Project Management Glossary Flashcards

Flashcards for key vocabulary terms in project management, based on lecture notes.

Methodology

A system of practices, techniques, procedures, and rules used by those who work in a discipline.

Method

A means for achieving an outcome, output, result, or project deliverable.

Metric

A description of a project or product attribute and how to measure it.

Milestone

A significant point or event in a project, program, or portfolio.

Milestone Schedule

A type of schedule that presents milestones with planned dates.

Minimum Viable Product (MVP)

A concept used to define the scope of the first release of a solution to customers by identifying the fewest number of features or requirements that would deliver value.

Modeling

Creating simplified representations of systems, solutions, or deliverables, such as prototypes, diagrams, or storyboards.

Monitor

Collect project performance data, produce performance measures, and report and disseminate performance information.

Monitoring and Controlling Process Group

Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate corresponding changes.

Monte Carlo Simulation

A method of identifying the potential impacts of risk and uncertainty using multiple iterations of a computer model to develop a probability distribution of a range of outcomes that could result from a decision or course of action.

Mood Chart

A visualization chart for tracking moods or reactions to identify areas for improvement.

Multipoint Estimating

A method used to estimate cost or duration by applying an average or weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.

Net Promoter Score®

An index that measures the willingness of customers to recommend an organization's products or services to others.

Network Path

A sequence of activities connected by logical relationships in a project schedule network diagram.

Objective

Something toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.

Opportunity

A risk that would have a positive effect on one or more project objectives.

Organizational Breakdown Structure (OBS)

A hierarchical representation of the project organization, which illustrates the relationship between project activities and the organizational units that will perform those activities.

Organizational Process Assets (OPA)

Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization.

Osmotic Communication

Means of receiving information without direct communication by overhearing and through nonverbal cues.