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Acceptance criteria

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Requirements and conditions that must be met before the project deliverables are formally accepted.

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Acceptance test

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A group of end-users work with the final product to test it for unidentified issues that may appear during routine use. Also known as User Acceptance Testing (UAT).

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Actual duration

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The number of hours or days expanded to complete a project activity.

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Actual effort

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The actual number of person hours or days expended to complete an activity.

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Activity

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A specified piece of work that needs to be completed. An activity typically has an expected duration, cost and requires certain resources. Also known as task.

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Activity list

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A list of the defined activities that need to be completed for a project.

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Activity sequencing

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Identifying activity dependency relationships (how activities affect each other) and determining the best order to perform the activities to complete the project.

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Actual cost (AC)

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The actual cost expanded to complete a project activity or work package.

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Assignment

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The activities team members are responsible to complete.

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Assumptions

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Factors that are believed to be true and affect project planning. Assumptions may impact risk and should always be documented and validated.

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Baseline

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Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance.

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Budget

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The amount of money allocated for a project.

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Budget at completion (BAC)

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The budget estimate determined in the planning phase for a work package or entire project to be completed.

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Business value

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The positive impact for the business that will be achieved with completion of the project (e.g. generate revenue, customer satisfaction, etc.).

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Change control board

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A group of stakeholders responsible for reviewing and accepting or rejecting changes to the project.

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Change control process

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A process that ensures changes to the project are identified, evaluated, approved, documented and managed.

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Change management plan

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A plan that documents the process for managing changes to the project.

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Change request

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A document that is submitted to request a change to any part of the project management plan after the plan was approved.

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Communications

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Relaying information so that all concerned parties have an equal understanding.

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Communications management plan

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A plan that documents who will receive information about the project, what information they will receive, when they will receive it and how the information will be communicated. It also identifies the person who is responsible for providing the information.

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Consensus

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A decision that a group agrees to support. It is usually achieved by discussing the relevant issues and options.

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Constraint

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A financial, schedule, risk or resource-based limitation on a project.

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Contingency reserve

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Allocation of resources to address possible adverse events.

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Contract

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A legal, mutually-binding document between buyer and seller covering the terms and conditions by which the work must be completed.

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Contract administration

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Managing the relationship with the seller and overseeing that all elements of the contract are met.

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Contract closeout

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The process of determining whether the work as outlined in the contract was completed accurately and settling the terms of the contract.

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Corrective action

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Actions taken to bring expected performance in line with the project plan.

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Cost-benefit analysis

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A benefit measurement method that weighs expected project costs against expected project benefits.

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Cost control

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Managing and controlling changes to the cost baseline.

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Cost estimating

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Estimating the cost of resources that will be required to complete each project activity.

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Cost variance (CV)

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The difference between the budgeted cost and actual cost. CV = EV - AC

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Cost of quality

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The costs incurred to ensure the quality of the project.

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Critical path

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The longest path through all project activities (as represented in a network diagram) that determines the duration of the project. The activities on the critical path usually have zero float.

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Critical path method (CPM)

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A technique used to determine the duration of a project by looking at the sequence of activities and their flexibility in scheduling.

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Customer

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The recipient of service or product that the project created. Also known as client in some organizations.

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Decomposition

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Breaking the project deliverables into smaller, more manageable components.

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Deliverable

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Outcome or product that is produced to complete a work package or project.

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Dependency

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The relationship between project activities.

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Early finish date

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The earliest date that an activity may be completed in the activity sequence.

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Early start date

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The earliest date that an activity can be started in the activity sequence.

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Earned value (EV)

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A measurement used to determine a project's progress and represents the value of the work completed to date. Also known as budgeted cost of work performed (BCWP).

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Baseline

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Represents the original approved plan for schedules, costs, etc. and is used to monitor and control ongoing project performance.

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Top-down estimating

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An estimating technique that uses historical project information to estimate the project duration of a similar project. Also known as analogous estimating.

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Backward pass

answer

...Calculation of the late start and the late finish dates for uncompleted activities by working backwards through the network diagram from the project's end date. Part of critical path method (CPM).

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End user

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The person or group who will use the product produced by the project.

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Estimate at completion (EAC)

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The estimated total cost of the completed project at a particular time, using current project performance and work that still needs to be completed. EAC = AC + ETC

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Estimate to complete (ETC)

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The estimated amount of the work that still needs to be completed.

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Expert judgment

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Using subject matter experts to assist in decision making.

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External dependency

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A relationship between a project activity and a factor outside the scope of the project that influences the completion of that activity.

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Finish-to-finish dependency

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When the completion of an activity is dependent on the completion of the preceding activity.

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Finish-to-start dependency

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When the start of an activity is dependent on the completion of the previous activity.

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Fixed cost

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A cost that remains constant regardless of a change in production.

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Float

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The amount of time that the early start of an activity can be delayed without affecting the completion date of the project. Also known as slack time.

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Flowchart

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A diagram showing the steps in a process or system from beginning to end.

