PMP Terms Flashcards
80/20 rule
A general guideline with many applications: states that 80% of problems come from 20% of causes
AB testing
Marketing approach used to determine user preferences by showing different sets of users similar services with one independent value
AC (Actual Cost)
The realized cost incurred for the work performed on an activity during a specific time
accept
Strategy for managing negative risks or opportunities that involves acknowledging a risk and not taking any action until the risk occurs (accepting the risk for what it is)
acceptance criteria
A set of conditions that is required to be met before deliverables are accepted
active listening
A communication technique that involves acknowledging what you hear and clarifying the message to confirm that what you heard matches the message that the sender intended
activity attributes
Multiple attributes associated with each schedule activity that can be included within the activity list
activity dependency
A logical relationship that exists between two project activities. The relationship indicates whether the start of an activity is contingent upon an evet or input from outside the activity.
activity duration estimates
The quantitative assessments of the likely number of time periods that are required to complete an activity.
activity list
A documented schedule of activities that shows the activity description, activity identifier, and a detailed scope-of-work description so project team members understand what work is to be performed.
activity
A distinct, scheduled portion of work performed during the course of a project
administrative closure
Involves verifying and documenting project results to formalize project or phase completion
Affinity diagram
technique that allows large numbers of ideas to be classified into groups for review and analysis
agile life cycles
A project life cycle that is iterative or incremental. Also referred to as change-driven or adaptive, they work well in environments with high levels of change and ongoing stakeholder involvement in a project
Agile project management
PM method that uses an iterative and incremental approach that focuses on customer value and team empowerment. In agile project management, the product is developed in iterations by small and integrated teams
Agile release planning
Process in which you determine the number of iterations or Sprints that are needed to complete each release, the features that each iteration will contain, and the target dates of each release
agreements
Any documents or communication that defines the initial intentions of a project
analogous estimating
A technique for estimating the duration or cost of an activity on a project using historical data from a similar activity or project
approved change requests
Change requests that have been reviewed and approved by the change control board (CCB) and are ready to be scheduled for implementation
assumption and constraint analysis
A process that explores the validity of the project assumption within the constraints and identifies risks from any incompleteness or inaccuracy of these project assumptions.
attribute sampling data
Data that is counted such as the number of product defects or customer complaints
auditing
An examination of a project’s goals and achievements, including adequacy, accuracy, efficiency, effectiveness, and the project’s compliance with applicable methodologies and regulations. It tends to be a formal, one-sided process that can be extremely demoralizing to team members
autocratic
Group decision making method: one member of the group makes the decision. In most cases, this person will consider the larger group’s ideas and decisions and will then make a decision based on that input
avoid
Strategy for managing negative risks or threats that involves changing the project management plan to remove the risk entirely by extending the schedule, changing the strategy, increasing the funding, or reducing the scope
Budget at Completion (BAC)
Sum of all budgets established for the work to be performed
benchmarking
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
benefit cost analysis
Financial analysis tool used to determine the benefits provided by a project against its cost
benefits management plan
documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program
bidder conferences (a.k.a. vendor conferences, pre-bid conferences, or contractor conferences)
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
bottom-up estimating
A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the WBS (more accurate then top-down)
breach of contract
The failure to meet some or all the obligations of a contract
burndown chart
A tool that is used to track the progress of the project by plotting the number of days of Sprint against the number of hours of work remaining
business case
Documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and is used as a basis for the authorization of further project management activities
business risk (4 kinds)
The inherent risk in any business endeavor that carries the potential for either profit or loss. Types of business risks are competitive, legislative, monetary, and operational
business value
The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both
Change Control Board (CCB)
Formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions
cease and desist letter
Document sent to an individual or business to stop (cease) allegedly illegal activities and to not undertake them again (desist)
change control form (a.k.a. change request)
Document used to request a project change. They can also be recommendations for taking corrective or preventative actions. Request goes to Change Control Board (CCB) for approval.
