Terminology Flashcards
Due diligence
A risk based decision and plant exercise , designed to enable you to decide if you should proceed with a project and if so, how to do so in a way that enables you to manage social, economic , environmental risks.
Program plan
Is the outline of events and activities that your members follow to reach the goals of the organization. A successful program plan provides detail and shows how each activity supports your organization’s mission.
Critical path activities
-The sequence of tasks in a project that determine the overall duration of the project.
- Critical path activities have zero slack or float meaning any delay will directly impact the project’s completion date.
Mitigation plan
Is a strategic document developed in project management to identify , assess and address risks that may potentially impact the successful completion of a project.
Key components include:
- Risk identification
- Risk assessment
-Mitigation strategies
- Responsible parties
- Timeline
- Monitoring and review
Risk log
Also known as a risk register or risk management log, is a document used in project management to record and track potential risks that may impact the successful completion of a project .
Details description of each risk , potential impact , likelihood of occurrence, mitigation strategies, responsible parties and current status
It allows project managers to effectively allocate resources , respond quickly to any threats
Decision log
Also known as a decision register or decision tracking log , is a document used to record and track key decisions in the project lifecycle.
- documenting the rationale behind each decision, individuals involved and any associated actions or follow-ups.
- it ensures transparency, accountability and alignment among stakeholders.
Project plan
A detailed project plan is a comprehensive roadmap that outlines every aspect of a construction project project from initiation to completion.
