Software Tools and Implementation
Expert-defined terms from the Certified Professional in Earned Value Management (EVM) in Projects course at London School of Business and Administration. Free to read, free to share, paired with a professional course.
Acquisition #
The process of obtaining goods or services, often used in the context of project management to describe the purchase of materials, equipment, or labor. Related terms include procurement, contracting, and sourcing. In the context of Certified Professional in Earned Value Management (EVM), acquisition refers to the process of obtaining resources, such as personnel, equipment, and materials, to execute the project.
Actual Cost (AC) #
The total cost incurred to complete a task or project activity, often used to calculate the earned value management metrics. Related terms include planned value, earned value, and cost variance. For example, if a task was planned to cost $1000, but the actual cost was $1200, the actual cost (AC) would be $1200.
Agile Methodology #
A project management approach that emphasizes flexibility, collaboration, and rapid delivery, often used in software development and information technology projects. Related terms include scrum, kanban, and lean. Agile methodology is often used in projects that require frequent changes and have a high degree of uncertainty.
Allocation #
The process of assigning resources to specific tasks or project activities, often used to ensure that the necessary resources are available to complete the project. Related terms include resource leveling, resource smoothing, and allocation of resources. For example, allocating a specific team member to a task ensures that the task is completed on time.
Application #
A software program or system used to perform specific tasks or functions, often used in the context of project management to describe the tools and techniques used to manage the project. Related terms include software tool, information system, and technology. Examples of applications used in project management include project scheduling software, collaboration tools, and earned value management systems.
Assignment #
The process of allocating resources to specific tasks or project activities, often used to ensure that the necessary resources are available to complete the project. Related terms include allocation, resource leveling, and resource smoothing. For example, assigning a specific task to a team member ensures that the task is completed on time.
Baseline #
A reference point or initial plan used to measure project performance, often used to track progress and identify deviations from the plan. Related terms include performance measurement baseline, schedule baseline, and cost baseline. For example, a project schedule baseline is used to track the progress of the project and identify any delays or deviations from the plan.
Budget #
The approved amount of money allocated to a project or task, often used to control costs and ensure that the project is completed within the allocated budget. Related terms include cost estimate, cost baseline, and budget variance. For example, a project budget is used to allocate funds to specific tasks and ensure that the project is completed within the allocated budget.
Budget at Completion (BAC) #
The total budget allocated to a project or task, often used to calculate the earned value management metrics. Related terms include earned value, actual cost, and cost variance. For example, if a project has a budget at completion (BAC) of $100,000, the earned value management metrics would be calculated based on this budget.
Budget Variance (BV) #
The difference between the planned budget and the actual cost, often used to identify cost deviations and take corrective action. Related terms include cost variance, schedule variance, and performance variance. For example, if a task was planned to cost $1000, but the actual cost was $1200, the budget variance (BV) would be $200.
Certified Associate in Project Management (CAPM) #
A certification offered by the Project Management Institute (PMI) for project managers who have limited experience, often used to demonstrate knowledge and skills in project management. Related terms include Project Management Professional (PMP), Certified Professional in Earned Value Management (EVM), and Agile Certified Practitioner (ACP). The CAPM certification is designed for project managers who have limited experience and want to demonstrate their knowledge and skills in project management.
Certified Professional in Earned Value Management (EVM) #
A certification offered by the Association for the Advancement of Cost Engineering (AACE) for project managers who have expertise in earned value management, often used to demonstrate knowledge and skills in earned value management. Related terms include Certified Associate in Project Management (CAPM), Project Management Professional (PMP), and Agile Certified Practitioner (ACP). The Certified Professional in Earned Value Management (EVM) certification is designed for project managers who have expertise in earned value management and want to demonstrate their knowledge and skills.
Change Management #
The process of identifying, assessing, and implementing changes to a project, often used to ensure that changes are properly evaluated and approved. Related terms include change control, configuration management, and issue management. For example, a change management process is used to evaluate and approve changes to a project schedule or budget.
Change Request #
A formal request to modify a project, often used to initiate the change management process. Related terms include change management, change control, and configuration management. For example, a change request is used to request a change to a project schedule or budget.
Configuration Management #
The process of identifying, documenting, and controlling changes to a project, often used to ensure that changes are properly evaluated and approved. Related terms include change management, change control, and issue management. For example, a configuration management process is used to evaluate and approve changes to a project's scope or schedule.
Constraint #
A limitation or restriction that affects a project, often used to identify and mitigate risks. Related terms include risk management, issue management, and problem-solving. For example, a constraint on a project's budget may require the project manager to identify and prioritize tasks based on their cost and value to the project.
