Project Management Vocabulary

Flashcards based on project management terms and definitions.

Basis of Estimates

Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.

Benchmarking

The comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

Benefits Management Plan

The documented explanation defining the processes for creating maximizing, and sustaining the benefits provided by a project or program.

Bid Documents

All documents used to solicit information, quotations, or proposals from prospective sellers.

Bidder Conference

Meetings with prospective sellers prior to the preparation of a bid or proposal to ensure all prospective vendors have a clear and common understanding of the procurement; also known as contractor conferences, vendor conferences, or pre-bid conferences.

Budget

The approved estimate for the project or any work breakdown structure (WBS) component or any schedule activity.

Budget at Completion (BAC)

The sum of all budgets established for the work to be performed.

Burn Chart

A graphical representation of the work remaining in a timebox or the work completed toward the release of a product or project deliverable.

Business Case

A value proposition for a proposed project that may include financial and nonfinancial benefits.

Business Model Canvas

A one-page, visual summary that describes the value proposition, infrastructure, customers, and finances; often used in Lean Startup situations.

Business Value

The net quantifiable benefit derived from a business endeavor that may be tangible, intangible, or both.

Cadence

A rhythm of activities conducted throughout the project.

Cause-and-Effect Diagram

A visual representation that helps trace an undesirable effect back to its root cause.

Change

A modification to any formally controlled deliverable, project management plan component, or project document.

Change Control

A process whereby modifications to documents, deliverables, or baselines associated with the project are identified, documented, approved, or rejected.

Change Control Board (CCB)

A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.

Change Control Plan

A component of the project management plan that establishes the change control board, documents the extent of its authority, and describes how the change control system will be implemented.