PMP Acronyms Flashcards
AC
Actual Cost
The actual costs incurred for the work performed during a specific time period [Earned Value Mngt, Cost/Sched Mngt]
ACR
Approved Change Request
A formal proposal to modify a document, deliverable, or baseline that has been approved [All PMP]
BAC
Budget at Completion
The sum of all budgets for the work to be performed [Earned Value Mngt, Cost/Sched Mngt]
BCR
Benefit Cost Ratio
The relationship between the cost and benefits of a proposed project [Integration Mngt]
CCB
Change Control Board
A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating those decisions. [Integration Mngt]
COQ
Cost of Quality
All costs incurred over the life of the product by investment in preventing non conformance to requirements, appraisal of the product or service for conformance to requirements, and failure to meet requirements. [Earned Value Mngt, Cost/Sched Mngt]
CPAF
Cost Plus Award Fee
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 [Procurement Mngt]
CPFF
Cost Plus Fixed Fee
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (defined by the contract) plus a fixed amount of profit (fee) [Procurement Mngt]
CPI
Cost Performance Index
The measure of cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.[Earned Value Mngt, Cost/Sched Mngt]
CPIF
Cost Plus Incentive Fee
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs (defined by the contract) and the seller earns its profit if it meets defined performance criteria [Procurement Management]
CPM
Critical Path Method
A method used to estimate the minimum project duration and determine the amount of schedule flexibility on the logical network paths within the schedule model [Schedule Management]
CR
Change Request
A formal proposal to modify a document, deliverable, or baseline [All]
CV
Cost Variance
The amount of budget deficit or surplus at any given point in time. [Earned Value Mngt, Cost/Sched Mngt]
DPMO
Defects Per Million Opportunities
The average number of defects per unit observed during an average production run divided by the number of opportunities to make a defect on the product under study during that run normalized to one million. [ Quality Management]
EAC
Estimate at Completion
The expected total cost of completing all the work which includes all costs incurred thus far on the project and all expected cost estimates to complete the project. [Earned Value Mngt, Cost/Sched Mngt]
EEF
Enterprise Environmental Factors
Conditions, not under immediate control of the team, that influence, constrain, or direct the project, program, or portfolio. [All]
EF
Early Finish Date
In the 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. [Schedule Management]
EMV
Expected Monetary Value
The value (expressed as a monetary value) assigned to a risk based on the probability of occurrence multiplied times estimated financial impacts [Risk Management]
ES
Early Start Date
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 [Schedule Management]
ETC
Estimate to Completion
The expected total cost to finish the remainder of the work on the project [ Earned Value Mngt, Cost/Sched Mngt]
EV
Earned Value
The measure of all work performed on a project at a specific point in the project. [Earned Value Mngt, Cost/Sched Mngt]
EVM
Earned Value Management
A methodology that combines scope, schedule, and resource measurements to assess project performance and progress. [Earned Value Mngt, Cost/Sched Mngt]
FF
Finish to Finish
A logical Relationship in which the successor activity cannot finish until a predecessor has finished [Schedule Management]
FFP
Firm Fixed Price
A type of fixed price contract where the buyer pays the seller a set amount (defined by the contract) regardless of the seller’s costs. [Procurement Management]
FPEPA
Fixed Price with Economic Price Adjustment
A fixed price contract, but with 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. [Procurement Management]
FPIF
Fixed Price Incentive Fee
A type of contract where the buyer pays the seller a set amount (defined by the contract), and the seller can earn an additional amount if the seller meets predefined performance criteria. [Procurement Management]
FS
Finish to Start
A logical relationship in which the successor activity cannot start until a predecessor has finished. [Schedule Management]
IFB
Invitation for Bid
Generally, this term is equivalent to Request for Proposal. However, in some application areas, it may have a narrower or more specific meaning. [Procurement Management]
IRR
Internal Rate of Return
The discount rate that makes the NPV equal to zero. [Integration Management]
ITTO
Inputs, Tool/Technique, & Outputs
Inputs to PM Processes, the tools or techniques that are used to generate outputs of a process, and the outputs of a PM process. [All]
LF
Late Finish
In the critical path method, the latest 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. [Schedule Management]
LL
Lessons Learned
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. [All]
LOE
Level of Effort
An activity that does not produce definitive end products and is measured by the passage of time. [Schedule Management]
LS
Late Start
In the critical path method, the latest 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. [Schedule Management]
NPV
Net Present Value
The difference between the Present Value of cash inflows and the Present Value of cash outflows. [Integration Management]
OBS
Organizational Breakdown Structure
A hierarchical representation of the project organization, which illustrates the relationship between project activities and the organizational units that will perform those activities. [Resource Management]
OPA
Organizational Process Assets
Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization. [All]
PBP
Payback Period
The time to recoup the cost of an investment while ignoring the time value of money. [Integration Management]
PDCA
Plan-Do-Check-Act
A four-step management method for the control and continual improvement of processes and products. [Quality Management]
PDM
Precedence Diagramming Method
A technique used for constructing a schedule model in which activities are represented by nodes and are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed. [Schedule Management]
PIM
Probability and Impact Matrix
A grid for mapping the probability of occurrence of each risk and its impact on the project objectives if that risk occurs. [Risk Management]
PMBOK
Project Management Body of Knowledge
A term that describes the knowledge within the profession of project management. [All]
PMI
Project Management Institute
The governing body for the PMP and CAPM certifications and examinations. [All]
PMIS
Project Management Information System
An information system consisting of the tools and techniques used to gather, integrate, and disseminate the outputs of project management processes. [All]
PMO
Project Management Office
A management structure that standardizes project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques. [Fundamentals]
PMPECO
Project Management Professional Exam Content Outline
A document produced by the PMI to describe the content of the PMP Exam.