Control Account #
A management control point used to measure and report project performance, often used to track progress and identify deviations from the plan. Related terms include performance measurement baseline, schedule baseline, and cost baseline. For example, a control account is used to track the progress of a project and identify any deviations from the plan.
Cost Account #
A management control point used to measure and report project costs, often used to track costs and identify deviations from the budget. Related terms include cost baseline, budget at completion (BAC), and earned value. For example, a cost account is used to track the costs of a project and identify any deviations from the budget.
Cost Baseline #
The approved budget for a project or task, often used to control costs and ensure that the project is completed within the allocated budget. Related terms include budget, budget at completion (BAC), and cost estimate. For example, a cost baseline is used to allocate funds to specific tasks and ensure that the project is completed within the allocated budget.
Cost Estimate #
The approximate cost of a project or task, often used to establish the budget and allocate resources. Related terms include budget, cost baseline, and budget at completion (BAC). For example, a cost estimate is used to establish the budget for a project and allocate resources to specific tasks.
Cost Management #
The process of planning, organizing, and controlling costs, often used to ensure that the project is completed within the allocated budget. Related terms include cost baseline, budget at completion (BAC), and earned value. For example, a cost management process is used to track costs and identify deviations from the budget.
Cost Performance Index (CPI) #
A metric used to measure the cost efficiency of a project, often used to identify areas for improvement. Related terms include earned value, actual cost, and cost variance. For example, a cost performance index (CPI) of 0.8 indicates that the project is over budget.
Cost Variance (CV) #
The difference between the planned budget and the actual cost, often used to identify cost deviations and take corrective action. Related terms include budget variance, schedule variance, and performance variance. For example, if a task was planned to cost $1000, but the actual cost was $1200, the cost variance (CV) would be $200.
Critical Path Method (CPM) #
A technique used to identify the critical tasks in a project, often used to determine the shortest time possible to complete the project. Related terms include program evaluation and review technique (PERT), critical chain method, and resource leveling. For example, a critical path method (CPM) is used to identify the critical tasks in a project and determine the shortest time possible to complete the project.
Data Date #
The date used to measure and report project performance, often used to track progress and identify deviations from the plan. Related terms include performance measurement baseline, schedule baseline, and cost baseline. For example, a data date is used to track the progress of a project and identify any deviations from the plan.
Earned Value (EV) #
The value of work completed, often used to measure project performance and progress. Related terms include planned value, actual cost, and cost variance. For example, if a task was planned to cost $1000, and the actual cost was $800, the earned value (EV) would be $1000.
Earned Value Management (EVM) #
A methodology used to measure and report project performance, often used to track progress and identify deviations from the plan. Related terms include earned value, planned value, and actual cost. For example, an earned value management (EVM) system is used to track the progress of a project and identify any deviations from the plan.
Estimate #
The approximate value or quantity of a project or task, often used to establish the budget and allocate resources. Related terms include cost estimate, budget, and cost baseline. For example, an estimate is used to establish the budget for a project and allocate resources to specific tasks.
Estimate at Completion (EAC) #
The expected total cost of a project or task, often used to forecast the final cost of the project. Related terms include estimate to complete (ETC), budget at completion (BAC), and earned value. For example, an estimate at completion (EAC) is used to forecast the final cost of a project and identify any potential cost deviations.
Estimate to Complete (ETC) #
The expected cost to complete a project or task, often used to forecast the remaining cost of the project. Related terms include estimate at completion (EAC), budget at completion (BAC), and earned value. For example, an estimate to complete (ETC) is used to forecast the remaining cost of a project and identify any potential cost deviations.
Execution #
The process of carrying out a project or task, often used to describe the implementation of the project plan. Related terms include project management, project planning, and project control. For example, the execution of a project involves carrying out the tasks and activities outlined in the project plan.
Forecast #
The predicted outcome or result of a project or task, often used to estimate the final cost or completion date. Related terms include estimate at completion (EAC), estimate to complete (ETC), and earned value. For example, a forecast is used to predict the final cost or completion date of a project.
Gantt Chart #
A visual representation of a project schedule, often used to track progress and identify deviations from the plan. Related terms include schedule baseline, project schedule, and critical path method (CPM). For example, a Gantt chart is used to track the progress of a project and identify any deviations from the plan.
Implementation #
The process of carrying out a project or task, often used to describe the execution of the project plan. Related terms include project management, project planning, and project control. For example, the implementation of a project involves carrying out the tasks and activities outlined in the project plan.
Integration Management #
The process of coordinating and integrating project components, often used to ensure that the project is completed on time and within budget. Related terms include project management, project planning, and project control. For example, integration management involves coordinating and integrating the different components of a project to ensure that it is completed on time and within budget.
