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PMP: Key Terms

English · 40 cards

High-yield project management terms across process groups and knowledge areas.

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Project

(Fundamentals) A temporary endeavor undertaken to create a unique product, service, or result. Temporary and unique are both required.
Program vs. portfolio

(Fundamentals) A program is related projects managed together for benefits unavailable separately; a portfolio is projects and programs grouped to meet strategic objectives.
Project charter

(Initiating) The document that formally authorizes the project and gives the project manager authority to apply resources. Issued by the sponsor, not the PM.
Business case

(Initiating) The justification for the project, showing expected benefits against cost. Created before the charter.
Stakeholder register

(Initiating) A record of everyone who can affect or be affected by the project, with their interest, influence, and engagement level.
Progressive elaboration

(Planning) Continuously refining plans in more detail as more information becomes available.
Rolling wave planning

(Planning) Planning near-term work in detail while leaving distant work at a higher level until it approaches.
Work breakdown structure (WBS)

(Scope) A hierarchical decomposition of the total scope into deliverables. It contains deliverables, not activities.
Work package

(Scope) The lowest level of the WBS, where cost and duration can be reliably estimated and controlled.
Scope baseline

(Scope) The approved scope statement, WBS, and WBS dictionary together. Changes require formal change control.
Scope creep vs. gold plating

(Scope) Scope creep is uncontrolled expansion without approval; gold plating is the team adding extras the customer never asked for.
Critical path

(Schedule) The longest path through the network diagram, which determines the shortest possible project duration. Its activities have zero float.
Float (slack)

(Schedule) How long an activity can be delayed without delaying the project. Total float is measured against the project finish date.
Crashing vs. fast tracking

(Schedule) Crashing adds resources to shorten duration and raises cost; fast tracking overlaps activities and raises risk and rework.
Three-point estimate (PERT)

(Estimating) Uses optimistic, most likely, and pessimistic values. Triangular averages the three; beta weights the most likely by four.
Analogous vs. parametric estimating

(Estimating) Analogous uses a similar past project and is fast but least accurate; parametric uses a statistical rate per unit and scales.
Planned value (PV)

(Earned value) The authorized budget assigned to the work scheduled to be done by a point in time.
Earned value (EV)

(Earned value) The budgeted value of the work actually completed. Not what was spent.
Cost performance index (CPI)

(Earned value) EV divided by AC. Below 1.0 means the project is over budget for the work done.
Schedule performance index (SPI)

(Earned value) EV divided by PV. Below 1.0 means less work is complete than planned.
Estimate at completion (EAC)

(Earned value) The expected total cost at finish. When current variances are typical, EAC equals BAC divided by CPI.
Contingency vs. management reserve

(Cost) Contingency covers known risks and sits inside the cost baseline; management reserve covers unknown risks and sits outside it.
Cost of quality

(Quality) The total of prevention and appraisal costs plus internal and external failure costs. Prevention is cheaper than failure.
Quality assurance vs. quality control

(Quality) Assurance audits the process to build confidence; control inspects the deliverable to verify correctness.
Validate scope vs. control quality

(Quality) Control quality checks correctness internally; validate scope obtains formal customer acceptance.
RACI chart

(Resources) A responsibility assignment matrix marking who is Responsible, Accountable, Consulted, and Informed. Exactly one Accountable per task.
Tuckman ladder

(Team) Forming, storming, norming, performing, adjourning — the stages a project team moves through.
Servant leadership

(Team) A leadership style where the PM removes impediments and serves the team's needs rather than directing tasks.
Communication channels

(Communications) The number of channels equals n(n-1)/2, where n is the number of stakeholders.
Push, pull, and interactive communication

(Communications) Push sends to recipients, pull lets them retrieve at will, interactive is multidirectional and immediate.
Risk vs. issue

(Risk) A risk is an uncertain future event; an issue is a problem already occurring. Risks move to the issue log once realized.
Qualitative vs. quantitative risk analysis

(Risk) Qualitative prioritizes risks by probability and impact; quantitative numerically analyzes the combined effect on objectives.
Threat response strategies

(Risk) Escalate, avoid, transfer, mitigate, accept.
Opportunity response strategies

(Risk) Escalate, exploit, share, enhance, accept.
Secondary vs. residual risk

(Risk) A secondary risk arises from implementing a response; residual risk is what remains after the response.
Fixed-price vs. cost-reimbursable contract

(Procurement) Fixed price puts risk on the seller; cost-reimbursable puts risk on the buyer.
Time and materials contract

(Procurement) A hybrid used when scope is unclear, billed by rate and quantity. Should be capped by a not-to-exceed clause.
Change control board (CCB)

(Integration) The group that reviews, approves, or rejects change requests. The PM cannot unilaterally approve baseline changes.
Lessons learned register vs. repository

(Integration) The register is built during the project; the repository is the organizational store used by future projects.
Definition of done

(Agile) The team's shared, explicit checklist a increment must satisfy to be considered complete.

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