Project Management Fundamental Terms Flashcards
application areas
The area of expertise, industry, or function where q Project is centered
Business value
A quantifiable return of investment, that can be tangible of intangible
Deliverable
A product, service, or result created by a 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.
Iron Triangle of Project Management
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.
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 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 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.
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.