Issue Management #
The process of identifying, assessing, and resolving issues that affect a project, often used to minimize the impact of issues on the project. Related terms include risk management, change management, and problem-solving. For example, an issue management process is used to identify and resolve issues that affect a project.
Key Performance Indicator (KPI) #
A metric used to measure and evaluate project performance, often used to track progress and identify areas for improvement. Related terms include earned value, cost performance index (CPI), and schedule performance index (SPI). For example, a key performance indicator (KPI) is used to measure and evaluate project performance and identify areas for improvement.
Life Cycle #
The series of phases that a project goes through, from initiation to closure, often used to describe the project management process. Related terms include project management, project planning, and project control. For example, the life cycle of a project involves the initiation, planning, execution, and closure phases.
Management Reserve #
The amount of funds allocated to a project for unforeseen expenses, often used to manage risks and uncertainties. Related terms include contingency fund, reserve fund, and budget variance. For example, a management reserve is used to manage risks and uncertainties in a project.
Milestone #
A significant event or achievement in a project, often used to track progress and measure performance. Related terms include schedule baseline, project schedule, and critical path method (CPM). For example, a milestone is used to track the progress of a project and measure its performance.
Network Diagram #
A visual representation of a project schedule, often used to track progress and identify deviations from the plan. Related terms include schedule baseline, project schedule, and critical path method (CPM). For example, a network diagram is used to track the progress of a project and identify any deviations from the plan.
Performance Measurement Baseline (PMB) #
The approved plan used to measure and report project performance, often used to track progress and identify deviations from the plan. Related terms include schedule baseline, cost baseline, and earned value. For example, a performance measurement baseline (PMB) is used to track the progress of a project and identify any deviations from the plan.
Planned Value (PV) #
The budgeted cost of work scheduled, often used to measure project performance and progress. Related terms include earned value, actual cost, and cost variance. For example, if a task was planned to cost $1000, the planned value (PV) would be $1000.
Portfolio Management #
The process of managing and coordinating multiple projects, often used to optimize resources and achieve strategic objectives. Related terms include project management, program management, and project portfolio management. For example, portfolio management involves managing and coordinating multiple projects to optimize resources and achieve strategic objectives.
Program Evaluation and Review Technique (PERT) #
A technique used to analyze and evaluate project schedules, often used to determine the critical path and identify potential delays. Related terms include critical path method (CPM), program management, and project management. For example, a program evaluation and review technique (PERT) is used to analyze and evaluate project schedules and identify potential delays.
Program Management #
The process of managing and coordinating multiple projects, often used to achieve strategic objectives and optimize resources. Related terms include project management, portfolio management, and project portfolio management. For example, program management involves managing and coordinating multiple projects to achieve strategic objectives and optimize resources.
Project #
A temporary endeavor undertaken to create a unique product or service, often used to describe a specific objective or goal. Related terms include project management, project planning, and project control. For example, a project is a temporary endeavor undertaken to create a unique product or service.
Project Management #
The process of planning, organizing, and controlling resources to achieve a specific objective or goal, often used to describe the project management process. Related terms include project planning, project control, and project execution. For example, project management involves planning, organizing, and controlling resources to achieve a specific objective or goal.
Project Management Office (PMO) #
A department or function responsible for supporting and coordinating project management activities, often used to provide guidance and oversight. Related terms include project management, project planning, and project control. For example, a project management office (PMO) is used to support and coordinate project management activities and provide guidance and oversight.
Project Manager #
The person responsible for planning, organizing, and controlling a project, often used to describe the role and responsibilities of the project manager. Related terms include project management, project planning, and project control. For example, a project manager is responsible for planning, organizing, and controlling a project.
Project Planning #
The process of defining and developing a project plan, often used to establish the project scope, schedule, and budget. Related terms include project management, project control, and project execution. For example, project planning involves defining and developing a project plan to establish the project scope, schedule, and budget.
Project Schedule #
The timeline for a project, often used to track progress and identify deviations from the plan. Related terms include schedule baseline, project management, and project control. For example, a project schedule is used to track the progress of a project and identify any deviations from the plan.
Quality Management #
The process of planning, assuring, and controlling quality, often used to ensure that the project meets the required standards and specifications. Related terms include quality assurance, quality control, and total quality management. For example, quality management involves planning, assuring, and controlling quality to ensure that the project meets the required standards and specifications.
Resource Allocation #
The process of assigning and allocating resources to a project, often used to ensure that the necessary resources are available to complete the project. Related terms include resource leveling, resource smoothing, and allocation of resources. For example, resource allocation involves assigning and allocating resources to a project to ensure that the necessary resources are available to complete the project.
