P Terms

P Terms

Parametric Estimating

Parametric Estimating
An estimating technique in which an algorithm is used to calculate cost or duration based on historical data and project parameters.

Path Convergence

Path Convergence
A relationship in which a schedule activity has more than one predecessor.

Path Divergence

Path Divergence
A relationship in which a schedule activity has more than one successor.

Percent Complete

Percent Complete
An estimate whose personnel are the most directly involved in doing the work of the project or program.

Performing Organization

Performing Organization
An enterprise whose personnel are the most directly involved in doing the work of the project or program.

Pessimistic Duration

Pessimistic Duration
An estimate of the longest activity duration, which takes into account all of the known variables that could affect performance.

Phase Gate

Phase Gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program.

Planned Value

Planned Value
The authorized budget assigned to scheduled work.

Portfolio

Portfolio
Projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives.

Portfolio Balancing

Portfolio Balancing
The process of optimizing the mix of portfolio components to further the strategic objectives of the organization.

Portfolio Management

Portfolio Management
The centralized management of one or more portfolios to achieve strategic objectives.

Precedence Diagramming Method

Precedence Diagramming Method
A technique used for constructing a schedule model in which activities are represented by nodes and are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed.

Predecessor Activity

Predecessor Activity
An activity that logically comes before a dependent activity in a schedule.

Preventive Action

Preventive Action
An intentional activity that ensures the future performance of the project work is aligned with the project management plan.

Probability and Impact Matrix

Probability and Impact Matrix
A grid for mapping the probability of each risk occurrence and its impact on project objectives if that risk occurs.

Procurement Management Plan

Procurement Management Plan
A component of the project or program management plan that describes how a team will acquire goods and services from outside of the performing organization.

Product Life Cycle

Product Life Cycle
The series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.

Program

Program
A group of related projects, subprograms, and program activities that are managed in a coordinated way to obtain benefits not available from managing them individually.

Program Management

Program Management
The application of knowledge, skills, tools, and techniques to a program to meet the program requirements and to obtain benefits and control not available by managing projects individually.

Program Management Office

Program Management Office
A management structure that standardizes the program-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

Progressive Elaboration

Progressive Elaboration
The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.

Project

Project
A temporary endeavor undertaken to create a unique product, service, or result.

Project Calendar

Project Calendar
A calendar that identifies working days and shifts that are available for scheduled activities.

Project Charter

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.

Project Life Cycle

Project Life Cycle
The series of phases that a project passes through from its initiation to its closure.

Project Management

Project Management
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Project Management Office

Project Management Office
A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

Project Management Plan

Project Management Plan
The document that describes how the project will be executed, monitored, and controlled.

Project Manager

Project Manager
The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives.

Project Phase

Project Phase
A collection of logically related project activities that culminates in the completion of one or more deliverables.

Project Schedule

Project Schedule
An output of a schedule model that presents linked activities with planned dates, durations, milestones, and resources.

Project Schedule Network Diagram

Project Schedule Network Diagram
A graphical representation of the logical relationships among the project schedule activities.

Project Scope

Project Scope
The work performed to deliver a product, service, or result with the specified features and functions.

Project Scope Statement

Project Scope Statement
The description of the project scope, major deliverables, assumptions, and constraints.