GSC Project Manager key terms

A documented justification for starting a project, showing expected benefits, costs, risks, and strategic fit. It is reviewed at gates and updated when assumptions change materially.

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

The sum of future cash flows discounted to today's value at a required rate of return. A positive figure suggests the investment adds value relative to that hurdle rate.

The time required for cumulative benefits or savings to equal the initial investment. It is simple to explain but ignores value created after the break-even point.

A hierarchical decomposition of total project scope into manageable deliverables at the lowest useful level. Each element represents work that can be estimated, assigned, and controlled.

The longest duration path through a network diagram, which sets the shortest possible project finish. Delay on any activity along it delays the whole project unless corrected.

The amount of time an activity can slip without delaying a dependent activity or the project finish. Activities with zero float sit on the critical path.

The approved combination of scope statement, work breakdown structure, and WBS dictionary. Changes to any component require formal change control.

A progressive elaboration technique where near-term work is planned in detail while later work is planned at a higher level, to be refined as information improves.

Estimating duration or cost by comparing to similar past work, adjusted for known differences. It is fast and inexpensive but less accurate than detailed methods.

Calculating estimates from a statistical relationship between historical data and a measurable variable, such as cost per unit or hours per installation. Accuracy depends on data quality.

Money or time set aside for identified risks that have been analyzed and accepted. It belongs to the project budget and is released by the project manager under defined rules.

Funds held outside the project budget for unanticipated work within the project scope. Use typically requires approval above the project manager's authority level.

A technique comparing planned value, earned value, and actual cost to measure schedule and cost performance objectively. It produces indices and variances that forecast likely outcomes.

Earned value divided by actual cost. A result below one means work is costing more than planned for the value delivered, prompting corrective analysis.

Earned value minus planned value, expressed in currency. A negative figure indicates less work completed than scheduled at the measurement date.

A living log of identified risks with owners, causes, potential effects, ratings, and planned responses. It is reviewed regularly and updated as risks change.

The amount of uncertainty an organization is willing to accept in pursuit of its objectives. It shapes thresholds for escalation and the aggressiveness of chosen responses.

A grid combining likelihood and consequence ratings to rank risks into priority bands. It guides which risks need active response and which can be monitored.

A risk response that reduces either the likelihood or the impact of a threat before it occurs. Residual risk after mitigation should be documented and accepted.

Process-oriented activities that verify the project is using the right methods and standards. It seeks to prevent defects rather than detect them after delivery.

Product-oriented activities that inspect deliverables and measure results against requirements. Findings may trigger rework or process improvements fed back to assurance.

The total of prevention, appraisal, and failure costs. Investing early in prevention usually lowers total cost by reducing rework and warranty exposure.

An agreement where the seller commits to a set price for defined scope, placing cost-overrun risk mainly on the seller. It works best when requirements are stable and clear.

A contract paying the seller for actual hours at agreed rates plus materials, often with a ceiling. It suits uncertain scope but gives the buyer limited cost certainty.

A document describing the work, deliverables, acceptance criteria, and assumptions a seller must satisfy. It forms the basis for pricing and later performance measurement.

A document setting out what to buy, how, when, and from whom, including make-or-buy decisions and contract types. It aligns purchasing with schedule and budget constraints.

A record of people and groups affected by or able to influence the project, including their interests, influence, and engagement needs. It drives communication planning.

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

A chart assigning each activity to those Responsible, Accountable, Consulted, and Informed. Exactly one person should be accountable per activity to avoid confusion.

A group with authority to review, approve, defer, or reject change requests. It protects baselines by applying consistent criteria and documenting decisions.

A process for reviewing changes holistically so that impacts on scope, schedule, cost, risk, and quality are assessed together before a decision is made.

Knowledge captured during and after a project about what worked, what failed, and what should change. The value comes from reuse, not from the document itself.

The process of tracking whether promised outcomes actually appear after deliverables are in use, often over a period longer than the project itself.

A situation where personal, financial, or other interests could improperly influence professional judgment. It must be disclosed promptly and managed or avoided.

The documented standards of behavior expected of practitioners, covering honesty, fairness, confidentiality, and respect. Violations can carry disciplinary or contractual consequences.