Glossary

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acceptance

Formal receipt of something to include judging the item true, sound, suitable, and complete.



acceptance criteria

Requirements and conditions set forth as criteria which must be met prior to acceptance of a project deliverable.



activity

Work that is performed during a project.



activity sequence

The order in which activities must be accomplished.



activity-on-arrow (AOA) diagramming

Diagramming method using nodes and arrows in which duration information is depicted on the arrows. Also called the arrow diagramming method (ADM).



activity-on-node (AON) diagramming

Diagramming method using nodes and arrows in which duration and scheduling information is depicted on nodes. Also called the precedence diagramming method (PDM) or fishbone diagramming.



actual cost (AC)

Total cost of work performed on a project for a given reporting period. Also referred to as actual cost of work performed (ACWP).



actual cost of work performed (ACWP)

See actual cost.



administrative closure

Performing activities (creating, organizing, and reporting information) to close a project or phase.



analogous estimating

Uses actual duration, cost, or budget figures from similar activities. Also referred to as top-down estimating.



appeal

A request or demand for consideration or payment by one party (either the seller or buyer) from another party, in accordance with the terms and conditions of a legally binding contract.



appearance of impropriety

Outward indication of not acting properly.



arbitration

Formal process for settling contractual disputes. An impartial person or arbitrator is appointed by mutual consent to make a final judgment based on the facts of the dispute.



arrow diagramming method (ADM)

Diagramming method using nodes and arrows in which duration information is depicted on the arrows. Also called the activity-onarrow (AOA) diagram.



assumptions

For project planning purposes, assumptions are assumed true and real without need of proof. Assumptions are validated and documented during the planning process.



bidder conference

A meeting of potential bidders to present information on the product or service offered for bid and to allow bidders to ask questions.



bottom-up estimating

The process of creating estimates for midlevel to upper-level activities by aggregating the individual estimates for each work package in the activity.



budgeted cost of work performed (BCWP)

Value of completed work expressed in terms of the expended budget. Also referred to as earned value (EV).



budgeted cost of work scheduled (BCWS)

Approved budget for the scheduled work to be accomplished. Also referred to as planned value (PV).



claim

A request or demand for consideration or payment by one party (either the seller or buyer) from another party, in accordance with the terms and conditions of a legally binding contract.



co-location

Physically locating all team members in the same proximity for the project duration.



confidentiality

Discretion in maintaining and transmitting secret information.



conflict of interest

When personal interests are placed above professional responsibility.



constraint

Any condition that restricts a performance aspect of a project. For example, a schedule constraint limits the amount of time available to work on the project.



continuous improvement

Cycle of evaluating and improving processes. A quality assurance and quality control component.



contract management

Performing activities to manage a contract.



contract closure

Performing activities to formally close a contract.



contract negotiations

Discussions between both contract parties to determine the parameters of the contract and finalize contract terms and conditions. Contract negotiations usually result in a signed contract.



control charts

Graphical representations depicting process data over time and against specific control limits. As a component of quality control, control charts allow the project team to evaluate if a process needs adjustment.



corrective action

Changes made to bring expected future performance of a project inline with the project management plan.



cost performance index (CPI)

A measure of cost efficiency. The earned value (EV) of a project divided by the actual cost (AC) of a project.

CPI = EV/AC

A value equal to or greater than one indicates a favorable condition, whereas a value less than one is deemed unfavorable.



cost variance (CV)

A measure of cost performance. The earned value (EV) of a project minus the actual cost (AC) of a project.

CV = EV - AC

A positive value indicates a favorable condition and a negative value is unfavorable.



criteria

Standards used to base decision making and evaluations of products, services, results, or processes.



critical path

The shortest path to complete a project from the starting task to the ending task. Any delay encountered with any task on the critical path affects the overall project schedule.



defect repair

A document that describes a defect, or deficiency, in a project component and the suggested course of action to repair or replace the component.



dependency

A relationship between activities requiring that one activity cannot start or finish until a predecessor activity has started or finished.



dispute

A disagreement between seller and buyer related to the terms and conditions of a legally binding contract.



earned value (EV)

Value of completed work expressed in terms of the expended budget. Also referred to as the budgeted cost of work performed (BCWP).



earned value management (EVM)

Measuring project performance and progress using project scope, project schedule, and project resource data. Performance measurement compares the earned value of the project to the actual value of the project. Progress measurement calculates earned value compared to the planned value.



ethical standards

Acting professionally in the conduct and execution of work performance to include integrity, honesty, and respect.



expected monetary value (EMV)

The statistical calculation of the average future value of money given multiple possible scenarios.



feasibility study

Document presenting analysis and research related to the viability of a proposed project based on the operational environment, available technology, existing marketplace conditions, and internal resources. A feasibility study might support the initiating of a project, or it might prove the project unjustifiable.



functional manager

Someone with management responsibility over a group of specialized staff within a hierarchical, or functional, organization.



functional organization

A hierarchical organization grouping staff by specialization where each employee has a designated manager.



