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PMP > Terms > Flashcards

Terms Flashcards

1
Q

Acceptance Criteria

A

A set of conditions that are met before deliverables are accepted by the customers or sponsors

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2
Q

Activity

A

A distinct, scheduled portion of work performed during the project. Usually stored in an activity list.

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3
Q

Actual Cost (AC)

A

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

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4
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. Also known as top-down estimating.

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5
Q

Assumption

A

A factor in planning processes considered to be true or real without proof or demonstration.

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6
Q

Backward pass

A

A critical path method technique for computing the late start and late finish dates by working backward through the schedule model from the project end date.

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7
Q

Baseline

A

The accepted version of a work product that can be changed using formal change control processes and is used as the basis for comparison to actual results.

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8
Q

Bottom-up estimating

A

A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the workbreakdown structure.

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9
Q

Budget at Completion (BAC)

A

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

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10
Q

Change control

A

A process whereby changes to documents, deliverables, or baselines related with the project are identified, documented, approved or rejected

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11
Q

Change Control Board

A

A formally commissioned group responsible for reviewing, assessing, approving, deferring, or rejecting changes to the project, and for recording and communicating such decisions.

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12
Q

Change Control System

A

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

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13
Q

Change request

A

A formal proposal to change any document, deliverable or baseline in the project management plan.

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14
Q

Communications management plan

A

A component of the project management plan that describes how, when, and by whom information will be administered and distributed.

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15
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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16
Q

Constraint

A

A restrictive feature that affects the execution of a project.

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17
Q

Contingency reserve

A

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

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18
Q

Corrective action

A

A planned activity that restores the performance of the project work with the project management plan.

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19
Q

Cost baseline

A

The approved version of work packages cost estimates and contingency reserve that can be changed using formal control procedures.

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20
Q

Cost Management Plan

A

A component of a project management plan that defines how costs will be planned and controlled.

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21
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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22
Q

Cost Variance (CV)

A

The amount of budget shortfall or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.

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23
Q

Crashing

A

A schedule compression technique used to shorten the schedule duration by adding resources. This will generally increase the cost of the project.

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24
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.

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25
Q

Critical path

A

The sequence of activities that represents the longest path through a project, which determines the shortest and longest possible duration. Activities on the critical path have no float.

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26
Q

Critical Path Activity

A

An activity on the critical path in a project schedule.

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27
Q

Critical Path Method

A

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

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28
Q

Decomposition

A

A technique used for dividing and subdividing the project deliverables into smaller, more manageable parts. Also used to subdivide the project activities.

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29
Q

Defect repair

A

An intentional activity to modify nonconforming product or product component.

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30
Q

Deliverable

A

Part of the product that is presented to the customer or stakeholders for acceptance.

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31
Q

Duration

A

The work periods required to complete an activity or work breakdown structure component, expressed in hours, days, or weeks.

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32
Q

Early finish date

A

The earliest an activity can finish without delaying the project end date.

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33
Q

Early start date

A

The earliest an activity can start without delaying the project end date

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34
Q

Earned Value (EV)

A

The amount of money worth of work actually accomplished on the project.

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35
Q

Earned value management

A

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

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36
Q

Enterprise Environmental Factors

A

Conditions, not under the immediate control of the team that influence, constrain, or direct the project.

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37
Q

Estimate at Completion (EAC)

A

The forecast of the total cost of the project at the end based on the current spending rate of the proejct.

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38
Q

Estimate to Complete (ETC)

A

The amount of money that will be needed to complete the current project based on the current performance.

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39
Q

Fast tracking

A

A schedule compression technique in which activities or phases are done in parallel for at least a portion or their entire duration. This can increase risk on the project.

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40
Q

Finish-to-finish

A

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

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41
Q

Finish-to-start

A

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

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42
Q

Forward pass

A

A critical path method technique for calculating the early start and early finish dates by working forward through the schedule.

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43
Q

Functional organization

A

An organizational structure in which staff is grouped by areas of specialization and the project manager has limited authority.

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44
Q

Gantt chart

A

A bar chart of schedule information where activities are listed. Generally part of the project schedule.

