Commonly Confused Concepts Flashcards
Crashing vs Fast tracking
In Crashing, schedule is compressed by applying additional resources, working overtime, etc. Whereas in Fast tracking, activities which are usually performed in sequence are performed in parallel, to compress the schedule.
Code of Account vs Chart of Account
Code of Account is any numbering system used to uniquely identify each component of the WBS, whereas Chart of Account is any numbering system used to monitor project costs by category.
Project Schedule vs Schedule Baseline
Project Schedule is the “actual” schedule progress of the project whereas Schedule Baseline is the “planned and approved” version of the project schedule. Schedule variance is measured by comparing the (actual) Project Schedule with the Schedule Baseline.
Validate Scope vs Control Quality
Scope validation differs from quality control in that scope validation is primarily concerned with acceptance of the deliverables, while quality control is primarily concerned with correctness of the deliverables and meeting the quality requirements specified for the deliverables. Quality control is generally performed before scope validation but the two can be performed in parallel as well.
Work Performance Data (WPD) vs Work Performance Information (WPI)
WPD are the raw observations or measurements gathered as work on the project is carried out (e.g. percent completion, quality/technical performance measures, activity start/finish dates, no. of change requests/defects, actual costs/durations, etc.) WPD is processed and analyzed to generate WPI (e.g. status of deliverables/change requests, forecasts, EV measures - SV, CV, SPI, CPI, etc.).
Progressive Elaboration vs Rolling Wave Planning
Rolling Wave Planning is a form of Progressive Elaboration.
Progressive Elaboration vs Prototyping
Prototyping is a form of Progressive Elaboration.
Weighted Average (PERT) vs Simple Average Three-Point Estimating
Weighted Average (PERT) estimate uses Beta distribution whereas Simple Average uses Triangular distribution to calculate the duration or cost estimate. Weighted Average formula is, E = (O + 4M + P) / 6 and Simple Average formula is E = (O + M + P) / 3, where O is the Optimistic, M is the Most Likely and P is the Pessimistic estimate.
Total Float vs Free Float
Total Float is the amount of time an activity can be delayed without delaying the project, whereas Free Float is the amount of time an activity can be delayed without delaying any successor activity.
Duration vs Effort
Duration is the number of work periods (not including holidays or other non-working periods) required to complete an activity, whereas Effort is the number of labor units required to complete an activity. Duration is expressed as work days, work weeks, etc., whereas Effort is expressed as man hours, man days, man weeks, etc.
Duration vs Elapsed Time
Duration is the number of work periods (not including holidays or other non-working periods) required to complete an activity, whereas Elapsed Time includes holidays and non-working periods also. Both are expressed as work days, work weeks, etc.
Project Team vs Project Management Team
A Project Team is comprised of the project manager, project management team, and other team members. Project Management Team includes a subset of Project Team members who are directly involved in project management activities.
Padding vs Buffer (or Reserve)
Padding is the amount of unreasonable extra time added to the estimate, just to feel confident with the estimate. Buffer is the extra time added to the estimate to account for uncertainty or risk. Buffer is clearly identified in schedule documentation whereas padding is hidden.
Lead vs Lag
Lead is the acceleration of a successor activity, whereas Lag is the delay of a successor activity.
Code of Account vs Control Account
Code of Account is any numbering system used to uniquely identify each component of the WBS. Control Account is a management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement. Control Accounts are strategically placed at various points on the WBS.
Control Account vs Work Package
Control Account is a management control point in the WBS where Earned Value measurements take place. Work package is a unit of work or deliverable at the lowest level of each branch on the WBS. A Control Account may contain multiple Work Packages, but a Work Package can only be associated to one Control Account.
Planning Package vs Control Account
Planning Package is a logical group of work within a Control Account that is identified and budgeted in early planning, but is not yet sub-divided into Work Packages. Control Account is a management control point in the WBS where Earned Value measurements take place. The Planning Package is below the Control Account, but above the Work Packages in the WBS.
Planning Package vs Work Package
Planning Package is a logical group of work within a Control Account that is identified and budgeted in early planning, but is not yet sub-divided into Work Packages. Work Package is a unit of work at the lowest level of each branch of the WBS. The Planning Package is below the Control Account, but above the Work Packages in the WBS.
Contingency Reserve vs Management Reserve
Contingency Reserve accounts for “known-unknowns” or simply “knowns”. It covers the “residual risks” on the project. Management Reserve accounts for “unknown-unknowns” or simply “unknowns”.
