Project Management Definitions

Vocabulary flashcards for project management terms from the PMBOK® Guide.

Outcome

An end result or consequence of a process or project.

Parametric Estimating

An estimating method in which an algorithm is used to calculate cost or duration based on historical data and project parameters.

Performance Measurement Baseline (PMB)

Integrated scope, schedule, and cost baselines used for comparison to manage, measure, and control project execution.

Phase Gate

A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program.

Plan

A proposed means of accomplishing something.

Planned Value (PV)

The authorized budget assigned to scheduled work.

Planning Performance Domain

The performance domain that addresses activities and functions associated with the initial, ongoing, and evolving organization and coordination necessary for delivering project deliverables and results.

Planning Process Group

Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.

Portfolio

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Portfolio Management

The centralized management of one or more portfolios to achieve strategic objectives.

Precision

Within the quality management system, precision is an assessment of exactness.

Predictive Approach

A development approach in which the project scope, time, and cost are determined in the early phases of the life cycle.

Prioritization Matrix

A scatter diagram that plots effort against value so as to classify items by priority.

Prioritization Schema

Methods used to prioritize portfolio, program, or project components, as well as requirements, risks, features, or other product information.

Probabilistic Estimating

A method used to develop a range of estimates along with the associated probabilities within that range.

Probability and Impact Matrix

A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.

Procurement Management Plan

A component of the project or program management plan that describes how a project team will acquire goods and services from outside of the performing organization.

Product

An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.

Product Breakdown Structure

A hierarchical structure reflecting a product's components and deliverables.