system operation.

180
Q

Method

A

A means for achieving an outcome, output, result, or project deliverable.

181
Q

Methodology

A

A system of practices, techniques, procedures, and rules used by those who work in a discipline.

182
Q

Metric

A

A description of a project or product attribute and how to measure it.

183
Q

Milestone

A

A significant point or event in a project, program, or portfolio.

184
Q

Milestone Schedule

A

A type of schedule that presents milestones with planned dates.

185
Q

Minimum Viable Product (MVP)

A

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.

186
Q

Modeling

A

Creating simplified representations of systems, solutions, or deliverables, such as prototypes, diagrams, or storyboards

187
Q

Monitor

A

Collect project performance data, produce performance measures, and report and disseminate performance information.

188
Q

Monitoring and Controlling Process Group

A

Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate corresponding changes.

189
Q

Monte Carlo Simulation

A

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.

190
Q

Mood Chart

A

A visualization chart for tracking moods or reactions to identify areas for improvement.

191
Q

Most Likely Duration

A

An estimate of the most probably activity duration that takes into account all the known variables that could affect performance.

192
Q

Multipoint Estimating

A

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.

193
Q

Near-Critical Activity

A

An activity with a total float that is deemed to be low based on expert judgement.

194
Q

Near-Critical Path

A

A sequence of activities with low float which, if exhausted, becomes a critical path sequence for the project.

195
Q

Net Promoter Score®

A

An index that measures the willingness of customers to recommend an organization’s products or services to others.

196
Q

Network Logic

A

All activity dependencies in a project schedule network diagram.

197
Q

Network Path

A

A sequence of activities connected by logical relationships in a project schedule network diagram.

198
Q

Node

A

A point at which dependency lines connect on a schedule network diagram.

199
Q

Objective

A

Something toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service
to be performed.

200
Q

Opportunity

A

A risk that would have a positive effect on one or more project objectives.

201
Q

Optimistic Duration

A

An estimate of the shortest activity duration that takes into account all of the known variables that could affect performance.

202
Q

Organizational Breakdown Structure (OBS)

A

A hierarchical representation of the project organization. Illustrated the relationship between project activities and the organizational units that will perform those activities.

203
Q

Organizational Enabler

A

A structural, cultural, technological, or human-resource practice that the performing organization can use to achieve strategic objectives.

204
Q

Organizational Process Assets (OPA)

A

Plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization.

205
Q

Organizational Project Management

A

A framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.

206
Q

Organizational Project Management Maturity

A

The level of an organization’s ability to deliver the desired strategic outcomes in a predictable, controllable, and reliable manner.

207
Q

Osmotic Communication

A

Means of receiving information without direct communication by overhearing and through nonverbal cues.

208
Q

Outcome

A

An end result or consequence of a process or project.

209
Q

Parametric Estimating

A

An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.

210
Q

Path Convergence

A

A relationship in which a schedule activity has more than on predecessor.

211
Q

Path Divergence

A

A relationship in which a schedule activity has more than on successor.

212
Q

Percent Complete

A

An estimate expressed as a percent of the amount of work that has been completed on an activity or a work breakdown structure (WBS) component.

213
Q

Performance Measurement Baseline (PMB)

A

Integrated scope, schedule, and cost baselines used for comparison to manage, measure, and control project execution.

214
Q

Performing Organization

A

An enterprise whose personnel are the most directly involved in doing the work of the project or program.

215
Q

Pessimistic Duration

A

As estimate of the longest activity duration that takes into account all of the known variables that could affect performance.

216
Q

Phase Gate

A

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 project or program.

217
Q

Plan

A

A proposed means of accomplishing something.

218
Q

Planned Value (PV)

A

The authorized budget assigned to scheduled work.

219
Q

Planning Performance Domain

A

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.

220
Q

Planning Process Group

A

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.

221
Q

Portfolio

A

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

222
Q

Portfolio Balancing

A

The process of optimizing the mix of portfolio component to further the strategic objectives of the organization.

223
Q

Portfolio Charter

A

A document issues by a sponsor that authorizes and specifies the portfolio structure and links the portfolio to the organization’s strategic objectives.

224
Q

Portfolio Management

A

The centralized management of one or more portfolios to achieve strategic objectives.

