Podcast
Questions and Answers
What are acceptance criteria?
What are acceptance criteria?
What is an activity in project management?
What is an activity in project management?
A distinct, scheduled portion of work performed during the project.
Define actual cost.
Define actual cost.
The realized cost incurred for the work performed on an activity during a specific time period.
What is analogous estimating?
What is analogous estimating?
Signup and view all the answers
What does apportioned effort refer to?
What does apportioned effort refer to?
Signup and view all the answers
What is an assumption in project planning?
What is an assumption in project planning?
Signup and view all the answers
What is a backward pass?
What is a backward pass?
Signup and view all the answers
What is a baseline in project management?
What is a baseline in project management?
Signup and view all the answers
Define bottom-up estimating.
Define bottom-up estimating.
Signup and view all the answers
What does budget at completion mean?
What does budget at completion mean?
Signup and view all the answers
What is change control?
What is change control?
Signup and view all the answers
What is a change control board?
What is a change control board?
Signup and view all the answers
What is a change request?
What is a change request?
Signup and view all the answers
Define code of accounts.
Define code of accounts.
Signup and view all the answers
What is a communication management plan?
What is a communication management plan?
Signup and view all the answers
What does constraint mean in project management?
What does constraint mean in project management?
Signup and view all the answers
What is a control account?
What is a control account?
Signup and view all the answers
Define corrective action.
Define corrective action.
Signup and view all the answers
What is a cost management plan?
What is a cost management plan?
Signup and view all the answers
What does cost performance index measure?
What does cost performance index measure?
Signup and view all the answers
Define cost variance.
Define cost variance.
Signup and view all the answers
What is crashing in project management?
What is crashing in project management?
Signup and view all the answers
What is the critical chain method?
What is the critical chain method?
Signup and view all the answers
What is the critical path?
What is the critical path?
Signup and view all the answers
Define critical path activity.
Define critical path activity.
Signup and view all the answers
What does critical path method refer to?
What does critical path method refer to?
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.