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45
Q

Lag

A

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

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46
Q

Late finish date

A

The latest an activity can finish without delaying the project end date.

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47
Q

Late start date

A

The latest an activity can start without delaying the project end date.

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48
Q

Lead

A

The amount of time where a successor activity can be started before the predecessor activity finishes.

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49
Q

Lessons learned

A

The data 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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50
Q

Logical relationship

A

A dependency between two activities.

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51
Q

Management reserve

A

Time or money that management puts aside in addition to schedule or cost baseline and issues for unforeseen work that is within the scope of the project. This is not under the control of the project manager and will need an approved change request to access it.

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52
Q

Matrix Organization

A

An organizational structure in which the project manager shares authority with the functional manager.

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53
Q

Milestone

A

A significant point or event in a project.

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54
Q

Milestone schedule

A

A type of schedule that presents milestones with planned dates.

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55
Q

Most likely duration

A

An estimate of the most probable activity duration that takes into account all of the known variables.

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56
Q

Network path

A

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

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57
Q

Opportunity

A

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

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58
Q

Optimistic duration

A

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

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59
Q

Organizational Process Assets

A

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

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60
Q

Parametric Estimating

A

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

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61
Q

Path convergence

A

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

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62
Q

Percent complete

A

An estimate expressed as a percent of the amount of work that has been completed on an activity.

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63
Q

Performing organization

A

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

64
Q

Pessimistic Duration

A

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

65
Q

Planned Value (PV)

A

The authorized budget assigned to scheduled work.

66
Q

Portfolio

A

Projects and programs, that are grouped together to achieve a strategic business goal.

67
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 goals.

68
Q

Precedence diagramming method

A

A technique used for building a schedule in which activities are represented by nodes and are graphically linked by one or more logical relationships to display the sequence in which the activities are to be performed.

69
Q

Predecessor activity

A

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

70
Q

Preventive action

A

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

71
Q

Probability & impact matrix

A

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

72
Q

Procurement management plan

A

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

73
Q

Product Life Cycle

A

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

74
Q

Program

A

A group of related projects that are managed in a coordinated way to obtain benefits not available from managing them individually.

75
Q

Program Evaluation & Review Technique (PERT)

A

A technique used to estimate project duration through a weighted average of optimistic, pessimistic and most likely activity durations

76
Q

Program management

A

The application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing projects individually.

77
Q

Program manager

A

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

78
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.

79
Q

Project

A

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

80
Q

Project calendar

A

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

81
Q

Project charter

A

A document issued by the project sponsor that formally authorizes the project and provides the project manager with the authority to apply organizational resources to project activities.

82
Q

Six Sigma

A

Focuses on increasing the effectiveness and efficiencies of projects and eliminating defects and waste. Phases of Six Sigma: Define, Measure, Analyze, Improve and Control

83
Q

Total Quality Management (TQM)

A

Management approach to long-term success through customer satisfaction. All members of an organization participate in improving processes, products, services and the culture in which they work.

84
Q

Quality Function Deployment (QFD)

A

A structured method that uses seven management and planning tools, such as affinity diagrams, relations diagrams, tree diagrams, etc. to identify and prioritize customers’ expectations quickly and effectively.

85
Q

Deming’s PDCA Cycle

A

Four-step quality cycle of plan, do, check and act.

86
Q

Technical Performance Analysis

A

Data analysis technique that may be performed in order to determine the effectiveness of a risk response.

87
Q

Level of precision

A

Most projects have a level of precision that would round the variance rather than report a cost variance to the penny.

88
Q

Corrective action

A

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

89
Q

Defect repair

A

An intentional activity that modifies a nonconforming product or product component.

90
Q

Affinity diagram

A

A diagram used to organize potential causes of defects into groups and showing areas that should be focused on the most.

91
Q

Matrix diagrams

A

Seeks to show the strength of relationships among factors, causes, and objectives that exist between the rows and columns that form the matrix.

