Professional Documents
Culture Documents
A
Accept — [Project Risk Management] one of the risk response strategies for
threats/opportunities in which the risk is accepted as it is without any risk mitigation
measures and the risk will only be dealt with either actively or passively if it occurs.
⇔ see also Avoid, Transfer, Mitigate, Exploit, Share and Enhance
Actual Cost (AC) — [Project Cost Management] the actual amount of money/cost
to date spent on performing the project work.
Avoid — [Project Risk Management] Use for negative risks (i.e. threats) by
incorporating plans to stay clear of / eliminate the risk events and impacts.
⇔ see also Transfer, Mitigate and Accept
Backward Pass — [Project Scope Management] a method for calculating the late
start and late finish dates for each activity of the activity schedule diagram from end to
start.⇔ see also Critical Path Method (CPM)
Balanced Matrix — a type of matrix organization where the project manager has
as much control over the budget and resources compared to a functional manager.
Basis of Estimates — additional information outlining the basis for the project
estimates.
Budget — [Project Cost Management] the estimated expenditures for the project for
a specific period.
Common Cause — [Project Quality Management] the control chart indicates that
the process is within the control limits but outside specification limits which are often
usual and natural variations in the system
Control Limits — [Project Quality Management] the upper and lower limit on the
control chart used to determine whether a process is under control by taking normal
variations into account.
⇔ see also Specification Limits
Corrective actions — [Project Quality Management] activities performed with a
view to realign project performance with what are planned in the project plan.
Cost-benefit Analysis — a financial analysis tool for determining the costs and
benefits of the project and whether the project is worthwhile.
Critical Path Activity — [Project Time Management] all the activity on the
critical path of a project schedule (using Critical Path Method).
Customer — [Project Stakeholder Management] the ones who request and/or pay
for the project / deliverables.
D
Data Date — the time the data is recorded.
Defect Repair — [Project Cost Management] the correction action required for
deliverables not meeting requirements.
Duration — [Project Time Management] the amount of time between the start and
finish of a schedule activity; often expressed in work days.
E
Early Finish Date (EF) — [Project Time Management] the earliest date an
activity can be completed by taking project constraints into accounts.
Early Start Date (ES) — [Project Time Management] the earliest date an activity
can begin based by taking project constraints into accounts.
Fallback — [Project Risk Management] actions to be taken if the original plan proves
to be ineffective / risk occurs.
Float — [Project Time Management] the amount of time that a task in a project can be
delayed without causing a delay to other tasks.
⇔ see also Slack, Total Float and Free Float
Force Majeure — [Project Procurement Management] usually written as a claus in
the contract, these are events of catastrophic nature that are beyond the control of the
team.
Free Float — [Project Time Management] the amount of time that a task in a project
can be delayed without causing a delay to the early start of a successor activity.
⇔ see also Total Float
G
Gantt Charts — [Project Time Management] a type of bar chart for presenting time
and duration of scheduled activities.
Gold Plating a concious descision to add extra functinality / features not in the
project scope to exceed customer satisifaction which can often lead to scope creep,
NOT recommended by PMI.
Grade — [Project Quality Management] a category assigned to products that have the
same functionality but different technical characteristics, e.g. different grades of eggs
(large, small, etc.)
I
Impact —[Project Risk Management] the magnitude of the consequences posed by
an opportunity / threat.
Incentive Fee —[Project Procurement Management] money paid to the seller for
meeting performance, cost / schedule targets set in the contract.
Input are information / resources that are added to a process for processing to create
specific outputs.
Issue Log —[Project Stakeholder Management] a project document in which all the
issues are recorded and tracked, used to report issues with stakeholders.
K
Kaizen —[Project Quality Management] a management theory promoting incremental
changes for continuous improvement, originated in Japan.
Kick-off Meeting —[Project Integration Management] the very first meeting for
project team and all relevant stakeholders to formally begin the project by aligning
common understanding of project goals.
L
Lag —[Project Time Management] used in project schedule network, lag represents
the delay between the successor activity and the predecessor activity.
Late Finish Date (LF) —[Project Time Management] the latest date the activity
can finish by taking project schedule constraints into accounts.
Late Start Date (LS) —[Project Time Management] the latest date the activity
can begin by taking project schedule constraints into accounts.
Lead —[Project Time Management] used in project schedule network, lead represents
the overlapping of the successor activity and the predecessor activity, i.e. the successor
activity begins before the end of the predecessor activity.
M
Management Reserve —[Project Cost Management] extra fund set aside in the
project budget for unknown unknowns, must be authorized by management before
spending.
⇔ see also Contingency Reserve
N
Negotiation —[Project Procurement Management] commincation and discussion
between parties to reach consensus / acceptable outcome.
Ordinal Scale —[Project Risk Management] a relative scale for ranking risks (i.e.
low, moderate and high).
Output the outcome (e.g. deliverables, result, etc.) generated by a process from
inputs.