225
Q

Portfolio Management Plan

A

A document that specifies how a portfolio will be organized, monitored, and controlled.

226
Q

Portfolio Manager

A

The person or group assigned by the performing organization to establish, balance, monitor, and control portfolio components in order to achieve strategic business objectives.

227
Q

Precedence Diagramming Method (PDM)

A

A technique used for constructing a schedule model. Activities are represented by nodes and are graphically linked by one or more logical relationships to show the sequences in which the activities are to be performed.

228
Q

Precision

A

Within the quality management system, precision is an assessment of exactness.

229
Q

Predecessor Activity

A

An activity that logically comes before a dependent activity in a schedule.

230
Q

Predictive Approach

A

A development approach in which the project scope, time, and cost are determined in the early phases of the life cycle.

231
Q

Preventive Action

A

An intentional activity that ensures the future performance of the project work is aligned with the project management plan.

232
Q

Prioritization Matrix

A

A scatter diagram that plots effort against value so as to classify items
by priority.

233
Q

Prioritization Schema

A

Methods used to prioritize portfolio, program, or project components, as well as requirements, risks, features, or other product information.

234
Q

Probabilistic Estimating

A

A method used to develop a range of estimates along with the associated probabilities within that range.

235
Q

Probability and Impact Matrix

A

A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.

236
Q

Procurement Management Plan

A

A component of the project or program management plan that describes how a team will acquire goods and services from outside of the performing organization.

237
Q

Product

A

An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.

238
Q

Product Breakdown Structure

A

A hierarchical structure reflecting a product’s components and deliverables.

239
Q

Product Life Cycle

A

The series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.

240
Q

Product Management

A

The integration of people, data, processes, and business systems to create, maintain, and evolve a product or service throughout its life cycle.

241
Q

Product Owner

A

A person responsible for maximizing the value of the product and accountable
for the end product

242
Q

Product Scope

A

The features and functions that characterize a product, service, or result

243
Q

Program

A

Related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.

244
Q

Program Charter

A

A document issues by a sponsor that authorizes the program management team to use organizational resources to execute the program and links the program to the organization’s strategic objectives.

245
Q

Program Evaluation and Review Technique (PERT)

A

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.

246
Q

Program Management

A

The application of knowledge, skills, and principles to a program to achieve program objectives an to obtain benefits and control not available by managing program components individually.

247
Q

Program Management Office

A

A management structure that standardizes the program-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

248
Q

Program Management Plan

A

A document that integrates the program’s subsidiary plans and establishes the management controls and overall plan for integrating and managing the program’s individual component.

249
Q

Program Manager

A

The person authorized by the performing organization to lead the team or teams responsible for achieving program objectives.

250
Q

Progressive Elaboration

A

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.

251
Q

Project

A

A temporary endeavor undertaken to create a unique product, service, or result.

252
Q

Project Brief

A

A high-level overview of the goals, deliverables, and processes for the project.

253
Q

Project Budget

A

The sum of work package cost estimates, contingency reserve, and management reserve.

254
Q

Project Calendar

A

A calendar that identifies working days and shifts that are available for scheduled activities.

255
Q

Project Charter

A

A document issues 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.

Also referred to as Charter.

256
Q

Project Governance

A

The framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet organizational, strategic,
and operational goals.

257
Q

Project Lead/Manager

A

A person who helps the project team to achieve the project objectives, typically by orchestrating the work of the project.

258
Q

Projectized Organization

A

An organizational structure in which the project manager has full authority to assign work and apply resources.

259
Q

Project Life Cycle

A

The series of phases that a project passes through from its start to its completion.

260
Q

Project Management

A

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

261
Q

Project Management Body of Knowledge (PMBOK)

A

A term that describes the knowledge within the profession of project management.

262
Q

Project Management Office (PMO)

A

A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques

263
Q

Project Management Plan

A

The document that describes how the project will be executed, monitored and controlled, and closed

264
Q

Project Management Process Group

A

A logical grouping of project management inputs, tools and techniques, and outputs.

The Project Management Process Groups include Initiating processes, Planning processes, Executing processes, Monitoring and Controlling processes, and Closing processes

265
Q

Project Management Team

A

The members of the project team who are directly involved in project management activities.

266
Q

Project Phase

A

A collection of logically related project activities that culminates in the completion of one or more deliverables.

