PROJECT MANAGEMENT - ABC

Question	Answer
standards, rules, or tests by which a product, service, result, or process can be evaluated	acceptance criteria
the process of confirming human resource availability and obtaining the team necessary to complete project assignments	acquire project team
a distinct, scheduled portion of work performed during the course of a project	activity
the realized cost incurred for the work performed on an activity during a specific time period	actual cost (AC)
a technique for estimating the duration or cost of an activity or a project using historical data from a similar project	analogous estimating
factors in the planning purposes, that are considered to be true, real, or certain without proof or demonstration	assumptions
a critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date	backward pass
the approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison	baseline
a method of estimating project duration or cost by aggregating estimates of the lower level components of the WBS	bottom-up estimating
the approved estimate for the project or any work breakdown structure component or any schedule activity	budget
the sum of all budgets established for the work to be performed	budget at completion (BAC)
describes the necessary information from a business standpoint to determine if the project is worth the required investment	business case
a process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved or rejected	change control
a formally chartered group responsible for reviewing, evaluating, approving, delaying or rejecting changes to the project, and for recording and documenting such decisions	change control board
approved set of procedures that describes how modifications to the project deliverables and documentation will be managed and controlled	change control system
a formal proposal to modify any document, deliverable or baseline	change request
the process of completing each procurement	close procurement
the process of finalizing all activities across all of the project process groups to formally close a project or phase	close project or phase
finalize all activities to formally close project or phase	closing processes
the process of defining, documenting, and managing stakeholder needs and requirements to meet project objectives	collect requirements
an organizational placement strategy where project team members are physically located close to one another to improve communication, working relationships, and productivity	co-location
processes to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information	communications management
a component of the project management plan that describes how, when, and by whom information about the project will be administered and distributed	communications management plan
the process of obtaining seller responses, selecting a seller, and awarding a contract	conduct procurements
a collection of formally documented procedures used to identify and document, functional and physical characteristics of a product, result, service or component; control any changes; record and report each change; and support the audit to verify conformance to requirements	configuration management system
a limiting factor that affects the election of a project	constraint
budget within the cost baseline that is allocated for identified risks that are accepted and for which contingent or mitigating responses are developed	contingency reserve
a mutually binding agreement that obligates the seller to provide the specified product or service and obligates the buyer to pay for it	contract
comparing actual performance with planned performance, analyzing variances, assessing trends to effect process improvements, evaluating possible alternatives, and recommending appropriate corrective action as needed	control
the process of monitoring and controlling communications throughout the entire project life cycle to ensure the information needs of the project stakeholders are met	control communications
the process of monitoring the status of the project to update the project costs and managing changes to the cost baseline	control cost
process of managing procurement relationships, monitoring contract performance, and making changes and corrections as appropriate	control procurements
the process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes	control quality
the process of implementing risk response plans, tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project	control risk
the process of monitoring the status of the project activities to update project progress and managing changes to the schedule baseline to achieve the plan	control schedule
the process of monitoring the status of the project and product scope and managing changes to the scope baseline	control scope
the process of monitoring overall project stakeholder relationships and adjusting strategies and plans for engaging stakeholders	control stakeholder engagement
an intentional activity that realigns performance of the project with the project management plan	corrective action
the approved version of the time-phased project budget, excluding and management reserves, which can be changed only through formal change control procedures and is used as a basis for comparing actual results	cost baseline
processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget	cost management
a component of the project management plan that describes how costs will be planned, structured, and controlled	cost management plan
a measure of cost efficiency of budgeted resources expressed as the ratio of earned value (EV) --------------------------------- actual cost (AC)	cost performance index (CPI)
the amount of budget deficit or surplus as a given point in time expressed as follows: earned value (EV) - actual cost (AC)	cost variance (CV)
a category of contract that involves payments to the seller for all legitimate costs incurred for completed work, plus an award fee representing seller profit	cost-plus-award-fee (CPAF) contracts
a type of cost-reimbursable contract where the buyer reimburses the seller for the seller's allowable costs (allowable costs are defined by the contract) plus a fixed amount of profit (fee)	cost-plus-fixed-fee (CPFF) contract
a type of cost-reimbursable contract where the buyer reimburse the seller for the seller's allowable costs (allowable costs are defined by the contract) and the seller earns a profit if it meets defined performance criteria	cost-plus-incentive-fee (CPIF) contract
a type of contract involving payment to the seller for the seller's actual costs, plus a fee typical;y representing the seller's profit	cost-reimbursable contract
a technique used to shorten the schedule duration for the least incremental cost by adding resources	crashing
a schedule method that allows the project team to place buffers on any project schedule path to account for limited resources and project uncertainties	critical chain method
the sequence of activities that represents the longest path through the project, which determines the shortest possible duration	critical path
a method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model	critical path method (CPM)

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PROJECT MANAGEMENT - ABC

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	Created by DENISE PEASLEE over 7 years ago