Project Management Concepts Review

These flashcards cover key concepts and terminology related to project management, focusing on budget management, stakeholder analysis, and communication strategies.

Budget at Completion (BAC)

The total budget allocated for the project.

Actual Cost (AC)

The total amount spent on the project to date.

Plan Value (PV)

The amount of money that should have been spent at a certain point in time.

Earned Value (EV)

The value of work that has been completed at a certain point in time.

Expected Estimate Formula

The formula used to calculate the expected estimate based on optimistic, most likely, and pessimistic parameters: (O + 4M + P) / 6.

Three Point Estimate

An estimation technique that includes optimistic, most likely, and pessimistic views to calculate a more accurate estimate.

Stakeholder Management

The process of analyzing and managing relationships with individuals or groups that have an interest in the project's outcome.

Power Interest Grid

A tool used to analyze and prioritize stakeholders based on their level of power and interest in the project.

Communication Management

The process of planning, executing, and monitoring communication among stakeholders to ensure project success.

Over Budget

A condition where the actual spending exceeds the budgeted amount.

Under Budget

A condition where the actual spending is less than the budgeted amount.