PECB ISO 21502 Lead Project Manager flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Temporary undertaking

A defining characteristic of a project in ISO 21502: it has a defined start and end, and produces agreed outputs that enable beneficial change.

Project management definition

The coordinated application of methods, tools, techniques and competencies to achieve agreed project objectives and deliver value within constraints.

Project sponsor

The role accountable for the business case, securing resources and authorizing the project; provides governance direction and approves key decisions and plans.

Business case

The documented justification of a project based on expected benefits, costs, risks and strategic alignment; it is reviewed at decision points and may lead to termination.

Project governance

The framework of authority, accountability, policies and decision gates that directs and oversees the project and links it to organizational strategy.

Output versus outcome

An output is a deliverable the project produces; an outcome is the resulting change in the business or operating environment once outputs are used.

Benefit definition

A measurable improvement or advantage resulting from an outcome that is perceived as positive by a stakeholder and is owned beyond project closure.

Decision gate

A planned review point at a phase boundary where governance authorizes continuation, modification or termination based on progress, business case and risk.

Tailoring

Adapting practices, documentation and rigour to the project's size, complexity, uncertainty and organizational context while retaining the intent of the guidance.

Project life cycle

The sequence of phases from concept through definition, delivery and closure, each with distinct objectives and typically ending in an authorization decision.

Project management plan

The integrated document describing how the project will be executed, monitored and controlled, consolidating baselines and subsidiary plans for all management practices.

Integrated change control

The process that assesses change requests for impact across baselines, then approves, rejects or defers them by defined authority and updates records.

Baseline

An approved, version-controlled reference for scope, schedule or cost against which actual performance and changes are measured and reported.

Stakeholder analysis

Assessing interested parties by interest, influence, attitude and impact to decide engagement approach and communication frequency for each group.

Benefits management

The integrated practice covering identification, definition, planning, realization and sustainment of benefits, including transfer of ownership to the business.

Benefit owner

The person accountable for realizing and sustaining a specific benefit after handover, typically from the business rather than the project team.

Transformation management

Managing the organizational change required so that delivered outputs are adopted and converted into outcomes and benefits.

Interface management

Identifying and controlling dependencies and boundaries between the project, other projects, operations, suppliers and governance bodies to prevent integration failures.

Project leadership

Providing vision, direction, motivation and ethical decision-making, and integrating work across teams and stakeholders to achieve project objectives.

Escalation path

The defined route and thresholds for raising decisions or problems beyond the project manager's authority to the sponsor or governance body.

Scope creep

Uncontrolled expansion of project scope without corresponding approval, time and cost adjustment, usually eroding schedule and budget performance.

Work breakdown structure

A hierarchical decomposition of the total scope into manageable deliverables and work packages that supports estimating, assignment and control.

Critical path

The longest sequence of dependent activities through the schedule network; it determines the shortest possible project duration and has zero total float.

Total float

The amount of time an activity can be delayed without delaying the project finish date, calculated from the schedule network.

Cost variance formula

CV = EV − AC. A positive value means the project is under budget; a negative value means it has spent more than the work earned.

Cost performance index

CPI = EV / AC. A value below 1.0 indicates cost inefficiency; it is used with BAC to forecast the estimate at completion.

Schedule performance index

SPI = EV / PV. A value below 1.0 indicates work is progressing slower than planned relative to the schedule baseline.

Estimate at completion

EAC = BAC / CPI when current cost performance is expected to continue; other formulas apply when variances are judged atypical.

Resource levelling

Resolving resource over-allocation by delaying activities, which typically extends the project duration beyond the early-finish schedule.

Risk response strategies

For threats: avoid, reduce, transfer, accept; for opportunities: exploit, enhance, share, accept. Each response has an owner and planned actions.

Quality assurance versus control

Assurance evaluates whether processes are being followed correctly; control inspects deliverables against acceptance criteria to confirm they conform.

Issue versus risk

An issue is a problem that has already occurred and needs resolution; a risk is an uncertain future event that may affect objectives if it occurs.