Manage Quality vs Control Quality
Manage Quality checks whether quality standards are being followed, whereas Control Quality checks whether quality standards are being met. Audits and root cause analysis are examples of Manage Quality. Peer reviews and testing are examples of Control Quality. In Manage Quality think about “process”, and in Control Quality think about “deliverables”.
Quality vs Grade
Quality is the degree to which a deliverable meets the requirements. Grade is a category assigned to a product or a service that has the same functional use but different technical characteristics. For example, a software application may be of good quality (no defects, good performance, etc.), but low grade (limited features). Low grade may not be a problem, but low quality is almost always a problem.
Product Quality vs Project Quality
Product Quality focuses on the quality of the “product” of the project. It is measured in terms of the degree to which the product conforms to customer’s requirements. Whereas, Project Quality focuses on the quality of “project management processes”. It is measured in terms of the degree to which the project meets its objectives (scope, time, cost, customer satisfaction, etc.).
Product Scope vs Project Scope
Product Scope refers to requirements that specifically relate to the “product” of the Project. Project Scope is all the “work” that goes in to producing the project deliverables (products, services or results).
Requirements vs Product Scope
Requirements are “what” the customer needs. Requirements can be of many types. For example, product related requirements, performance requirements, quality requirements, project management requirements, etc. Whereas, Product Scope refers to requirements that specifically relate to the “product” of the project.
Precision vs Accuracy
Precision means that values have very little scatter (very close to each other). Accuracy means that values are very close to the true value. Precise values may not be accurate and vice versa. E.g., if your office starts at 8 am and you reach at 8:30 am sharp every day, you are precise, but not accurate. Whereas, if you reach between 7:45-8:15 am every day, you are more accurate, but less precise.
Verified Deliverable vs Accepted Deliverable
Verified deliverables are the deliverables that have been checked for correctness by the Control Quality process. They are an input to Validate Scope process. Accepted Deliverables are the deliverables that meet the acceptance criteria and have been formally signed off by the customer through the Validate Scope process.
Estimate vs Budget
Estimate is a quantitative assessment of the likely amount or outcome. It is usually applied to project costs, resources, effort, and durations. An “approved” cost estimate for a project or a work component is known as Budget.
Estimate At Completion (EAC) vs Estimate to Complete (ETC)
EAC is the expected total cost of the project or work component, whereas ETC is the expected cost of the “remaining” work. Note that both are “forecasts”.
Internal Failure vs External Failure
Internal Failure is the failure found by the project and External Failure is the failure found by the customer.
Specification Limits vs Control Limits
Specification Limits are set by the customers, whereas Control Limits are set by the project manager and appropriate stakeholders based on the organization’s quality standards. Control Limits are usually stricter than and within the Specification Limits.
Prevention vs Inspection
Prevention keeps errors out of the process, whereas Inspection keeps errors out of the hands of the customer.
Attribute Sampling vs Variable Sampling
In Attribute Sampling, data is in the “attribute” form, and the result either conforms or does not conform. In Variable Sampling, data is in the “variable” form, and the result is rated on a continuous scale that measures the degree of conformity. For example, whether a car starts in first attempt or not is Attribute Data, but the mileage of the car per liter of gasoline is Variable Data.
Tolerance vs Control Limits
Tolerances are used to determine whether individual components are acceptable, whereas Control Limits are used to control the process. Control Limits usually fall within Tolerance Limits.
Common Cause vs Special Cause
Common Cause is a source of variation that is inherent in the system and predictable, whereas Special Cause is not inherent in the system, and is unpredictable and intermittent. On a control chart, Common Cause appears as random data points within the control limits, whereas Special Cause appears as data points outside the control limits or non-random points within the control limits.
Histogram vs Pareto Diagram
A Pareto Diagram is a specific type of Histogram, ordered by frequency of occurrence. It shows how many defects were generated by type or category of the identified cause, and helps the project team focus on the causes creating the greatest number of defects.
Quality Audit vs Inspection
Quality Audit is a structured review of the project to determine whether it’s complying with policies, processes and procedures. Inspection is the process to check whether deliverables conform to standards. Audit is a QA function, whereas Inspection is a QC function. Audit is not just about finding problems, but also good practices of the project. Inspection is mostly for finding problems.
