LTP10 key terms

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

The interdependent balance among scope, time, and cost, with quality affected by how the three are traded off. Changing one element typically forces adjustment in the others.

The sequence of phases a project passes through from initiation to closure. Phases may be sequential, overlapping, or iterative depending on the delivery approach chosen.

A review checkpoint at the end of a phase where sponsors decide to continue, revise, or terminate work. It confirms deliverables and approvals before the next phase begins.

Any measurable, verifiable output, product, or service produced to complete a project. Deliverables are defined in scope documents and accepted through formal verification.

A hierarchical decomposition of total project scope into manageable work packages. Each descending level gives progressively finer detail used for estimating, scheduling, and assigning responsibility.

The lowest level of a work breakdown structure, small enough to estimate cost and duration reliably and to assign to one owner. It supports scheduling and progress measurement.

The approved combination of project scope statement, work breakdown structure, and WBS dictionary. It serves as the reference for judging whether requested work is inside or outside scope.

Uncontrolled expansion of project scope without corresponding adjustments to time, cost, or resources. It usually appears as small unapproved additions that accumulate and erode schedule and budget.

A living document listing people and groups affected by or able to influence the project, with their interests, influence, expectations, and engagement needs. It guides communication planning.

The process of identifying stakeholders and assessing their power, interest, influence, and potential impact. Results shape engagement strategies and the intensity of communication each group receives.

A documented approach specifying who receives which information, in what format, how often, and through which channel. It also defines escalation paths and feedback mechanisms.

A responsibility assignment chart labeling each task as Responsible, Accountable, Consulted, or Informed. It clarifies decision rights and prevents gaps or duplicated ownership.

The longest sequence of dependent activities through a network diagram, determining the shortest possible project duration. Any delay on this path delays the whole project unless compressed.

The amount of time an activity can be delayed without delaying a dependent successor or the project finish date. Activities on the critical path have zero or negative float.

Techniques such as crashing or fast-tracking used to shorten duration without reducing scope. Both approaches usually increase cost, risk, or rework exposure.

A significant point or event in the project with zero duration, used to mark completion of a major deliverable or phase. Milestones support progress reporting and sponsor visibility.

A technique integrating scope, schedule, and cost data to measure performance. Planned value, earned value, and actual cost yield variance and index figures that forecast outcomes.

The difference between earned value and actual cost, calculated as EV minus AC. A negative result indicates spending more than the work performed has earned.

Earned value divided by actual cost, expressing cost efficiency as a ratio. Values below one signal cost overrun; values above one indicate favorable spending efficiency.

Earned value divided by planned value, expressing schedule efficiency. A value below one means less work has been completed than planned at that point in time.

A forecast of the total cost expected when the project finishes, based on current performance. It is commonly derived by dividing budget at completion by the cost performance index.

The total approved budget for all work defined in the scope baseline. It is the reference figure against which earned value forecasts and final cost comparisons are made.

A repository recording identified risks with their probability, impact, owner, response strategy, and status. It is reviewed regularly and updated as new risks emerge or existing ones close.

A planned approach for handling a threat or opportunity, such as avoid, mitigate, transfer, accept, or exploit. Each response is assigned an owner and, where useful, a contingency reserve.

Time or money set aside for identified risks that have been accepted and analyzed. It is released only through defined authority when a recognized risk event actually occurs.

Budget held outside the project baseline for unforeseeable work within project scope. Using it typically requires sponsor approval and a formal change to the cost baseline.

A record of problems, conflicts, or open questions actively affecting the project, each with an owner, priority, and target resolution date. It differs from a risk register because issues already occurred.

A group with authority to review, approve, reject, or defer change requests. It protects the baselines and documents decisions and their effects on scope, schedule, and cost.

Knowledge captured about what worked, what failed, and what should change in future work. Capture is most effective when done throughout the project rather than only at closure.

Process-focused activities that verify the project is using adequate processes and standards. It seeks to prevent defects rather than detect them after deliverables are produced.

Product-focused activities that inspect deliverables and measure results against requirements. Findings may trigger rework, corrective action, or process changes identified through assurance.

Specific, testable conditions a deliverable must satisfy to be accepted by the customer or sponsor. They are agreed before work begins and used during verification.

The formal process of raising a decision, risk, or blocker to a higher authority when it exceeds the project manager's authority or resolution ability. It follows a predefined path and timeline.

A structured technique for tracing a problem back to its underlying cause rather than treating symptoms. Common tools include the five whys and cause-and-effect diagrams.

A weighted scoring table comparing options against agreed criteria to support objective selection. Scores and weights are documented so the rationale can be reviewed later.

The final process of confirming deliverable acceptance, releasing team and resources, closing contracts, and archiving records. It also captures final lessons and transfers ownership to operations.

An approved, frozen version of scope, schedule, or cost used to compare actual performance. Changes to a baseline require formal approval through change control.