267
Q

Project Review

A

An event at the end of a phase or project to assess the status, evaluate the value delivered, and determine if the project is ready to move to the next phase or transition to operations.

268
Q

Project Schedule

A

An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.

Also referred to as Schedule.

269
Q

Project Schedule Network Diagram

A

A graphical representation of the logical relationships among the project schedule activities.

270
Q

Project Scope

A

The work performed to deliver a product, service, or result with the specified features and functions.

271
Q

Project Scope Statement

A

The description of the project scope, major deliverables, and exclusions.

272
Q

Project Team

A

A set of individuals performing the work of the project to achieve its objectives.

273
Q

Project Vision Statement

A

A concise, high-level description of the project that states the purpose and inspires the team to contribute to the project.

274
Q

Project Work Performance Domain

A

The performance domain that addresses activities and functions associated with establishing project processes, managing physical resources, and fostering a learning environment.

275
Q

Prototype

A

A working model used to obtain early feedback on the expected product before actually building it

276
Q

Quality

A

The degree to which a set of inherent characteristics fulfills requirements.

277
Q

Quality Management Plan

A

A component of the project or program management plan that describes how applicable policies, procedures, and guidelines will be implemented to achieve the quality objectives.

278
Q

Quality Metrics

A

A description of a project or product attribute and how to measure it.

279
Q

Quality Policy

A

The basic principles that should govern the organization’s actions as it implements its system for quality management.

280
Q

Quality Report

A

A project document that includes quality management issues, recommendations for corrective actions, and a summary of findings from quality control activities and may include recommendations for process, project, and product improvements.

281
Q

Register

A

A written record of regular entries for evolving aspects of a project, such as risks, stakeholders, or defects.

282
Q

Regression Analysis

A

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.

283
Q

Regulations

A

Requirements imposed by a governmental body. These requirements can establish product, process, or service characteristics, including applicable administrative provisions that have government-mandated compliance.

284
Q

Relative Estimating

A

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.

285
Q

Release

A

One or more components of one or more products, which are intended to be put into production at the same time.

286
Q

Release Plan

A

The plan that sets expectations for the dates, features, and/or outcomes expected to be delivered over the course of multiple iterations.

287
Q

Release Planning

A

The process of identifying a high-level plan for releasing or transitioning a product, deliverable, or increment of value.

288
Q

Report

A

A formal record or summary of information.

289
Q

Requirement

A

A condition or capability that is necessary to be present in a product, service, or result to satisfy a business need.

290
Q

Requirements Documentation

A

A record of product requirements and other product information, along with whatever is recorded to manage it.

291
Q

Requirements Management Plan

A

A component of the project or program management plan that describes how requirements will be analyzed, documented, and managed.

292
Q

Requirements Traceability Matrix

A

A grid that links product requirements from their origin to the deliverables that satisfy them.

293
Q

Reserve

A

A provision in the project management plan to mitigate cost and/or schedule risk, often used with a modifier (e.g., management reserve, contingency reserve) to provide further detail on what types of risk are meant to be mitigated.

294
Q

Reserve Analysis

A

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

295
Q

Residual Risk

A

The risk that remains after risk responses have been implemented.

Also called a Secondary Risk.

296
Q

Resource Breakdown Structure

A

A hierarchical representation of resources by category and type.

297
Q

Resource Calendar

A

A calendar that identifies the working days and shifts upon which each specific resource is available.

298
Q

Resource Leveling

A

A resource optimization technique in which adjustments are made to the project schedule to optimize the allocation of resources and which may affect critical path.

299
Q

Resource Management Plan

A

A component of the project management plan that describes how project resources are acquired, allocated, monitored, and controlled.

300
Q

Resource Optimization Technique

A

A technique in which activity start and finish dates are adjusted to balance demand for resources with the available supply.

301
Q

Resource Smoothing

A

A resource optimization technique in which free and total float are used without affecting the critical path.

302
Q

Responsibility Assignment Matrix (RAM)

A

A grid that shows the project resources assigned to each work package.

303
Q

Result

A

An output from performing project management processes and activities.

304
Q

Retrospective

A

A regularly occurring workshop in which participants explore their work and results in order to improve both the process and product.

