ACPV flashcards
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33 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Project
- A temporary endeavor undertaken to create a unique product, service, or result, with a defined start and end and constrained resources.
- Program
- A group of related projects and subsidiary work managed in a coordinated way to obtain benefits not available from managing them individually.
- Portfolio
- A collection of projects, programs, and operations grouped to achieve strategic business objectives; components may not be directly related.
- Project Charter
- A document issued by the sponsor that formally authorizes the project, names the project manager, and states high-level objectives and constraints.
- Phase Gate
- A review point at the end of a project phase where continuation, revision, or termination of the project is formally decided.
- Value Engineering
- A structured, function-based, multidisciplinary study that analyzes functions to identify unnecessary cost and improve value before funds are committed.
- Value Formula
- Value equals function divided by cost; value rises when function or performance increases, cost decreases, or both occur together.
- Function Analysis
- Naming each item's purpose with an active verb and measurable noun, then classifying it as basic (essential) or secondary (supporting).
- FAST Diagram
- A Function Analysis System Technique diagram that maps functions in logical HOW and WHY relationships to reveal dependencies and missing functions.
- Job Plan
- The VE sequence: information, function analysis, creative, evaluation, development, presentation, and implementation/follow-up phases.
- Unnecessary Cost
- Cost that contributes no use, esteem, exchange, or aesthetic value; it is the primary target of a value engineering study.
- Life-Cycle Cost
- Total cost of an asset over its life, including acquisition, operation, maintenance, and disposal; used to compare value alternatives.
- Earned Value
- The budgeted value of work actually completed, computed as percent complete multiplied by the budget at completion.
- Cost Variance
- CV = EV minus AC; a negative result indicates the project has spent more than the value of work performed.
- Cost Performance Index
- CPI = EV divided by AC; a value below 1.0 means the project is getting less work per unit of cost than planned.
- Schedule Performance Index
- SPI = EV divided by PV; a value below 1.0 indicates less work has been completed than was planned for the period.
- Critical Path
- The longest-duration sequence of dependent activities through the network; it has zero total float and sets the project duration.
- Total Float
- The amount an activity can be delayed without delaying the project finish, computed as late start minus early start.
- Estimate at Completion
- The forecast total cost of the project; commonly BAC divided by CPI when current cost performance is expected to continue.
- Expected Monetary Value
- EMV equals probability multiplied by impact; used in decision trees to compare alternatives with uncertain outcomes.
- Contingency Reserve
- Budget or time set aside for identified risks with known probability and impact; it is part of the approved cost baseline.
- Management Reserve
- Budget held for unidentified risks (unknown unknowns); its use typically requires sponsor approval and it sits outside the cost baseline.
- Risk Response Strategies
- Threat responses are avoid, transfer, mitigate, accept, and escalate; opportunity responses are exploit, share, enhance, accept, and escalate.
- Monte Carlo Simulation
- A quantitative technique that runs many randomized iterations of cost or schedule inputs to produce a probability distribution of outcomes.
- Risk Appetite
- The degree of uncertainty an organization is willing to accept in pursuit of its objectives, expressed as a general willingness to take risk.
- Power-Interest Grid
- A stakeholder classification mapping authority against concern; high power and high interest stakeholders are managed closely.
- Tuckman Stages
- The team development sequence of forming, storming, norming, performing, and adjourning, each with distinct leadership needs.
- Theory X and Theory Y
- McGregor's contrasting assumptions: Theory X sees workers as avoiding work and needing control; Theory Y sees them as self-motivated.
- Thomas-Kilmann Modes
- Five conflict-handling approaches: competing, collaborating, compromising, avoiding, and accommodating, chosen by importance and relationship.
- Servant Leadership
- A leadership style that prioritizes serving the team, removing impediments, and enabling self-organization rather than directing through authority.
- Conflict Sources
- Ranked causes of project conflict: schedules, project priorities, resources, technical opinions, administrative procedures, and personality clashes.
- Core Professional Values
- The ethical foundation of responsibility, respect, fairness, and honesty that guides conduct in all professional project decisions.
- Conflict of Interest
- A situation where personal interest could compromise professional judgment; it must be disclosed and managed or the assignment declined.