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Project+
Glossary of Terms to remember
251
Other
Professional
12/08/2010
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Term
Acceptance
 Definition
See formal acceptance.
Term
Acceptance criteria
 Definition
Requirements and conditions that must be met before the project deliverables are formally accepted.
Term
Acceptance test
 Definition
A group of end-users work with the final product to test it for unidentified issues that may appear during routine use. Also known as User Acceptance Testing (UAT).
Term
Actual duration
 Definition
The number of hours or days expanded to complete a project activity.
Term
Actual effort
 Definition
The actual number of person hours or days expended to complete an activity.
Term
Activity
 Definition
A specified piece of work that needs to be completed. An activity typically has an expected duration, cost and requires certain resources. Also known as task.
Term
Activity list
 Definition
A list of the defined activities that need to be completed for a project.
Term
Activity sequencing
 Definition
Identifying activity dependency relationships (how activities affect each other) and determining the best order to perform the activities to complete the project.
Term
Actual cost (AC)
 Definition
The actual cost expanded to complete a project activity or work package.
Term
Assignment
 Definition
The activities team members are responsible to complete.
Term
Assumptions
 Definition
Factors that are believed to be true and affect project planning. Assumptions may impact risk and should always be documented and validated.
Term
Bar chart
 Definition
A schedule that shows project activities with associated start and completion dates. Also known as a Gantt chart.
Term
Baseline
 Definition
Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance.
Term
Best practices
 Definition
A generally accepted set of standards for performing work.
Term
Budget
 Definition
The amount of money allocated for a project.
Term
Budget at completion (BAC)
 Definition
The budget estimate determined in the planning phase for a work package or entire project to be completed.
Term
Budgeted cost of work performed (BCWP)
 Definition
The total budgeted cost of all work completed on a project to date. Also known as earned value (EV).
Term
Business requirements
 Definition
The conditions that the product must meet to support the high-level processes and needs of the business.
Term
Business value
 Definition
The positive impact for the business that will be achieved with completion of the project (e.g. generate revenue, customer satisfaction, etc.).
Term
Change control board
 Definition
A group of stakeholders responsible for reviewing and accepting or rejecting changes to the project.
Term
Change control process
 Definition
A process that ensures changes to the project are identified, evaluated, approved, documented and managed.
Term
Change management plan
 Definition
A plan that documents the process for managing changes to the project.
Term
Change request
 Definition
A document that is submitted to request a change to any part of the project management plan after the plan was approved.
Term
Communications
 Definition
Relaying information so that all concerned parties have an equal understanding.
Term
Communications management plan
 Definition
A plan that documents who will receive information about the project, what information they will receive, when they will receive it and how the information will be communicated. It also identifies the person who is responsible for providing the information.
Term
Communications planning
 Definition
The planning process to determine the communication requirements. Identifying who will need what information, when they will need it and how the information should be formatted and disseminated.
Term
Configuration management
 Definition
The process to ensure the project meets the desired outcome.
Term
Consensus
 Definition
A decision that a group agrees to support. It is usually achieved by discussing the relevant issues and options.
Term
Constraint
 Definition
A financial, schedule, risk or resource-based limitation on a project.
Term
Contingency reserve
 Definition
Allocation of resources to address possible adverse events.
Term
Contract
 Definition
A legal, mutually-binding document between buyer and seller covering the terms and conditions by which the work must be completed.
Term
Contract administration
 Definition
Managing the relationship with the seller and overseeing that all elements of the contract are met.
Term
Contract closeout
 Definition
The process of determining whether the work as outlined in the contract was completed accurately and settling the terms of the contract.
Term
Corrective action
 Definition
Actions taken to bring expected performance in line with the project plan.
Term
Cost-benefit analysis
 Definition
A benefit measurement method that weighs expected project costs against expected project benefits.
Term
Cost control
 Definition
Managing and controlling changes to the cost baseline.
Term
Cost estimating
 Definition
Estimating the cost of resources that will be required to complete each project activity.
Term
Cost of quality
 Definition
The costs incurred to ensure the quality of the project.
