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APM PMQ 7 S6
Glossary for APM Project Management Qualification
| Term | Definition |
|---|---|
| Actual cost (AC) | The incurred costs that are charged to the project budget and for which payment has been made, or accrued. |
| Analogous estimating | An estimating technique based on comparison with, and factoring from, the cost of similar, previous work. Also known as comparative estimating. |
| Analytical estimating | An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. Also known as bottom-up estimating. |
| Comparative estimating | An estimating technique based on comparison with, and factoring from, the cost of similar, previous work. Also known as analogous estimating. |
| Bottom-up estimating | An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. Also known as analytical estimating. |
| Assumption | A statement that will be taken for granted as fact and upon which the project business case will be justified. |
| Benefit | A positive and measurable impact of change (or) The quantifiable and measurable improvements resulting from the completion of deliverables that are accepted , utilised and perceived as positive by a stakeholder. |
| Benefits management | The identification, definition, planning, tracking and realisation of benefits. |
| Benefits management plan | A plan that specifies who is responsible for achieving the benefits set out in the benefits profiles and how achievement of the benefits is to be measured, managed and monitored. |
| Budget at completion (BAC) | The sum total of the time-phased budgets. |
| AC (Actual cost) | The incurred costs that are charged to the project budget and for which payment has been made, or accrued. |
| BAC (Budget at completion) | The sum total of the time-phased budgets. |
| Business Case | A document providing justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution. |
| Constraint | A limitation or boundary imposed by senior management or some external authority. |
| Contingency | Provision of additional time or money to deal with the occurrence of risks should they occur. |
| Delphi estimating | The generation of an estimate through individual expert judgement followed by facilitated team consensus. |
| Deployment baseline | The set of approved project metrics that form the basis for measuring progress and in a linear project life cycle implementing change control. |
| Disbenefit | A measurable decline or negative impact of change. |
| Earned value (EV) | A measure of progress that expresses costs committed and work achieved in the same units. |
| Earned Value Management | A project control process based on a structured approach to planning, cost collection and performance measurement. It facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan of performance measurement. |
| EV (Earned value) | A measure of progress that expresses costs committed and work achieved in the same units. |
| Estimate | A forecast of the probable time or cost of completing work. |
| Integrated planning | The application of management processes that bring together the planning of benefits, success criteria, scope, quality, time, resources, cost, risk, communications, etc. to create the project management plan. |
| Internal Rate of Return (IRR) | Used to determine the profitability of a potential investment. It is the discount rate that makes the net present value zero. |
| IRR (Internal Rate of Return) | Used to determine the profitability of a potential investment. It is the discount rate that makes the net present value zero. |
| Investment appraisal | The analysis done to consider the profitability of an investment over the life of an asset alongside considerations of affordability and strategic fit. An input to the investment decision. |
| Milestone | A key event selected for its importance in the schedule commonly associated with tangible acceptance of deliverables. |
| Net Present Value (NPV) | The difference between the present value of cash inflow and the present value of cash outflow over a period of time. It is the monetary value used to judge the value of an investment at a particular discount rate. |
| NPV (Net Present Value) | The difference between the present value of cash inflow and the present value of cash outflow over a period of time. It is the monetary value used to judge the value of an investment at a particular discount rate. |
| Parametric estimating | An estimating technique that uses a statistical relationship between historic data and other variables to calculate an estimate. |
| PC (Planned cost) | The authorised budget assigned to the scheduled work to be completed. Also referred to as the budgeted cost of work scheduled (BCWS). |
| Planned cost (PC) | The authorised budget assigned to the scheduled work to be completed. Also referred to as the budgeted cost of work scheduled (BCWS). |
| Planned total project time (PTPT) | The baseline duration agreed for the project. |
| PTPT (Planned total project time) | The baseline duration agreed for the project. |
| Planning | Determines what is to be delivered, how much it will cost, when it will be delivered, how it will be delivered and who will carry it out. |
| PMP (Project Management Plan) | The output of the process of integrated planning for a project or programme. |
| Project Management Plan (PMP) | The output of the process of integrated planning for a project or programme. |
| Status report | A description of where the project currently stands, usually in the form of a written report, issued to both the project team and other responsible people on a regular basis, stating the status of an activity, work package or whole project. It may be a formal report on the input, issues and actions resulting from a status meeting. |
| Success criteria | The satisfaction of stakeholder needs for the deployment of a project. This is a different performance measure from benefits, which are focused on strategic intent and delivering beneficial change. |
| WBS (Work breakdown structure) | A hierarchical breakdown of the work required to deliver the products of a project. |
| Work breakdown structure (WBS) | A hierarchical breakdown of the work required to deliver the products of a project. |
| Organisational breakdown structure (OBS) | A hierarchical way in which the organisation may be divided into management levels and groups, for planning and control purposes. |
| OBS (Organisational breakdown structure) | A hierarchical way in which the organisation may be divided into management levels and groups, for planning and control purposes. |
| Deliverable | A tangible or intangible product typically delivered by a project. Used interchangeably with output and product. |
| Output | A tangible or intangible product typically delivered by a project. Used interchangeably with deliverable and product. |
| Product | A tangible or intangible product output typically delivered by a project. Used interchangeably with deliverable and output. |
| Value | A standard, principle or quality considered worthwhile or desirable. |
| Outcome | The changed circumstances or behaviour that results from the use of an output and leads to realisation of benefits. |
| Benefits realisation | The practice of ensuring that benefits are derived from outputs and outcomes. |
Created by:
Sarah Ironmonger
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