change control system
A set of procedures that describes how modifications to the project deliverables and documentation are managed and controlled
change management plan
Component of the project management plan that establishes the Change Control Board (CCB), documents the extent of its authority, and describes how the change control system will be implemented
Continuous Improvement (CI)
The ongoing effort to improve products, services, or processes
Close Project/Phase process
The process of finalizing all activities for the project, phase, or contract
close-out meetings
Sessions held at the end of a project or phase; they involve discussing the work and capturing lessons learned
co-location
An organizational placement strategy where the project team members are physically located close to one another in order to improve communication, working relationships, and productivity
coaching
The act of giving guidance and direction to another person so that they can make better decisions
code of accounts
A numbering system used to uniquely identify each component of the Work Breakdown Structure (WBS)
Code of Ethics and Professional Conduct
A PMI publication that describes the ethical and professional behavior expectations of an individual working as a project management professional
communication models
A description, analogy, or schematic used to represent how the communication process will be performed for the project
communication requirements analysis
An analytical technique to determine the information needs of the project stakeholders through interviews, workshops, study of lessons learned from previous projects, etc.
communication styles assessment
A technique to identify the preferred communication method, format, and content for stakeholders for planned communication activities
communications management plan
A component of the project, program, or portfolio management plan that describes how, when, and by whom information about the project will be administered and disseminated
completion contract
type of contract that is completed when the vendor delivers the product to the buyer and the buyer accepts the product
configuration management
tool used to manage changes to a product or service being produced as well as changes to any of the project documents such as schedule updates
configuration management system
collection of procedures used to track project artifacts and monitor and control changes to these artifacts
conflict management
The application of one or more strategies for dealing with disagreements that may be detrimental to team performance
context diagram
A visual depiction of the product scope showing a business system (process, equipment, cpu system, etc.), and how people and other systems interact with it
contingency plan
A risk response strategy developed in advance, before risks occur; it is meant to be used if and when identified risks become reality
contingency reserves
Time or money allocated in the schedule or cost baseline for known risks with active response strategies
contract change control system
The system used to collect, track, adjudicate, and communicate changes to a contract
control account
A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement
Control Procurements process
The process of managing procurement relationships, monitoring contract performance, making changes and corrections as appropriate, and closing out contracts
controlling PMO (project management office)
A type of PMO that provides support and requires compliance through various means. Compliance may involve adopting project management frameworks or methodologies; using specific templates, forms, and tools; or to governance
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 aggregation
Summing the lower-level cost estimates associated with the various work packages for a given level within the project’s WBS or for a given cost control account
cost baseline
The approved version of the time-phased project budget, excluding any management 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 project or program management plan that describes how costs will be planned, structured, and controlled
cost of conformance
The money spent during a project to avoid failures. This includes prevention costs that build a quality product and appraisal costs that assess the quality
cost of non-conformance
The money spent after a project is complete because of failures. This includes internal and external failure costs
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
Cost Plus Aware Fee (CPAF) 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 (CPFF) contract
A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs plus a fixed amount of profit (fee)
Cost Performance Index (CPI)
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost
Cost Plus Incentive Fee (CPIF) contract
A type of cost-reimbursable contract where the buyer reimburses the seller for the sellers allowable costs, and the seller earns its profit if it meets defined performance criteria
critical path activity
Any activity on the critical path in a project schedule
critical path
The sequence of activities that represents the longest path through a project, which determines the shortest possible duration
cultural awareness
Understanding the cultural differences of the individuals, groups, and organizations in the project stakeholder community so you can adapt communication strategies to avoid or reduce miscommunication and misunderstanding
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
daily standup
A short, 15-minute meeting in which the complete team gets together for a quick status update while standing in a circle. Also referred to as a daily scrum
de facto regulations
Regulations that are widely accepted and adopted through use
de jure regulations
Regulations that are mandated by law or have been approved by a recognized body of experts
debriefing
A less formal, more cooperative means of discussing the positives and the negatives of the project, what worked, and what will be done differently next time.
decision making
The process of selecting a course of action from among multiple options
decision tree analysis
A diagramming and calculation technique for evaluating the implications of a chain of multiple options in the presence of uncertainty
decomposition
A technique used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts
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 projects
directions of influence
A classification model that groups stakeholders based on how they influence the project: upwards = senior management
downwards = team or specialists
outwards = external
sidewards = project manager’s peers
directive PMO
A type of PMO that takes control of projects by directly managing the projects
discretionary dependency
A relationship that is established based on knowledge of best practices within a particular application area or an aspect of the project where a specific sequence is desired
document analysis
A technique used to gain project requirements from current documentation evaluation
Definition of Done (DoD)
A team’s 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
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
Enterprise Environmental Factors (EEF)
Conditions that are not under the immediate control of the team, and that influence, constrain, or direct the project, program, or portfolio
effect-based risk classification
A way of analyzing the major risks inherent to a project that could have an impact on its success. These major risks are:
Time
Cost
Quality
Scope
effort
The number of labor units required to complete a scheduled activity or WBS component, often expressed in hours, days, or weeks.
