Project Management Fundamental Terms Flashcards
PMBOK Guide
The PMI publication that defines widely accepted project management practices.
Application Areas
The areas of expertise, industry or function where a project is centered. Examples - architecture, IT, health care
Business Value
A quantifiable return on investment. They can be tangible (equipment, money or market share) or intangible (brand recognition, trademarks, and reputation)
Certified Associate in Project Management (CAPM)
A person who has slightly less Project Management experience than a PMP and has qualified for and passed the CAPM Exam
Cultural and Social Environment
Defines how a project affects people and how those people may affect the project
Deliverable
A product, service or result created by a project. (Projects can have multiple deliverables
General Management Skills
Include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, HR management, standards and regulations, and IT
International and Political Environment
The consideration of 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
Cost, Time and Scope. Also known as the Triple Constraints of Project Management. If any side of the triangle is not in balance with the other sides, the project will suffer. All projects are constrained by Cost, Time 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. 5 Process Groups are Initiating, Planning, Executing, Monitoring and Controlling, and Closing. There are 49 project management processes
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.
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 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 an organization.
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. Includes social, economic, and environmental variables the project must work with or around
PMI
An organization of project management professionals from around the world, supporting and promoting the careers, values and concerns of Project Managers
Project Life Cycles
The phases that make up the project. They are unique to the type of work being performed and are not universal to all projects
PMO (Project Management Office)
A central office that oversees all projects within an organization or within a functional department. Supports the PM through software, training, templates, policies, communication, dispute resolution and other services
PMP (Project Management Professional)
Person who has proven project management experience and has qualified for and passed the PMP exam
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. Senior Management Process
Subproject
A smaller project managed within a larger parent project. Often contracted work whose deliverable allows the larger project to progress
Triple Constraints of Project Management
Also known as the Iron Triangle. Time, Cost and Scope are 3 constraints that every project has
Work Performance Data
Raw date, observations and measurements about project components. Gathered and stored in the PMIS (Project Management Information System)
Work Performance Information
The processed and analyzed data that will help the project manager make project decisions
Work Performance Reports
The formatted communication of work performance information. Communicate what’s happening in the project through status reports, memos, dashboards or other modalities.
