Project MGMT Exam Prep

Analogous Estimate

An estimate based on the cost that was incurred during a previous, similar project.

Bottom-Up Estimate

An estimate based on the characteristics of each work package in the WBS and Project Scope Statement.

Budget Contingency

The difference between the total approved Project Budget and the current cost estimate.

Detailed Budget

A planning document showing the timing of all planned costs for the project.

Parametric Estimate

An estimate based on the availability of standard rates that are used as a basis for estimating.

Project HR Requirements

A planning document indicating the type of human resources needed and the amount of time they are required for a project.

Project Organization Chart

A hierarchical chart that demonstrates the organization of the project and how the areas of responsibility interrelate.

Project Roles and Responsibilities

A planning document containing a description of the key project roles.

RACI Chart

A specific type of Responsibility Assignment Matrix, with the acronym RACI standing for Responsible, Accountable, Consulted, and Informed.

Responsibility Assignment Matrix

A planning tool used to clarify the planned involvement of people within the project.

Contingency Plan

The actions to be performed in the event that the defined risk occurs.

Residual Risk

The amount of risk remaining after risk response actions have been completed.

Risk

A situation that, if it occurred, could cause a negative impact (threat) or positive impact (opportunity) to the project.

Risk Acceptance

The possibility that the risk will occur is accepted and therefore no action is taken until the risk occurs.

Risk Avoidance

The conditions that cause the risk are removed from the project scope, eliminating any possibility of the risk.

Risk Escalation

The risk is determined to be outside of the scope of the project and is communicated to the appropriate individual or area of the organization for resolution.

Risk Mitigation

Actions are defined that reduce the probability or impact of the risk.

Risk Register

A planning document that contains all identified risks for the project and includes their probability factor, impact factor, risk score, risk response plan, and contingency plan.

Risk Response Plan

The actions to be performed prior to the occurrence of a defined risk, including risk acceptance, mitigation, avoidance, transfer, and escalation.

Risk Transfer

The impact of the risk is transferred to another entity outside of the project.

Crashing

Adding additional resources to activities in order to shorten the duration of a project.

Fast-Tracking

The overlapping of activities in order to shorten the duration of a project.

Project Dashboard

A report that provides a series of indicators that graphically summarize the current performance of a project.

Project Procurement

The portion of project work that is performed externally by another organization.

Project Status Report

A report that provides a description of the project’s current performance.

Quality Assurance Plan

A document containing a description of the tests that will be performed to verify the quality of the deliverables.

Quality Control

The activities performed to verify the quality of the project deliverables according to the Quality Assurance Plan.

Change Control Process

A formal process to approve or reject proposed changes to the project.

Change Request

A document containing information related to a proposed project change that is used during the change control process.

Issue

A condition or situation that, if left unresolved, will reduce the performance or effectiveness of the project.

Issue Log

A document containing information about the project issues that have occurred.

Marginal Propensity to Import

The proportion of an increase in real GDP that is spent on imports, calculated as change in imports (ΔM) divided by change in disposable income (ΔYd).