Project Management 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
udemy- 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.
pmbok-the benefit that the results of a specific project provide to its stakeholders.
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
Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.
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
Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.
Progressive elaboration
The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.
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
udemy- 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 will be measured.
pmbok- the documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project.
Project business case
udemy- 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.
pmbok- a documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.
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
udemy- 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.
pmbok- the series of phases that a project passes through from start to its completion.
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.
pmbok- the raw observations and measurements identified during activities performed to carry out project work.
Work performance information
Work performance information is the processed and analyzed data that will help
the project manager make project decisions.
pmbok- the performance data collected from various controlling process, analyzed in context and integrated based on relationships across areas
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
pmbok- the physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or awareness.
