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.
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 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.
5Process 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 informationgathering 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 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 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.
