Podcast
Questions and Answers
What are acceptance criteria?
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?
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What does apportioned effort refer to?
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What is an assumption in project planning?
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What is a backward pass?
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What is a baseline in project management?
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Define bottom-up estimating.
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What does budget at completion mean?
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What is change control?
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What is a change control board?
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What is a change request?
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Define code of accounts.
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What is a communication management plan?
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What does constraint mean in project management?
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What is a control account?
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Define corrective action.
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What is a cost management plan?
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What does cost performance index measure?
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Define cost variance.
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What is crashing in project management?
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What is the critical chain method?
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What is the critical path?
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Define critical path activity.
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What does critical path method refer to?
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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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Description
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.