Chapter 1 (Fundamental Terms) Flashcards
A Guide to the Project Management
Body of Knowledge (PMBOK Guide)
The PMI publication that defines widely
accepted project management practices.
The CAPM and the PMP exam are based
on this book.
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 Project Management
A triangle with the characteristics of time,
cost, and scope. Time, cost, and scope
each constitute one side of the triangle; if
any side of the Iron Triangle is not in
balance with the other sides, the project
will suffer. The Iron Triangle of Project
Management is also known as the Triple
Constraints of Project Management, 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 project
management. There are five process
groups and 49 project management
processes. The five process groups are
Initiating, Planning, Executing, Monitoring
and Controlling, and Closing.
Program
A collection of related projects working in
unison toward a common deliverable.
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
Created and maintained by the project sponsor and the project manager. Defines: -What benefits the project will create -When the benefits will be realized -How the benefits will be measured.
Project business case
Created and maintained by 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 environment
The location and culture of the environment where the project work will reside. The project environment includes the social, economic, and environmental variables the project must work with or around.
Project Management Institute (PMI)
An organization of project management
professionals from around the world,
supporting and promoting the careers,
values, and concerns of project managers.
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 project manager through software, training, templates, policies, communication, dispute resolution, and other services.
Project Management Professional (PMP)
A person who has proven project
management experience and has qualified
for and then passed the PMP
examination.
Project portfolio management
The management and selection of
projects that support an organization’s
vision and mission. It is the balance of
project priority, risk, reward, and return on
investment. This is a senior management
process.
Subprojects
A smaller project managed within a larger,
parent project. Subprojects are often
contracted work whose deliverable allows
the larger project to progress.
Triple Constraints of Project Management
Also known as the Iron Triangle. This
theory posits that time, cost, and scope
are three constraints that every project
has.
Work performance data
Raw data, observations, and measurements about project components. Work performance data is gathered and stored in the project management information system.
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.
