PM Glossary
The Library of Technology Services PPMO Terminology
PMO Glossary Heading link
| Term | Abbreviation | Definition of Term |
|---|---|---|
| Assumptions | A factor in the planning process considered to be true, real, or certain, without proof or demonstration. | |
| Baseline | The approved version of a work product that can be changed using formal change control procedures and is used as the basis for comparison to actual results. | |
| Benefits | Benefits management is making sure the project provides some value to the organization. The project should show some advantages or gains that are being delivered by a project. | |
| Budget | Time or money that management sets aside in addition to the schedule or cost baseline and releases for unforeseen work that is within the scope of the project. (Aka Contingency Reserve, Management Reserve or Project Budget) |
|
| Budget Document | Document that allocates the costs over the life of the project to determine the periodic and total funding requirements.This is a document to estimate the revenues and expenses for an upcoming period based on their goals for the business. | |
| Contingency Reserve | Time or money allocated in the schedule or cost baseline for known risks with active response strategies. (aka: Budget) (See also: management reserve and project budget) | |
| Capital Expense | CapEx | Capital Expense is often a pricy, long-term project that is meant to expand, be maintained and/or improve upon something significant (For Example: Infrastructure, Networking, etc.) |
| Management Reserve | Time or money that management sets aside in addition to the schedule or cost baseline and releases for unforeseen work that is within the scope of the project. (aka Budget) (See also contingency reserve and project budget) |
|
| Change Advisory Board | CAB | A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions. (aka: Change Control Board, Change Control and Change Control System) |
| Charter | The project charter is a document that officially starts a project (See Portfolio Charter, Program Charter or Project Charter for definition) |
|
| Compliance | Certification, or confirmation that the doer of an action (e.g. an audit report) meets the requirements of accepted practices, legislation, prescribed rules and regulations or specific standards. | |
| Constraints | A factor that limits the options for managing a project, program, portfolio, or process | |
| Cost Estimates | Estimated costs for each work package or activity. The accuracy of a project estimate will increase as the project progresses through the project life cycle | |
| Cost Estimate: Rough Order of Magnitude | ROM | A project in the initiation phase may have a rough order of magnitude (ROM) estimate in the range of -25% to +75%. |
| Cost Estimate: Definitive | Definitive estimates narrow the range of accuracy to -5% to +10% | |
| Cost Baseline | The approved version of work package cost estimates and contingency reserve that can be changed using formal change control procedures and is used as the basis for comparison to actual results. See also baseline, performance measurement baseline, schedule baseline, and scope baseline. | |
| Cost Reduction | Cost reduction is the process of looking for, finding and/or removing unwarranted expenses from a business to increase profits without having a negative impact on product, operations or on quality. | |
| Costs: Direct Costs | Costs directly related to your projects are obvious and generally, easily verifiable; Examples: Fixed costs and Variable costs |
|
| Costs: Fixed Costs | Costs that remain the same throughout the project Example: Cost to rent equipment |
|
| Costs: Indirect Costs | Costs associated with supporting your projects are usually computed and not as easily measured. Example: Administrative Services |
|
| Costs: Sunken Costs | Cost has incurred, but most likely in error or due scope changes; however, this cost must be included in the total cost of the project | |
| Costs: Variable Costs | Costs that changes during the project. For Example: The hours for your project architect may be higher at the beginning of the project and then your architect may roll off the project during the middle of the project |
|
| Deliverables | Any unique and variable product, result, or capability to perform a service that is produced to complete a process, phase, or project. | |
| Dependencies | Dependencies are the relationships among tasks which determine the order in which activities need to be performed. | |
| Depreciation Cost | The original purchase price of an asset less its residual value will give an estimated useful life of the asset. (this is usually regarding a capital asset being infrastructure, network, etc.) | |
| Duration | The total number of work periods required to complete an activity or work breakdown structure component, expressed in time (hours, days, or weeks, months, etc.) | |
| Economic Benefits | Economic Benefit are quantifiable in terms of money, such as revenue, net cash flow or income. | |
| Feedback | Process in which the effect or output of an action is returned to modify the next action | |
| Fiscal Year | FY | An accounting periods that has twelve consecutive months (52 weeks) at the end of which time the accounting books are closed, profit or loss is computed, and financial reports are prepared to be filed. |
| Impacts | Impacts are the effects that an activity can have when carried out and the results it could have on people, practices, organizations or systems. Project impacts are how the project affects the matters which it encounters. Impacts can be noted either as positive or negative (or both) |
|
| Issues | An event or condition that, occurs, which has a positive or negative effect on one or more project objectives. | |
