PMI Project Management Terms Flashcards

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?

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

What does apportioned effort refer to?

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

What is an assumption in project planning?

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

What is a backward pass?

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

What is a baseline in project management?

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

Define bottom-up estimating.

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

What does budget at completion mean?

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

What is change control?

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

What is a change control board?

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

What is a change request?

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

Define code of accounts.

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

What is a communication management plan?

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

What does constraint mean in project management?

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

What is a control account?

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

Define corrective action.

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

What is a cost management plan?

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

What does cost performance index measure?

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

Define cost variance.

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

What is crashing in project management?

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

What is the critical chain method?

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

What is the critical path?

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

Define critical path activity.

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

What does critical path method refer to?

A method used to estimate minimum project duration and determine scheduling flexibility. 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.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

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.