Responsibility Assignment Matrix (RAM) vs Responsible, Accountable, Consult, And Inform (RACI)
The RACI is just one type of RAM.
Authority vs Responsibility
Authority is the “right” to do something, whereas Responsibility is the “obligation” to do something.
Responsibility vs Accountability
Responsibility is the “obligation” to do something. Whereas, Accountability is the acceptance of success and failure. Responsibility can be delegated to some extent, but Accountability cannot.
Team Performance Assessments vs Project Performance Appraisals
Team Performance Assessments are the assessments of the entire team’s performance. They are measured in terms such as on-time, on-budget, etc. Project Performance Appraisals are the appraisals of individual project team members’ performance.
Tool vs Technique
A Tool is something tangible, like a template or a software program, that is used to perform an activity to produce a deliverable. Technique is a procedure performed by a human to perform an activity to produce a deliverable. A Technique may employ many Tools.
Residual Risks vs Secondary Risks
The risks that remain after risk responses have been implemented are called Residual Risks. New risks that emerge as a result of applying risk response strategies are called Secondary Risks.
Threat vs Opportunity
Threat (or negative risk) is a risk of a loss, whereas Opportunity (or positive risk) is a risk of a gain.
Avoid vs Mitigate
Avoid is to eliminate the threat entirely, whereas Mitigate is to reduce the probability of occurrence or the impact of the threat.
Exploit vs Enhance
Exploit is to ensure that the opportunity definitely happens, whereas Enhance is to increase the probability of occurrence or the impact of the opportunity.
Risk Tolerance vs Risk Threshold
Risk Tolerances are the areas of risk that are either acceptable or unacceptable. For example, “we’ll not accept any risk to employees’ safety”. Risk Threshold is the point at which a risk moves from being acceptable to unacceptable. For example, “if the price of raw materials increases beyond 10%, we must employ the contingency plans for this risk”.
Configuration Control vs Change Control
Configuration Control is the activity of managing the specifications of project’s deliverables and processes throughout the lifecycle of the project. Change Control is the process of managing changes to the project’s documents, deliverables, and baselines (scope, schedule, cost, etc.).
Logical Relationship vs Precedence Relationship
A Logical Relationship is a dependency between two schedule activities or a schedule activity and a schedule milestone. In Precedence Diagramming Method (PDM), a Logical Relationship is called a Precedence Relationship.
Master Schedule vs Milestone Schedule
A Master Schedule is a high level schedule that identifies the key deliverables and key milestones. A Milestone Schedule is a high level schedule that only identifies key milestones. So, Milestone Schedule can be considered as a subset of Master Schedule.
Planned Value vs Earned Value
Planned Value is the estimated (monetary) value of the work “planned” to be done, whereas Earned Value is the estimated (monetary) value of the work “actually” done.
Earned Value vs Actual Cost
Earned Value is the “estimated” (monetary) value of the work actually done, whereas Actual Cost is the “actual” cost incurred for the work done.
Schedule Model vs Project Schedule
Scheduling tool populated with project schedule data (e.g. activities, resources, duration estimates, etc.) is known as a Schedule Model. Assigning calendar dates to the Schedule Model results in the Project Schedule. In simple terms, Project Schedule = Schedule Model + Calendar Dates.
Cost Plus Fixed Fee (CPFF) contract vs Cost Plus Incentive Fee (CPIF) contract
In both these contracts, the seller is reimbursed for the allowable costs of project work. However, in CPFF, the seller fee is fixed and is not tied to the seller’s performance, whereas in CPIF, the seller fee is tied to the seller’s performance.
Cost Plus Incentive Fee (CPIF) contract vs Cost Plus Award Fee (CPAF) contract
In CPIF, the criteria for determining seller fee is defined in objective terms, whereas in CPAF, the criteria is subjective.
Single Source vs Sole Source
In Single Source procurement, the buyer decides to award the contract to a preferred seller (even though there may be other sellers in the market), without going through the procurement process. In Sole Source procurement, there is only one seller in the market for the item to be procured.
Change Control System vs Contract Change Control System
Change Control System is used to manage the changes to the project documents, deliverables, and baselines (scope, schedule, cost, etc.). Contract Change Control System is used to manage changes to the contracts on the project, and is integrated with the project’s integrated change control system.
Business Need vs Business Case
Business Need is the “trigger” for a project. Business Case is the “justification” for a project. Business need is usually a part of the business case for the project.