Term
Cost variance (CV)
 Definition
The difference between the budgeted cost and actual cost. CV = EV – AC
Term
Critical path
 Definition
The longest path through all project activities (as represented in a network diagram) that determines the duration of the project. The activities on the critical path usually have zero float.
Term
Critical path method (CPM)
 Definition
A technique used to determine the duration of a project by looking at the sequence of activities and their flexibility in scheduling.
Term
Customer
 Definition
The recipient of service or product that the project created. Also known as client in some organizations.
Term
Decomposition
 Definition
Breaking the project deliverables into smaller, more manageable components.
Term
Dedicated project time
 Definition
The amount of time that a resource is available to the project taking into account the resource’s non-project activities.
Term
Deliverable
 Definition
Outcome or product that is produced to complete a work package or project.
Term
Dependency
 Definition
The relationship between project activities.
Term
Duration
 Definition
The length of time needed to complete an activity.
Term
Early finish date
 Definition
The earliest date that an activity may be completed in the activity sequence.
Term
Early start date
 Definition
The earliest date that an activity can be started in the activity sequence.
Term
Earned value (EV)
 Definition
A measurement used to determine a project’s progress and represents the value of the work completed to date. Also known as budgeted cost of work performed (BCWP).
Term
Effort
 Definition
The number or person hours or person days needed to complete an activity.
Term
Effort estimate
 Definition
Calculation of the number of person hours or days needed to complete an activity.
Term
End user
 Definition
The person or group who will use the product produced by the project.
Term
Estimate at completion (EAC)
 Definition
The estimated total cost of the completed project at a particular time, using current project performance and work that still needs to be completed. EAC = AC + ETC
Term
Estimate to complete (ETC)
 Definition
The estimated amount of the work that still needs to be completed.
Term
Expert judgment
 Definition
Using subject matter experts to assist in decision making.
Term
External dependency
 Definition
A relationship between a project activity and a factor outside the scope of the project that influences the completion of that activity.
Term
Finish-to-finish dependency
 Definition
When the completion of an activity is dependent on the completion of the preceding activity.
Term
Finish-to-start dependency
 Definition
When the start of an activity is dependent on the completion of the previous activity.
Term
Fixed cost
 Definition
A cost that remains constant regardless of a change in production.
Term
Fixed resources
 Definition
An amount of a resource (human, equipment, material) that cannot be changed.
Term
Float
 Definition
The amount of time that the early start of an activity can be delayed without affecting the completion date of the project. Also known as slack time.
Term
Flowchart
 Definition
A diagram showing the steps in a process or system from beginning to end.
Term
Forecast
 Definition
A prediction of future project status.
Term
Formal acceptance
 Definition
When the authorized stakeholder provides sign-off, indicating the product has been received and is acceptable.
Term
Functional manager
 Definition
The person responsible for the activities of a specific functional department.
Term
Functional organization
 Definition
An organizational structure that groups staff hierarchically by area of specialty.
Term
Functional requirements
 Definition
Conditions that the product must meet to support how the end users will interact with the product.
Term
Gantt chart
 Definition
A schedule that shows project activities with associated start and completion dates. Also known as bar chart.
Term
Governance
 Definition
The overall structure of the roles, responsibilities and relationships between the project decision makers and the organization’s long-term operational decision makers.
Term
High-level requirements
 Definition
See product description.
Term
Historical information
 Definition
Records of past projects that are used to assist in planning future projects.
Term
Information distribution
 Definition
Enacting the communications plan and providing stakeholders with needed information in a timely manner.
Term
Initiation
 Definition
Formal definition and authorization of a new project or continuation of an ongoing project.
Term
Inputs
 Definition
Information that is required for a process to begin.
Term
Inspection
 Definition
A quality control method to examine and measure work results against baseline specifications and requirements.
Term
Integrated change control
 Definition
Coordinating and managing change across the entire project scope, schedule and budget.
Term
Integration management plan
 Definition
A plan that documents how elements of the project will be integrated and outlines how changes will be managed across the project.
Term
Integration planning
 Definition
The planning process to establish how all elements of the project will be coordinated and how changes will be managed throughout the project.
