Management

Question 1

Those criteria, usually stated in a contract and/or SOW that includes deliverables, performance requirements and essential conditions, which must be met to complete project deliverables and be accepted

Answer 1

Acceptance criteria

Question 2

A formal communications network that supplies relevant information for planning, control, decision-making, and evaluation

Answer 2

Accounting system:

Question 3

The way an organization collects, organizes, and records financial
information for making management decisions; the way to report a company’s transactions and to maintain accountability for its assets and liabilities

Answer 3

Accounting

Question 4

The ratio determining how well the company’s current liabilities can be
satisfied by its current assets less inventory

Answer 4

Acid test ratio:

Question 5

An accounting system focused on a production cycle and
based on the principles that an output needs activities to produce it and that those activities use certain resources; assigns costs through cost drivers that the activities use to create the outputs

Answer 5

Activity-based costing system

Question 6

A measurement used by some organizations of how long it
takes to award a contract, starting when a procurement request is received and ending when the contract is awarded

Answer 6

Administrative lead time

Question 7

A project management methodology utilizing short-term sprints to react to changing scope requirements

Answer 7

Agile

Question 8

Something a company owns that has value and that can be sold or used by the company to make products or provide services that can be sold

Answer 8

Asset`

Question 9

Provides detailed information about a company’s assets, liabilities, and
shareholder equity

Answer 9

Balance sheet

Question 10

The original plan (for a project, a work package, or an activity) plus or minus approved changes; usually used with a modifier (e.g., cost baseline, schedule baseline
performance measurement baseline)

Answer 10

Baseline

Question 11

A company’s total earnings or losses over a specific time period, after
accounting for costs and expenses; also called net income

Answer 11

Bottom line

Question 12

When unqualified, refers to an estimate of funds planned to cover a project or specified period of future time; when approved, the estimate for the project or any work breakdown component or any scheduled activity

Answer 12

Budget

Question 13

An average of the estimated costs per month, often based on staffing
estimates, used for estimating funding requirements

Answer 13

Burn rate

Question 14

A statement reporting a company’s inflow and outflow of cash;
generally includes operating activities, investing activities, and financing activities

Answer 14

Cash flow statement

Question 15

A formally constituted group of stakeholders responsible
for approving or rejecting changes to the project baselines

Answer 15

Change Control Board (CCB)

Question 16

The process of controlling, documenting, and storing the changes to
control items; includes proposing the change, evaluating, approving or rejecting, scheduling and tracking

Answer 16

Change control

Question 17

A document issued by the initiator of the project, usually the project sponsor that formally authorizes the existence of the project, and provides the project manager with the authority to apply organizational resources to project activities

Answer 17

Charter

Question 18

The effort or action of two or more commercial companies to obtain the same business from a third party

Answer 18

Competition

Question 19

In terms and conditions, a phrase that either activates (condition precedent) or suspends (condition subsequent) a term

Answer 19

Condition

Question 20

The state, quality, or sense of being restricted to a given course of action or interaction; an applicable restriction or limitation, either internal or external, to the project that will affect the performance of the project or a process

Answer 20

Constraint:

Question 21

Involves “what if?” analysis to look at various situations if certain
environmental or economic conditions change

Answer 21

Contingency planning

Question 22

Something that may happen: an event that might occur in the future,
especially a problem, emergency, or expense that might arise unexpectedly and therefore must be prepared for; Provision made against future unforeseen events

Answer 22

Contingency

Question 23

Monitoring and evaluating how well the team and organizational objectives are pursued and accomplished

Answer 23

Controlling

Question 24

The ratio of current assets to current liabilities

Answer 24

Current ratio

Question 25

Current assets are assets which can be converted into cash within one year; current liabilities are obligations that a business must pay within one year

Answer 25

Current

Question 26

The ratio measuring the relation of debt and shareholder equity used to finance the company’s operation

Answer 26

Debt-to-equity ratio

Question 27

A tangible or intangible good or service delivered to fulfill all or part of a contract

Answer 27

Deliverable

Question 28

Describes how buyers behave in the marketplace; the quantity a buyer demands is what a buyer is willing to buy at a particular price

Answer 28

Demand

Question 29

A document listing the contractual obligations and requirements for the seller as well as for the buyer; the list contains the information extracted and provided in the form of a contract calendar which listed as every “seller will or shall” and its due date (if known) down to the task level

Answer 29

Detailed contract analysis

Question 30

The management of people and processes to accomplish objectives

Answer 30

Directing

Question 31

The process by which commodities move to final customers, including return of goods

Answer 31

Disposition

Question 32

A method for measuring project performance that compares the amount of work that was planned with what was actually accomplished to determine if cost and schedule performance went as planned

Answer 32

Earned value

Question 33

The science concerned with making decisions with scarce resources such as labor, capital, goods, and natural resources