Feasibility Study vs Cost-Benefit Analysis
Feasibility Study is about “can we do it?”, whereas Cost-Benefit Analysis is about “should we do it?”
Corrective Action vs Defect Repair
Corrective Action is taken to bring the project performance (in terms of scope, schedule, cost, quality, etc.) in line with the baselines. Defect Repair is undertaken to fix a “flaw” (or deficiency) in the project’s deliverables.
Responsibility vs Role
Responsibility is the duty to take ownership of one’s actions and the consequences of those actions. Role is a function that a person is assigned to perform. Example, project manager’s “role” is to manage the project and achieve its objectives, and it’s the project manager’s “responsibility” to ensure project success.
Resource Loading vs Resource Leveling
Resource Loading is to allocate work to project resources. Resource Leveling is the technique to produce a resource-limited schedule. For example, if the project requires 3 resources in May, 10 in June and 2 in July, but a maximum of only 4 resources are available, then resource leveling may be used to stretch out the project to work with 4 resources (May - 3; June - 4; July - 4; Aug - 4).
Variance Analysis vs Value Analysis
Variance Analysis is a project management technique to assess the magnitude of variance (in scope, time, cost, quality, etc.) from the baseline and determine whether corrective or preventive action is required. Value analysis is a product analysis technique to perform the same work at lesser cost.
Qualitative Risk Analysis vs Quantitative Risk Analysis
Qualitative risk analysis is the process of short-listing top priority risks on the project. Quantitative risk analysis is the process of numerically analyzing the impact of top priority risks, identified through the qualitative risk analysis process, on the project objectives. Qualitative analysis is faster and more cost-effective than quantitative analysis. Former must be done on all projects, but latter is optional.
Statement of Work (SOW) vs Project Scope Statement
SOW is the description of products, services or results to be supplied. Project Scope Statement is the description of project scope i.e. all the “work” that must be done to produce the products, services or results.
Corrective Action vs Preventive Action
Corrective Action is undertaken “after” a problem (or risk) has occurred, whereas Preventive Action is undertaken to reduce the probability and/or impact of a problem (or risk) “before” it occurs. Former is reactive, whereas latter is proactive.
Project Cost Baseline vs Project Cost Budget
Project Cost Baseline = Project Cost Estimates + Contingency Reserves
Project Cost Budget = Project Cost Baseline + Management Reserves
Verification vs Validation
Verification checks whether the product was built right. Validation checks whether the right product was built. Verification is usually an internal process, whereas Validation is external. Verification usually takes place before Validation.
Mandatory Dependency vs Discretionary Dependency
Mandatory dependencies are those that are contractually required or inherent in the nature of the work. Example, foundation needs to be laid before the building can be constructed. Discretionary dependencies are established based on knowledge of best practices within a particular application area. Example, construction work should wait until the rainy season is over.
Manage Team vs Develop Team
Manage Team process is about managing the performance of individual team members, whereas Develop Team is about the performance of the “team” as a unit.
Project Requirements vs Product Requirements
Project requirements are related to the work that goes into producing the deliverables of the project. For example, the project should be completed by Dec 31, 2014. Whereas, Product requirements are concerned with the actual product or deliverable of the project. For example, the building structure should be able to withstand earthquakes of magnitude up to 7.5 on Richter scale.
Direct Costs vs Indirect Costs
Direct costs are costs that can be directly attributed to a specific project, e.g. labor, raw materials, and equipment rental costs. Direct costs are included in the project budget. Indirect costs are costs that cannot be directly attributed to a specific project, e.g. management, general administration, rental and utility costs. Indirect costs may or may not be included in the project budget.
Known Unknowns vs Unknown Unknowns
Known Unknowns are things we know that we don’t know, whereas Unknown Unknowns are things we don’t even know that we don’t know. From risk management perspective, former are risks that are identified during risk management and mitigated using Contingency reserves. Latter are risks that are not even identified during risk management, and managed using Management Reserves.
Weighting System vs Screening System
Weighting systems are used to rank sellers according to the score assigned to them based on various criteria. Screening systems are used to shortlist sellers, i.e. eliminate those who do not meet certain minimum requirements.
Scope Creep vs Gold Plating
Scope Creep is adding features and functionality (project scope) without addressing the effects on time, costs, and resources, or without customer approval. Whereas, Gold Plating is giving customer extras like extra functionality, high quality, better performance than what is part of the project requirements. Gold Plating need not be only in terms of Scope.
