APM PFQ Glossary Questions With Verified Answers

APM PFQ Glossary Questions With Verified Answers Acceptance Correct Answer: The formal process of accepting delivery of a deliverable or a product Acceptance criteria Correct Answer: The requirements and essential conditions that have to be achieved before a deliverable is accepted Activity Correct Answer: (1) A task, job, operation or process consuming time and possibly other resources (2) the smallest self-contained unit of work in a project Agile Correct Answer: A family of development methodologies where requirements and solutions are developed iteratively and incrementally throughout the life cycle Analogous estimating/Comparative estimating Correct Answer: An estimating technique based on the comparison with, and factoring from, the cost of similar, previous work. Analytical estimating/Bottom-up estimating Correct Answer: An estimating technique that uses detailed specifications to estimate time and cost for each product or activity Assumptions Correct Answer: Statements that will be taken for granted as fact and upon which the project business case will be justified Assurance Correct Answer: The process of providing confidence to stakeholders that projects, programmes and portfolios will achieve their objectives for beneficial change. Audit Correct Answer: A means to provide assurance that enables the sponsor to have confidence that the governance is working and that the project is being managed as intended Backward Pass Correct Answer: A technique used to calculate the latest start and finish dates for each activity, based on the activity durations and their logic Baseline Correct Answer: The reference levels against which a project, programme or portfolio is monitored and controlled Benefit Correct Answer: A positive and measurable impact of change Benefits management Correct Answer: The identification, definition, planning, tracking and realisation of benefits Budget Correct Answer: The agreed cost of the project or a quantification of resources needed to achieve an activity by a set time, within which the activity owners are required to work Business-as-usual/Steady state Correct Answer: An organisation's normal day-to-