Answer 33

Economics

Question 34

The use by the government of the Internet and other information technologies, together with the processes and people needed to implement them, to enhance the delivery of information and services to the public and others to make improvements in government operations

Answer 34

Electronic government (e-government)

Question 35

The amount of money that would be left if a company sold all of its assets and paid off all of its liabilities; this amount, also called capital or net worth, belongs to the owner(s) of the company

Answer 35

Equity

Question 36

A web-based portal (www.fbo.gov) that allows vendors to review federal business opportunities, and buyers to create opportunity notices and awards, using secured accounts

Answer 36

FedBizOpps

Question 37

An assessment of the viability, stability, and profitability of a business

Answer 37

Financial analysis

Question 38

A set of uniform accounting rules for assigning and measuring contract data to accurately represent an organization’s financial condition; nonregulatory guidance developed and used by certified public accountants

Answer 38

Generally Accepted Accounting Principles (GAAP)

Question 39

The subtotal of total revenue made during an accounting period, minus any returns or discounts and the costs of goods sold, before deducting operating expenses

Answer 39

Gross profit

Question 40

A report that shows how much revenue a company earned over a specific time period, and the costs and expenses associated with earning that revenue

Answer 40

Income statement

Question 41

The field concerned with collecting, organizing, storing, retrieving, and protecting recorded data

Answer 41

Information science

Question 42

Assets whose value comes from a legal claim or additional earning power from a business transaction, such as goodwill, patents, or trademarks

Answer 42

Intangible assets

Question 43

The management of inventories, including: decisions about which items to stock at each location; how much stock to keep on hand at various levels of operation; when to buy; how much to buy; controlling pilferage and damage; and managing shortages and back orders.

Answer 43

Inventory control

Question 44

An accounting system under which the company accounts for output by identifying specific physical units; the costs for each job or contract are accumulated under separate job orders

Answer 44

Job-order cost system

Question 45

A tool for portfolio analysis: a four-box matrix that reflects the segmentation of spend based on an assessment of the value of the spend relative to the market risk to acquire

Answer 45

Kraljic Matrix

Question 46

The delay between when a cost is incurred and when that cost appears in the accounting system

Answer 46

Latency

Question 47

An amount of money owed by a company to another; may require a specific sum of money paid to a particular party at a specified time, or may be indefinite

Answer 47

Liability

Question 48

The process of planning, implementing and controlling the efficient, cost-effective flow and storage of raw materials, in-process inventory, finished goods and related information from point of origin to point of consumption for the purpose of conforming to customer requirements

Answer 48

Logistics

Question 49

Long-term assets are assets that a business cannot easily turn into cash and that are not used within one year; long-term liabilities are liabilities that will mature over one year from the balance sheet date

Answer 49

Long-term

Question 50

Planning, managing, and performing the processing of materials into intermediate or final products, usually in large quantities

Answer 50

Manufacturing

Question 51

Involves the planning, acquisition, flow, and distribution of production materials from the raw state to the finished product state

Answer 51

Materials management

Question 52

A type of competition that exists when there is only one company in the marketplace and it has no competitors

Answer 52

Monopoly

Question 53

A type of competition that exists when there is only one buyer, such as when certain supplies or services can only be bought by a single entity

Answer 53

Monopsony

Question 54

The subtotal of gross profit minus the operating expenses that a company pays to conduct its business

Answer 54

Net operating income

Question 55

A type of competition that exists when there are only a few companies in an industry with slight differences in products or services

Answer 55

Oligopoly

Question 56

Looks at the near-term goals and identifies how the organization will meet its tactical goals

Answer 56

Operational planning

Question 57

A type of management activity that is mostly concerned with the directing and controlling of management functions, which uses customer feedback to improve processes and procedures, to improve the activities or add value to the product or service

Answer 57

Operations management

Question 58

An interactive approach to managing opportunities and risks that may occur during the course of business that could affect the success or failure of the project, in which the probability of each event’s occurrence and its potential effect on the project are analyzed and prioritized or ranked from highest to lowest; beginning with the highest prioritized events and working down, the project management team determines what options and strategies are available and chooses the best strategy to maximize opportunities and reduce or prevent the identified risks from occurring

Answer 58

Opportunity and risk management (ORM)

Question 59

The measure of the probability of a positive desired change occurring and the desired impact of that event

Answer 59

Opportunity

Question 60

Allocating resources to meet goals identified during the planning process

Answer 60

Organizing

Question 61

Analysis (also known as ABC analysis or 80:20 rule) which can be used to categorize purchases according to dollar value; for example, 20 percent of the total number of items bought may account for 80 percent of the total value of the purchasing

Answer 61

Pareto analysis

Question 62

A type of competition that exists when many companies produce identical goods or services and no one company can influence the market

Answer 62

Perfect competition

Question 63

Preparing the organization for the future

Answer 63

Planning

Question 64

Includes all of the programs and projects in an organization; may be for the organization as a whole, or for individual lines of business

