Ch 1 Flashcards
Work Performance Reports
The formatted communication of work performance information. Reports communicate what’s happening in the project through status reports, memos, dashboards or other modalities
Work Performance Information
The processed and analyzed data that will help the project manager make project decisions
Work Performance Data
Raw data, observations and measurements about project components. Gathered and stored int he project management information system.
Triple Constraints of Project Mangement
AKA Iron Triangle - This theory poses that time, cost and scope are 3 constraints that every project has
Subprojects
A smaller project managed within a larger, parent project. Are often contracted work whose deliverable allows the larger project to progress
Project Portfolio Management
(a senior management process)
The management and selection of projects that support an organization’s vision and mission. It’s the balance of project priority, risk, reward, and return on investment.
Project Management Office (PMO)
A central office that oversees all projects within an organization or within a functional department. Supports the project manager through software, training, templates, polices, communication, dispute resolution and other services.
Project Lifecycle
The phases that make up the project. Project lifecycles are unique to the type of work being performed and are not universal to all projects.
Project Environment
The location and culture of the environment where the project will reside. the project environment includes the social, economic, and environmental variables the project must work with or around.
Project Business case
Created and maintained by the the project sponsor and shows the financial validity of why a project is chartered and launched within the organization. Typically, the project business case is created before the launch of the project and may be used as a go/no-go decision point.
Project benefits management plan
A document created and maintained by the project sponsor and the project manager. The project benefits management plan defines what benefits the project will create, when the benefits will be realized and how the benefits with be measured.
Project
A temporary endeavor to create a unique product, service or result. the end result of a project is also called a deliverable.
Application Areas
The areas of expertise, industry, or function where a project is centered, Examples: architecture, IT, healthcare 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.
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, education, ethical, religious demographic and ethnic composition of the people affected by the project.