92
Q

Project lifecycle

A

The series of phases that a project goes through from its initiation to its closure

93
Q

Project management

A

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

94
Q

Project Management Office

A

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

95
Q

Project Management Plan

A

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

96
Q

Project manager

A

The person assigned by the performing organization to lead the team that is responsible for achieving the project goals

97
Q

Project phase

A

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

98
Q

Project Schedule Network Diagram

A

A graphical representation of the logical relationships among the schedule activities

99
Q

Project scope

A

The work achieved to deliver a product, service or result with the specified features or functions

100
Q

Project scope statements

A

The explanation of the project scope, major deliverables, assumptions and constraints

101
Q

Projectized organization

A

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

102
Q

Quality management plan

A

A component of the project management plan that describes how an organization’s quality policies will be implemented.

103
Q

Requirements Management Plan

A

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

104
Q

Requirements Traceability Matrix

A

A table that links requirements from their origin to the deliverables that satisfy them

105
Q

Residual risk

A

The risk that is leftover after risk responses have been implemented.

106
Q

Resource breakdown structure

A

A ranked representation of resources by category and type.

107
Q

Resource calendar

A

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

108
Q

Resource management plan

A

A component of the project management plan that describes the roles and responsibilities of the project team and management of the physical resources on the project

109
Q

Resource leveling

A

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

110
Q

Resource Optimization Technique

A

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

111
Q

Resource smoothing

A

A resource optimization technique in which total float are used without affecting critical path

112
Q

Responsibility assignment matrix

A

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

113
Q

Risk

A

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

114
Q

Risk acceptance

A

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

115
Q

Risk appetite

A

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

116
Q

Risk avoidance

A

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

117
Q

Risk breakdown structure

A

A ranked representation of risks that is organized according to risk categories

118
Q

Risk category

A

A group of potential causes of risk

119
Q

Risk enhancement

A

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

120
Q

Risk exploiting

A

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

121
Q

Risk exposure

A

A measure of the potential impact of all risks at any given point in time in a project

122
Q

Risk Management Plan

A

A component of the project management plan that describes how risk management activities will be planned and performed

123
Q

Risk Mitigation

A

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

124
Q

Risk register

A

A register in which outputs of risk management processes are recorded

125
Q

Risk sharing

A

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

126
Q

Risk threshold

A

The level of risk exposure above which risks are addressed and under which risks may be accepted

127
Q

Risk tolerance

A

The degree of uncertainty that an organization or individual is willing to endure

128
Q

Risk transference

A

A risk response strategy whereby the project team shifts the impact of a threat to a third party

129
Q

Rolling Wave Planning

A

An iterative planning technique 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

130
Q

Schedule baseline

A

The approved version of a schedule that can be changed using formal change control procedures and is used as the basis for comparison to actual results. It is part of the project management plan

131
Q

Schedule compression

A

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

132
Q

Schedule management plan

A

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

133
Q

Schedule network analysis

A

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

134
Q

Schedule Performance Index (SPI)

A

A measure of schedule efficiency expressed as the fraction of earned value and the planned value.

135
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. It is part of the project management plan

136
Q

Scope creep

A

The uncontrolled growth to project scope without adjustments to time, cost, and resources

137
Q

Scope management plan

A

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

138
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

139
Q

Sponsor

A

An individual or group that provides resources and support for the project and is accountable for enabling success

140
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

141
Q

Stakeholder management plan

A

A component of the project management plan that defines how stakeholders will be engaged in project decision making and execution

142
Q

Start-to-finish

A

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

143
Q

Start to start

A

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

144
Q

Successor activity

A

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

145
Q

Threat

A

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

146
Q

Three-point Estimating

A

A technique 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

147
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

148
Q

Total float

A

The amount of time that a schedule activity can be late or extended from its early start date without delaying the project finish date or violating a schedule constraint

149
Q

Trigger condition

A

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

150
Q

Variance analysis

A

A technique for determining the cause and degree of different between the baseline and actual performance

151
Q

WBS Dictionary

A

A document that provides detailed deliverable, activity and scheduling data about each component in the work breakdown structure

152
Q

What-if Scenario Analysis

A

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

153
Q

Work Breakdown Structure

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 deliverables

154
Q

Work package

A

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

155
Q

Workaround

A

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

PMP (7 decks)

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