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Formal acceptance

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When the authorized stakeholder provides sign-off, indicating the product has been received and is acceptable.

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Functional manager

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The person responsible for the activities of a specific functional department.

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Functional organization

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An organizational structure that groups staff hierarchically by area of specialty.

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Gantt chart

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A schedule that shows project activities with associated start and completion dates. Also known as bar chart.

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Kickoff meeting

answer

A meeting held at the end of major planning activities for all stakeholders to provide an overview of the project and outline expectations, ensure a common understanding of the project and to build consensus and excitement about the project.

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Initiation

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Formal definition and authorization of a new project or continuation of an ongoing project.

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Issue

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An identified element or event that may have a negative impact on the project and needs to be avoided or resolved.

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Integrated change control

answer

Coordinating and managing change across the entire project scope, schedule and budget.

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Integration management plan

answer

A plan that documents how elements of the project will be integrated and outlines how changes will be managed across the project.

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Issue log

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A document that outlines each project issue, along with the person responsible for resolving it, status and expected resolution date.

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Late finish date

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The latest date an activity can be completed without delaying the completion of the entire project.

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Late start date

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The latest date an activity can begin without affecting the completion of the entire project.

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Lessons learned

answer

The learning that takes place during the project and is documented to provide information on what went well and which aspects could have been improved. Lessons learned serve as references for future projects.

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Matrix organization

answer

An organization where project team members answer to both a functional manager and a project manager.

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Milestone

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The completion of a significant event or major deliverable used to measure project progress.

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Negative variance

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The negative number that results from comparing planned project results with actual project results. A negative variance in the project schedule indicates the project is behind schedule. A negative variance in the budget indicates the project is over budget.

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Network diagram

answer

A method of determining the sequence of activities, including dependencies for a project. Types include the activity-on-node (AON), arrow diagramming method (ADM) and precedence diagramming method (PDM).

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Opportunity

answer

A chance to increase project benefits.

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Operations and maintenance

answer

The turnover of a project to the operational staff of an organization for ongoing support and maintenance.

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Opportunity

answer

A chance to increase project benefits.

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Opportunity cost

answer

The opportunity given up by choosing to do one project over another one.

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Positive variance

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The positive number that results from comparing planned project results with actual project results. A positive variance in the project schedule indicates the project is ahead of schedule. A positive variance in the budget schedule indicates the project is under budget.

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Predecessor

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An activity that is on the same network diagram path and occurs before another activity.

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Probability impact matrix

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A method of determining the severity of risk by looking at the probability of occurrence and impact on project objectives.

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Procurement planning

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The process of determining which goods and services should be purchased or performed outside of the organization and outlines the details of what, how and when the goods should be acquired

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Product life cycle

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The required phases to develop the product. For example, creation of a software product may follow a software development lifecycle that consists of requirements-gathering, design, development, testing and roll-out phases.

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Program evaluation and review techniques (PERT)

answer

A weighted average time estimate of project duration using optimistic (O), pessimistic (P) and most likely (ML) estimates of project duration. Also known as three-point estimating. PERT = O + (4)ML + P

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Project

answer

A temporary endeavor with defined start and end dates that creates a unique product or service.

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Project charter

answer

A document that is created in the initiation phase that provides direction about the project's objectives and management and authorizes the project to begin. Also known as a project initiation document.

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Project life cycle

answer

The management phases of a project which includes: initiation and scope definition; planning; execution, control and coordination; closure, acceptance and support

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Project management

answer

The process of initiating, planning, executing, monitoring, controlling and closing out a project by applying skills, knowledge, tools and techniques to fulfill requirements.

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Project management plan

answer

An overall project plan that contains all of the project management-related documents created during the phases of initiation and scope definition and planning.

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Project performance indicators

answer

Measures to determine whether the project is on track.

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Project scope

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The work required to produce the product of the project.

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Qualitative risk analysisble for providing the information.

answer

Uses a subjective approach to determine the likelihood that risks will occur and the impact that risks will have on the project. This information enables the risk to be prioritized.

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Quality assurance

answer

The evaluation of overall project performance on a regular basis to ensure quality management processes are followed

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Quality control

answer

The process of measuring specific results to determine compliance with quality standards and taking corrective action if necessary.

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Quality management plan

answer

A plan that documents the quality activities and outlines the processes, procedures, responsibilities and resources required for maintaining project quality.

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Quantitative risk analysis

answer

Uses a mathematical approach to analyze the probability that risks will occur and the impact that risks have on the project. This information enables the risks to be prioritized. Techniques used for computing quantitative risk analysis include sensitivity analysis, decision tree analysis and Monte Carlo.

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Remote team

answer

Individuals in different locations working on the same project and collaborating electronically or by telephone.

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Request for proposal (RFP)

answer

A document provided to a prospective vendor requesting a proposal for work and or products to be provided. Also known as Invitation for Bid (IFB).

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Resource

answer

Anything needed to complete the project. May be people, equipment, facilities or money.

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Resource leveling

answer

Scheduling resource usage to be the same for each time period (e.g. monthly).