305
Q

Rework

A

Action taken to bring a defective or nonconforming component into compliance with requirements or specifications.

306
Q

Risk

A

An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.

307
Q

Risk Acceptance

A

A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs.

308
Q

Risk-Adjusted Backlog

A

A backlog that includes product work and actions to address threats and opportunities

309
Q

Risk Appetite

A

The degree of uncertainty an organization or individual is willing to accept in anticipation of a reward.

A deprecated term for this is Risk Tolerance.

310
Q

Risk Avoidance

A

A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact.

311
Q

Risk Breakdown Structure (RBS)

A

A hierarchical representation of potential sources of risks.

312
Q

Risk Category

A

A group of potential causes of risk.

313
Q

Risk Enhancement

A

A risk response strategy whereby the project team acts to increase the probability of occurrence or impact of an opportunity.

314
Q

Risk Escalation

A

A risk response strategy whereby the team acknowledges that a risk is outside of its sphere of influence and shifts the ownership of the risk to a higher level of the organization where it is more effectively managed.

315
Q

Risk Exploiting

A

A risk response strategy whereby the project team acts to ensure that an opportunity occurs.

316
Q

Risk Exposure

A

An aggregate measure of the potential impact of all risks at any given point in time in a project, program, or portfolio.

317
Q

Risk Management Plan

A

A component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed.

318
Q

Risk Mitigation

A

A risk response strategy whereby the project team acts to decrease the probability of occurrence or impact of a threat.

319
Q

Risk Owner

A

The person responsible for monitoring the risk and for selecting and implementing an appropriate risk response strategy.

320
Q

Risk Register

A

A repository in which outputs of risk management processes are recorded.

321
Q

Risk Report

A

A project document that summarizes information on individual project risks and the level of overall project risk.

322
Q

Risk Review

A

The process of analyzing the status of existing risks and identifying new risks.

May also be known as Risk Reassessment.

323
Q

Risk Sharing

A

A risk response strategy whereby the project team allocates ownership of an opportunity to a third party who is best able to capture the benefit of that opportunity

324
Q

Risk Threshold

A

The measure of acceptable variation around an objective that reflects the risk appetite of the organization and stakeholders.

325
Q

Risk Transference

A

A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of the response.

326
Q

Roadmap

A

A high-level time line that depicts such things as milestones, significant events, reviews, and decision points.

327
Q

Role

A

A defined function to be performed by a project team member, such as testing, filing, inspecting, or coding.

328
Q

Rolling Wave Planning

A

An iterative planning method 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.

329
Q

Root Cause Analysis

A

An analytical method used to determine the basic underlying reason that causes a variance or a defect or a risk.

330
Q

Scatter Diagram

A

A graph that shows the relationship between two variables.

331
Q

Schedule Baseline

A

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.

332
Q

Schedule Compression

A

A method used to shorten the schedule duration without reducing
the project scope.

333
Q

Schedule Forecasts

A

Estimates or predictions of conditions and events in the project’s future based on information and knowledge available at the time the schedule is calculated

334
Q

Schedule Management Plan

A

A component of the project or program management plan that establishes the criteria and the activities for developing, monitoring, and controlling the schedule

335
Q

Schedule Model

A

A representation of the plan for executing the project’s activities including durations, dependencies, and other planning information, used to produce a project schedule along with other scheduling artifacts.

336
Q

Schedule Model Analysis

A

A process used to investigate or analyze the output of the schedule model in order to optimize the schedule.

337
Q

Schedule Network Analysis

A

A technique to identify early and late start dates, as well as early and late finish dates, for the uncompleted portions of project activities.

338
Q

Schedule Performance Index (SPI)

A

A measure of schedule efficiency expressed as the ratio
of earned value to planned value.

339
Q

Schedule Variance (SV)

A

A measure of schedule performance expressed as the difference between the earned value and the planned value

340
Q

Scope

A

The sum of the products, services, and results to be provided as a project.

341
Q

Scope Baseline

A

The approved version of a scope statement, work breakdown structure (WBS), and its associated WBS dictionary that can be changed using formal change control procedures and is used as the basis for comparison to actual results.

342
Q

Scope Creep

A

The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.

343
Q

Scope Management Plan

A

A component of the project or program management plan that describes how the scope will be defined, developed, monitored, controlled, and validated.

