GAQM PPM flashcards
GAQM PPM · Build recall with a focused review session.
32 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 finish and constrained by scope, time, and cost.
- Program
- A group of related projects and subsidiary activities managed in a coordinated way to obtain benefits not available from managing them individually.
- Portfolio
- A collection of projects, programs, and operations managed together to achieve strategic objectives; projects within it may be unrelated to each other.
- Project charter
- A document issued by the sponsor that formally authorizes the project, names the project manager, and records high-level scope, objectives, and constraints.
- Stakeholder register
- An artifact identifying stakeholders, their roles, interests, expectations, influence, and communication needs, used to plan engagement throughout the project.
- Work breakdown structure
- A hierarchical decomposition of total project scope into deliverables and work packages; the 100% rule requires child elements to sum to the parent.
- Critical path
- The longest sequence of dependent activities through the schedule network, determining the shortest possible project duration; activities on it have zero total float.
- Total float
- The amount of time an activity can be delayed without delaying the project finish date, calculated as late start minus early start or late finish minus early finish.
- Free float
- The time an activity can be delayed without delaying the early start of any successor; it is always less than or equal to total float.
- Lead and lag
- Lead is time by which a successor may start before its predecessor finishes; lag is a waiting period added between dependent activities in the network.
- Crashing
- Schedule compression by adding resources to critical-path activities to shorten duration, usually increasing cost and requiring consideration of diminishing returns.
- Fast tracking
- Schedule compression by performing activities in parallel that were originally planned sequentially, which raises risk of rework and coordination problems.
- Three-point estimating
- An estimating technique using optimistic, most likely, and pessimistic values; the PERT weighted average is (optimistic + 4×most likely + pessimistic) divided by six.
- Analogous estimating
- Estimating duration or cost using historical data from a similar past project; fast and low-cost but less accurate, and relies on genuine similarity.
- Parametric estimating
- Estimating using a statistical relationship between historical data and variables, such as cost per square meter multiplied by the quantity of work.
- Bottom-up estimating
- Estimating individual work packages or activities in detail and aggregating them upward; most accurate and most time-consuming of the estimating techniques.
- Contingency reserve
- A budget or time reserve allocated for identified risks that have been accepted; it is part of the performance measurement baseline and controlled by the project manager.
- Management reserve
- A reserve for unidentified scope or unforeseen work, held outside the performance measurement baseline and typically requiring sponsor or senior management approval to use.
- Planned value
- The authorized budget assigned to scheduled work at a point in time; it is the baseline against which schedule and cost performance are measured.
- Earned value
- The value of work actually completed, measured as budgeted cost of that work; it combines scope, schedule, and cost into one performance indicator.
- Cost performance index
- Earned value divided by actual cost; a value below 1.0 means the project is spending more than planned for the work accomplished.
- Schedule performance index
- Earned value divided by planned value; a value below 1.0 means less work has been accomplished than planned at that point in the schedule.
- Estimate at completion
- The forecast total cost of the project when complete; commonly actual cost plus estimate to complete, or budget at completion divided by cost performance index.
- Budget at completion
- The total approved budget for the work described in the scope baseline, used as the reference point for earned value cost forecasting.
- Risk register
- A living document recording identified risks with their causes, probability, impact, risk score, owner, planned responses, and current status.
- Expected monetary value
- The probability of a risk event multiplied by its financial impact; used to compare risks and choose between alternative responses in decision trees.
- Quality assurance
- The process of auditing quality requirements and results to ensure appropriate quality standards and operational definitions are being used; it is prevention-oriented.
- Control chart
- A statistical tool plotting process data over time against upper and lower control limits to detect special-cause variation and signal when a process is out of control.
- Change control board
- A formally constituted group that reviews change requests, assesses their impact, and approves, rejects, or defers them according to delegated authority.
- Scope creep
- Uncontrolled expansion of project scope without corresponding adjustments to time, cost, and resources, usually from unmanaged change requests.
- Lessons learned
- Knowledge captured during and after the project about what worked and what did not, stored in organizational process assets for future project use.
- Project management office
- An organizational unit providing project support; it may be supportive, controlling, or directive depending on how much authority it holds over project work.