Term
Issue
 Definition
An identified element or event that may have a negative impact on the project and needs to be avoided or resolved.
Term
Issue log
 Definition
A document that outlines each project issue, along with the person responsible for resolving it, status and expected resolution date.
Term
Kickoff meeting
 Definition
A meeting held at the end of major planning activities for all stakeholders to provide an overview of the project and outline expectations, ensure a common understanding of the project and to build consensus and excitement about the project.
Term
Lag
 Definition
A mandatory delay between activities.
Term
Late finish date
 Definition
The latest date an activity can be completed without delaying the completion of the entire project.
Term
Late start date
 Definition
The latest date an activity can begin without affecting the completion of the entire project.
Term
Lessons learned
 Definition
The learning that takes place during the project and is documented to provide information on what went well and which aspects could have been improved. Lessons learned serve as references for future projects.
Term
Matrix organization
 Definition
An organization where project team members answer to both a functional manager and a project manager.
Term
Milestone
 Definition
The completion of a significant event or major deliverable used to measure project progress.
Term
Negative variance
 Definition
The negative number that results from comparing planned project results with actual project results. A negative variance in the project schedule indicates the project is behind schedule. A negative variance in the budget indicates the project is over budget.
Term
Network diagram
 Definition
A method of determining the sequence of activities, including dependencies for a project. Types include the activity-on-node (AON), arrow diagramming method (ADM) and precedence diagramming method (PDM).
Term
Operations and maintenance
 Definition
The turnover of a project to the operational staff of an organization for ongoing support and maintenance.
Term
Opportunity
 Definition
A chance to increase project benefits.
Term
Opportunity cost
 Definition
The opportunity given up by choosing to do one project over another one.
Term
Order of magnitude estimate
 Definition
A high-level estimate usually made during the initiation phase that assigns a cost estimate range to the project based on a completed similar project. This estimate typically falls between - 25% and +75% of the actual budget.
Term
Output
 Definition
The outcome or end result of a process.
Term
Performance reporting
 Definition
Reporting to the stakeholders to provide information about the project’s status, progress, accomplishments and future project performance predictions.
Term
Phase
 Definition
A distinct stage of the project or lifecycle. There are typically four phases in a project management lifecycle: Initiation and scope definition; planning; execution, control and coordination; and closure, acceptance and support.
Term
Positive variance
 Definition
The positive number that results from comparing planned project results with actual project results. A positive variance in the project schedule indicates the project is ahead of schedule. A positive variance in the budget schedule indicates the project is under budget.
Term
Predecessor
 Definition
An activity that is on the same network diagram path and occurs before another activity.
Term
Probability impact matrix
 Definition
A method of determining the severity of risk by looking at the probability of occurrence and impact on project objectives.
Term
Procurement planning
 Definition
The process of determining which goods and services should be purchased or performed outside of the organization and outlines the details of what, how and when the goods should be acquired.
Term
Product description
 Definition
An explanation of the major characteristics of the product including an explanation of why the product meets the business needs. Also known as high-level requirements.
Term
Product life cycle
 Definition
The required phases to develop the product. For example, creation of a software product may follow a software development lifecycle that consists of requirements-gathering, design, development, testing and roll-out phases.
Term
Product verification
 Definition
Ensuring the stakeholders find the key deliverables to be satisfactorily completed.
Term
Program
 Definition
A group of related projects that are managed together.
Term
Program evaluation and review techniques (PERT)
 Definition
A weighted average time estimate of project duration using optimistic (O), pessimistic (P) and most likely (ML) estimates of project duration. Also known as three-point estimating. PERT = O + (4)ML + P
Term
Project
 Definition
A temporary endeavor with defined start and end dates that creates a unique product or service.
Term
Project champion
 Definition
An individual, who believes in, understands and supports the project.
Term
Project charter
 Definition
A document that is created in the initiation phase that provides direction about the project’s objectives and management and authorizes the project to begin. Also known as a project initiation document.
Term
Project initiation document
 Definition
See project charter.
Term
Project life cycle
 Definition
The management phases of a project which includes: initiation and scope definition; planning; execution, control and coordination; closure, acceptance and support.
