Flashcards in Important PMP Abbreviations / Acronyms Deck (94)
is the actual expenditure made to acquire an asset, which includes the supplier-invoiced expense, plus the costs to deliver, set up, and test the asset. This is the cost of an asset when it is initially recorded in the financial statements as a fixed asset.
Arrow Diagramming Method
refers to a schedule network diagramming technique in which the schedule activites within a given project are represented by the use of arrows. The beginning of the schedule activity is represented by the tail, or base, of the arrow.
Alternative Dispute Resolution
refers to any means of settling disputes outside of the courtroom.
is a method of planning and measuring the earned value for effort that is related in direct proportion to measured effort and is not readily measurable or broken into discrete work packages. Inspection is the most typical use of this method.
network, activities are represented by a line between two circles. The first circle represents the start of the activity and is known as the start event (sometimes called the i-node). ... A network diagram is created by connecting activities according to their dependence upon each other.
refers to a precedence diagramming method which uses boxes to denote schedule activities.
Budget at Completion
refers to the sum of all budget values that have been previously established for the work to be performed on a project, or on components within a project such as a schedule activity or work breakdown structure component.
Benefit Cost Ratio
is a ratio used in a cost-benefit analysis to summarize the overall relationship between the relative costs and benefits of a proposed project.
Bill Of Materials
is a comprehensive inventory of the raw materials, assemblies, subassemblies, parts and components, as well as the quantities of each, needed to manufacture a product.
an account used to record the balances on a number of subsidiary accounts and to provide a cross-check on them.
Cost Benefit Ratio
used in a cost-benefit analysis to summarize the overall relationship between the relative costs and benefits of a proposed project.
Change Control Board
is a committee that consists of Subject Matter Experts (SME) and Technical Chiefs, who will make decisions regarding whether or not proposed changes to a software project should be implemented.
Cost of Conformance
is the total cost of ensuring that a product is of good Quality.
Cost of Non-Conformance
is comprised of those costs incurred as the result of a failure to meet the quality standards for a product. These costs are triggered when problems in the production process cause imperfections that render products unusable.
Cost of Quality
is defined as a methodology that allows an organization to determine the extent to which its resources are used for activities that prevent poor quality, that appraise the quality of the organization's products or services, and that result from internal and external failures.
Cost Plus Award Fee (Contract)
is a cost-reimbursement contract that provides for a fee consisting of (a) a base amount (which may be zero) fixed at inception of the contract and (b) an award amount, based upon a judgmental evaluation by the Government, sufficient to provide motivation for excellence in contract ...
Cost Plus Fee (Contract)
is a cost reimbursable contract in which the buyer provides reimbursement to the selling party for the allowable costs that have been accrued by the seller in the commission of the service, the creation, manufacture, delivery of the product, or in any other performance of the contracted work
Cost Plus Fixed Fee (Contract)
is a specific type of contract wherein the contractor is paid for the normal expenses for a project, plus an additional fixed fee for their services. These allow the contractor to collect a profit on the project, and they encourage economic production in various industries.
Cost Performance Index
is a measure of the financial effectiveness and efficiency of a project. It represents the amount of completed work for every unit of cost spent. As a ratio it is calculated by dividing the budgeted cost of work completed, or earned value, by the actual cost of the work performed.
Cost Plus Incentive Fee (Contract)
is a cost-reimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs.
Critical Path Method
is an algorithm for scheduling a set of project activities. ... A critical path is determined by identifying the longest stretch of dependent activities and measuring the time required to complete them from start to finish.
Cost Plus Percentage of Cost
is a type of contract that requires the buyer to reimburse all legitimate project costs towards the seller. Aside from reimbursing costs, the buyer also needs to pay a percentage cost as stipulated and agreed upon in the contract.
is a document containing a call for an adjustment of a system; it is of great importance in the change management process. A change request is declarative, i.e. it states what needs to be accomplished, but leaves out how the change should be carried out.
is the difference between the cost actually incurred and the budgeted or planned amount of cost that should have been incurred. ... These variances form a standard part of many management reporting systems.
Contract Work Breakdown Structure
refers to the specific portion of he work breakdown structure that has been associated with a specific project that as been developed and is currently being maintained by the seller in is process of attempting to deliver a subproject or project component to the buyer.
Estimate at Completion
is the forecasted cost of the project, as the project progresses. There are a number of different ways to determine the EAC. The most common way to determine EAC is a “bottoms-up” formula where the actual costs (AC) are added to the forecasted remaining spending – the estimate to complete (ETC).
Enterprise Environmental Factors
include all policies, practices, procedures, and legislation that exist both inside and outside of the organization that will impact the way you manage a project.
represents the earliest date an activity can possibly finish, if all predecessors and successors also finish on their respective early finish dates. When you first create a task, its early start and early finish dates are the same as the scheduled start and finish dates.
Expected Monetary Value