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45 Cards in this Set
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- Back
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PMO
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Project Management Office
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Manage projects and programs. Responsible for maintaining standards, processes, and procedures. Identify projects across the organization and include them in a program. Reviews the draft budget.
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PMBOK
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Project Management Body of Knowledge
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Published by the PMI. Documents PM standards. Basis for the CAPM and PMP certifications. Contains five process groups.
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IRR
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Internal Rate of Return
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Discount rate when present value of cash inflows equals the original investment. States the profitability of an investment as an average percent over the life of the investment. Higher the better.
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NPV
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Net Present Value
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Cash flow technique. Calculates revenues or cash flows expected to receive over the life of the project in today's dollars. Subtracts total cash flow in today's dollars from initial investment. Higher than zero is good.
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PMI
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Project Management Institute
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Publishes the PMBOK Guide. Large global organization that sets global standards in PM. Manages many certification exams for PMs: CAPM and PMP.
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PMP
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Project Management Professional
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A certification exam.
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DBA
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Database Administrators
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Knowledgeable about software development and to understand how servers work and how users connect to databases across the network.
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SOW
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Statement of Work
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Completed once a vendor is selected. Description of what product or service the vendor will provide. Part of the contract. Incorporated in a Solicitation document and distributed to the vendors who will be bidding. Similar to Scope statement, but focuses on work being procured. Contains project description, major deliverables, success criteria, assumptions, and constraints. PM should be involved in its creation.
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KPI
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Key Performance Indicators
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Determine whether project is on track. Can be monitored and alert if actions needs to be taken. In the scope statement.
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CAPM
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Certified Associate in Project Management
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A certification exam.
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COTS
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Commercial Off-the-Shelf
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Stakeholders recommend this on Single Business Unit Projects.
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WBS
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Work Breakdown Structure
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Terms Related: Code of Accounts, Activity Definition, Activity List, Scope Management Plan, Decomposition,
Final element of scope planning. Basis for estimating activity duration, assigning resources to activities, estimating work effort, and creating a budget. Graphical representation. Clarifies magnitude of project deliverables. Defines all the work on the project. Broken down to the lowest level, work packages. |
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PERT
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Program Evaluation and Review Technique
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Estimating technique similar to the three-point technique but uses an expected value rather than an average estimate.
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GERT
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Graphical Evaluation and Review Technique
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Used in conjunction with CDM.
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CPM
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Critical Path Method
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Most used Schedule development technique. Determines float by calculating earliest and latest start and finish date. Zero float is a critical path. Uses Forward and Backward Pass.
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PDM
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Precedence Diagramming Method
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Most used Network Diagram. Uses boxes to represent activities and arrows to connect boxes showing dependencies.
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ADM
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Arrow Diagramming Method
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Network diagramming method. Opposite of PDM. Arrows represent activities, nodes connect.
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CCM
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Critical Chain Method
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Network diagramming method. Same thing as the CPM.
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CDM
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Conditional Diagramming Method
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Network diagramming method. Diagrams activities repeated throughout the project and activities that are not in sequential order. Used in conjunction with GERT. Rarely used.
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RAM
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Responsibility Assignment Matrix
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Tool defining and documenting human resource requirements. Chart matching the WBS elements with the required resources. Lists WBS identifier, resource types, and number of resources needed. RACI chart is another form.
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RACI Chart
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Responsible, Accountable, Consult, Inform Chart
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Form of RAM. Identifies tasks, who is assigned to it, and responsibility to the task. Their level of involvment, responsibility is designated by RACI: Responsible (who performs), Accountable (whos responsible for producing and approving deliverables), Consult (who has input), Inform (who's informed).
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TQM
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Total Quality Management
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DFD
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Data Flow Diagram
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Helps programmers break down a system into its various components. Similar to flowcharts.
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CCB
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Change Control Board
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Included in the Change management system. Includes stakeholders, managers, team members, and others connected with the project. Change requests and impact analysis are reviewed to approve, deny, or delay requests. Decision noted on change request log.
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UAT
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User Acceptance Testing
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Involves end users who test features, functionality, calculations, etc., to assure system meets requirements.
