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Summary of Key Terms for the PMP Exam	Image: pmp_exam (image/jpg)
Product Life Cycle	A project life cycle is a collection of generally sequential and sometimes overlapping project phases whose name and number are determined by the management and control needs of the organization or organizations involved in the project, the nature of the project itself, and its area of application.
Influence Diagrams	These are graphical representations of situations showing causal influences, time ordering of events, and other relationships among variables and outcomes.
Milestone	Milestone is a significant point or event in the project. Since milestones only indicate when a particular task is going to be started or completed, they will not have any duration, i.e., the duration for milestone is zero.
Organizational Theory	Organizational theory provides information regarding the way in which people, teams, and organizational units behave. Effective use of this information can shorten the amount of time, cost, and effort needed to create the human resource planning outputs and improve the likelihood that the planning will be effective.
SMART Goals	The performance goals should be SMART – Specific, Measurable, Achievable/Attainable, Relevant and Timely.
Delphi Technique	Gathering input separately from multiple experts, then compiling it and resending it for review to the same experts. This allows for objective submission and review of ideas.
Watchlist	Non-critical risks documented during qualitative risk analysis for later review (during monitoring and controlling).
Issue Log	Risks that have been realized are documented here and provide a recourse to stakeholders when they cannot be handled immediately.
SWOT Analysis	Strengths, Weaknesses, Opportunities, and Threats analysis of project.
Pareto Chart	Histogram (bar chart) organized by results to prioritize most critical to help identify root cause.
Fast Tracking	Doing critical paths in parallel that were originally sequenced.
Change Control System	Standardized processes, tools and OPAs like forms and software to track project changes.
Preventative Action	Address predicted, potential variance from PMP performance baselines.
Benefit Measurement	A comparative approach to project selection. Methods includes murder board, peer review, scoring models, and economic models.
Marginal Analysis	Determines when the benefit of quality improvements equal expenses incurred to make them, after which the return is not worthwhile.
Conformance Analysis	Tracking how close to the baseline ( e.g. to product requirements) the project is.
Design of Experiments	Statistical experimentation that simultaneously changes all important variables for a faster, more accurate identification of the most critical.
Nominal Group Technique	A group’s ranking of ideas, usually those generated in same brainstorming meeting.
Specification Limit	Area on a control chart composed of that indicates the customer’s requirements.
Attribute	The measurement of the variable.
Paralingual	Voice characteristics like pitch and tone.
Work Around	Real-time contingency response to an issue, used in monitoring and controlling. Also referred to as ‘winging it’.
Conflict Resolution Techniques	In order of preference: confronting/problem solving, compromising, withdrawal, smoothing, collaborating, and forcing.
Change Process steps	Evaluate the impact, create options, get internal approval, and get customer buy-in.
Focus Group	A specific group of expertise discuss product ideas via a moderator.
Product Analysis	Work may be needed during collect requirements to define the product being requested.
Schedule Baseline	The schedule baseline is the agreed upon schedule for the project. It’s created via iterations during planning and part of the PMP.
Management Reserves	The project funding allotment minus (what is budgeted) and the cost baseline (what is needed). Accounts for unforeseen expenses.
Special Provisions	Contract changes to address a particular project’s risks, requirements, legal, or other issues.
Constructive Changes	Things a buyer does that interfere with the seller’s ability to meet the contractual obligations. At that point the seller may file a claim.
Standard Deviation	The amount of range, sigma or exactitude in an estimate.

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	Created by Andrea Leyden over 10 years ago