Term
Project management
 Definition
The process of initiating, planning, executing, monitoring, controlling and closing out a project by applying skills, knowledge, tools and techniques to fulfill requirements.
Term
Project management plan
 Definition
An overall project plan that contains all of the project management-related documents created during the phases of initiation and scope definition and planning.
Term
Project manager
 Definition
The person responsible for providing leadership to the team and managing the project and its associated work to ensure that expected results are obtained.
Term
Project performance indicators
 Definition
Measures to determine whether the project is on track.
Term
Project scope
 Definition
The work required to produce the product of the project.
Term
Project team members
 Definition
The people who perform the work associated with the project.
Term
Projectized organization
 Definition
An organizational structure that is focused on projects. The project manager has authority over the resources assigned to the project.
Term
Proof of concept
 Definition
A project that attempts to prove whether an activity or an idea can be accomplished.
Term
Qualitative risk analysis
 Definition
Uses a subjective approach to determine the likelihood that risks will occur and the impact that risks will have on the project. This information enables the risk to be prioritized.
Term
Quality
 Definition
The degree to which the product of the project meets requirements.
Term
Quality assurance
 Definition
The evaluation of overall project performance on a regular basis to ensure quality management processes are followed.
Term
Quality audit
 Definition
Review and evaluation of the project performance to ensure quality management processes are followed.
Term
Quality control
 Definition
The process of measuring specific results to determine compliance with quality standards and taking corrective action if necessary.
Term
Quality management plan
 Definition
A plan that documents the quality activities and outlines the processes, procedures, responsibilities and resources required for maintaining project quality.
Term
Quality planning
 Definition
The planning process to identify quality standards for the project and determine how these standards will be met.
Term
Quantitative risk analysis
 Definition
Uses a mathematical approach to analyze the probability that risks will occur and the impact that risks have on the project. This information enables the risks to be prioritized. Techniques used for computing quantitative risk analysis include sensitivity analysis, decision tree analysis and Monte Carlo.
Term
Remote team
 Definition
Individuals in different locations working on the same project and collaborating electronically or by telephone.
Term
Request for proposal (RFP)
 Definition
A document provided to a prospective vendor requesting a proposal for work and or products to be provided. Also known as Invitation for Bid (IFB).
Term
Requirements
 Definition
A set of measurable customer wants and desires. See functional requirements, business requirements and technical requirements.
Term
Resource
 Definition
Anything needed to complete the project. May be people, equipment, facilities or money.
Term
Resource leveling
 Definition
Scheduling resource usage to be the same for each time period (e.g. monthly).
Term
Resource planning
 Definition
The process of defining the type and amount of resources needed to complete the project.
Term
Return on investment (ROI)
 Definition
Determining whether the project outcomes will benefit the organization based on the resources used to complete the project.
Term
Rework
 Definition
An action to correct a deficiency that was identified by a quality activity.
Term
Risk
 Definition
A potential event, occurrence or result that can have positive or negative consequences.
Term
Risk assessment
 Definition
Identifying risks to the project and determining the affect the risks will have on the project.
Term
Risk identification
 Definition
Identifying potential risks and their associated characteristics along with the positive or negative impact they may have on the project.
Term
Risk management plan
 Definition
A plan that documents the process for identifying and quantifying project risks and outlines how risks will be addressed or controlled.
Term
Risk mitigation
 Definition
A risk response that decreases the identified risk to an acceptable level.
Term
Risk monitoring and control
 Definition
Uses the risk management plan to identify risks, respond to risks and monitor the effectiveness of the risk response.
Term
Risk planning
 Definition
The planning process to determine how to manage uncertainty within the project. It includes identifying potential risks, their impact and an appropriate response.
Term
Risk register
 Definition
A formal document that outlines identified project risks.
Term
Risk response
 Definition
The procedures that are implemented if an identified risk occurs.
Term
Risk trigger
 Definition
An event that tells a risk is about to occur or has occurred.
Term
Root cause
 Definition
The main reason a particular situation occurs.
Term
Schedule
 Definition
The timeline for the project including start and end dates for project activities.
Term
Schedule control
 Definition
Managing and controlling changes to the schedule.