Project Management System vs Project Management Information System
All the processes, tools, techniques, methodologies, resources, and procedures to manage a project are collectively known as Project Management System. Project Management Information System is an information system (consisting of the tools and techniques) used to manage the outputs of project management processes.
Resource Leveling vs Resource Smoothing
Resource Leveling is performed to balance the demand and supply of resources. Resource Smoothing is performed to achieve a more uniform resource utilization over a period of time. Resource Leveling may change the critical path, but Resource Smoothing does not.
Data vs Information
Data is raw, unorganized facts that need to be processed. Data can be something simple and seemingly random and useless until it is organized. When Data is processed, organized, structured or presented in a given context so as to make it useful, it is called Information.
Compliance vs Conformance
Compliance is the act of complying with a rule, standard, law, or requirement such that the result is either compliant or non-compliant. Conformance is delivering results that fall within an acceptable range.
Explicit Knowledge vs Tacit Knowledge
Explicit knowledge is knowledge that can be documented using words, pictures, and numbers. Tacit knowledge is knowledge that is personal and difficult to express, such as beliefs, insights, experience, and “know-how”. Explicit knowledge is easy to share but lacks context and not easy to understand and apply. Tacit knowledge has context and easier to understand and apply.
Risk Audits vs Risk Reviews
Risk Audits are used to assess the effectiveness of the risk management process. Risk Reviews are meetings to examine and document the effectiveness of risk responses.
Risk Register vs Risk Report
Risk Register is a document that captures details of individual project risks. Risk Report is a document that summarizes information on individual project risks and the level of overall project risk.
Brainstorming vs Brain Writing
Brainstorming is a general data-gathering and creativity technique that elicits input from groups such as team members or subject matter experts. Brain Writing is a refinement of brainstorming that allows individual participants time to consider the question(s) individually before the group creativity session is held.
Procurement Statement of Work (SOW) vs Terms of Reference (TOR)
Procurement SOW is a description of the procurement item in sufficient detail to allow prospective sellers to determine if they are capable of providing the products, services, or results. It includes specifications, quantity desired, quality levels, performance data, period of performance, work location, etc. Terms of Reference (TOR) is similar to SOW, but used when contracting for services.
Iterative vs Incremental Life Cycles
Iterative - deliver the product as a whole and add features later. Incremental - deliver the product in pieces, but each piece is fully featured.
Earned Value Management (EVM) vs Earned Schedule (ES)?
ES It is an extension to the theory and practice of EVM. EVM measures performance in terms of cost, whereas ES measures it in terms of time. ES replaces EVM’s Schedule Variance and Schedule Performance Index formulas and provides the schedule variance is terms of time instead of cost. ES also provides formulas for forecasting the project completion date.
Manage Quality vs Quality Assurance
Quality Assurance is about using project processes effectively. Manage Quality includes all the quality assurance activities, and is also concerned with the product design aspects and process improvements. In other words, Quality Assurance is a subset of Manage Quality.
Communication vs Communications
The term “communication” indicates the act of communicating, such as facilitating a meeting, giving information and active listening. The term “communications” indicates the artifacts of communication, such as memos, presentations, and emails.
Resource Histogram vs Resource Calendar
The Resource Histogram shows when resources are “needed” for the project, and the Resource Calendar shows when the resources are “available” for the project.
Benefits vs Value
Benefits are gains realized by an organization or beneficiaries through portfolio, program, or project outputs and resulting outcomes. On the other hand, ‘value’ is the net result - tangible or intangible - of realized benefits less the cost of or effort for achieving those benefits.
Burndown Chart vs Burnup Chart
A Burndown Chart tracks how much work remains on your project and whether the deadline will be met. A Burnup Chart tracks how much work is done. It shows more information than a Burndown Chart because it also has a line showing how much work is in the project as whole and allows progress to be tracked independently of scope changes.
Business Case vs Business Value
Business Case is the justification for doing a project, whereas Business Value is the tangible or intangible benefits from project investment.
In group decision-making, what’s the difference between majority and plurality?
In Majority, the option that receives more than 50% votes is selected. In Plurality, the option that receives the highest number of votes is selected.
What is the fundamental difference between PERT and CPM?
PERT estimates the activity durations based on probability, whereas CPM assumes that the activity durations are fixed.
What is the fundamental difference between Accountability and Responsibility when it comes to delegation?