| Lessons Learned | The knowledge gained during a project which shows how project events were addressed or should be addressed in the future for the purpose of improving future performance. | |
| Milestones | Specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. In many instances, milestones do not impact project duration |
|
| Monthly Recurring Charges | MRC | Monthly charges to the Customer for Services which continue for the agreed upon duration of the Service. |
| One-Time Charge | OCC | One-time charges to the Customer for a non-recurring Service. Examples include initial start-up cost, installation material. |
| Policy | A set of policies are principles, rules and guidelines formulated or adopted by an organization to reach its long-term goals. | |
| Policy and Procedures | Together policies and procedures ensure that a point of view held by a governing body of an organization is translated into steps that result in an outcome compatible with that view. | |
| Portfolio Charter | A document issued by a sponsor that authorizes and specifies the portfolio structure and links the portfolio to the organization’s strategic objectives. (See also program charter and project charter.) | |
| Portfolio Management | The centralized management of one or more portfolios to achieve strategic objectives. (See also program management and project management) | |
| Procedure | A procedure is the specific methods employed to express policies in action, in day-to-day operations of the organization. | |
| Program Charter | A document issued by a sponsor that authorizes the program management team to use organizational resources to execute the program and links the program to the organization’s strategic objectives. (See also portfolio charter and project charter.) | |
| Program Management | The application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually. (See also portfolio management and project management) |
|
| Program Management Office | PMO | A management structure that standardizes the program-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques. See also project management office. |
| Project | A temporary endeavor undertaken to create a unique product, service, or result. (See also portfolio and program) |
|
| Project Cancelled | Management no longer expects the project to have the business impact required to make it wise to keep spending money on it | |
| Project Done | An agreed upon set of items that must be completed before a project can be considered complete. | |
| Project Execution (Implementation) | The phase in which the plan designed in the prior phases of the project life is put into action. The purpose of project execution is to deliver the project expected results | |
| Project Initiation Request | PIR | the process of formally authorizing a new project. |
| Project Lifecycle | The series of phases that a project passes through from its start to its completion | |
| Project Management | PM | The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. (See also Portfolio Management and Program Management) |
| Project Management Office | PMO | A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques. (See also program management office) |
| Project on-Hold | The team's resources are likely reassigned to other tasks until the project picks back up. (Timelines, Due Dates, and Availability may change) If the scope of the project changes and new rates must be calculated. |
|
| Project Charter | A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. See also portfolio charter and program charter. | |
| Project Budget | The sum of work package cost estimates, contingency reserve, and management reserve (aka budget, contingency reserve and management reserve) |
|
| Project Planning Document | A formal, approved document that guides project execution and control. It explains in detail how and when to fulfill the project objectives by showing the major products, milestones, activities, and resources required on the project | |
| Project Scope | The work performed to deliver a product, service, or result with the specified features and functions | |
| Project Scope Statement | The description of the project scope, major deliverables, assumptions and constraints | |
| Requestor | The person(s) who ask for something to be done. (this person can also be called a project initiator) | |
| Return on Investment | ROI | ROI is a measurement of profitability that indicates whether or not a company is using its resources in an efficient manner. |
| Risks | An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives. (See also issue, opportunity, and threat.) | |
| Scope Creep | The uncontrolled expansion to product or project scope without adjustments to time, cost, and resources | |
| Sponsor | An individual or a group that provides resources and support for the project, program, or portfolio, and is accountable for enabling success. (aka: Stakeholder) | |
| Stakeholder | An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity or outcome of a project, program, or portfolio (aka: Sponsor) | |
| Statement of Work | SOW | A SOW is a detailed description of the specific services or tasks a contractor is required to perform under a contract. SOW is usually incorporated in a contract. |
| Success Factors | Accomplishment of project goals. | |
| Work Breakdown Structure | WBS | Is breaking work into smaller tasks to make work more manageable. |
Sources Heading link
Project Management Institute: https://www.pmi.org/pmbok-guide-standards/lexicon, http://www.projectmanagement.com
Business Dictionary: https://www.businessdictionary.com
The Free Dictionary: http://freedictionary.com
Webopedia- Online Tech Dictionary for IT Professionals: http://webopedia.org