Term
Schedule development
 Definition
The process of determining activity start and finish dates and finalizing the activity sequence and durations to create the schedule baseline.
Term
Schedule management plan
 Definition
A plan that documents the process to manage project schedules and any changes made to the schedules.
Term
Schedule variance (SV)
 Definition
The difference between scheduled activity completion and actual activity completion.SV = EV – PV; SV = Planned Date – Actual Date
Term
Scope
 Definition
See scope of work.
Term
Scope change control
 Definition
Controlling changes to the project scope.
Term
Scope change request
 Definition
A form submitted to request a change to the project scope.
Term
Scope creep
 Definition
The addition of new features or requirements while the project is in process.
Term
Scope document
 Definition
A document that contains the project requirements and overall project direction. It should contain the goals, deliverables, budget, success criteria and important milestones.
Term
Scope management plan
 Definition
A plan that documents the process to manage project scope and any changes to project scope.
Term
Scope of work
 Definition
The amount of work involved to complete the project. Includes identifying the problem to be addressed by the project including the goals and objectives, measures of success and risks, and obstacles and assumptions that may affect the project outcome. Also known as project scope.
Term
Scope planning
 Definition
The planning process to develop the scope statement and determine the work of the project.
Term
Scope statement
 Definition
Documents the project objectives, business justification and goals. It outlines the deliverables that are to be included in the project along with the functional, business and technical requirements.
Term
Sponsor
 Definition
An executive in the organization who can assign resources and can make final decisions on the project.
Term
Staff acquisition
 Definition
The process of getting people assigned to and working on the project.
Term
Staffing management plan
 Definition
A plan that documents when and how people will be added to or released from the project team and outlines the responsibilities of each team member.
Term
Stakeholder
 Definition
An individual or organization that affects or is affected by the project.
Term
Start-to-finish dependency
 Definition
The completion of an activity is dependent on the start of the previous activity.
Term
Start-to-start dependency
 Definition
The beginning of an activity is dependent on the start of the previous activity.
Term
Statement of work (SOW)
 Definition
A document that outlines the details and requirements of the product or service being procured.
Term
Successor
 Definition
An activity that is on the same network diagram path and occurs after another activity.
Term
Task
 Definition
See activity.
Term
Technical requirements
 Definition
The product characteristics that are required for the product to perform the functional requirements.
Term
Time and material contract
 Definition
A contract based on a unit rate such as an hourly wage plus reimbursement for materials or other expenses incurred.
Term
Triple constraint
 Definition
The link between the project constraints of time, cost and quality.
Term
Variance
 Definition
The difference between actual and planned values.
Term
Variance analysis
 Definition
The process of comparing planned project results against actual project results, determining the impact of the variance and implementing corrective actions if needed.
Term
Virtual team
 Definition
Individuals in different reporting structures, departments, locations or organizations working together on the same project.
Term
War room
 Definition
A room where team members can work on project activities with a minimum of external interference, which helps create a project identity in matrix organizations.
Term
Workaround
 Definition
A response to deal with an unforeseen risk. A workaround is not planned in advance of the risk occurrence.
Term
Work breakdown structure (WBS)
 Definition
A deliverable-oriented hierarchy that depicts the entire project work.
Term
WBS dictionary
 Definition
A document describing each work package in the WBS.
Term
Work effort
 Definition
The number of hours that it would take a person to complete an activity if they worked only on that activity.
Term
Work package
 Definition
The lowest level of the WBS. Includes activities required to fulfill a project deliverable or other project work.
Term
Work plan
 Definition
See schedule.
Term
Activity definition
 Definition
Identification of the activities that must be performed to complete the product deliverables.
Term
Activity duration estimating
 Definition
Estimating the number of work periods, in days or hours, needed to complete the project’s activities.
Term
Activity-on-Arrow (AOA)
 Definition
A method of diagramming the sequence of activities in a project using arrows to represent activities and small circles (nodes) connecting the activities to represent relationships. Dummy activities may be included to show activities that are dependent on one another. This method has only finish-to-start relationships. Also known as Arrow Diagramming Method (ADM).
