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PMP Vocabulary Words - Lesson 1 > Vocabulary Words > Flashcards

Vocabulary Words Flashcards

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1
Q

AGILE

A

A project management approach based on delivering requirements iteratively and incrementally throughout the life cycle.

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2
Q

AGILE MANIFESTO

A

A document that outlines the principles and values of Agile project management, a collaborative and interactive approach to project management.

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3
Q

BALANCED MATRIX

A

A project management structure that gives equal authority to both the project manager and the functional manager.

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4
Q

BURNDOWN CHART

A

A visual tool that shows the amount of work remaining on a project versus the time it takes to complete it.

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5
Q

BCR (BENEFIT-COST RATIO)

A

A profitability indicator used in cost-benefit analysis to determine the viability of cash flows generated from an asset or project.

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6
Q

CLOSING PROCESS GROUP

A

A collection of final processes that are required to close out a project.

The process(es) performed to formally complete or close a project, phase, or contract.

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7
Q

COMMUNICATIONS KNOWLEDGE AREA

A

The process of ensuring that project information is generated, collected, distributed, stored, retrieved, and disposed of in a timely and appropriate manner.

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8
Q

CONE OF UNCERTAINTY

A

A project management concept that illustrates how the uncertainty around a project’s scope and duration decreases over time. The increasing level of precision of effort to realize a project.

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9
Q

PMO (Project Management Office)

A

A type of PMO that actively manages projects and programs to ensure they are completed on time, within budget, and to quality standards.

Some characteristics of a controlling PMO:
- Enforces Standards
- Requires Compliance
- Focuses of Quality
- Provides Training and Resources
- Shares Responsibilities

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10
Q

COST BENEFIT ANALYSIS

A

A technique to determine the benefits provided by a project against its cost.

The Cost-Benefit Analysis Process
- Define the Project’s scope
- Determine the costs
- Determine the benefits
- Compute analysis calculations
- Make recommendation and implement

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11
Q

COST KNOWLEDGE AREA

A

Estimate costs, establish a realistic project budget and cost baseline, and control costs so the project is completed within the approved budget.

The cost management function maintains its important focus at every stage throughout the life cycle of a project. In listing the reasons for the success of a project, the management cost is the most important as all project aspects affect the function. What counts for the owner is the “bottom line”

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12
Q

COST OF FUNDS

A

How much money financial institutions must pay in order to obtain funds for reserves and lending.

The amount of money a company pays to run its operations.

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13
Q

DIRECTIVE PMO (Project Management Office)

A

A type of PMO (Project Management Office) that directly manages projects from start to finish. They have a high level of authority and control over projects, and are responsible for the results of those projects.

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14
Q

ENTERPRISE ENVIRONMENTAL FACTORS (EEFs)

A

EEFs are conditions that affect a project, but are not directly controlled by the project team.

EEFs can be internal or external to the organization.

Examples of EEFs include:
- Policies, practices, and procedures
- Legislation

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15
Q

EXECUTIVE PROCESS GROUP

A

The phase where the project team starts working to complete the project’s deliverables.

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16
Q

FLOW-BASED AGILE

A

Focuses on delivering value to customers as soon as possible and efficiently.

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17
Q

FUNCTIONAL ORGANIZATION

A

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

The organization is grouped into departments where people with similar skills are kept together in forms of groups. This helps enhance the efficiencies of each functional group.

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18
Q

HYBRID LIFE CYCLE

A

An approach that combines elements from both agile and predictive methodologies.

To use the techniques that are best going to work for each phase. To strike a balance between structure and flexibility.

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19
Q

HYBRID ORGANIZATION

A

A methodology that combines elements from different project management frameworks to suit a project’s needs.

Hybrid project management can involve merging different approaches to maximize the strengths of each while minimizing their weaknesses.

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20
Q

INCREMENTAL LIFE CYCLE

A

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.

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21
Q

INFORMATION RADIATORS

A

A visual display that conveys key information about a project to a team and management in a prominent location.

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22
Q

INTEGRATION KNOWLEDGE AREA

A

Coordinates all aspects of a project to ensure it is completed successfully and stakeholders are satisfied.

Integration Management includes the processes and activities to identify, define, combine unify and co-ordinate various processes and activities in processes and project management activities with the project management process group.