Responsibility can be delegated, but Accountability cannot be.
What is the relationship between Accountability, Authority and Responsibility?
With Authority and Responsibility comes Accountability. Accountability = Authority + Responsibility
In a basic communication model, what is the difference between Acknowledgement and Response?
Acknowledgement means that the receiver has received the message, whereas Response means that receiver has decoded, understands and is replying to the message.
What is the difference between Business Risks and Pure Risks?
Business Risks provide an opportunity of profit or loss, whereas Pure (or Insurable) Risks only provide a chance for a loss.
Minimum Viable Product (MVP) vs Minimum Marketable Feature (MMF)
Minimum Viable Product (MVP) is a version of a product that has just enough features to be usable by early customers who can then provide feedback for future product development. Minimum Marketable Feature (MMF) is a small, self-contained feature that can be developed quickly and delivers significant value to the user. MMF is about delivering value to customers, whereas MVP is about learning more about the ultimate product. An MVP can contain zero, one or more MMFs.
Definition of Done (DoD) vs Definition of Ready (DoR)
Definition of Done (DoD) is a team’s checklist of all the criteria required to be met so that a deliverable can be considered ready for customer use, whereas, Definition of Ready (DoR) is a team’s checklist for a user-centric requirement that has all the information the team needs to be able to begin working on it.
Vision vs Mission
A vision statement is usually aspirational in nature and describes how the project aligns with the stakeholder and organization goals. The mission statement defines the overall purpose of the project.
Earned Value Management (EVM) vs Expected Monetary Value (EMV)
EVM is a “project management technique” that integrates scope, schedule and cost to measure project performance and progress in an objective manner. EMV is a “statistical technique” that calculates the profit or loss of an outcome (e.g. a project) based on different scenarios, by taking into consideration the probability of occurrence and the expected profit or loss from each scenario.
Result vs Deliverable
A Result is an output of a process or an activity. It could be an outcome (e.g. a business process, an upgraded system, a research study, a trained resource, etc.) or a document (e.g. a new policy document, a training plan, a research report, etc.). A Deliverable is any tangible output produced by the project. It could be a product, service or result. Result is a type of Deliverable.
Product vs Deliverable
A Product is an end item or a component of the end item produced by a project (e.g. a building, a software application, etc.). A Deliverable is any tangible output produced by the project. It could be a product, service or result. Product is a type of Deliverable.
Product vs Result
A Product is an end item or a component of the end item produced by a project (e.g. a building, a software application, etc.). A Result could be an outcome (e.g. a business process, an upgraded system, a research study, trained resources, etc.) or a document (e.g. a new policy document, a training plan, a research report, etc.). Both Product and Result are considered deliverables of the project.
Project Life Cycle vs Product Life Cycle
A Project Life Cycle is a series of phases from concept to closure through which a project passes through. A Product Life Cycle is a series of phases from concept to end of life (or disposal) through which a product passes through. A product life cycle may contain one or more project life cycles.
Iterative and Incremental Life Cycles vs Adaptive Life Cycles
Adaptive Life Cycles are also iterative and incremental, but differ in that iterations are very rapid (usually with a duration of 2 to 4 weeks) and are fixed in time and cost. In Iterative and Incremental projects, the iterations may overlap, but in Adaptive projects, the iterations are usually performed in sequence, and do not overlap.
Manage Stakeholder Engagement vs Monitor Stakeholder Engagement
Manage Stakeholder Engagement is about communicating and working with stakeholders i.e. implementing the strategies defined in the Stakeholder Engagement Plan. Monitor Stakeholder Engagement is about monitoring the relationship with stakeholders i.e. evaluating the effectiveness of the Stakeholder Engagement Plan and adjusting the strategies and plans for engaging stakeholders.
Manage Communications vs Monitor Communications
Manage Communications is the process of creating, collecting, distributing, storing, retrieving, and disposition of project information i.e. implementing the Communications Management Plan. Monitor Communications is about monitoring and controlling communications i.e. evaluating the effectiveness of the Communications Management Plan and adjusting it.
What is the difference between NPV and ROI?
NPV measures the cash flow of an investment, whereas, ROI measures the efficiency of an investment. NPV is expressed in currency value, whereas ROI is a ratio or percentage.
Management vs Leadership
Management is more closely associated with directing another person to get from one point to another using a known set of expected behaviors. In contrast, leadership involves working with others through discussion or debate in order to guide them from one point to another.