344
Q

S-Curve

A

A graph that displays cumulative costs over a specified period of time

345
Q

S-Curve Analysis

A

A technique used to indicate performance trends by using a graph that displays cumulative costs over a specific time period.

346
Q

Self-Organizing Team

A

A cross-functional team in which people assume leadership as needed to achieve the team’s objectives

347
Q

Sensitivity Analysis

A

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.

348
Q

Servant Leadership

A

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.

349
Q

Simulation

A

An analytical method that models the combined effect of uncertainties to evaluate their potential impact on objectives.

350
Q

Single-Point Estimating

A

An estimating method that involves using data to calculate a single value which reflects a best guess estimate.

351
Q

Specification

A

A precise statement of the needs to be satisfied and the essential characteristics that are required.

352
Q

Sponsor

A

A person or group who provides resources and support for the project, program, or portfolio and is accountable for enabling success.

353
Q

Sprint

A

A short time interval within a project during which a usable and potentially releasable increment of the product is created.

354
Q

Staffing Management Plan

A

A component of the resource management plan that describes when and how team members will be acquired and how long they will be needed.

355
Q

Stakeholder

A

An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio.

356
Q

Stakeholder Analysis

A

A method of systematically gathering and analyzing quantitative and qualitative information to determine whose interests should be taken into account throughout the project.

357
Q

Stakeholder Engagement Assessment Matrix

A

A matrix that compares current and desired stakeholder engagement levels.

358
Q

Stakeholder Engagement Plan

A

A component of the project management plan that identifies the strategies and actions required to promote productive involvement of stakeholders in project or program decision making and execution.

359
Q

Stakeholder Performance Domain

A

The performance domain that addresses activities and functions associated with stakeholders

360
Q

Stakeholder Register

A

A project document that includes information about project stakeholders including an assessment and classification of project stakeholders.

361
Q

Standard

A

A document established by an authority, custom, or general consent as a model or example.

362
Q

Start-to-Finish (SF)

A

A logical relationship in which a successor activity cannot finish until a predecessor activity has started.

363
Q

Start-to-Start

A

A logical relationship in which a successor activity cannot start until a predecessor activity has started.

364
Q

Statement of Work (SOW)

A

A narrative description of products, services, or results to be delivered by the project.

365
Q

Status Meeting

A

A regularly scheduled meeting to exchange and analyze information about the current progress of the project and its performance.

366
Q

Status Report

A

A report on the current status of the project.

367
Q

Steering Committee

A

An advisory body of senior stakeholders who provide direction and support for the project team and make decisions outside the project team’s authority.

368
Q

Story Map

A

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.

369
Q

Story Point

A

A unit used to estimate the relative level of effort needed to implement a user story.

370
Q

Strategic Plan

A

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.

371
Q

Strategy Artifacts

A

Documents created prior to or at the start of the project that address strategic, business, or high-level information about the project.

372
Q

Successor Activity

A

A dependent activity that logically comes after another activity in a schedule.

373
Q

Summary Activity

A

A group of related schedule activities aggregated and displayed as a single activity.

374
Q

Swarm

A

A method in which multiple team members focus collectively on resolving a specific problem or task.

375
Q

SWOT Analysis

A

Analysis of strengths, weaknesses, opportunities, and threats of an organization, project, or option.

376
Q

Tacit Knowledge

A

Personal knowledge that can be difficult to articulate and share such as beliefs, experience, and insights.

377
Q

Tailoring

A

The deliberate adaptation of approach, governance, and processes to make them more suitable for the given environment and the work at hand.

378
Q

Task Board

A

A visual representation of the progress of the planned work that allows everyone to see the status of the tasks.

379
Q

Team Charter

A

A document that records the team values, agreements, and operating guidelines, as well as establishes clear expectations regarding acceptable behavior by project team members.

380
Q

Team Performance Domain

A

The performance domain that addresses activities and functions associated with the people who are responsible for producing project deliverables that realize business outcomes.

381
Q

Technical Performance Measures

A

Quantifiable measures of technical performance that are used to ensure system components meet the technical requirements.

382
Q

Template

A

A partially complete document in a predefined format that provides a defined structure for collecting, organizing, and presenting information and data.

