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APM PFQ 7 S4

Glossary for APM Project Fundamentals Qualification

TermDefinition
Scope The totality of the outputs, outcomes and benefits and the work required to produce them.
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.
Quality The fitness for purpose or the degree of conformance of the outputs of a process or the process itself to requirements.
Integrated planning Integrated planning is 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.
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.
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.
Output A tangible or intangible product typically delivered by a project. Used interchangeably with deliverable and product.
Product A tangible or intangible product output delivered by a project. Used interchangeably with deliverable and output.
Deliverable A tangible or intangible product typically delivered by a project. Used interchangeably with output and product.
Outcome The changed circumstances or behaviour that results from the use of an output and leads to realisation of benefits.
Value A standard, principle or quality considered worthwhile or desirable.
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.
Disbenefit A measurable decline or negative impact of change.
Stakeholder Organisations or people who have an interest or role in the project, programme or portfolio, or are impacted by the it.
Stakeholder engagement The systematic identification, analysis, planning and implementation of actions designed to influence stakeholders.
Benefits management The identification, definition, planning, tracking and realisation of benefits.
Estimate A forecast of the probable time or cost of completing work.
Work breakdown structure (WBS) A hierarchical breakdown of the work required to deliver the products of a project.
Product breakdown structure (PBS) A hierarchical breakdown of the products required to be produced by a project.
Key Performance Indicator (KPI) A measure of success that can be used throughout the project to ensure that it is progressing towards a successful conclusion.
Contingency The planned allotment of time and cost or other resources held in reserve for unforeseeable risks in a project.
Buffer The centralised management of schedule contingencies.
Project management plan (PMP) The output of the process of integrated planning for a project or programme.
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.
Analogous estimating An estimating technique based on comparison with, and factoring from, the cost of similar, previous work. Also known as comparative estimating.
Parametric estimating An estimating technique that uses a statistical relationship between historic data and other variables to calculate an estimate.
Created by: Hilary Small
 

 



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