Term
Activity-on-Node (AON)
 Definition
A method of diagramming the sequence of activities in a project where rectangles (nodes) represent the activities and arrows represent the relationship between the activities. This method uses four types of dependency relationships: finish to start, start to start, finish to finish and start to finish. Also known as precedence diagramming method (PDM).
Term
Administrative closure
 Definition
The gathering and disseminating of information needed to formalize the completion or termination of a project or phase. Consists of obtaining formal acceptance and completing the related activities to formally end the project work.
Term
Analogous estimating
 Definition
An estimating technique that uses historical project information to estimate the project duration of a similar project. Also known as top-down estimating.
Term
Arrow diagramming method (ADM)
 Definition
See Activity-on-Arrow (AOA).
Term
Backward pass
 Definition
Calculation of the late start and the late finish dates for uncompleted activities by working backwards through the network diagram from the project’s end date. Part of critical path method (CPM).
Term
Bottom-up estimating
 Definition
An estimating technique where every activity is individually estimated and then added together to determine the total project estimate.
Term
Budgeted cost of work scheduled (BCWS)
 Definition
The total budgeted cost expected to be spent for specific work. Also called planned value (PV).
Term
Control chart
 Definition
Diagram of process results over time and against specified limits to determine whether processes are acceptable or need adjustment.
Term
Cost budgeting
 Definition
Assigning specific cost estimates to specific activities and creating the cost baseline.
Term
Cost performance index (CPI)
 Definition
A performance tracking method that compares budgeted cost to the actual cost. CPI = EV / AC
Term
Cost plus fixed fee contract (CPFC)
 Definition
A cost-reimbursable contract where the buyer pays for costs defined in the contract plus an additional defined amount (fixed fee).
Term
Cost plus incentive fee contract (CPIF)
 Definition
A cost-reimbursable contract where the buyer pays for costs defined in the contract plus an additional amount if the seller meets performance criteria as outlined in the contract.
Term
Cost plus percentage of cost contract (CPPC)
 Definition
A cost-reimbursable contract where the buyer pays for the costs defined in the contract plus an additional percentage of the costs if the seller meets performance criteria as outlined in the contract.
Term
Cost reimbursable contract
 Definition
A contract that provides for payment to the seller for actual costs incurred.
Term
Crashing
 Definition
Adding resources to activities on the critical path to reduce project duration.
Term
Definitive estimate
 Definition
An estimating technique usually made during the planning phase that assigns a cost estimate range to each work package in the WBS. This estimate typically falls between -5% and +10% of the actual budget. Also known as bottom-up estimating.
Term
Discretionary dependency
 Definition
A preferred order of sequencing project activities.
Term
Dummy
 Definition
An arrow in an AOA diagram that does not represent any actual work but is used to show the relationship between two activities.
Term
Duration compression
 Definition
Shortening the project completion time without changing the scope of the project.
Term
Earned value analysis
 Definition
The measurement of actual project status versus expected project status as of the measurement date.
Term
Fast tracking
 Definition
A method of schedule compression where activities that would typically be performed sequentially are performed.
Term
Feasibility study
 Definition
A study undertaken to determine whether a project is viable.
Term
Fishbone diagram
 Definition
A graphical diagram that shows how causes or potential causes relate to create potential problems. Also known as Ishikawa diagram.
Term
Fixed price contract (FPC)
 Definition
A contract where work is performed or a product is provided for a predetermined price.
Term
Fixed price incentive (FPI) fee contract
 Definition
A fixed price contract (see above) that contains incentives for meeting or exceeding predetermined specifications.
Term
Forward pass
 Definition
Calculation of the early start and early finish times for project activities by working forward through the network diagram. Part of the Critical Path Method (CPM).
Term
Free float
 Definition
The amount of time that an activity can be delayed without affecting the early start of the next activity.
Term
Human resource management plan
 Definition
A plan that documents the project team members along with their roles, responsibilities and reporting structure and defines team development.
Term
Human resource planning
 Definition
The process of planning and hiring the project team, outlining roles, responsibilities and reporting structure and defining team development.
Term
Invitation for bid (IFB)
 Definition
See request for proposal (RFP).