Resource Leveling #
The process of smoothing and leveling resource usage, often used to optimize resource allocation and minimize conflicts. Related terms include resource allocation, resource smoothing, and allocation of resources. For example, resource leveling involves smoothing and leveling resource usage to optimize resource allocation and minimize conflicts.
Risk Management #
The process of identifying, assessing, and mitigating risks, often used to minimize the impact of risks on the project. Related terms include risk assessment, risk analysis, and risk mitigation. For example, risk management involves identifying, assessing, and mitigating risks to minimize the impact of risks on the project.
Schedule Baseline #
The approved project schedule, often used to track progress and identify deviations from the plan. Related terms include project schedule, performance measurement baseline, and earned value. For example, a schedule baseline is used to track the progress of a project and identify any deviations from the plan.
Schedule Performance Index (SPI) #
A metric used to measure and evaluate project schedule performance, often used to track progress and identify areas for improvement. Related terms include earned value, cost performance index (CPI), and key performance indicator (KPI). For example, a schedule performance index (SPI) is used to measure and evaluate project schedule performance and identify areas for improvement.
Schedule Variance (SV) #
The difference between the planned schedule and the actual schedule, often used to identify schedule deviations and take corrective action. Related terms include budget variance, cost variance, and performance variance. For example, if a task was planned to be completed in 10 days, but the actual completion date was 12 days, the schedule variance (SV) would be 2 days.
Scope #
The definition and description of a project, often used to establish the project objectives and deliverables. Related terms include project scope statement, scope management, and scope change. For example, a scope statement is used to define and describe a project and establish the project objectives and deliverables.
Scope Change #
A change to the project scope, often used to describe a change to the project objectives or deliverables. Related terms include scope management, scope statement, and change management. For example, a scope change is used to describe a change to the project scope and ensure that the change is properly evaluated and approved.
Scope Management #
The process of defining, developing, and controlling the project scope, often used to ensure that the project meets the required objectives and deliverables. Related terms include scope statement, scope change, and change management. For example, scope management involves defining, developing, and controlling the project scope to ensure that the project meets the required objectives and deliverables.
Software Tool #
A computer program or system used to support and enhance project management activities, often used to describe a specific application or system. Related terms include application, information system, and technology. For example, a software tool is used to support and enhance project management activities such as project scheduling and earned value management.
Stakeholder #
A person or organization that has a stake or interest in a project, often used to describe the individuals or groups affected by the project. Related terms include stakeholder management, stakeholder analysis, and stakeholder engagement. For example, a stakeholder is a person or organization that has a stake or interest in a project and is affected by the project's outcome.
Stakeholder Management #
The process of identifying, analyzing, and engaging stakeholders, often used to ensure that the project meets the required objectives and deliverables. Related terms include stakeholder analysis, stakeholder engagement, and communication management. For example, stakeholder management involves identifying, analyzing, and engaging stakeholders to ensure that the project meets the required objectives and deliverables.
Status Date #
The date used to measure and report project status, often used to track progress and identify deviations from the plan. Related terms include performance measurement baseline, schedule baseline, and earned value. For example, a status date is used to track the progress of a project and identify any deviations from the plan.
Technical Performance Measurement (TPM) #
A metric used to measure and evaluate technical performance, often used to track progress and identify areas for improvement. Related terms include earned value, cost performance index (CPI), and schedule performance index (SPI). For example, a technical performance measurement (TPM) is used to measure and evaluate technical performance and identify areas for improvement.
To #
Complete Performance Index (TCPI): A metric used to measure and evaluate the performance required to complete a project, often used to track progress and identify areas for improvement. Related terms include earned value, cost performance index (CPI), and schedule performance index (SPI). For example, a to-complete performance index (TCPI) is used to measure and evaluate the performance required to complete a project and identify areas for improvement.
Total Float #
The amount of time that a task can be delayed without affecting the project completion date, often used to determine the critical path and identify potential delays. Related terms include free float, project schedule, and critical path method (CPM). For example, a total float is used to determine the critical path and identify potential delays in a project.
Variance #
The difference between the planned and actual values, often used to identify deviations and take corrective action. Related terms include budget variance, cost variance, and schedule variance. For example, a variance is used to identify deviations and take corrective action to ensure that the project is completed on time and within budget.
Work Breakdown Structure (WBS) #
A hierarchical decomposition of a project into smaller tasks and activities, often used to define the project scope and establish the project schedule. Related terms include project scope statement, scope management, and project management. For example, a work breakdown structure (WBS) is used to define the project scope and establish the project schedule by decomposing the project into smaller tasks and activities.