PMP Exam Prep Simplified - Definitions –
2024 LATEST UPDATE!!!
Acceptance Criteria - ANSWER A set of conditions that are met before deliverables are accepted by the
customers or sponsors.
Activity - ANSWER A distinct, scheduled portion of work performed during the course of a project.
Actual Cost (AC) - ANSWER The actual cost incurred for the work performed on an activity during a
specific time period.
Analogous Estimating - ANSWER A technique for estimating the duration or cost of an activity or a
project using historical data from a similar activity or project.
Assumption - ANSWER A factor in the planning process that is considered to be true, real, or certain,
without proof or demonstration.
Backward Pass - ANSWER A critical path method technique for calculating the late start and late finish
dates by working backward through the schedule model from the project end date.
Baseline - ANSWER The accepted version of work product that can be changed using formal change
control processes and is used as the basis for comparison to actual results.
Bottom-Up Estimating - ANSWER A method of estimating project duration or cost by aggregating the
estimates of the lower-level components of the work breakdown structure (WBS).
Budget at Completion (BAC) - ANSWER The amount of all budgets established for the work to be
performed.
Change Control - ANSWER A process whereby modifications to documents, deliverables, or baselines
associated with the project are identified, documented, approved, or rejected.
, Change Control Board - ANSWER A formally commissioned group responsible for reviewing, assessing,
approving, deferring, or rejecting changes to the project, and for recording and communicating such
decisions.
Change Control System - ANSWER A set of procedures that describes how modifications to the project
deliverables and documentation are managed and controlled.
Change Request - ANSWER A formal proposal to modify any document, deliverable, or baseline in the
project management plan.
Communications Management Plan - ANSWER a component of the project management plan that
describes how, when, and by whom information about the project will be administered and distributed
Configuration Management System - ANSWER A collection of procedures used to track project artifacts
and monitor and control changes to these artifacts.
Constraint - ANSWER A restrictive feature that affects the execution of a project.
Contigency Reserves - ANSWER Time or money assigned in the schedule or cost baseline form known
risks with response strategies.
Corrective Action - ANSWER A planned activity that restores the performance of the project work with
the project management plan.
Cost Baseline - ANSWER The approved version of work package cost estimates and contingency reserve
that can be changed using formal change control procedures.
Cost Management Plan - ANSWER A component of a project or program management plan that
describes how costs will be planned and controlled.
Cost Performance Index (CPI) - ANSWER A measure of the cost efficiency of budgeted resources
expressed as the ratio of earned value to actual cost.
2024 LATEST UPDATE!!!
Acceptance Criteria - ANSWER A set of conditions that are met before deliverables are accepted by the
customers or sponsors.
Activity - ANSWER A distinct, scheduled portion of work performed during the course of a project.
Actual Cost (AC) - ANSWER The actual cost incurred for the work performed on an activity during a
specific time period.
Analogous Estimating - ANSWER A technique for estimating the duration or cost of an activity or a
project using historical data from a similar activity or project.
Assumption - ANSWER A factor in the planning process that is considered to be true, real, or certain,
without proof or demonstration.
Backward Pass - ANSWER A critical path method technique for calculating the late start and late finish
dates by working backward through the schedule model from the project end date.
Baseline - ANSWER The accepted version of work product that can be changed using formal change
control processes and is used as the basis for comparison to actual results.
Bottom-Up Estimating - ANSWER A method of estimating project duration or cost by aggregating the
estimates of the lower-level components of the work breakdown structure (WBS).
Budget at Completion (BAC) - ANSWER The amount of all budgets established for the work to be
performed.
Change Control - ANSWER A process whereby modifications to documents, deliverables, or baselines
associated with the project are identified, documented, approved, or rejected.
, Change Control Board - ANSWER A formally commissioned group responsible for reviewing, assessing,
approving, deferring, or rejecting changes to the project, and for recording and communicating such
decisions.
Change Control System - ANSWER A set of procedures that describes how modifications to the project
deliverables and documentation are managed and controlled.
Change Request - ANSWER A formal proposal to modify any document, deliverable, or baseline in the
project management plan.
Communications Management Plan - ANSWER a component of the project management plan that
describes how, when, and by whom information about the project will be administered and distributed
Configuration Management System - ANSWER A collection of procedures used to track project artifacts
and monitor and control changes to these artifacts.
Constraint - ANSWER A restrictive feature that affects the execution of a project.
Contigency Reserves - ANSWER Time or money assigned in the schedule or cost baseline form known
risks with response strategies.
Corrective Action - ANSWER A planned activity that restores the performance of the project work with
the project management plan.
Cost Baseline - ANSWER The approved version of work package cost estimates and contingency reserve
that can be changed using formal change control procedures.
Cost Management Plan - ANSWER A component of a project or program management plan that
describes how costs will be planned and controlled.
Cost Performance Index (CPI) - ANSWER A measure of the cost efficiency of budgeted resources
expressed as the ratio of earned value to actual cost.