Answer 64

Portfolio

Question 65

An accounting system under which direct costs are charged to a project for more than one contract that are run through the process at the same time, even though the end items may not be identical; at the end of the accounting period, the costs incurred for that process are assigned to the units completed during the period and to the incomplete unit still in production

Answer 65

Process cost system

Question 66

A series of integrated processes in new product development chronicling steps from idea conception to commercialization

Answer 66

Product development

Question 67

A group of projects and subprojects that are interdependent for the program’s success, which happen in parallel, or in different stages, phases, or sequences

Answer 67

Program

Question 68

The discipline of initiating, planning, executing, controlling, and closing the work of a team to achieve specific goals and meet specific success criteria

Answer 68

Project management:

Question 69

A unique endeavor undertaken to produce a product, service, or an organizational change; projects are one-time occurrences that have a defined start and finish point

Answer 69

Project

Question 70

The seller’s process of measuring quality performance, comparing it with the standard, and acting on the difference; All those tasks done within an organization to improve the quality of its output. This would include inspection systems set up by a seller to monitor its own output at key intervals in the contracting process.

Answer 70

Quality control (QC)

Question 71

The business function that is responsible for verifying that the goods received are the goods that the organization ordered; involves inspecting and accepting incoming shipments

Answer 71

Receiving

Question 72

A project schedule outlining what tasks will take place, when they are scheduled to begin and end, and what resources are needed to accomplish them

Answer 72

Resource-loaded schedule

Question 73

The measure of the probability of an unwanted change occurring and the associated effect of that event; consists of three components: a risk event (an unwanted change), the probability of occurrence (uncertainty), and the significance of the impact (the amount at stake)

Answer 73

Risk

Question 74

Continuous or uncontrolled growth in a project's scope, resulting from changes after the project begins; can occur when the scope of a project is not properly defined, documented, or controlled

Answer 74

Scope creep

Question 75

All the work required to deliver the product or outcome of a project

Answer 75

Scope

Question 76

A ratio measuring the company’s ability to meet its current and long-term obligations; also called liquidity ratio

Answer 76

Solvency ratio

Question 77

Analysis of the historical spending patterns in an organization, usually by commodity or category

Answer 77

Spend analysis

Question 78

The individual or group that provides the financial resources, in cash or in kind, for the project

Answer 78

Sponsor

Question 79

Individuals and organizations who are involved in or may be affected by project activities

Answer 79

Stakeholder

Question 80

The day and sometimes the time associated with a schedule activity’s start, usually qualified by one of the following: actual, planned, estimated, scheduled, early, late, target, baseline, or current.

Answer 80

Start Date

Question 81

An operations management tool that looks at identifying and preventing quality problems

Answer 81

Statistical process control

Question 82

Looks at long-term goals and objectives, typically based on the organization’s mission statement

Answer 82

Strategic planning

Question 83

The selection and management of suppliers with a focus on achieving the long-term goals of a business

Answer 83

Strategic sourcing

Question 84

A process of integrating goods, services, and information to meet the customer’s needs; involves managing the activities to produce and deliver a product or service from suppliers and their vendors to the customer

Answer 84

Supply chain management

Question 85

A model which shows the supply chain operation as three basic functions: “Source,” “Make,” and “Deliver;” using this model, these three basic functions of a company’s organization are linked to both the customer’s organization and the company’s suppliers

Answer 85

Supply Chain Operations Reference (SCOR)

Question 86

All the tasks associated with taking raw materials and transforming them into the final product to deliver to the customer

Answer 86

Supply chain

Question 87

The identification, acquisition, access, positioning and management of resources and related capabilities the organization needs or potentially needs in the attainment of its strategic objectives

Answer 87

Supply management

Question 88

Indicates how sellers behave in the marketplace; the quantity supplied is what is available to be bought at a particular price

Answer 88

Supply

Question 89

Focuses on short-term goals and involves evaluating economic and environmental issues to meet the strategic plan’s goals

Answer 89

Tactical planning

Question 90

Assets whose values comes from their physical substance, such as land, buildings, and equipment

Answer 90

Tangible assets

Question 91

In terms and conditions, a part of the contract that addresses a specific subject; in most contracts, terms address payment, delivery, product quality, warranty of goods or services, termination of the agreement, resolution of disputes, and other subjects

Answer 91

Term

Question 92

A “road map” estimating how much funding a contract will require over time

Answer 92

Time-phased budget

Question 93

The management of activities associated with buying and controlling transportation services for a shipper or consignee or both

Answer 93

Traffic management

Question 94

The storage and movement of internal materials and finished products

Answer 94

Warehousing

Question 95

A top-down, hierarchical or tree-structured description of the work to be accomplished as viewed from the standpoint of outputs or products Work breakdown structure

Answer 95

Work breakdown structure

Question 96

A group of related tasks within a project; the smallest unit of work that a project can be broken down to when creating the Work Breakdown Structure

Answer 96

Work package