PMI Project Management Terms Flashcards
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Questions and Answers

What are acceptance criteria?

  • A set of conditions required for deliverables acceptance (correct)
  • The actual costs incurred on an activity
  • A method for scheduling activities
  • The approved version of a work product
  • What is an activity in project management?

    A distinct, scheduled portion of work performed during the project.

    Define actual cost.

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

    What is analogous estimating?

    <p>A technique for estimating the duration or cost of an activity or a project, using historical data.</p> Signup and view all the answers

    What does apportioned effort refer to?

    <p>An activity where effort is allotted proportionately across certain discrete efforts.</p> Signup and view all the answers

    What is an assumption in project planning?

    <p>A factor considered to be true, real, or certain, without proof or demonstration.</p> Signup and view all the answers

    What is a backward pass?

    <p>A critical path method technique for calculating late start and late finish dates.</p> Signup and view all the answers

    What is a baseline in project management?

    <p>The approved version of a work product that can be changed only through formal change control.</p> Signup and view all the answers

    Define bottom-up estimating.

    <p>A method of estimating project duration or cost by aggregating estimates of lower-level components.</p> Signup and view all the answers

    What does budget at completion mean?

    <p>The sum of all budgets established for the work to be performed.</p> Signup and view all the answers

    What is change control?

    <p>A process for identifying, documenting, approving, or rejecting modifications to project documents.</p> Signup and view all the answers

    What is a change control board?

    <p>A formally chartered group responsible for evaluating and approving changes to the project.</p> Signup and view all the answers

    What is a change request?

    <p>A formal proposal to modify any document, deliverable, or baseline.</p> Signup and view all the answers

    Define code of accounts.

    <p>A numbering system used to uniquely identify each component of the work breakdown structure.</p> Signup and view all the answers

    What is a communication management plan?

    <p>A component that describes how, when, and by whom information will be administered.</p> Signup and view all the answers

    What does constraint mean in project management?

    <p>A limiting factor that affects the execution of a project, program, portfolio, or process.</p> Signup and view all the answers

    What is a control account?

    <p>A management control point integrating scope, budget, actual cost, and schedule.</p> Signup and view all the answers

    Define corrective action.

    <p>An intentional activity that realigns project performance with the project management plan.</p> Signup and view all the answers

    What is a cost management plan?

    <p>A component of a project plan that describes how costs will be planned, structured, and controlled.</p> Signup and view all the answers

    What does cost performance index measure?

    <p>A measure of cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.</p> Signup and view all the answers

    Define cost variance.

    <p>The difference between earned value and actual cost, indicating budget surplus or deficit.</p> Signup and view all the answers

    What is crashing in project management?

    <p>A technique used to shorten schedule duration for the least incremental cost by adding resources.</p> Signup and view all the answers

    What is the critical chain method?

    <p>A schedule method that uses buffers on project schedule paths to account for limitations.</p> Signup and view all the answers

    What is the critical path?

    <p>The longest sequence of activities in a project, determining its shortest duration.</p> Signup and view all the answers

    Define critical path activity.

    <p>Any activity on the critical path in a project schedule.</p> Signup and view all the answers

    What does critical path method refer to?

    <p>A method used to estimate minimum project duration and determine scheduling flexibility.</p> Signup and view all the answers

    Study Notes

    Project Management Terms

    • Acceptance Criteria: Conditions required for deliverables to be accepted, vital for quality assurance.
    • Activity: Specific, scheduled work portion within a project; integral for project planning.
    • Actual Cost: Realized expenses incurred for completing project activities within a specified timeframe.
    • Analogous Estimating: Estimation technique leveraging historical data from similar activities or projects to predict duration or costs.
    • Apportioned Effort: Activity where effort is distributed proportionately among tasks; key in earned value management (EVM).
    • Assumption: Factors assumed to be true during planning without proof, affecting project scope and risk assessment.
    • Backward Pass: Method for calculating late start and finish dates by analyzing the project schedule in reverse from the end date.
    • Baseline: Approved project version, serving as a comparison point for performance; changes require formal control procedures.
    • Bottom-up Estimating: Aggregative method for estimating project duration or cost based on estimates from lower-level components of the Work Breakdown Structure (WBS).
    • Budget at Completion (BAC): Total budget allocated for all project work; essential for financial tracking.
    • Change Control: Process that governs modifications to project documents and deliverables; systematic approach to manage changes.
    • Change Control Board (CCB): Authorized group that evaluates and decides on proposed project changes; crucial for maintaining project integrity.
    • Change Control System: Procedures managing and controlling modifications to project deliverables and documentation, ensuring traceability.
    • Change Request: Formal proposal to modify any element of the project, necessitating assessment and approval.
    • Code of Accounts: Unique numbering system identifying components of the Work Breakdown Structure (WBS) for tracking and reporting.
    • Communication Management Plan: Plan detailing how project information will be shared, including methods, timing, and responsibilities.
    • Constraint: Limiting factors that impact project execution, requiring management to ensure successful delivery.
    • Control Account: Management control point integrating and assessing project scope, budget, actual cost, and schedule against earned value.
    • Corrective Action: Activities implemented to realign project performance with the management plan; essential for maintaining project standards.
    • Cost Management Plan: Component outlining how project costs will be planned, structured, and controlled for effective budget handling.
    • Cost Performance Index (CPI): Ratio indicating cost efficiency, comparing earned value to actual cost; key for financial performance monitoring.
    • Cost Variance (CV): Difference between earned value and actual cost, indicating budget surplus or deficit at a specific time.
    • Crashing: Technique aimed at reducing project duration at minimal additional cost by allocating extra resources.
    • Critical Chain Method: Scheduling method applying buffers to account for resource limitations and uncertainties, enhancing project flexibility.
    • Critical Path: Longest sequence of activities through a project; defines the shortest possible project duration, essential for timelines.
    • Critical Path Activity: Activities that are part of the critical path; any delay impacts project completion.
    • Critical Path Method (CPM): Technique for estimating minimum project duration while identifying scheduling flexibility within the logical project framework.

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    Test your knowledge of key project management terms with these flashcards based on the PMI lexicon. Each card presents a specific term related to project management, along with its definition. Perfect for students and professionals looking to enhance their understanding of project management concepts.

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