ACPV key terms

A formal document that authorizes a project, names the project manager, and states high-level scope, objectives, and constraints. It gives the manager authority to apply resources to project work.

The framework of rules, roles, and decision rights that determines how a project is directed, controlled, and held accountable. It defines who approves changes and how performance is reported.

A formal review point between project phases where decision-makers assess progress and approve, redirect, or terminate the work. Gates protect against continuing investment in weak or misaligned projects.

The approved combination of project scope statement, work breakdown structure, and WBS dictionary used to measure scope performance. Changes to it require formal change control.

A hierarchical decomposition of total project scope into manageable deliverables and work packages. It provides the foundation for estimating cost, scheduling activities, and assigning accountability.

The lowest level of a work breakdown structure, describing a deliverable that can be estimated, scheduled, and assigned to a single owner. Cost and duration are typically managed at this level.

A structured, team-based method for defining what a project must achieve and confirming that cost is justified by the value delivered. It focuses on function, requirements, and alternatives rather than design detail alone.

A systematic study that analyzes the functions of an element or design to find alternatives delivering the same or better performance at lower total cost. It is usually applied at defined points in the project lifecycle.

The technique of expressing what an item or activity must do as a verb-noun pair, independent of how it is currently built. It separates required performance from the means chosen to deliver it.

A ratio comparing the cost of providing a function with the least cost believed necessary to achieve that function. A high ratio signals poor value and a candidate for improvement.

A numerical measure of value obtained by dividing a function's worth by its cost. Values below one indicate the function costs more than its assessed worth and merits review.

The practice of evaluating an option across acquisition, operation, maintenance, and disposal costs over its full useful life. It prevents decisions based only on lowest initial capital cost.

The phased sequence guiding a value study, typically information, function analysis, creative, evaluation, development, and presentation phases. Each phase has defined inputs and outputs that structure team effort.

An integrated technique comparing planned value, earned value, and actual cost to measure scope, schedule, and cost performance objectively. It forecasts likely final cost and completion timing.

Earned value divided by actual cost, expressing cost efficiency achieved to date. A value below one means work is costing more than planned for the value earned.

Earned value minus actual cost, showing the difference between the value of work performed and what was spent to perform it. A negative figure indicates a cost overrun.

Earned value minus planned value, expressed in cost or converted to time, indicating whether work is ahead of or behind the baseline schedule. A negative figure indicates delay.

A forecast of the total cost expected when the project finishes, built from actual costs plus a revised estimate for remaining work. It is often derived by dividing budget at completion by the cost performance index.

A scheduling technique that identifies the longest dependent sequence of activities, which determines the shortest possible project duration. Any delay on that path delays project completion unless corrected.

The amount of time an activity can be delayed without delaying the project finish date. Activities with zero total float lie on the critical path.

The approved version of the project schedule used to compare actual progress against plan. It changes only through formal change control, so performance measurement stays meaningful.

A living record of identified risks, including causes, potential effects, owners, and planned responses. It is reviewed regularly so responses stay current as the project evolves.

The amount of uncertainty an organization or stakeholder is willing to accept in pursuit of objectives. It shapes which risks are tolerated, transferred, or must be actively managed.

The process of choosing actions to address identified risks, such as avoiding, transferring, mitigating, or accepting them. Each response is assigned an owner and a trigger where practical.

Time or money set aside to cover known risks that have been identified and assessed. It is released only through defined authority when a recognized risk event occurs.

Time or money held outside the project baseline for unidentified uncertainty in scope or conditions. Use of the reserve typically requires approval above the project manager's authority.

A graphical technique that maps decision options, chance events, and their probabilities and outcomes to compare expected values. It supports choosing among alternatives under uncertainty.

The probability-weighted average outcome of a risky event, calculated as probability multiplied by impact. It allows risks and alternatives to be compared on a common financial basis.

A technique that varies one input at a time to see how much it influences an outcome. It identifies which uncertain factors most deserve attention and monitoring.

A document recording stakeholders, their interests, influence, and preferred engagement approach. It supports planning communication and managing expectations throughout the project.

A plan describing how the project will communicate with and involve each stakeholder group to secure support and reduce resistance. It sets methods, frequency, and responsibilities for engagement.

A documented approach specifying what information will be shared, with whom, when, and through which channels. It aligns message content and timing with stakeholder needs and project reporting requirements.

A responsibility chart that labels each task as responsible, accountable, consulted, or informed for named roles. It clarifies decision ownership and prevents gaps or duplication in duties.

The progression teams typically follow from forming through storming, norming, and performing to adjourning. Recognizing the stage helps leaders choose appropriate direction and support.

A designated group with authority to review, approve, reject, or defer change requests to the project baseline. It ensures changes are assessed for impact before commitment.

The formal set of principles and standards of conduct expected of practitioners, covering honesty, fairness, and professional responsibility. It guides behavior when obligations to parties conflict.

A situation where a personal, financial, or other interest could improperly influence professional judgment or decisions. It must be disclosed and managed, even when no improper act has occurred.

Reporting suspected wrongdoing, unsafe practice, or unethical conduct through appropriate channels, often outside the immediate chain of command. Professional standards generally protect good-faith disclosure.

The obligation to act in the best interest of another party, placing their interests above one's own and avoiding misuse of entrusted authority or resources. It underpins ethical stewardship of project funds.