PMP Acronyms Flashcards
Define Acronyms used in PMI
PMI
Project Management Institute
A not-for-profit professional organization for the project management profession with the purpose of advancing project management.
PMBOK
Project Management Body of Knowledge
A workbook guide to assists in understanding tools and techniques used to prep for PMP examination.
OPM
Organizational Project Management
A strategy execution using project, program and portfolio management to deliver organizational strategies.
PMO
Project Management Office
PBO
Project Based Organizations
Organizational forms that create temporary systems for carrying out their work.
MOU
Memorandums of Understanding
SLA
Service Level Agreement
SOW
Statement of Work
Business Need
Product Scope (Project Scope)
Strategic Plan
EEF
Enterprise Environmental Factors
Internal and external cultural or physical factors that influence, constrain or direct the project.
BCR
Benefit Cost Ratio
Benefit/Cost
BCR greater than 1 represents a positive return
IRR
Internal rate of Return
Project’s return as an interest rate
The higher the number, the greater the return
Payback Period
Length of time necessary to recoup the cost of the project. The smaller the payback period, the better.
EVA
Economic Value Add
Monetary value of Profit minus “cost of money,” such as interest IF money was not used for the project.
EVA = Profit (after tax) - (capital expenditures x cost of capital)
PV and NPV
Present Value
Net Present Value
Value today of an amount of money in the future. Money loses value over time.
Larger PVs and NPVs are better!
ROI
Return on Investment
(benefit - cost)/cost
The larger the ROI the better - more benefit for the cost.
