Project Management Definitions

Flashcards covering project management definitions from the PMBOK Guide.

Estimate at Completion (EAC)

The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.

Estimate to Complete (ETC)

The expected cost to finish all the remaining project work.

Estimating Methods

Methods used to develop an approximation of work, time, or cost on a project.

Executing Process Group

Those processes performed to complete the work defined in the project management plan to satisfy the project requirements.

Expected Monetary Value (EMV)

The estimated value of an outcome expressed in monetary terms.

Explicit knowledge

Knowledge that can be codified using symbols such as words, numbers, and pictures.

External Dependency

A relationship between project activities and non-project activities.

Fast Tracking

A schedule compression method in which activities or phases normally done in sequence are performed in parallel for at least a portion of their duration.

Feature

A set of related requirements or functionalities that provides value to an organization.

Firm Fixed Price Contract (FFP)

A type of fixed-price contract where the buyer pays the seller a set amount (as defined by the contract), regardless of the seller's costs.

Fixed Duration

A type of activity where the length of time required to complete the activity remains constant regardless of the number of people or resources assigned to the activity.

Fixed-Price Contract

An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.

Fixed Price Incentive Fee Contract (FPIF)

A type of contract where the buyer pays the seller a set amount (as defined by the contract), and the seller can earn an additional amount if the seller meets defined performance criteria.

Fixed Price with Economic Price Adjustment Contract (FPEPA)

A fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions.

Flow

The measure of how efficiently work moves through a given process or framework.

Flowchart

The depiction in a diagram format of the inputs, process actions, and outputs of one or more processes within a system.

Forecast

An estimate or prediction of conditions and events in the project's future based on information and knowledge available at the time of the forecast.

Function Point

An estimate of the amount of business functionality in an information system, used to calculate the functional size measurement of a software system.

Gantt Chart

A bar chart of schedule information where activities are listed on the vertical axis, dates are shown on the horizontal axis, and activity durations are shown as horizontal bars placed according to start and finish dates.

Governance

The framework for directing and enabling an organization through its established policies, practices, and other relevant documentation.