What is an Elemannopy? - The Project Alphabet

Oct. 26, 2011 - PRLog -- What is an Elemannopy?

With so many acronyms in the project world these days it is easy to get mixed up between the differences of MoP, P3O, MSP and MoV – never mind other terminology such as ESA, PSR, APM, PMI and DCF!

I remember when my first daughter was small asking me “What is an Elemannopy?” I asked her several times to repeat this, and ended up telling her that I haven’t got a clue what she was talking about (good parenting!) She then said “H I J K Elemannopy”.

The Project Alphabet

When the OGC launched MoV last December, closely followed by MoP in February, it struck me that we could be heading for a number of tongue twisters in this already heavy terminology-based industry. Therefore I give you the Project Alphabet. I hope you find it useful.

ACWP - Actual cost of work performed
Cumulative cost of work accrued on the project in a specific period or up to a specific stage. Note: for some purposes cost may be measured in labour hours rather than money.

BCWP - Budgeted cost of work performed
The planned cost of work completed to date. BCWP is also the 'earned value' of work completed to date.

CPM - Critical Path Method
A technique used to predict project duration by analysing which sequence of activities has the least amount of scheduling flexibility. The critical path method is a modelling process that defines all the project's critical activities which must be completed on time.

DCF - Discounted cash flow
Concept of relating future cash inflows and outflows over the life of a project or operation to a common base value thereby allowing more validity to comparison of projects with different durations and rates of cash flow.

EVA - Earned Value Analysis
Technique for assessing whether the earned value in relation to the amount of work completed is ahead, on, or behind plan.

FSR – Feasibility Study Report
A report from an analysis to determine if a course of action is possible within the terms of reference of the project.

GWY – Gateway
Short, focused reviews of a programme or project that occur at key decision points in the lifecycle

HCS - Hierarchical Coding Structure
A coding system that can be represented as a multi-level tree structure in which every code except those at the top of the tree has a parent code.

IRR - Internal Rate of Return
Discount rate at which the net present value of a future cash flow is zero.

JFDI – Just Do It (not recommended!)
An approach of starting project work with no planning. This will often result in throwing out everything you do, and then starting over – this time with a plan!

KPI - Key Performance Indicators
Measurable indicators that will be used to report progress that is chosen to reflect the critical success factors of the project.

LFT - Latest Finish Time
The latest possible time by which an activity has to finish within the logical activity and imposed constraints of the network, without affecting the total project duration.

MSP – Managing Successful Programmes (or MS Project)
Guidance that provides and maintains a strategic view over the set of projects, aligning and co-ordinating them within a programme of business change in support of specific business strategies.

NPV - Net Present Value
Aggregate of future net cash flows discounted back to a common base date, usually the present.

OBS - Organisational breakdown structure
Hierarchical way in which the organisation may be divided into management levels and groups, for planning and control purposes

PBS - Product Breakdown Structure
A hierarchy of all the products to be produced during a plan.

QMS – Quality Management System
The complete set of quality standards, procedures and responsibilities for a site or organization.

RBS – Resource Breakdown Structure
A hierarchical structure of resources that enables scheduling at the detailed requirements level, and roll up of both requirements and availabilities to a higher level.

SSADM – Structured Systems Analysis and Design Method
A systems approach to the analysis and design of information systems.

TQM – Total Quality Management
Strategic, integrated management systems for customer satisfaction that guides all employees in every aspect of their work.

UAT – User Acceptance Testing
A specific type of acceptance by the person or group who will use the product once it is handed over into the operational environment.

VFM – Value for Money
The term used to assess whether or not an organisation has obtained the maximum benefit from the goods and services it acquires and/ or provides, within the resources available to it.

WBS – Work Breakdown Structure
Way in which a project may be divided by level into discrete groups for programming, cost planning and control purposes.

XFT – Cross Functional Team
A group of people with different functional expertise working toward a common goal.

YOYO – You're On Your Own
Often used when something is not working out – typically caused as a result of doing something stupid. Also used when your manager is looking to avoid making a decision.

Z – Zero Float
Zero float is a condition where there is no excess time between activities. An activity with zero float is considered a critical activity.

For a complete Project Glossary (and other free and evaluation resources), which includes over 700 entries all with explanations, just call us on +44(0)1202 736373 or visit  http://www.spoce.com


About SPOCE:  SPOCE Project Management Limited is a professional company, operating in the OGC Best Practice Markets (PRINCE2, MSP, ITIL, APMP, MoP, MoV, P3O & M_o_R). The company’s strategy is to maintain an efficient, professional, administrative core, backed up by three key specialist units that provide technical excellence on: the OGC Best Practice methods; instructor-led training and e-learning solutions; and individual learning styles and e-leaning solutions. This ensures that the highest quality is achieved when the outputs are delivered by our proficient group of independent trainers and APMG-accredited distance-learning products.

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Accredited Training Organisation for Project and Programme Management Best Practices such as PRINCE2, MSP, M_o_R, APM, ITIL, P3O, MoV, MoP, DSDM, etc

Delivery Methods: Instructor-led classroom, accredited eLearning, Blended learning, Bespoke on-site