go/no-go decision

A decision whether to continue a project or project phase based on accessing various project factors. This decision point can present itself at multiple points in the project life cycle.



holistic project management

An all-encompassing approach to project management within an enterprise or organization. Organizations practicing this approach practice and apply the project management methods to all their initiatives.



inappropriate compensation

Payments, gifts, and/or other consideration given to an individual for personal gain in exchange for favorable professional treatment. Tied to conflict of interest.



intellectual property

A product with commercial value developed and owned by others, usually copyrighted material.



lessons learned

Knowledge gained during the performance of the project. Tied to post-implementation review.



management by objectives (MBO)

Management technique that sets forth specific objectives and then measures performance based on progress toward those objectives.



matrix organization

Any organizational structure supporting a project manager sharing management responsibility with a functional manager for assigning work and directing the activities of staff assigned to the project. In a matrix organization, the functional manager retains responsibility for the entire specialized group while the project manager has authority only in tasks and work related to the project.



milestone

A notable point in time or an event in a project.



objective

Goal toward which work is directed, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.



organizational breakdown structure (OBS)

Tool depicting work packages in their hierarchical relationship to the performing organizational units.



organizational process assets

Any process assets of an organization that are not directly related to a project and that can influence the success of a project.



parametric estimating

Calculates duration estimates by multiplying the quantity of work by the productivity rate.



payment system

Process and procedures used to pay vendors



personal gain

When someone benefits inappropriately in exchange for influencing a project. Tied to conflict of interest.



planned value (PV)

Approved budget for the scheduled work to be accomplished. Also referred to as the budgeted cost of work scheduled (BCWS).



portfolio

A group of projects or programs that work together to achieve an organization's strategic objectives.



post-implementation review

An assessment performed after project completion comparing actual versus planned results. This review usually includes an evaluation of lessons learned on the project and their applicability to future projects.



precedence diagramming method (PDM)

Diagramming method using nodes and arrows in which duration and scheduling information is depicted on nodes. Also called the activity-on-node (AON) or fishbone diagramming.



preventive action

Proactive response to reduce or minimize the impact of a project risk occurring.



procurement management plan

Documents detailing the procurement process from solicitation planning to procurement (contract) closeout. A subsidiary management plan to the project management plan.



procurement planning

Process for determining what to procure, from whom to procure, and when to procure.



professional judgment

Applying ethical standards and reasoned decision making in the execution of your work.



program

A collection of projects that are related to one another and managed in a coordinated fashion.



project

A temporary activity undertaken to produce a unique product, service, or result.



project archives

Repository for all project-related information. Archived documents may include project plan, lessons learned, contracts, performance metrics, and project team performance evaluation.



project boundaries

The points in time at which a project begins and ends.



project charter

Document providing formal authorization for a project. The project charter is issued by the project sponsor and empowers the project manager to use organizational resources for project activities.



project initiation

Process group in which a new project can be formally authorized and scope defined.



project initiator

Person or group providing the resources and authority for a project. Also referred to as the project sponsor.



project life cycle

Sequential project phases, from inception through completion, used to manage the project.



project management

According to PMI's PMBOK, "the application of knowledge, skills, tools, and techniques to project activities to meet project requirements."



Project Management Body of Knowledge (PMBOK)

According to PMI, an inclusive term describing "the sum of knowledge within the profession of project management." PMBOK commonly references the PMI's publication A Guide to the Project Management Body of Knowledge.



project management information system (PMIS)

Tools and techniques used to gather, integrate, and disseminate project management process outputs. Both manual and automated systems can be included throughout the project life cycle.



Project Management Institute (PMI) Code of Professional Conduct

Ethical standards for the practice of project management promulgated by PMI.



project management knowledge area

A specific area of project management defined by its required knowledge and differentiated from other areas by the defined inputs, tools, techniques, and outputs.



project management methodology

Tools, techniques, templates, processes, and procedures providing a framework for managing projects.



project management office (PMO)

An entity within an organization whose primary responsibility is to provide centralized and coordinated management services for projects.



project management plan

Collection of all subordinate plans and a document describing how work will be accomplished to satisfy project goals.



project management process

Any one of the 44 unique processes defined by the PMBOK.



project management process groups

The grouping of project management processes into five distinct groups, as defined by the PMBOK. These five progress groups are initiating processes, planning processes, executing processes, monitoring and controlling processes, and closing processes.



project management professional (PMP)

A person certified by the PMI as a project management professional. PMP certification implies adherence with the PMI Code of Professional Conduct, experience performing project management duties, continuing education credits, and an understanding of the PMBOK.



project management team

Individuals directly responsible for project management activities. The project management team includes the project sponsor, project manager, and all project staff.



project manager (PM)

Individual assigned by the sponsoring organization responsible for achieving project objectives.



project planning

Development and maintenance of a project plan.



project schedule

Planned dates for performed planning project activities and meeting schedule milestones.



