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Actual Cost (AC)

Actual Cost (AC)  is a term used in Earned Value Management (EVM). Imagine you’re tracking how much money you’ve spent on a project so far. Actual Cost is the total amount of money actually spent on work completed up to a certain point in time. It includes all direct and indirect costs, like labor, materials, and overheads. This metric helps project managers monitor if they are staying within budget and make informed decisions to control costs.

Activity Resource Requirements

Activity Resource Requirements are the specific resources—physical (like equipment), human (like team members), and organizational (like facilities)—needed to complete all the tasks listed in the activity list. It’s about ensuring you have everything necessary to get the job done.

Activity Resource Estimates

Activity Resource Estimates are like planning a party. You need to figure out how many chairs, tables, and people you’ll need. In project management, this means estimating the materials and human resources required to complete each activity. These estimates often come with a probability or range to account for uncertainties.

Activity List

Think of an Activity List as a comprehensive to-do list for your project. It’s a well-organized table that outlines each task with clarity, including a straightforward Activity Description that explains what needs to be accomplished, a unique Activity Identifier for easy reference, and a detailed Scope-of-Work Description that provides specific insights into the work involved. This list serves as a shared roadmap, keeping everyone aligned and focused on their responsibilities.

Activity Duration Estimates

Imagine you’re planning a road trip. You need to estimate how long it will take to drive from one city to another. Activity Duration Estimates are like predicting how many hours or days it will take to complete a specific task or activity in a project. It’s a quantitative assessment of the time required for each task, helping you plan the project timeline effectively.

Activity Dependency

Picture a domino chain reaction. One domino falls, triggering the next, and so on. In projects, activities can be like these dominos – the start of one often depends on the completion of another. It’s about understanding which tasks need to fall into place before others can begin.

Activity Cost Estimates

Imagine planning a road trip and estimating costs for each stop – gas here, hotel there, meals along the way. In projects, we do the same thing for each activity. It’s like creating a detailed budget for your journey, considering everything from snacks (small expenses) to potential car repairs (unexpected costs).

Activity

Active Listening

Picture a game of „telephone,” but instead of whispering and passing on, each person repeats what they heard to make sure they got it right. That’s active listening – you’re not just hearing words, you’re catching them, examining them, and throwing back your understanding to ensure nothing gets lost in translation.

Accepted Deliverables

Imagine you’re a chef presenting your signature dish to a food critic. The critic tastes it, nods approvingly, and signs off on a review card. That’s what accepted deliverables are like in project management – the final products that have passed the taste test (acceptance criteria) and gotten the official thumbs up from the client or sponsor.

Acceptance Criteria

These are like a chef’s taste test before serving a dish. They’re the standards your project must meet to satisfy the client. Clear criteria prevent misunderstandings and ensure everyone knows what „good” looks like.

Accept

It’s like knowing it might rain but choosing not to bring an umbrella. You’re aware of the risk but decide to deal with it if it happens. In projects, it’s used when preventing the risk is more trouble than it’s worth. Just remember, you might get wet!

100 Percent Rule

80/20 Rule

Imagine sorting your closet and realizing 20% of your clothes are worn 80% of the time. That’s the 80/20 Rule in action! In projects, it means a small number of factors often have the biggest impact. It’s like finding the VIPs in a crowd – they’re few but mighty important. This idea helps you focus on what really matters, saving time and resources.

5 Whys Method

A problem-solving approach where you keep asking „Why?” to find the real cause of a problem. It’s like peeling an onion – each „why” takes you deeper. The name says five, but you might need more or fewer questions. It’s a simple yet powerful way to get to the heart of problems in many areas of work. People like it because it’s easy to use and helps find the true source of issues, not just surface problems. It’s particularly useful in quality control and process improvement initiatives.