emotional intelligence (EI)
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. a.k.a. EQ
elapsed time
The actual calendar time required for an activity from start to finish
Expected Monetary Value (EMV)
A method of calculating the average outcome when the future is uncertain
enhance
Strategy for managing positive risks or opportunities that involves increasing the probability that the opportunity will happen, or the impact it will have by identifying and maximizing enablers of these opportunities
escalate
Strategy in which you determine that a threat is outside the scope of the project or beyond the project manager’s authority. You then forward the threat to a person or part of the organization at a higher level.
Estimate to Complete (ETC)
The expected cost of finishing all the remaining project work
Earned Value (EV)
A measure of work performed expressed in terms of the budget authorized for that work
Earned Value Management (EVM)
A methodology that combines scope, schedule, and resource measurements to assess project performance and progress
expert judgment
Judgment provided based upon expertise in an application area, knowledge area, discipline industry, etc., as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training
explicit knowledge
Knowledge that can be codified using symbols such as words, numbers, and pictures. This type of knowledge can be documented and shared with others
exploit
A strategy for managing positive risks or opportunities that involves attempting to make sure that the opportunity happens
external dependency
Types of activity dependencies that exist between project activities and non-project activities and can be out of the project’s control
facilitated workshops
Organized working sessions held by project managers to determine a project’s requirements and to get all stakeholders together to agree on the project’s outcomes
facilitation
A skill used to lead or guide an assembled group toward a successful conclusion such as making a decision or finding a solution
Finish-to-Finish (FF)
A logical relationship in which a successor activity cannot finish until a predecessor activity has finished
Firm Fixed Price (FFP) 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
focus groups
An elicitation technique that brings together pre-qualified stakeholders and subject matter experts to learn about their expectations and attitudes about a proposed product, service, or result
Fixed Price with Economic Price Adjustment (FPEPA) contract
A fixed-price contract, but with a special provision allowing for pre-defined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decreases) for specific commodities.
Fixed Price Incentive Fee (FPIF) 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
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
Finish-to-Start
A logical relationship in which a successor activity cannot start until a predecessor activity has finished
functional organization
An organizational structure in which staff is grouped by areas of specialization (departments) and the project manager has limited authority to assign work and apply resources
funding limit reconciliation
The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures
Gantt chart
A bar chart of schedule information where activities are listed on the vertical axis, dates are shown on the horizontal axis, and the activity durations are shown as horizontal bars placed according to start and finish dates
Invitation for Bid (IFB)
Similar to request for proposal, however, A type of
procurement document that is most commonly used when
deliverables are commodities for which there are clear
specifications and when the quantities are very large. The
invitation is usually advertised, and any seller may
submit a bid.
impediment
An obstacle that prevents the team from achieving its objectives
increment
A functional, tested, and accepted deliverable that is a subset of the overall project outcome
incremental life cycle
An adaptive project life cycle in which the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.
influence/impact grid
A classification model that groups stakeholders on the basis of their involvement in and impact on the project
influencing
The act of presenting a good case to explain why an idea, decision, or problem should be handled a certain way, without resistance from other individuals
information radiator
The generic term for visual displays placed in a visible location so everyone can quickly see the latest information. In agile practice, also known as “Big Visible Chart”
insurable risk
A risk that has only the potential for loss and no potential for profit or gain. An insurable risk is one for which insurance may be purchased to reduce or offset the possible loss. Types of insurable risks are direct property, indirect property, liability, and personnel - related.
interactive communication
An exchange of information between two or more people that ensures common understanding for everyone participating in that exchange
internal dependency
A type of activity dependency that exists between project activities and is usually under the project’s control
interpersonal skills
Skills used to establish and maintain relationships with other people
interview
A formal or informal approach to elicit information from stakeholders by talking with them directly
Internal Rate of Return (IRR)
The interest rate that makes the net present value of all cash flow equal to zero