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23
Q

INTERNAL RATE of RETURN (IRR)

A

A financial metric, used to measure the profitability of an investment, that takes into account the time value of money.

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24
Q

ITERATION-BASED AGILE

A

A work process where delivery happens within time-boxed periods called iterations.

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25
Q

ITERATIVELY LIFE CYCLE

A

A project life cycle where the project scope is determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.

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26
Q

KANBAN BOARDS

A

An agile project management tool designed to help visualize work, limit work-in-progress, and maximize efficiency (or flow).

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27
Q

KNOWLEDGE AREAS

A

The core skills and processes that a successful project manager should have:
- Integration
- Scope
- Schedule
- Cost
- Quality
- Resource
- Communications
- Risk
- Procurement
- Stakeholder

28
Q

LIFE CYCLES

A

A structured process for managing a project from start to finish.

Life Cycle Phases:
- Initiation
- Planning
- Execution
- Monitoring and Controlling
- Closure

29
Q

MONITORING and CONTROLLING PROCESS GROUP

A

Track, review, and regulate the progress and performance of the project. Identify any areas in which changes to the plan are required and initiate the corresponding changes.

30
Q

NET PROMOTOR SCORE (NPS)

A

A customer experience metric that measures how likely a customer is to recommend a company’s products or services to other. It’s a standard KPI for measuring customer satisfaction, enthusiasm, and loyalty.

31
Q

NET PRESENT VALUE (NPV)

A

A metric used in project management to determine if a project is financially viable.

NPV is the difference between the present value of cash inflows and outflows over a set period. It’s calculated by discounting all future cash flows to the present value.

32
Q

Organizational Process Assets (OPAs)

A

The collective knowledge and documented processes that an organization accumulates and utilizes to enhance its efficiency, performance, and decision-making capabilities.

33
Q

PAYBACK PERIOD (PBP)

A

Measures how long it takes to recoup the initial investment in a project.

34
Q

PLANNING PROCESS GROUP

A

A collection of procedures that help project managers plan and execute a project.

  • Define scope: Establish the project’s overall scope
  • Set objectives: Define and refine the project’s objectives
  • Develop schedule: Coordinate teams to complete work and set progress
  • Estimate costs: Coordinate estimates needed to complete each phase of the project
  • Plan for risks: Create a risk register to outline each risk, its probability of happening, and its impact
  • Sequence activities: Arrange the activities list into a sequence, identifying any dependencies between activities
35
Q

PMO - PROJECT MANAGEMENT OFFICE

A

A group or department within a business, government agency, or enterprise that defines and maintains standards for project management within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of projects.

36
Q

PORTFOLIO

A

A collection of projects and programs or other work grouped together to facilitate effective management of work to meet strategic business objectives.

37
Q

POTENTIALLY SHIPPABLE PRODUCT INCREMENT (PSPI)

A

A product version that is ready for release to customers at the end of a sprint, and meets the quality standards to be shipped if needed.
It’s a key concept in Agile and Scrum methodologies.

38
Q

PREDICTIVE LIFE CYCLE aka Waterfall or Plan-driven life cycle

A

An approach that involves creating a detailed plan at the beginning of a project and then following it in a linear progression.

  • Approach
  • Phases
  • Progression
  • Best suited for

Examples of advantages of a predictive life cycle include:
- Providing a solid project plan that can easily replicated
- Avoiding risk and reducing costs by allowing the project manager to predict the sequence of activities that will take place in each phase

39
Q

PROCESS GROUPS

A

Sets forth the processes needed to define the scope of the project, set strategic plans in place to maximize workflow, and begin to assemble priority lists and plan needs. These processes groups are also known as PMBOK (Project Management Body of Knowledge) process groups. They are a framework that helps project managers plan, execute, and deliver projects efficiently.

5 Process Groups
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing

40
Q

PROCUREMENT KNOWLEDGE AREA

A

Involves acquiring goods and services from outside the project team. Identifying potential vendors, evaluating offers from suppliers, negotiating contracts and terms, managing the procurement process, and ensuring compliance with legal team.

41
Q

PRODUCT BACKLOG

A

A prioritized list and features that development team needs to complete to create or improve a product. Often used in Agile development.

42
Q

PRODUCT OWNER

A

A vital role that connects the business and development teams, and serves as the customer’s advocate.

