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Project Management Terminology

Cost Baseline. The approved version of the time-phased project budget, excluding any management reserves, which can be changed only through formal change control procedures and is used as a basis for comparison to actual results.

Expert Judgment. Judgment provided based upon expertise in an application area, knowledge area, discipline, industry, etc., as appropriate for the activity being performed. Such expertise may be provided by any group or person with specialized education, knowledge, skill, experience, or training.

Common Acronyms

CPAF (english) : Cost Plus Award Fee

If you are managing projects here are 6 good reasons to obtain your certification as Project Management Professional, PMP.

Discover how you can accomplish your PMP in 6 months as a very busy person.

Question to a Project Management Professional

Question Select the best option
What is true about the process “Manage Communications”?
  1. It formalizes the process required to complete the project in a timely manner.
  2. It is generally known as a graphical representation of the project scope.
  3. It measures the performance of the vendor and the buyer.
  4. It passes information between the project team and the stakeholders external to the team.
Answer & Explanation
Right answer
  1. It formalizes the process required to complete the project in a timely manner.
  2. It is generally known as a graphical representation of the project scope.
  3. It measures the performance of the vendor and the buyer.
  4. It passes information between the project team and the stakeholders external to the team.

Explanation : What is true about process “Manage Communications” is: It passes information between the project team and the stakeholders external to the team.

Why are more than 790.000 executives around the globe certified as PMP?

  • Reason 1: Better opportunities for attractive positions
  • Reason 2: Prospects of above average income
  • Reason 3: Personal development
  • Reason 4: Knowledge and ability up to date
  • Reason 5: Competences in the international context
  • Reason 6: Comprehensive operational capability

Discover how you can accomplish your PMP in 6 months as a very busy person.

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