PND
Project Schedule Network Diagram
A graphical representation of the logical relationships among the project schedule activities. [Schedule Management]
PTA
Point of Total Assumption
The cost determined in a Fixed Price Incentive Fee (FPIF) contract above which the seller bears all the loss of a cost overrun. [Procurement Management]
PV
Planned Value
The authorized budget for scheduled work. [Earned Value Mngt, Cost/Sched. Mngt]
RACI
Responsible, Accountable, Consulted, Informed
A common type of responsibility assignment matrix that uses responsible, accountable, consult, and inform statuses to define the involvement of stakeholders in project activities. [Resource Management]
RAM
Responsibility Assignment Matrix
A grid that shows the project resources assigned to each work package. [Resource Management]
RBS
Resource Breakdown Structure
A hierarchical representation of resources by category and type. [Resource Management]
Risk Breakdown Structure
A hierarchical representation of potential sources of risk. [Risk Management]
RFI
Request for Information
A type of procurement document whereby the buyer requests a potential seller to provide various pieces of information related to a product or service or seller capability. [Procurement Management]
RFP
Request for Proposal
A type of procurement document used to request proposals from prospective sellers of products or services. In some application areas, it may have a narrower or more specific meaning. [Procurement Management]
RFQ
Request for Quotation
A type of procurement document used to request price quotations from prospective sellers of common or standard products or services. Sometimes used in place of request for proposal, and in some application areas, may have a narrower or more specific meaning. [Procurement Management]
ROI
Return on Investment
The gain or loss generated on an investment relative to the amount of money invested. [Integration Management]
RTM
Requirements Traceability Matrix
A grid that links product requirements from their origin to the deliverables that satisfy them. [Scope Management]
SD
Standard Deviation
A measure that is used to quantify the amount of variation or dispersion of a set of data values. Commonly used to measure confidence in statistical conclusions. [Schedule Mngt, Quality Mngt]
SEAM
Stakeholder Engagement Assessment Matrix
A matrix that compares current and desired stakeholder engagement levels. [Stakeholder Management]
SF
Start to Finish
A logical relationship in which a successor activity cannot finish until a predecessor has started. [ Schedule Management]
SH
Stakeholder
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. [Stakeholder Management]
SOW
Statement of Work
A narrative description of products, services, or results to be delivered by the project. In procurements, it describes the scope of work to be completed by the seller. [Procurement Management]
SPI
Schedule Performance Index
The measure of schedule efficiency expressed as a ratio of earned value to planned value. [Earned Value Mngt, Cost/Sched. Mngt]
SS
Start to Start
A logical relationship in which a successor activity cannot start until a predecessor has started. [Schedule Management]
SV
Schedule Variance
The amount by which the project is ahead of or behind the planned delivery date at any given point in time. [Earned Value Mngt, Cost/Sched. Mngt]
SWOT
Strengths, Weaknesses, Opportunities, Threats
An analysis of strengths, weaknesses, opportunities, and threats of an organization, project, or option. [Risk Management]
T&M
Time and Materials
A type of contract that is a hybrid contractual agreement containing aspects of cost reimbursable and fixed price contracts. [Procurement Management]
TCPI
Time to Complete Performance Index
A measure of cost performance that is required to 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. [Cost Management]
VAC
Variance at Completion
The projected amount of budget deficit or surplus at the completion of the project. [Earned Value Mngt, Cost/Sched. Mngt]
WBS
Work Breakdown Structure
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. [Scope Management]
WPD
Work Performance Data
Raw observations and measurements identified during activities to carry out project work. [All]
WPI
Work Performance Information
The performance data collected from controlling processes, analyzed in comparison with project management plan components, project documents, and other work performance information. [All]
WPR
Work Performance Reports
The physical or electronic representation of work performance information compiled in project documents, intended to generate decisions, actions, or awareness. [All]
