Terms Flashcards
Acceptance Criteria
A set of conditions that are met before deliverables are accepted by the customers or sponsors
Activity
A distinct, scheduled portion of work performed during the project. Usually stored in an activity list.
Actual Cost (AC)
The actual cost incurred for the work performed on an activity during a specific time period
Analogous Estimating
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.
Assumption
A factor in planning processes considered to be true or real without proof or demonstration.
Backward pass
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.
Baseline
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.
Bottom-up estimating
A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the workbreakdown structure.
Budget at Completion (BAC)
The amount of all budgets established for the work to be performed.
Change control
A process whereby changes to documents, deliverables, or baselines related with the project are identified, documented, approved or rejected
Change Control Board
A formally commissioned group responsible for reviewing, assessing, approving, deferring, or rejecting changes to the project, and for recording and communicating such decisions.
Change Control System
A set of procedures that defines how modifications to the project deliverables and documentation are managed and controlled.
Change request
A formal proposal to change any document, deliverable or baseline in the project management plan.
Communications management plan
A component of the project management plan that describes how, when, and by whom information will be administered and distributed.
Configuration management system
A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.
Constraint
A restrictive feature that affects the execution of a project.
Contingency reserve
Time or money assigned in the schedule or cost baseline for known risks with response strategies.
Corrective action
A planned activity that restores the performance of the project work with the project management plan.
Cost baseline
The approved version of work packages cost estimates and contingency reserve that can be changed using formal control procedures.
Cost Management Plan
A component of a project management plan that defines how costs will be planned and controlled.
Cost Performance Index (CPI)
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
Cost Variance (CV)
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.
Crashing
A schedule compression technique used to shorten the schedule duration by adding resources. This will generally increase the cost of the project.
Critical Chain Method
A schedule method that allows the project team to place buffers on any project schedule path to account for limited resources.
Critical path
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.
Critical Path Activity
An activity on the critical path in a project schedule.
Critical Path Method
A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths.
Decomposition
A technique used for dividing and subdividing the project deliverables into smaller, more manageable parts. Also used to subdivide the project activities.
Defect repair
An intentional activity to modify nonconforming product or product component.
Deliverable
Part of the product that is presented to the customer or stakeholders for acceptance.
Duration
The work periods required to complete an activity or work breakdown structure component, expressed in hours, days, or weeks.
Early finish date
The earliest an activity can finish without delaying the project end date.
Early start date
The earliest an activity can start without delaying the project end date
Earned Value (EV)
The amount of money worth of work actually accomplished on the project.
Earned value management
A methodology that combines scope, schedule and resource measurements to assess project performance.
Enterprise Environmental Factors
Conditions, not under the immediate control of the team that influence, constrain, or direct the project.
Estimate at Completion (EAC)
The forecast of the total cost of the project at the end based on the current spending rate of the proejct.
Estimate to Complete (ETC)
The amount of money that will be needed to complete the current project based on the current performance.
Fast tracking
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.
Finish-to-finish
A relationship in which a successor activity cannot finish until a predecessor activity has finished.
Finish-to-start
A relationship in which a successor activity cannot start until a predecessor activity has finished.
Forward pass
A critical path method technique for calculating the early start and early finish dates by working forward through the schedule.
Functional organization
An organizational structure in which staff is grouped by areas of specialization and the project manager has limited authority.
Gantt chart
A bar chart of schedule information where activities are listed. Generally part of the project schedule.
Lag
The amount of time whereby a successor activity will be delayed to a predecessor activity.
Late finish date
The latest an activity can finish without delaying the project end date.
Late start date
The latest an activity can start without delaying the project end date.
Lead
The amount of time where a successor activity can be started before the predecessor activity finishes.
Lessons learned
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.
Logical relationship
A dependency between two activities.
Management reserve
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.
Matrix Organization
An organizational structure in which the project manager shares authority with the functional manager.
Milestone
A significant point or event in a project.
Milestone schedule
A type of schedule that presents milestones with planned dates.