project schedule network diagram

Any visual display of the relationships between project schedule activities.



project scope

Work to be performed to deliver a product, service, or result according to specified requirements.



project selection

Process for determining whether a project should be initiated based on organizational criteria.



project sponsor

Person or group providing the resources and authority for a project. Also referred to as the project initiator.



projectized organization

Any organizational structure giving the project manager complete authority to assign work, apply resources, and direct the performance of individuals working on the project.



qualitative risk analysis

Prioritizing risks, based on probability of occurrence and impact, for future analysis or action.



quality assurance

Process for routinely evaluating project performance to assure adherence with quality objectives.



quality audit

Structured review to determine if a project complies with quality objectives.



quality management plan

Documents detailing the relevant sponsoring organization's quality objectives and implementation of those objectives. A subsidiary management plan to the project management plan.



quantitative risk analysis

Numerically analyzing the effect of identified risks on project objectives.



resource breakdown structure (RBS)

A hierarchical diagram of resources necessary for a project used to create schedules for projects that are limited in resources.



responsible, accountable, consulted, informed (RACI)

Form of a responsibility assignment matrix (RAM). Each project team member is assigned a role as the responsible, accountable, consulted, or informed person for project tasks.



responsibility assignment matrix (RAM)

Tool linking the organizational breakdown structure (OBS) to the work breakdown structure (WBS), ensuring each component of the project's scope of work is assigned to a project team member.



risk

Any event that results in a positive or negative affect on a project if the event occurs.



risk acceptance

Risk response planning technique in which the project management team takes no action to deal with an identified risk. Risk acceptance results in no change to the risk management plan.



risk avoidance

Risk response planning technique in which the project management team takes action to eliminate the identified risk or minimize the impact to the project. Risk avoidance results in changes to the risk management plan. Strategy for negative risks or threats.



risk enhance

Risk response planning technique in which the project management team increases the probability and/or positive impacts. Strategy for positive risks or opportunities.



risk event

Discrete occurrence of a project risk.



risk exploit

Risk response planning technique in which the project management team ensures the opportunity is realized. Strategy for positive risks or opportunities.



risk identification

Determining which risks might affect a project and documenting their characteristics.



risk management plan

Documents detailing how to approach, plan, and execute risk management activities for a project. A subsidiary management plan to the project management plan.



risk mitigation

Risk response planning technique in which the project management team takes action to reduce the probability of the occurrence or affect of a risk to below an acceptable threshold. Risk mitigation might result in changes to the risk management plan. Strategy for negative risks or threats.



risk register

Document listing project risks, the results of risk analysis, and the risk responses.



risk response planning

Developing options and actions to enhance opportunities and reduce threats to a project's objectives.



risk share

Risk response planning technique in which the project management team shares the benefits of a risk with a third party. Strategy for positive risks or opportunities.



risk transfer

Risk response planning technique in which the project management team takes action to shift the affect of a threat to a third party. Risk transfer might result in changes to the risk management plan. Strategy for negative risks or threats.



rolling wave planning

A planning technique in which the level of planning detail depends on how close the current date is to the planned start date of the work. Work that is planned for the future is planned at a high level, where work that is planned to begin soon will have more detailed plans. As the start date of work gets closer, the plans for that work will need to be revisited to provide more detail.



root cause analysis

Technique to determine the underlying cause of a risk, defect, or variance.



scheduled performance index

A measure of schedule efficiency. The earned value (EV) of a project divided by the planned value (PV) of a project.

SPI = EV/PV

A value equal to or greater than one indicates a favorable condition whereas a value less than one is deemed unfavorable.



schedule variance (SV)

A measure of schedule performance. The earned value (EV) of a project minus the planned value (PV) of a project.

SV = EV - PV



slack

The difference between the early start date and late start date for an activity.



staffing management plan

Documents detailing how and when to met human resource requirements. A subsidiary management plan to the project management plan.



stakeholder

Any person or organization involved in the project or who might be impacted (either positively or negatively) by the project's execution or completion.



subsidiary plans

A subcomponent of the project management plan that addresses a particular knowledge area or topic.



three-point estimates

Uses three separate estimate values for each activity: most likely, optimistic, and pessimistic.



top-down estimating

Uses actual duration figures from similar activities. Also referred to as analogous estimating.



triple constraint

The three classic attributes of projects that a project manager must properly manager: scope, time, and cost.



truthful representation

Providing accurate, truthful information to PMI, customers, and the public.



vendor management

Performing activities to manage a vendor.



WBS dictionary

Document supporting the work breakdown structure (WBS) by providing detailed information for each work package.



weighted system

Assigning mathematical values to criteria for the purpose of scoring seller proposals.



work breakdown structure (WBS)

Tool depicting work packages in their hierarchical relationship to the performing organizational units.



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    PMP Exam Cram 2
    PMP Exam Cram 2 (2nd Edition)
    ISBN: 0789734621
    EAN: 2147483647
    Year: 2005
    Pages: 138

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