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EVM
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Earned Value Measurement
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Most used performance measurement method. Tool of Cost control process. Compares what you've received or produced to what you've spent by monitoring the planned value, earned value, and actual costs expended. Determines and documents cause of variance, its impact, and if corrective action is needed. Looks at schedule, cost, and scope measurements and compares them to actual work completed to date. Used on work packages and the control accounts of the WBS.
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PV (BCWS)
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Planned Value (Budgeted Cost of Work Scheduled)
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Cost of work that has been authorized and budgeted for schedule activity or WBS component during a given time period of phase. Established during planning process.
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AC (ACWP)
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Actual Value (Actual Cost of Work Performed)
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Actual cost of completing the work component in a given time period. Might be direct or indirect costs but must correspond to what was budgeted for the activity.
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EV (BCWP)
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Earned Value (Budgeted Cost of Work Performed)
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The value of the work completed to date as it compares to the PV for the work component. Expressed as a percentage of the work completed and compared to the budget.
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CV
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Cost Variance
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EVM variance. Tells whether your costs are higher or lower than budgeted. Measures actual performance to date against what's been spent. If - you are below budget. CB = EV - AC
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SV
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Schedule Variance
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EVM variance. Compares activities actual progress to date to the estimated progress and is represented in terms of cost. Tells whether schedule is ahead or behind what was planned. If - you are behind schedule. SV = EV - PV.
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CPI
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Cost Performance Index
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Most critical of all EVM measurements. Measures value of work completed at the measurement date against actual cost. If >1 you are spending more than planned. CPI = EV / AC.
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SPI
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Schedule Performance Index
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Measures progress to date against the progress planned. Should be used in conjunction with an analysis of the critical path activities. If >1 you're behind schedule at measurement date. SPI = EV / PV.
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TCPI
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To-Complete Performance Index
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Project performance level that remaining work must achieve to meet stated financial/schedule goals. If >1, work does not have to be as efficient.
TCPI (BAC) = (BAC - EV) / (BAC - AC). TCPI (EAC) = (BAC - EV) / (EAC - AC). |
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VAC
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Variance at Completion
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Used in Variance analysis. Calculates the difference between the BAC and the EAC. VAC = BAC - EAC.
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EAC
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Estimate at Completion
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Forecast of total cost of the project using current project performance and remaining work. EAC = AC + ETC.
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BAC
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Budget at Completion
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Total budget for a work package, control account, schedule activity, or the project. BAC = (BAC - EV) / (BAC - AC).
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ETC
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Estimate to Complete
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Cost estimate for remaining work. Provided by team members working on the activities. ETC = EAC - AC.
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RFP
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Request for Proposal
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Procurement document advertised to the vendor community requesting a written proposal outlining how they will meet the requirements of the project and how much it will cost. Once vendor is selected an SOW is completed. A Solicitation notice. Should include your SOW, how responses are to be formatted and delivered, and date which responses should be submitted.
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IFB
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Invitation for Bid
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A Solicitation notice. Should include your SOW, how responses are to be formatted and delivered, and date which responses should be submitted.
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RFB
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Request for Bid
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A Solicitation notice. Should include your SOW, how responses are to be formatted and delivered, and date which responses should be submitted.
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RFQ
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Request for Quotation
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A Solicitation notice. Should include your SOW, how responses are to be formatted and delivered, and date which responses should be submitted.
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RFI
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Request for Information
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A Solicitation notice. Should include your SOW, how responses are to be formatted and delivered, and date which responses should be submitted.
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QA
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Quality Assurance
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In the Executing phase. Series of actions and requirements to assure the organization that each project will meet the relevant quality standards. Ex, Six Sigma or ISO 9000. Concerned with systematic activities applied to each individual project to ensure quality. Prevention driven. Uses benefit/cost analysis, benchmarking, flowcharting, design of experiments, cost of quality analysis.
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QC
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Quality Control
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Quality management plan is the foundation. Reviews and determines if results comply with standards and makes changes of the unacceptable. Activities, procedures, and resources used are documented in the Quality management plan. Performed throughout the project. Results may require rework, process changes, or acceptance. Client, sponsor, and stakeholders are involved.
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