Most likely duration
An estimate of the most probable activity duration that takes into account all of the known variables.
Network path
A sequence of activities linked by logical relationships in a project schedule network diagram
Opportunity
A risk that would have a positive effect on one or more project objectives.
Optimistic duration
An estimate of the shortest activity duration that takes into account all the known variables.
Organizational Process Assets
Plans, processes, policies, procedures and knowledge bases specific to and used by the performing organzation.
Parametric Estimating
An estimating technique in which an algorithm us used to calculate cost or duration based on historical data and project parameters.
Path convergence
A relationship in which a schedule activity has more than one predecessor.
Percent complete
An estimate expressed as a percent of the amount of work that has been completed on an activity.
Performing organization
An enterprise whose personnel are the most directly involved in doing the work of the project or program
Pessimistic Duration
An estimate of the longest activity duration that takes into account all of the known variables that could affect performance.
Planned Value (PV)
The authorized budget assigned to scheduled work.
Portfolio
Projects and programs, that are grouped together to achieve a strategic business goal.
Portfolio manager
The person or group assigned by the performing organization to establish, balance, monitor and control portfolio components in order to achieve strategic business goals.
Precedence diagramming method
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.
Predecessor activity
An activity that comes before a dependent activity in a schedule.
Preventive action
An intentional activity that ensures the future performance of the project is aligned with the project management plan.
Probability & impact matrix
A table for diagramming the probability of occurrence of each risk and its impact on the project objectives if that risk occurs.
Procurement management plan
A component of the project management plan that describes how a team will acquire goods and services from outside of the performing organization.
Product Life Cycle
The series of phases that represent the evolution of a product, from concept through delivery to retirement.
Program
A group of related projects that are managed in a coordinated way to obtain benefits not available from managing them individually.
Program Evaluation & Review Technique (PERT)
A technique used to estimate project duration through a weighted average of optimistic, pessimistic and most likely activity durations
Program management
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.
Program manager
The person authorized by the performing organization to lead the team or teams responsible for achieving program objectives.
Progressive elaboration
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.
Project
A temporary effort undertaken to create a unique product, service or result
Project calendar
A calendar that identifies working days and shifts that are available for scheduled activities
Project charter
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.
Six Sigma
Focuses on increasing the effectiveness and efficiencies of projects and eliminating defects and waste. Phases of Six Sigma: Define, Measure, Analyze, Improve and Control
Total Quality Management (TQM)
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.
Quality Function Deployment (QFD)
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.
Deming’s PDCA Cycle
Four-step quality cycle of plan, do, check and act.
Technical Performance Analysis
Data analysis technique that may be performed in order to determine the effectiveness of a risk response.
Level of precision
Most projects have a level of precision that would round the variance rather than report a cost variance to the penny.
Corrective action
An intentional activity that realigns the performance of the project work with the project management plan.
Defect repair
An intentional activity that modifies a nonconforming product or product component.
Affinity diagram
A diagram used to organize potential causes of defects into groups and showing areas that should be focused on the most.
Matrix diagrams
Seeks to show the strength of relationships among factors, causes, and objectives that exist between the rows and columns that form the matrix.
Project lifecycle
The series of phases that a project goes through from its initiation to its closure
Project management
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project Management Office
A management structure that regulates the project-related governance processes and facilitates the sharing of resources, methodologies, tools and techniques.
Project Management Plan
The document that defines how the project will be executed, monitored and controlled, and closed
Project manager
The person assigned by the performing organization to lead the team that is responsible for achieving the project goals
Project phase
A collection of logically related project activities that culminates in the completion of one or more deliverables
Project Schedule Network Diagram
A graphical representation of the logical relationships among the schedule activities
Project scope
The work achieved to deliver a product, service or result with the specified features or functions
Project scope statements
The explanation of the project scope, major deliverables, assumptions and constraints
Projectized organization
An organizational structure in which the project manager has full authority to assign work and resources.