383
Q

Test Plan

A

A document describing deliverables that will be tested, tests that will be conducted, and the processes that will be used in testing.

384
Q

Threat

A

A risk that would have a negative effect on one or more project objectives.

385
Q

Three-Point Estimating

A

A technique used to estimate cost or duration by applying an average or weighted average to optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.

386
Q

Threshold

A

A predetermined value of a measurable project variable that represents a limit that requires action to be taken if it is reached.

387
Q

Throughput

A

The number of items passing through a process.

388
Q

Throughput Chart

A

A diagram that shows the accepted deliverables over time.

389
Q

Time and Materials Contract (T&M)

A

A type of contract that is a hybrid contractual arrangement containing aspects of both cost-reimbursable and fixed-price contracts.

390
Q

Timebox

A

A short, fixed period of time in which work is to be completed.

391
Q

To-Complete Performance Index (TCPI)

A

A measure of the cost performance that is 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.

TCPI = (BAC - EV) / (BAC - AC)

392
Q

Tolerance

A

The quantified description of acceptable variation for a quality requirement.

393
Q

Total Float

A

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.

394
Q

Trend Analysis

A

An analytical method that uses mathematical models to forecast future outcomes based on historical results.

395
Q

Trigger Condition

A

An event or situation that indicates that a risk is about to occur.

396
Q

Triple Bottom Line

A

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.

397
Q

Uncertainty

A

A lack of understanding and awareness of issues, events, path to follow, or solutions to pursue.

398
Q

Uncertainty Domain

A

The performance domain that addresses activities and functions associated with risk and uncertainty.

399
Q

Use Case

A

An artifact for describing and exploring how a user interacts with a system to achieve a specific goal.

400
Q

User Story

A

A brief description of an outcome for a specific user, which is a promise for a conversation to clarify details.

401
Q

Validation

A

The assurance that a product, service, or result meets the needs of the customer and other identified stakeholders.

402
Q

Value

A

The worth, importance, or usefulness of something.

403
Q

Value Delivery Office (VDO)

A

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.

404
Q

Value Delivery System

A

A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.

405
Q

Value Proposition

A

The value of a product or service that an organization communicates
to its customers.

406
Q

Value Stream Map

A

A display of the critical steps in a process and the time taken in each step used to identify waste.

407
Q

Value Stream Mapping

A

A lean enterprise method used to document, analyze, and improve the flow of information or materials required to produce a product or service for a customer.

408
Q

Vanity Metric

A

A measure that appears to show some result but does not provide useful information for making decisions.

409
Q

Variance

A

A quantifiable deviation, departure, or divergence away from a known baseline or expected value.

410
Q

Variance Analysis

A

A method for determining the cause and degree of difference between the baseline and actual performance.

411
Q

Variance at Completion (VAC)

A

A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.

412
Q

Velocity

A

A measure of a team’s productivity rate at which the deliverables are produced, validated, and accepted within a predefined interval.

413
Q

Velocity Chart

A

A chart that tracks the rate at which the deliverables are produced, validated, and accepted within a predefined interval.

414
Q

Verification

A

The evaluation of whether or not a product, service, or result complies with a regulation, requirement, specification, or imposed condition.

415
Q

Virtual Team

A

A group of people with a shared goal who work in different locations and who engage with each other primarily through phone and other electronic communications.

416
Q

Vision Statement

A

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.

417
Q

Visual Data and Information

A

Artifacts that organize and present data and information in a visual format, such as charts, graphs, matrices, and diagrams.

418
Q

Voice of the Customer

A

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.

419
Q

Volatility

A

The possibility for rapid and unpredictable change.

420
Q

Waste

A

Activities that consume resources and/or time without adding value.

421
Q

WBS Dictionary

A

A document that provides detailed deliverable, activity, and scheduling information about each component in the work breakdown structure (WBS).

422
Q

What-If-Scenario Analysis

A

The process of evaluating scenarios in order to predict their effect on project objectives.

423
Q

Wideband Delphi

A

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.

424
Q

Work Breakdown Structure (WBS)

A

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.

424
Q

Workaround

A

An immediate and temporary response to an issue for which a prior response had not been planned or was not effective.

425
Q

Work Package

A

The work defined at the lowest level of the work breakdown structure for which cost and duration are estimated and managed.

PMI CAPM (6 decks)

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