43
Q

PROGRAM

A

A collection of related projects that are managed together to achieve a goal.

44
Q

PROGRESSIVE ELABORATION

A

Gradually improving and adding detail to a project plan as more information and accurate estimates become available.

45
Q

PROJECT BENEFITS MANAGEMENT PLAN (PBMP)

A

A document that outlines how a project’s benefits will be identified, planned, measured, and realized.

46
Q

PROJECT BUSINESS CASE

A

A document that explains why a project is worth undertaking, and is used to help decision makers decide whether to move forward with it.

47
Q

PROJECT-ORIENTED ORGANIZATION (PROJECTIZED)

A

A company that structures its work around projects.

POO are well suited for small and medium sized businesses that want to develop quickly and produce high-quality products.

48
Q

PROJECT

A

A series of structured tasks, activities, and deliverables that are carefully executed to achieve a desired outcome.

49
Q

QUALITY KNOWLEDGE AREA

A

Focuses on ensuring a project’s deliverables and processes meet the desired standards of excellence.

Quality Management is the 5th knowledge area with the Project Management Body of Knowledge (PMBOK).

50
Q

RESOURCE KNOWLEDGE AREA

A

Involves the process of allocating and estimating resources to a project to ensure its successful delivery.

Resource Management is the 6th knowledge area with the Project Management Body of Knowledge (PMBOK).

51
Q

RISK KNOWLEDGE AREA

A

The process of identifying, analyzing, and responding to risks that may affect a project.

Risk Management is the 8th knowledge area with the Project Management Body of Knowledge (PMBOK).

52
Q

ROI (RETURN of INVESTMENT)

A

A financial metric used to measure the profitability and efficiency of a project.

53
Q

SCHEDULE KNOWLEDGE AREA

A

The listing of activities, deliverables, and milestones within a project. A schedule usually includes a planned start and finish date, duration, and resources assigned to each activity.

Schedule Management is the 3rd knowledge area with the Project Management Body of Knowledge (PMBOK).

54
Q

SCOPE KNOWLEDGE AREA

A

Developing a plan for the project, determining what tasks need to be done and in which order they should be completed, estimating costs, and tracking progress against the plan.

Scope Management is the 2nd knowledge area with the Project Management Body of Knowledge (PMBOK).

55
Q

SCRUM

A

An agile method of iterative and incremental product delivery that uses frequent feedback and collaborative decision making.

56
Q

SCRUM MASTER

A

A project management professional (facilitator) who facilitates the use of Scrum, an agile framework for project development.

57
Q

SCRUM TEAM

A

A small, self-organizing group of people who work together to deliver products of complete projects using the Scrum framework.

58
Q

SPRINT BACKLOG

A

A list of tasks that a development team plans to complete during a sprint.

59
Q

SPRINTS

A

A short, focused period of time when a team works together to complete a set of tasks or goals.

60
Q

STACEY MATRIX

A

A framework that helps project managers and teams navigate complexity, make decisions, and adapt to change.

It’s based on two axes: requirements (y-axis) and approach (x-axis)

61
Q

STAKEHOLDER

A

An individual or group that can be impacted by, or can impact, the outcome of a project.

62
Q

STAKEHOLDER KNOWLEDGE AREA

A

The practice of managing the expectations of people, groups, or organizations that may be affected by or have an interest in a project.

Stakeholder Management is the 10th knowledge area with the Project Management Body of Knowledge (PMBOK).

63
Q

STANDUP MEETING (DAILY SCRUM)

A

A short meeting where a team discusses their progress, identifies issues, and plans for the day.

64
Q

STRONG MATRIX

A

Gives the project manager more authority and decision-making power than the department head or functional manager.

65
Q

SUPPORTIVE PMO

A

Provides a consultative assist to projects by supplying templates, good practices, training, access to information and lessons learned from other projects.

66
Q

TRIPLE CONSTRAINTS

A

Time, Cost and Scope

These three constraints are interrelated, and changes to one will affect the other two. The triple constraint theory is especially helpful when determining the scope of a project and when handling change requests.

67
Q

WEAK MATRIX

A

The project manager has limited decision-making power compared to the functional manager.

PMP Vocabulary Words - Lesson 1 (4 decks)

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