Glossary


What is a Project?

A Project is a temporary effort committed to create a unique product, service or result.


What is Project Management?

Project management is the application of processes, methods, expertise and skills to achieve scheduled goals.


What is a Program?

A Program is a group of connected projects managed together to obtain benefits for the organizations that use it.


What is Program Management?

Program management is the application of processes, methods, expertise and skills to achieve program goals.


What is Project Charter?

A Project Charter is a formal document that defines the project in its entirety. It includes project description, project objectives, high level project requirements, high level project risks, project milestones, macro project budget and the assigned project manager.


What is Stakeholder Register?

The Stakeholder Register is a project management document which contains the information about the project's stakeholders. It identifies the people that have an interest in the project.


What is Project Scope Statement?

A Project Scope Statement is a project management document which provides a baseline of the project's deliverables, constraints, and assumptions. It establishes a clear definition of the project’s scope.


What is Work Breakdown Structure (WBS)?

A Work Breakdown Structure (WBS) is a project management document which decompose hierarchically projects deliverables into smaller components (Work Packages). Work Packages are more manageable and are crucial to achieve project goals.


What is WBS Dictionary?

A WBS Dictionary details each component of the Work Breakdown Structure (Work Package). Each Work Package contains its own cost and schedule information.


What is Risk Register?

The Risk Register is a project management document which contains the results of the qualitative risk analysis, quantitative risk analysis, and risk response processes. The Risk Register is used to monitor all the identified project threats and opportunities.


What is Project Schedule?

The Project Schedule is one of the most important tool that describes the work to be performed, the resources that will work on the project and when the work will be performed. The main purpose of project schedule is to make visibile the project timeline and inform team members, project team and stakeholder about the details of project work.


What is Project Budget?

The Project Budget is the total sum of money allocated for the project. The Project budget defines the financial limits for the project and they do not have to be exceeded. The Project Budget is an estimate and needs to be constantly monitored during the whole duration of the project.


What is Change log?

The Change Log is a project management document in which are stored all project changes. The Change Log allows the Project Manager to monitor and control changes during the whole duration of the project.


What is Planned value (PV)?

Planned value (PV) is the approved budget for the work scheduled to be completed by a specified date.


What is Earned value (EV)?

Earned value (EV) is the approved budget for the work actually completed by the specified date.


What is Schedule variance (SV)?

Schedule variance (SV) is the difference between the amount budgeted for the work you actually did and the work you planned to do.


What is Cost variance (CV)?

Cost variance (CV) is the difference between the amount budgeted and the amount actually spent for the work performed.


What is Schedule performance index (SPI)?

Schedule performance index (SPI) is the ratio of the approved budget for the work performed to the approved budget for the work planned.


What is Cost performance index (CPI)?

Cost performance index (CPI) is the ratio of the approved budget for work performed to what you actually spent for the work.


What is Estimate at completion (EAC)?

Estimate at Completion (EAC) gives you the forecasted value of the project when it is completed.


What is Estimate To Complete (ETC)?

Estimate To Complete (ETC) gives you an approximate idea of how much money will be required to complete the remaining balance of work.


What is Variance At Completion (VAC)?

Variance At Completion (VAC) is the variance between the Estimate At Completion and the Budget at Completion. This is the difference between what the project was originally expected (baselined) to cost, versus what it is currently estimated to cost.


What is To Complete Performance Index (TCPI)?

The To Complete Performance Index (TCPI) gives you the future cost performance index that you must follow for the remaining work if you want to complete it within the given budget.


What is Payback Period (PBP)?

The Payback Period (PBP) is the time needed to get back from an investment. The payback period of a project is used to determine whether to undertake a given project. The shorter the payback period the better the investment and the project.


What is Discounted Payback Period (DPBP)?

The Discounted Payback Period (DPBP) is the time needed to get back from an investment taking into account the time value of money. The discounted payback period of a project is used to determine whether to undertake a given project. The shorter the payback period the better the investment and the project.


What is Net Present Value (NPV)?

Net present value (NPV) is a method used to determine the profitability of a project by evaluating its future cash flows and taking into account the initial investment.


What is Benefit Cost Ratio (BCR)?

Benefit Cost Ratio (BCR) is the ratio of the benefits of a project to its costs. Benefit Cost Ratio (BCR) considers the amount of money obtained from the project and the costs to execute the project. The higher (than 1) the Benefit Cost Ratio (BCR) the better the project.


What is Cost Benefit Ratio (CBR)?

Cost Benefit Ratio (CBR) is the ratio of the costs of a project to its benefits. Cost Benefit Ratio (CBR) considers the costs to execute the project and the amount of money obtained from the project. The lower (than 1) the Cost Benefit Ratio (CBR) the better the project.


What is Return On Investment (ROI)?

Return on investment (ROI) measures the amount of return on a project compared to its cost. Return on investment (ROI) is most often expressed as a percentage, a higher Return on investment (ROI) indicates a more productive project.


What is Internal Rate Of Return (IRR)?

Internal rate of return (IRR) is a method used to determine the profitability of a project. Internal rate of return (IRR) is a discount rate that makes the Net Present Value (NPV) of all cash flows of a project equal to zero.


What is Expected Commercial Value (ECV)?

Expected Commercial Value (ECV) determines the expected commercial value of a project considering the net present value of the project cash flows, the probabilities of commercial and technical success and the commercialization and development costs.


What is Break Even analysis?

Break Even analysis determines the point - Break Even Point (BEP) - where the total revenues from the sale of a product (or service) equals the costs to produce that product (or service). Break-even analysis is to calculate the point at which revenues begin to exceed costs.


What is Expected Monetary Value (EMV)?

Expected Monetary Value (EMV) quantifies the project risks (positive or negative). It determines how much it is going to cost to manage all risks identified on a project.


What is Time Value of Money?

Time Value of Money asserts that the value of a sum of money to be received on a particular date is bigger than the same sum of money to be received on a later date.


What is PMO?

PMO is a team of people that have multiple years of project management experience and strong project management expertise. This team is called to improve project management efficiency and to increase the project success rate of an organization.


Overall Analysis


PROJECT PERFORMANCE

COMPLETE PERFORMANCE CHECK

PROJECT FINANCE

COMPLETE FINANCIAL CHECK

PROJECT RISK

COMPLETE RISK CHECK

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