PMBOK Guide Terminology Flashcards

Acronym	Definition
Project	A temporary endeavor undertaken to create a unique product, service, or result
Program	A group of related projects managed in a coordinated way
Portfolio	A collection of projects or programs grouped together to facilitate effective management
Stakeholder	An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a project
Deliverable	A unique and verifiable product, result, or capability to perform a service required to complete a process, phase, or project
Work Breakdown Structure (WBS)	A hierarchical decomposition of the total scope of work to accomplish the project objectives
Critical Path Method (CPM)	A schedule network analysis technique used to determine the amount of scheduling flexibility
Earned Value Management (EVM)	A methodology that combines scope, schedule, and resource measurements to assess project performance and progress
Risk Management	The process of identifying, analyzing, and responding to project risks
Quality Management	The process of ensuring that the project will satisfy the relevant quality standards
Cost Management	The process of planning, estimating, budgeting, and controlling costs
Scope Management	The process of defining and controlling what is included in the project
Time Management	The process of planning and controlling the schedule of the project
Integration Management	The process of ensuring that the various elements of the project are properly coordinated
Change Control	The process of reviewing, approving, and managing changes to project documents, deliverables, or baselines
Project Charter	A document issued by the project initiator or sponsor that formally authorizes the existence of a project
Project Management Plan	The document that describes how the project will be executed, monitored, and controlled
Scope Baseline	The approved version of a scope statement, WBS, and WBS dictionary
Cost Baseline	The approved version of the project budget
Schedule Baseline	The approved version of the project schedule
Risk Register	A document in which the results of risk analysis and risk response planning are recorded
Issue Log	A project document where all issues are recorded and tracked
Assumption Log	A document that records all project assumptions and constraints
Change Log	A comprehensive list of changes submitted during the project and their status
Stakeholder Register	A project document including the identification, assessment, and classification of project stakeholders
Project Lifecycle	The series of phases that a project goes through from initiation to closure
Project Phases	Divisions within a project where extra control is needed to manage the completion of a major deliverable
Milestone	A significant point or event in the project schedule
Gantt Chart	A type of bar chart that illustrates a project schedule
PERT Chart	A project management tool used to schedule, organize, and coordinate tasks
SWOT Analysis	A technique to identify Strengths, Weaknesses, Opportunities, and Threats
Fishbone Diagram	A visual identification of many potential causes of a problem
RACI Matrix	A matrix that shows the Responsibility, Accountability, Consultation, and Informed statuses for tasks
Kickoff Meeting	The first meeting with the project team and the client
Lessons Learned	Knowledge gained during a project which shows how project events were addressed
Triple Constraint	The balance of the project's scope, schedule, and cost
Project Governance	The framework within which project decisions are made
Product Scope	The features and functions that characterize a product
Project Scope Statement	The description of the project scope, major deliverables, assumptions, and constraints
Monte Carlo Simulation	A process that generates hundreds or thousands of probable performance outcomes
Cost-Benefit Analysis	A process by which business decisions are analyzed as benefits vs. costs
Feasibility Study	An assessment of the practicality of a proposed plan or project
Variance Analysis	The comparison of planned project results with actual project results
Communication Plan	A document that outlines the communication goals and strategies
Contract Management	The process of managing contract creation, execution, and analysis
Deliverable	Any unique and verifiable product, result, or capability to perform a service
Project Dashboard	A visual representation of the project’s progress and performance
Key Performance Indicators (KPIs)	Quantifiable measures used to evaluate the success of an organization or project
Decision Tree Analysis	A diagramming technique used to select the best course of action in situations with uncertain outcomes
Cost Estimation	The process of forecasting the financial resources needed for a project
Resource Breakdown Structure (RBS)	A hierarchical representation of resources by category and type
Responsibility Assignment Matrix (RAM)	A grid that shows the project resources assigned to each work package
Scope Creep	The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources
Risk Mitigation	Reducing the impact of a risk event by reducing the probability of its occurrence
Risk Acceptance	A risk response strategy that involves acknowledging the risk and not taking any action unless it occurs
Risk Transfer	Shifting the impact of a risk to a third party
Risk Avoidance	Changing the project plan to eliminate the risk
Float	The amount of time that a task in a project network can be delayed without causing a delay to subsequent tasks
Project Sponsor	A person or group who provides resources and support for the project
Project Manager	The person assigned by the performing organization to achieve the project objectives
Project Team	The group of individuals performing the work of the project
Earned Value (EV)	The measure of work performed expressed in terms of the budget authorized for that work
Actual Cost (AC)	The realized cost incurred for the work performed
Planned Value (PV)	The authorized budget assigned to scheduled work
Scope Verification	The process of formalizing acceptance of the completed project deliverables
Project Milestones	Significant points or events in the project schedule

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