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Return on investment (ROI)

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Determining whether the project outcomes will benefit the organization based on the resources used to complete the project.

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Risk

answer

A potential event, occurrence or result that can have positive or negative consequences.

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Risk assessment

answer

Identifying risks to the project and determining the affect the risks will have on the project.

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Risk management plan

answer

A plan that documents the process for identifying and quantifying project risks and outlines how risks will be addressed or controlled.

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Risk monitoring and control

answer

Uses the risk management plan to identify risks, respond to risks and monitor the effectiveness of the risk response.

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Risk register

answer

A formal document that outlines identified project risks

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Risk response

answer

The procedures that are implemented if an identified risk occurs.

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Risk trigger

answer

An event that tells a risk is about to occur or has occurred.

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Schedule management plan

answer

A plan that documents the process to manage project schedules and any changes made to the schedules.

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Schedule variance (SV)

answer

The difference between scheduled activity completion and actual activity completion. SV = EV - PV; SV = Planned Date - Actual Date

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Scope

answer

The amount of work involved to complete the project. Includes identifying the problem to be addressed by the project including the goals and objectives, measures of success and risks, and obstacles and assumptions that may affect the project outcome. Also known as project scope of work.

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Scope creep

answer

The addition of new features or requirements while the project is in process.

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Scope document

answer

A document that contains the project requirements and overall project direction. It should contain the goals, deliverables, budget, success criteria and important milestones.

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Scope change control

answer

Controlling changes to the project scope

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Scope change request

answer

A form submitted to request a change to the project scope.

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Scope statement

answer

Documents the project objectives, business justification and goals. It outlines the deliverables that are to be included in the project along with the functional, business and technical requirements.

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Sponsor

answer

An executive in the organization who can assign resources and can make final decisions on the project.

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Staff acquisition

answer

The process of getting people assigned to and working on the project.

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Stakeholder

answer

An individual or organization that affects or is affected by the project

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Start-to-finish dependency

answer

The completion of an activity is dependent on the start of the previous activity.

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Start-to-start dependency

answer

The beginning of an activity is dependent on the start of the previous activity.

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Statement of work (SOW)

answer

A document that outlines the details and requirements of the product or service being procured.

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Successor

answer

An activity that is on the same network diagram path and occurs after another activity

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Technical requirements

answer

The product characteristics that are required for the product to perform the functional requirements.

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Time and material contract

answer

A contract based on a unit rate such as an hourly wage plus reimbursement for materials or other expenses incurred

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Triple constraint

answer

The link between the project constraints of time, cost and quality.

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Variance

answer

The difference between actual and planned values.

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Variance analysis

answer

The process of comparing planned project results against actual project results, determining the impact of the variance and implementing corrective actions if needed.

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Virtual team

answer

Individuals in different reporting structures, departments, locations or organizations working together on the same project.

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Workaround

answer

A response to deal with an unforeseen risk. A workaround is not planned in advance of the risk occurrence

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Work breakdown structure (WBS)

answer

A deliverable-oriented hierarchy that depicts the entire project work.

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WBS dictionary

answer

A document describing each work package in the WBS.

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Work package

answer

The lowest level of the WBS. Includes activities required to fulfill a project deliverable or other project work.

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Cost performance index (CPI)

answer

A performance tracking method that compares budgeted cost to the actual cost. CPI = EV / AC

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Crashing

answer

Adding resources to activities on the critical path to reduce project duration.

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Earned value analysis

answer

Shortening the project completion time without changing the scope of the project.

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Fast tracking

answer

A method of schedule compression where activities that would typically be performed sequentially are performed in parallel to decrease schedule duration.

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Feasibility study

answer

A study undertaken to determine whether a project is viable.

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Free float

answer

The amount of time that an activity can be delayed without affecting the early start of the next activity.

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Ishikawa diagram or Fishbone Diangram

answer

A graphical diagram that shows how causes or potential causes relate to create potential problems. Also known as Ishikawa diagram.

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Pareto chart

answer

A graph that is used to rank the importance of a problem by the frequency with which it occurs.

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Planned value (PV)

answer

The budgeted cost of work during a specified time period. Also known as budgeted cost of work scheduled (BCWS).

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Risk acceptance

answer

A risk response that chooses to accept the consequences of the identified risk or the inability to identify another response strategy.

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Risk avoidance

answer

A risk response that eliminates the identified risk or protects the project from the risk.

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Schedule performance index (SPI)

answer

Ratio of work completed to work planned. SPI = EV/PV

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Scope definition

answer

The process of breaking down deliverables into smaller components in order to provide better control.

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Scope verification

answer

Formal acceptance by the stakeholders that deliverables and work results are completed to their satisfaction.

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Threat.

answer

A negative risk that may or may not occur (as opposed to an opportunity, which is a positive risk).

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To-complete performance index (TCPI)

answer

The performance that must be achieved during the remaining project to meet stated goals.

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Work authorization system

answer

A formal process to ensure work is done in the right sequence and at the right time.

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