P
Parametric Estimating — [Project Cost/Time Management] by making use of
unit costs (from industry statistics, etc.) to compute the costs and durations of individual
activies, considered to be more accurate.
⇔ see also Analogous Estimating
Phase-Gate — a checkpoint for reviewing the project and making the decision for
the project to proceed to next phase or terminate.
Planned Value (PV) — [Project Cost Management] the approved budget for
project work completed to date.
Plurality — a decision based on relatively more vote for one choice than others, as
opposed to majority which must have more than 50% of vote.
Product Life Cycle — describes the life of the project, the five stages of product
life cycle are Development > Introduction > Growth > Maturity > Decline
⇔ see also Project Life Cycle
Program — a group of related projects and related activities managed together for
synergy otherwise cannot be achieved by managing them individually.
Program Evaluation and Review Technique (PERT) — [Project
Time/Cost Management] a technique used to calculate a more reliable estimate by
making use of the formula: (O + (4 * ML) + P) / 6 including optimistic (O), pessimistic (P)
and most likely (ML) estimates.
Project Life Cycle — the different phases for the creation of the final product; 5
stages of Project life cycle Initiating > Planning > Execution > Monitoring & Controlling >
Closure.⇔ see also Product Life Cycle
Project Scope — [Project Scope Management] the very work required to produce
the project deliverable(s).
Q
Quality — [Project Quality Management] the extent of the characteristics of the
deliverable fulfilling requirements (functional, aesthetics, durability, etc.).
R
RACI Chart — [Project Quality Management] a type of responsibility assignment
matrix (RAM) chart inidicating the reponsibilities of project team members to tasks, RACI
stands for Responsible, Accountable, Consult & Inform.
Reserve — [Project Cost/Time Management] the time / funds set aside in the project
for responding to risks / uncertainties.
⇔ see also Contingency Reserve and Management Reserve.
Reserve Analysis — [Project Cost/Time/Risk Management] a process to
assesses if there is sufficient time / funds for the contingency reserve to address risks /
uncertainties.
Residual Risk — [Project Risk Management] the remaining risks after risk
response strategies have been executed.
Rework — [Project Quality Management] the work needs to be carried out again as
the deliverables from an acitivty do not meet quality requirements.
Risk — [Project Risk Management] an uncertainty for the project that may have
positive / negative effects on the project outcome. ⇔ see also Threat and Opportunity
Risk Audits — [Project Risk Management] a process to assess the efficiency of the
risk management plan and measures and the adherence to organization risk policy.
Risk Register — [Project Risk Management] a document listing all identified risks
and details, it is continually refined through several processes of risk management.
Risk Transfer — [Project Risk Management] a risk response strategy to shift the
impact of a threat to a third-party (often through contractual terms or insurance, etc.).
S
Scatter Diagram — [Project Quality Management] a graphical tool to track and
correlate two variables over time.
Schedule Data — [Project Time Management] the information needed for the
project schedule, including activity attributes, milestones, assumptions and constraints
etc.
Scope Creep — [Project Scope Management] additions to the project scope that
are not authorized through change control.
Secondary Risk — [Project Risk Management] the new risks created as a result
of implementing the risk response strategies.
Share — [Project Risk Management] a risk response strategy for increasing the
likelihood of occurrence of opportunities by sharing the benefits with a third-party for
enhanced capability.⇔ see also Accept, Exploit and Enhance
Simulation — [Project Risk Management] an analytical technique using the
estimated costs and durations as inputs to discover potential risks and impacts (e.g.
Monte Carlo Analysis).
Sponsor — the one who has the authority to authorizes resources and funding for
the project and also helps to promotion and faciliate the project.
T
Technique — a process or method that is applied to produce a product /
deliverable.
Threat — [Project Risk Management] a negative risk that may impede the project
success.⇔ see also Risk and Opportunity
Total Float — [Project Time Management] the time an activity can be delayed from
early start without delaying the project end date (scheduling flexibility), can be negative,
0 (on the critical path) or positive.⇔ see also Free Float and Project Float
Transfer — [Project Risk Management] a risk response strategy for negative risks in
which the risks are shifted to a third-party, e.g. by outsourcing, warranty or insurance.⇔
see also Avoid, Mitigate and Accept
Trigger — [Project Risk Management] a symptom or warning sign telling that a risk is
about to materialize.
V
Validation — [Project Scope Management] the assurance that a product, service, or
system meets the needs of the customer and stakeholders, often involving external
customers.⇔ see also Verification
Variance — [Project Cost / Time Management] a deviation from what was planned
compared to the actual measurements.
Voice of the Customer — [Project Scope / Quality Management] a tool used to digging
out the actual needs and desires of the customers.
W
WBS dictionary — [Project Scope Management] a document adding details to the WBS
components, details may include statement of work, responsible entity, activities, milestones,
resource requirements, estimates, quality requirements, acceptance criteria, technical
specifications and contract details, etc.
Work Package — [Project Scope Management] the lowest level of WBS for project
deliverables after decomposition.
Work Performance Data — the raw data obtained through observations and
measurements during the project work.