Quality management plan
A component of the project management plan that describes how an organization’s quality policies will be implemented.
Requirements Management Plan
A component of the project management plan that describes how requirements will be analyzed, documented and managed
Requirements Traceability Matrix
A table that links requirements from their origin to the deliverables that satisfy them
Residual risk
The risk that is leftover after risk responses have been implemented.
Resource breakdown structure
A ranked representation of resources by category and type.
Resource calendar
A calendar that identified the working days and shifts upon which each specific resource is available
Resource management plan
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
Resource leveling
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
Resource Optimization Technique
A technique in which activity start and finish dates are adjusted to balance demand for resources.
Resource smoothing
A resource optimization technique in which total float are used without affecting critical path
Responsibility assignment matrix
A grid that shows the project resources assigned to each work package
Risk
An uncertain event that, if it occurs, has a positive or negative effect on one or more project objectives
Risk acceptance
A risk response strategy where the project team decides to acknowledge the risk and not take any action unless the risk occurs
Risk appetite
The degree of uncertainty an organization or individual is willing to accept in hope of a reward
Risk avoidance
A risk response strategy whereby the project team acts to eradicate the threat or protect the project from its impact
Risk breakdown structure
A ranked representation of risks that is organized according to risk categories
Risk category
A group of potential causes of risk
Risk enhancement
A risk response strategy whereby the project team acts to increase the probability of occurrence or impact of an opportunity
Risk exploiting
A risk response strategy whereby the project team acts to ensure that an opportunity occurs
Risk exposure
A measure of the potential impact of all risks at any given point in time in a project
Risk Management Plan
A component of the project management plan that describes how risk management activities will be planned and performed
Risk Mitigation
A risk response strategy whereby the project team acts to reduce the probability of occurrence or impact of a threat
Risk register
A register in which outputs of risk management processes are recorded
Risk sharing
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
Risk threshold
The level of risk exposure above which risks are addressed and under which risks may be accepted
Risk tolerance
The degree of uncertainty that an organization or individual is willing to endure
Risk transference
A risk response strategy whereby the project team shifts the impact of a threat to a third party
Rolling Wave Planning
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
Schedule baseline
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
Schedule compression
A method used to shorten the schedule duration without reducing the project scope
Schedule management plan
A component of the project management plan that establishes the criteria and the activities for developing, monitoring and controlling the schedule
Schedule network analysis
A technique to identify early and late start dates, as well as early and late finish dates, for the unfinished portions of project activities.
Schedule Performance Index (SPI)
A measure of schedule efficiency expressed as the fraction of earned value and the planned value.
Scope Baseline
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
Scope creep
The uncontrolled growth to project scope without adjustments to time, cost, and resources
Scope management plan
A component of the project management plan that describes how the scope will be defined, developed, monitored, controlled and validated
S-Curve Analysis
A technique used to indicate performance trends by using a graph that displays cumulative costs over a specific time period
Sponsor
An individual or group that provides resources and support for the project and is accountable for enabling success
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
Stakeholder management plan
A component of the project management plan that defines how stakeholders will be engaged in project decision making and execution
Start-to-finish
A relationship in which a successor activity cannot finish until a predecessor has started
Start to start
A relationship in which a successor activity cannot start until a predecessor activity has started
Successor activity
A dependent activity that logically comes after another activity in a schedule
Threat
A risk that would have a negative effect on one or more project objectives
Three-point Estimating
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
To-Complete Performance Index (TCPI)
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
Total float
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
Trigger condition
An event or situation that indicates a risk is about to occur
Variance analysis
A technique for determining the cause and degree of different between the baseline and actual performance
WBS Dictionary
A document that provides detailed deliverable, activity and scheduling data about each component in the work breakdown structure
What-if Scenario Analysis
The process of evaluating scenarios in order to predict their effect on project objectives
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 deliverables
Work package
The work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated and managed
Workaround
An immediate and temporary response to an issue, for which a prior response had not been planned or was not effective
