Project Management Acronyms Part 2

As I have promised in one of my previous posts, here are the other 15 project management acronyms that you might find useful:

* PM (Project Manager, or Project Management)
* CT (Cycle Time) - the amount of time
* BAC (Budget At Completion) - all budgets allocated for the project
* EAC (Estimate At Completion) - actual cost of project work and completed and the work left to complete the project
* FP (Fixed Price) - when you have a signed contract that you’ll deliver the project in time, in budget etc. The client does not pay for “over budget”, project is completely contractors’ responsibility.
* JIT (Just In Time) - no comments :)
* CE (Cost Estimating) - expected costs of a project task
* VAC (Variance At Completion) - if your BAC-EAC gives a negative value, it means you are over budget.
* MPS (Multi Project Schedule) - scheduling technique that ensures the right resource allocations.
* PERT (Program Evaluation and Review Technique) - scheduling technique that determines the duration of a project.
* QA (Quality Assurance) - actions necessary to make sure that the product meets its requirements. Of course there is much then that to quality assurance :), you can expect a separate post on this soon.
* QC (Quality Control) - controlling results throughout the project life cycle, that project deliverables would meet the agreed standards
* RAM (Responsibility Assignment Matrix) - ensures that all activities are assigned to at least on project member (with some level of responsibility)
* SME (Subject Matter expert) - project member is an expert in some part of the project (like planning, or requirements, or charter etc.).
* RRC (Risk Response Control) - controlling the actions taken when risks appear.

I hope you are enjoying managing projects and i hope that this blog helps to make things at least a bit easier :) Let me know, leave your comments.