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CAPM 4
Chapter 4 Vocabulary
| Term | Definition |
|---|---|
| Assumption log | An assumption is something that is believed to be true or false, but it has not yet been proven to be true or false. Assumptions that prove wrong can become risks for the project. |
| Assumption log | All identified project assumptions are recorded in the assumption log for testing and analysis, and the outcomes are recorded. |
| Benefit/cost ratio (BCR) models | This is an example of a benefits comparison model. It examines the benefit-to-cost ratio. |
| Change control board (CCB) | A committee that evaluates the worthiness of a proposed change and either approves or rejects the proposed change. |
| Change control system (CCS) | It communicates the process for controlling changes to the project deliverables. This system works with the configuration management system and seeks to control and document proposals to change the project’s product. |
| Change log | All changes that enter into a project are recorded in the change log. The characteristics of the change, such as the time, cost, risk, and scope details, are also recorded. |
| Change management plan | This plan details the project procedures for entertaining change requests: how change requests are managed, documented, approved, or declined. |
| Closure processes | This final process group of the project management life cycle is responsible for closing the project phase or project. This is where project documentation is archived and project contracts are also closed. |
| Communications management plan | This plan defines who will get what information, how they will receive it, and in what modality the communication will take place. |
| Configuration identification | This includes the labeling of the components, how changes are made to the product, and the accountability of the changes. |
| Configuration management plan | This plan is an input to the control scope process. It defines how changes to the features and functions of the project deliverable, the product scope, may enter the project. |
| Configuration management system | This system defines how stakeholders are allowed to submit change requests, the conditions for approving a change request, and how approved change requests are validated in the project scope. |
| Configuration management system | This also documents the characteristics and functions of the project’s products and any changes to a product’s characteristics. |
| Configuration status accounting | The organization of the product materials, details, and prior product documentation. |
| Configuration verification and auditing | The scope verification and completeness auditing of project or phase deliverables to ensure that they are in alignment with the project plan |
| Contract closure | The formal verification of the contract completeness by the vendor and the performing organization. |
| Cost baseline | This is the aggregated costs of all of the work packages within the work breakdown structure (WBS). |
| Cost management plan | This plan details how the project costs will be planned for, estimated, budgeted, and then monitored and controlled. |
| Explicit knowledge | Knowledge that can be quickly and easily expressed through conversations, documentation, figures, or numbers, is easily communicated. |
| Future value | A benefit comparison model to determine a future value of money. The formula to calculate future value is FV = PV(1 + I)n, where PV is present value, I is the given interest rate, and n is the number of periods. |
| Integrated change control | A process to consider and control the impact of a proposed change on the project’s knowledge areas. |
| Issue log | Issues are points of contention where some question of the project’s direction needs to be resolved. |
| Issue log | All identified issues are documented in the issue log, along with an issue owner and a deadline to resolve the issue. The outcome of the issue is also recorded. |
| Mathematical model | A project selection method to determine the likelihood of success. These models include linear programming, nonlinear programming, dynamic programming, integer programming, and multiobjective programming. |
| Milestone | These are significant points or events in the project’s progress that represent accomplishment in the project. Projects usually create milestones as the result of completing phases within the project. |
| Milestone list | This list details the project milestones and their attributes. It is used for several areas of project planning, but also helps determine how quickly the project may be achieving its objectives. |
| Murder boards | These are committees that ask every conceivable negative question about the proposed project. Their goals are to expose the project’s strengths and weaknesses, and to kill the project if it’s deemed unworthy for the organization to commit to. |
| Murder boards | It is known as project steering committees or project selection committees. |
| Net present value | Evaluates the monies returned on a project for each period the project lasts. |
| Payback period | An estimate to predict how long it will take a project to pay back an organization for the project’s investment of capital. |
| Present value | A benefit comparison model to determine the present value of a future amount of money. The formula to calculate is PV = FV ÷ (1 + I)n, where FV is future value, I is the given interest rate, and n is the number of periods. |
| Procurement management plan | It controls how the project will acquire goods and services. |
| Project charter | This document authorizes the project. It defines the initial requirements of the project stakeholders. It is endorsed by an entity outside of the project boundaries. |
| Project management plan | The documented approach of how a project will be planned, executed, monitored and controlled, and then closed. This document is a collection of subsidiary management plans and related documents. |
| Project scope management plan | Defines how the project scope will be planned, managed, and controlled. |
| Quality baseline | Documents the quality objectives for the project, including the metrics for stakeholder acceptance of the project deliverable. |
| Quality management plan | This plan defines what quality means for the project, how the project will achieve quality, and how the project will map to organizational procedures pertaining to quality. |
| Regression analysis | A mathematical model to examine the relationship among project variables, like cost, time, labor, and other project metrics. |
| Risk management plan | Risk is an uncertain event or condition that may affect the project outcome. It defines how the project will manage risk. |
| Risk register | It is a centralized database consisting of the outcome of all the other risk management processes, such as the outcome of risk identification, qualitative analysis, and quantitative analysis. |
| Risk response plan | This subsidiary plan defines the risk responses that are to be used in the project for both positive and negative risks. |
| Schedule baseline | This is the planned start and finish of the project. The comparison of what was planned and what was experienced is the schedule variance. |
| Schedule management plan | Defines how the project schedule will be created and managed. |
| Scope baseline | It is a combination of three project documents: the project scope statement, the work breakdown structure, and the WBS dictionary. |
| Scope baseline | The creation of the project deliverable will be measured against the scope baseline to show any variances from what was expected and what the project team has created. |
| Scoring models | These models use a common set of values for all of the projects up for selection. For example, values can be profitability, complexity, customer demand, and so on. |
| tacit knowledge | Knowledge that’s more difficult to express because it’s personal beliefs, values, knowledge gain from experience, and “know-how” when doing a task. |
Created by:
maribaz
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