1. PM Fundamental Terms Flashcards
Application areas
The areas of expertise, industry, or function where a project is centered. Examples of application areas include architecture, IT, health care, and manufacturing.
Business value
A quantifiable return on investment.
The return can be tangible, such as equipment, money, or market share. The return can also be intangible, such as brand recognition, trademarks, and reputation.
Certified Associate in Project Management (CAPM)
A person who has slightly less project management experience than a PMP, but who has qualified for and then passed the CAPM examination.
Cultural and social environment
Defines how a project affects people and how those people may affect the project. Cultural and social environments include the economic, educational, ethical, religious, demographic, and ethnic composition of the people affected by the project.
Deliverable
A product, service, or result created by a project. Projects can have multiple deliverables.
General management skills
These include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.
International and political environment
The consideration of the local and international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress.
Interpersonal skills
The ability to interact, lead, motivate, and manage people.
Iron Triangle of PM
Triple Constraints of PM
Time, Cost, and Scope.
If any side of the I T is not in balance with the other sides, the project will suffer. ( Quality)
The I T is also known as the Triple Constraints, as all projects are constrained by time, cost, and scope.
Physical environment
The physical structure and surroundings that affect a project’s work.
Process groups
A collection of related processes in PM. There are 5 process groups and 49 PM processes. The f5 process groups are 1.Initiating,
- Planning,
- Executing, 4.Monitoring and 5.Controlling, and Closing.
Program
A collection of related Ps working in the unison toward a common goal. It can have many derivables
Progressive elaboration
The process of gathering project details.
This process uses deductive reasoning, logic, and a series of information-gathering techniques to identify details about a project, product, or solution.
Project
A temporary endeavor to create a unique product, service, or result. The end result of a project is also called a deliverable.
Project benefits management plan
A documented created and maintained by the P SPONSOR and the P MANAGER. The PBM plan defines WHAT benefits the project will Create, WHEN the benefits will be Realized, and HOW the benefits will be Measured.
Project business case
Created and maintained by the P SPONSOR and shows the financial validity of why a P is chartered and launched within the organization. Typically, the P business case is created before the launch of the P and may be used as a go/no-go decision point.
Project environment
The location and culture of the environment where the P work will reside. The P environment includes:
- the social,
- economic, and
- environmental variables the project must work with or around.
Project life cycle
The phases that make up the project. Project life cycles are unique to the type of work being performed and are not universal to all projects.
Project management office (PMO)
A central office that oversees all projects within an organization or within a functional department. A PMO SUPPORTS the PMr through software, training, templates, policies, communication, dispute resolution, and other services.
Project portfolio management
The management and selection of Ps that support an organization’s vision and mission. It is the balance of P priority, risk, reward, and return on investment. This is a senior management PROCESS.
Subprojects
A smaller P managed within a larger, parent P. Subps are often contracted work whose deliverable allows the larger project to progress.
1.Work performance data
Raw data, observations, and measurements about project components. Work performance data is gathered and stored in the project management information system.
2.Work performance information
Work performance information is the processed and analyzed data that will help the project manager make project decisions.
- Work performance reports
Work performance reports is the formatted communication of work performance information. Work performance reports communicate what’s happening in the project through status reports, memos, dashboards, or other modalities.
