Vocab 1

Question 1

Activity

Answer 1

A distinct, scheduled portion of work performed during the course of a project.

Question 2

Activity Code

Answer 2

An alphanumeric value assigned to each activity that enables classifying, sorting, and filtering.

Question 3

Actual Cost (AC)

Answer 3

The realized cost incurred for the work performed on an activity during a specific time period.

Question 4

Agile

Answer 4

A term used to describe a mindset of values and principles as set forth in the Agile Manifesto.

Question 5

Analogous Estimating

Answer 5

A technique for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.

Question 6

Artifact

Answer 6

A template, document, output, or project deliverable

Question 7

Assumption

Answer 7

A factor in the planning process considered to be true, real, or certain, without proof or demonstration

Question 8

Backlog

Answer 8

An ordered list of work to be done.

Question 9

Backlog Refinement

Answer 9

Progressive Elaboration of the content in the backlog and (re)prioritization of it to identify the work that can be accomplished in an upcoming iteration.

Question 10

Backward Pass

Answer 10

A critical path method technique for calculating the late start and late finish dates by working backward through the schedule model from the project end date.

Question 11

Baseline

Answer 11

The approved version of a work product that can be changed using formal change control procedures and is used as the basis for comparison to actual results.

Question 12

Basis of Estimates

Answer 12

Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail ranges, and confidence levels.

Question 13

Benefits Management Plan

Answer 13

The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.

Question 14

Bottom-Up Estimating

Answer 14

A method of estimating project duration or cost by aggregating the estimates of the lower-level components of the work breakdown structure (WBS).

Question 15

Budget

Answer 15

The approved estimate for the project.

Question 16

Budget at Completion (BAC)

Answer 16

The sum of all budgets established for the work to be performed.

Question 17

Burn Chart

Answer 17

A graphical representation of the work remaining in a timebox or work completed toward the release of a deliverable. There are burn up and burn down charts.

Question 18

Burn Rate

Answer 18

The rate at which the project consumes financial resources. Often used for Agile projects.

Question 19

Business Case

Answer 19

A value proposition for a proposed project that may include financial and non-financial benefits.

Question 20

Change Control

Answer 20

A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.

Question 21

Change Control Board

Answer 21

A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions

Question 22

Change Control Plan

Answer 22

A component of the project management plan that establishes the change control board, documents the extent of its authority, and describes how the change control system will be implemented.

Question 23

Change Request

Answer 23

A formal proposal to modify a document, deliverable, or baseline.

Question 24

Code of Accounts

Answer 24

A numbering system used to uniquely identify each component of the work breakdown structure.

Question 25

Communications Management Plan

Answer 25

A component of the project, program, or portfolio management plan that describes how, when, and by whom information will be administered and disseminated.

Question 26

Configuration Management System

Answer 26

A collection of procedures used to track project artifacts and monitor and control changes to these artifacts.

Question 27

Constraint

Answer 27

A factor that limits the options for managing a project, program, portfolio, or process.

Question 28

Contingency Plan

Answer 28

A document describing actions that the project team can take if predetermined trigger conditions occur.

Question 29

Contingency Reserve

Answer 29

Time or money allocated in the schedule or cost baseline for known risks with active response strategies.

Question 30

Control Account

Answer 30

A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.

Question 31

Corrective Action

Answer 31

An intentional activity that realigns the performance of the project work with the project management plan.

Question 32

Cost Baseline

Answer 32

The approved version of work package cost estimates and contingency reserve that can be changed using formal change control procedures and is used as the basis for comparison to actual results.

Question 33

Cost-Benefit Analysis

Answer 33

A component of a project or program management plan that describes how costs will be planned, structured, and controlled.

Question 34

Cost of Quality

Answer 34

All costs incurred over the life of the product by investment in preventing nonconformance to requirements, appraisal of the product or service for conformance to requirements, and failure to meet requirements.

Question 35

Cost Performance Index (CPI)

Answer 35

A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.

Question 36

Cost Plus Award Fee Contract (CPAF)

Answer 36

A category of contract that involves payments to the seller for all legitimate actual costs incurred for completed work, plus an award fee representing seller profit.

Question 37

Cost Plus Fixed Fee Contract (CPFF)

Answer 37

A type of cost-reimbursable contract where the buyer reimburses the seller for the seller’s allowable costs plus a fixed amount for profit (fee).

Question 38

Cost-Reimbursable Contract

Answer 38

A type of contract involving payment to the seller for the seller’s actual cost, plus a fee typically representing the seller’s profit.

Question 39

Cost Variance (CV)

Answer 39

The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost

Question 40

Crashing

Answer 40

A schedule compression technique used to shorten the schedule duration for the least incremental cost by adding resources.

Question 41

Critical Path

Answer 41

The sequence of activities that represents the longest path through a project, which determines the shortest possible duration.

Question 42

Critical Path Activity

Answer 42

Any activity on the critical path in a project schedule.

Question 43

Critical Path Method (CPM)

Answer 43

A method used to estimate the minimum project duration and determine the amount of scheduling flexibility on the logical network paths within the schedule model.