PRINCE2 Glossary

Question 1

Define accept (risk response)

Answer 1

A risk response to a threat where a conscious and deliberate decision is taken to retain the threat, having discerned that it is more economical to do so than to attempt a risk response action. The threat should continue to be monitored to ensure that it remains tolerable.

Question 2

Define acceptance

Answer 2

The formal act of acknowledging that the project has met agreed acceptance criteria and thereby met the requirements of its stakeholders.

Question 3

Define acceptance criteria

Answer 3

A prioritised list of criteria that the project product must meet before the customer will accept it, i.e. measurable definitions of the attributes required for the set of products to be acceptable to key stakeholders.

Question 4

Define activity

Answer 4

A process, function or task that occurs over time, has recognisable results and is managed. It is usually defined as part of a process or plan.

Question 5

Define agile methods

Answer 5

Principally, software development methods that apply the project approach of using short time-boxed iterations where products are incrementally developed. PRINCE is compatible with agile principles.

Question 6

Define approval

Answer 6

The formal confirmation that a product is complete and meets its requirements (less any concessions) as defined by its Product Description.

Question 7

Define approver

Answer 7

The person or group (e.g. a Project Board) who is identified as qualified and authorised to approve a (management or specialist) product as being complete and fit for purpose.

Question 8

Define assumption

Answer 8

A statement that is taken as being true for the purposes of planning, but which could change later. An assumption is made where some facts are not yet known or decided, and is usually reserved for matters of such significance that, if they change or turn out not to be true, there will need to be considerable replanning.

Question 9

Define assurance

Answer 9

All the systematic actions necessary to provide confidence that the target (system, process, organisation, programme, project, outcome, benefit, capability, product output, deliverable) is appropriate.

Question 10

Define authority

Answer 10

The right to allocate resources and make decisions (applies to projects, stage, and team levels)

Question 11

Define authorisation

Answer 11

The point at which an authority is granted

Question 12

Define avoid (risk response)

Answer 12

A risk response to a threat where the threat either can no longer have an impact or can no longer happen.

Question 13

Define baseline

Answer 13

Reference levels against which an entity is monitored and controlled.

Question 14

Define baseline management product

Answer 14

A type of management product that defines aspects of the project and, once approved, is subject to change control.

Question 15

Define benefit

Answer 15

The measurable improvement resulting from an outcome perceived as an advantage by one or more stakeholders.

Question 16

Define benefits review plan

Answer 16

A plan that defines how and when a measurement of the achievement of the project’s benefits can be made. If the project is being managed withi a programme, this information may be created and maintained at the programme level.

Question 17

Define benefits tolerance

Answer 17

The permissible deviation in the expected benefit that is allowed before the deviation needs to be escalated to the next level of management. Benefits tolerance is documented in the Business See also ‘tolerance’.

Question 18

Define business case

Answer 18

The justification for an organisational activity (project), which typically contains costs, benefits, risks and timescales, and against which continuing viability is tested.

Question 19

Define centre of excellence

Answer 19

A corporate coordinating function for portfolios, programmes and projects providing standards, consistency of methods and processes, knowledge management, assurance and training

Question 20

Define change authority

Answer 20

A person or group to which the Project Board may delegate responsibility for the consideration of requests for change or offspecifications. The Change Authority may be given a change budget and can approve changes within that budget.

Question 21

Define change budget

Answer 21

The money allocated to the Change Authority available to be spent on authorised requests for change.

Question 22

Define change control

Answer 22

The procedure that ensures that all changes that may affect the project’s agreed objectives are identified, assessed and either approved, rejected or deferred.

Question 23

Define checkpoint

Answer 23

A team-level, time-driven review of progress.