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APMP Section 5-7
| Question | Answer |
|---|---|
| Information management | The collection, storage, dissemination, archiving and destruction of information. |
| Business case | This document provides justification for undertaking a project, in terms of evaluating the benefit, cost and risk of alternative options and the rationale for the preferred solution. |
| Assumptions | Statements that will be taken for granted as fact and upon which the project business case will be justified. |
| Business risk assessment | The assessment of risk to business objectives rather than risk to achieving project, programme or portfolio objectives. |
| Do nothing' option | The result or consequence of not proceeding with the project or programme. |
| Objectives | Predetermined results towards which effort is directed. |
| Strategic management | The identification, selection and implementation of an organisation’s long term goals and objectives. |
| Benefit | The quantifiable and measurable improvement resulting from completion of deliverables that is perceived as positive by a stakeholder. |
| Benefits management | The identification, definition, planning, tracking and realisation of business benefits. |
| Cost-benefit analysis | An analysis of the relationship between the costs of undertaking an activity or project, initial and recurrent, and the benefits likely to arise from the changed situation, initially and recurrently. |
| Benefits realisation | The practice of ensuring that benefits are derived from outputs and outcomes. |
| Disbenefit | A consequence of change perceived as negative by one or more stakeholders. |
| Funding | The means by which the capital required to undertake a project, programme or portfolio is secured and then made available as required. |
| Investment appraisal | A collection of techniques used to identify the attractiveness of an investment. |
| Stakeholder | The organisations or people who have an interest or role in the project or are impacted by the project. |
| Power and interest matrix | Used to help analyse the position of stakeholders and to support the identification of appropriate engagement strategies. |
| Stakeholder management | The systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders. |
| Discounted cash flow (DCF) | The concept of relating future cash inflows and outflows over the life of a project to a common base value. |
| Internal rate of return (IRR) | A discount rate at which the net present value of a future cash flow is zero. |
| Net present value (NPV) | The aggregate of future net cash flows discounted back to a common base date, usually the present. |
| Payback | The time it takes for net cash inflow to equal the cash investment. |
| Residual value | The written-down value of a capital item at the end of the period, used in the business case to assess the financial integrity of the programme or project. |
| Baseline | The reference levels against which a project, programme or portfolio is monitored and controlled. |
| 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. |
| Roll out | The process of delivering a number of nearly identical products to a number of users, usually after the product has been tested and shown to meet requirements. |
| Subproject | A group of activities represented as a single activity in a higher level of the same project. |
| Actual progress | A measure of the work that has been completed for comparison with the baseline. |
| Control | Tracking performance against agreed plans and taking the corrective action required to meet defined objectives. |
| Cyberbetic control | The form of control that deals with routine progress tracking and corrective action using a feedback loop. |
| Earned value | The value of completed work expressed in terms of the budget assigned to that work. |
| Earned value management | A project control process based on a structured approach to planning, cost collection and performance measurement. |
| Milestone | A key event selected for its importance in the schedule. |
| S-curve | A graphic display of cumulative costs, labour hours or other quantities, plotted against time. |
| Slip chart | A pictorial representation of the predicted completion dates of milestones or activities compared to their planned completion dates. |
| Three-point estimate | An estimate in which the most likely mid-range value, an optimistic value and a pessimistic, worst case value are given. |
| Top down cost estimating | An estimating approach based on historical costs and other project variable. |
| Program evaluation and review technique (PERT) | A network analysis technique that calculates standard deviations for the schedule based on three-point estimates of activity durations. |
| Bottom-up estimating | An estimating technique that uses detailed specifications to estimate time and cost for each product or activity. |
| Comparative estimating | An estimating technique based on the comparison with, and factoring from, the costs of similar, previous work. |
| Delphi technique | A process where a consensus view is reached by consultation with experts. |
| Estimate | An approximation of project time and cost targets, refined throughout the project life cycle. |
| Estimating | The use of a range of tools and techniques to produce estimates. |
| Parametric estimating | An estimating technique that uses a statistical relationship between historic data and other variables to calculate an estimate. |
| Project management plan (PMP) | A plan that brings together all the plans for a project. |
| Breakdown structure | A hierarchical structure by which project elements are broken down, or decomposed. |
| Deliverable | A product, set of products or package of work that will be delivered to, and formally accepted by, a stakeholder. |
| Product | A tangible or intangible component of a project’s output. Synonymous with deliverable. |
| Scope management | The process whereby outputs, outcomes and benefits are identified, defined and controlled. |
| Work package | A group of related activities that are defined at the same level within a work breakdown structure. |
| Acceptance criteria | The requirements and essential conditions that have to be achieved before a deliverable is accepted. |
| Requirements management | The process of capturing, assessing and justifying stakeholders’ wants and needs. |
| Users | The group of people who are intended to benefit from the project or operate the deliverables. |
| Change control | The process through which all requests to change the baseline scope of a project, programme or portfolio are captured, evaluated and then approved, rejected or deferred. |
| Change freeze | A point after which no further changes to scope will be considered. |
| Change register | A record of all proposed changes to scope. |
| Configuration management | The administrative activities concerned with the creation, maintenance, controlled change and quality control of the scope of work. |
| Scope | The totality of the outputs, outcomes and benefits and the work required to produce them. |
| Configuration | Functional and physical characteristics of a product as defined in its specification. |
| Avoid | A response to a threat that eliminates its probability or impact on the project. |
| Issue | Occurs when the tolerances of delegated work are predicted to be exceeded or have been exceeded. |
| Accept | A response to a threat where no course of action is taken. |
| Risk appetitie | The tendency of an individual or group to take risk in a given situation. |
| Risk attitude | The response of an individual or group to a given uncertain situation. |
| Risk context | Describes the institutional and individual environment, attitudes and behaviours that affect the way risk arises and the way it should be managed. |
| Contingency | Resource set aside for responding to identified risks. |
| Enhance | A response to an opportunity that increases its probability, impact or both on the project. |
| Exploit | A response to an opportunity that maximises both its probability and impact. |
| Opportunity | A positive risk event that, if it occurs, will have a beneficial effect on achievement of objectives. |
| Reduce | A response to a threat that decreases its probability , impact or both on the project. |
| Risk | The potential of an action or event to impact on the achievement of objectives. |
| Risk analysis | An assessment and synthesis of risk events to gain an understanding of their individual significance and their combined impact on objectives. |
| Risk event | An uncertain event or set of circumstances that would, if it occurred, have an effect on the achievement of one or more objectives. |
| Risk management | A process that allows individual risk events and overall risk to be understood and managed proactively. |
| Risk register | A document listing identified risk events and their corresponding planned responses. |
| Risk response | An action or set of actions to reduce the probability or impact of a threat or to increase the probability or impact of an opportunity. |
| Share | A response to an opportunity that increases its probability, impact or both on the project by sharing the risk with a third party. |
| Threat | A negative risk; a risk that if it occurs will have a detrimental effect on the objectives. |
| Transfer | A response to a threat that reduces its probability, impact or both on the project by transferring the risk to a third party. |
| Escalation | The process by which issues are drawn to the attention of a higher level of management. |
Created by:
lworsley
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