Project Management Acronyms

I quess when you read stuff related to project management you find a lot of abbreviations, so i decided to gather some and share with you. Here are the first 15:

1. WBS – Work Breakdown Structure: fundamental project management technique for projects scope definition and organization uses hierarchical tree structure.
2. EVA – Economic Value Added: financial performance method to calculate the true profit of the company.
3. BCWP – Budget Cost of Work Performed: measures the budgeted cost of work that has actually been performed up to date.
4. ACWP – Actual Cost of Works Performed: total cost of work completed up to date.
5. TM – Time Management. Check my post about time management
6. PSI – Probability of Success Indicator: a concept used in the book “How to Run Successful Projects III: The Silver Bullet” by Fergus O’Connell.
7. PMBOK – Project Management Body Of Knowledge: term describing knowledge in the field of project management.
8. XP – Extreme Programming: software engineering methodology (a form of agile software development).
9. RUP – Rational Unified Process: iterative software development process.
10. 7P – Product, Price, Place, Promotion, People Process, Physical evidence: or the so called Extended Marketing Mix.
11. PO – Purchase Order: written sales contract between buyer and seller indicating services, payment terms, delivery dates etc.
12. SLA – Service Level Agreement: a part of a service contract, where the level of contract is formally defined.
13. RFP/RFQ – Request For Proposal/Quotation
14. NDA – Non-Disclosure Agreement: as well know as a confidentiality agreement.
15. TCO – Total Cost of Ownership: how much it actually costs, direct and indirect costs.

Hope this will make thing a bit easier for you Wait for other 15 soon!