Term
Ishikawa diagram
 Definition
See fishbone diagram.
Term
Iterating
 Definition
Updating project plans to reflect changes that occur during the planning phase and throughout the project.
Term
Management reserve
 Definition
An amount of money set aside by senior management to cover future unforeseen costs. It is typically a percentage of the total project cost.
Term
Mandatory dependency
 Definition
An activity that is dependent upon another activity. For example, a telephone pole must be put up before telephone wire can be strung.
Term
Monte Carlo technique
 Definition
A technique that uses computer simulations to assess potential risks.
Term
Organizational planning
 Definition
Consists of defining team member responsibilities, roles, and reporting structure, and preparing the staffing management plan.
Term
Parametric estimating
 Definition
A mathematical model of estimating costs (e.g., cost per square foot).
Term
Pareto chart
 Definition
A graph that is used to rank the importance of a problem by the frequency with which it occurs.
Term
Planned value (PV)
 Definition
The budgeted cost of work during a specified time period. Also known as budgeted cost of work scheduled (BCWS).
Term
Precedence diagramming method (PDM)
 Definition
See activity-on-node (AON).
Term
Procurement management plan
 Definition
A plan that documents what goods and services needed for the project will be acquired outside of the organization and outlines the process for acquiring the goods and services.
Term
Progressive elaboration
 Definition
The steps associated with developing and refining a product as needed during the course of the project.
Term
Project management office (PMO)
 Definition
A group established by an organization to maintain standards, processes and procedures for managing projects throughout the organization.
Term
Project selection
 Definition
Determining which proposed projects should move forward.
Term
Request for quote (RFQ)
 Definition
A document that solicits quotes or bids from prospective sellers.
Term
Residual risk
 Definition
Risk that is still present after risk responses have been planned.
Term
Responsibility assignment matrix (RAM)
 Definition
Ensures that all activities in the work breakdown structure (WBS) are assigned to a team member and that each member understands the roles and responsibilities that have been assigned to him or her.
Term
Risk acceptance
 Definition
A risk response that chooses to accept the consequences of the identified risk or the inability to identify another response strategy.
Term
Risk avoidance
 Definition
A risk response that eliminates the identified risk or protects the project from the risk.
Term
Risk response owner
 Definition
The person owning responsibility for monitoring a given risk and implementing the risk response plan if necessary.
Term
Risk response planning
 Definition
The process of reviewing items on the prioritized risk list from the qualitative and quantitative risk analysis to determine which, if any, action should be taken if the risk occurs. Risk response strategies include risk avoidance, risk mitigation, risk transference and risk acceptance.
Term
Risk transference
 Definition
A risk response that shifts the liability of the identified risk to a third party.
Term
Schedule compression
 Definition
Methods to expedite the completion time of an activity or project (e.g. fast tracking and crashing).
Term
Schedule performance index (SPI)
 Definition
Ratio of work completed to work planned. SPI = EV – PV
Term
Scope definition
 Definition
The process of breaking down deliverables into smaller components in order to provide better control.
Term
Scope verification
 Definition
Formal acceptance by the stakeholders that deliverables and work results are completed to their satisfaction.
Term
Slack time
 Definition
See float time and free float.
Term
Solicitation
 Definition
Obtaining bids and proposals from vendors.
Term
Solicitation planning
 Definition
The process of identifying product requirements and potential sources.
Term
Source selection
 Definition
Choosing a vendor for a needed product, service or resource.
Term
Team development
 Definition
Creating an encouraging environment for stakeholders to contribute, and developing the project team into a functional group that enhances project outcomes.
Term
Threat
 Definition
A negative risk that may or may not occur (as opposed to an opportunity, which is a positive risk).
Term
Time estimate
 Definition
Calculation of the time required to complete an activity or the project. It may be obtained by analogous estimating, expert judgment or by using an equation to calculate the duration of the activity.
Term
To-complete performance index (TCPI)
 Definition
The performance that must be achieved during the remaining project to meet stated goals.
Term
Top-down estimating
 Definition
See analogous estimating.
Term
Work authorization system
 Definition
A formal process to ensure work is done in the right sequence and at the right time.
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