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Project Management Essentials

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Project

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A project is a temporary endeavor with a start and end date that is undertaken to create a unique product, service, or result.

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Project Management

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Project management is the application of processes, methods, skills, knowledge, and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.

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Project Lifecycle

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The project lifecycle describes the stages that a project goes through from initiation to completion, typically including initiation, planning, execution, monitoring & controlling, and closing.

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Scope Management

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Scope management involves the processes required to ensure that a project includes all the work required, and only the work required, to complete the project successfully.

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Work Breakdown Structure (WBS)

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A WBS is a hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.

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Gantt Chart

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A Gantt chart is a type of bar chart that represents a project schedule and shows the relationship between activities and the current schedule status.

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Critical Path Method (CPM)

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The CPM is a step-by-step project management technique to identify activities on the critical path, which is the longest stretch of dependent activities and therefore the shortest time within which a project can be completed.

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Program

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A program is a group of related projects managed in a coordinated manner to obtain benefits not available from managing them individually.

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Portfolio Management

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Portfolio management is the selection, prioritization, and control of an organization’s projects and programs in line with its strategic objectives and capacity to deliver.

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Stakeholder

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A stakeholder is any individual, group, or organization that can affect, be affected by, or perceive itself to be affected by a program or project.

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Risk Management

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Risk management entails the systematic process of identifying, analyzing, and responding to project risks to maximize the probabilities and consequences of positive events and to minimize the probabilities and consequences of adverse events.

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Quality Management

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Quality management is the act of overseeing all activities and tasks that must be accomplished to maintain a desired level of excellence, which includes the determination of a quality policy, creating and implementing quality planning and assurance, and quality control.

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Resource Management

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Resource management is the efficient and effective deployment and allocation of an organization’s resources when they are needed. Resources can be human, financial, technological, or natural.

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Communications Management

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Communications management is the systematic planning, implementing, monitoring, and revision of all the channels of communication within an organization, and between organizations; it also includes the organization and dissemination of new communication directives.

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Budgeting

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Budgeting is the process of creating a plan to spend your money which involves estimating the expenditure and revenues of a project.

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Sponsor

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A project sponsor is the person or group who provides resources and support for the project, program or portfolio and is accountable for enabling success.

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Change Management

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Change management refers to a systematic approach to dealing with the transition or transformation of an organization's goals, processes, or technologies. The purpose is to implement strategies for effecting change, controlling change, and helping people to adapt to change.

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Procurement Management

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Procurement management is the process of planning, selecting, and acquiring goods or services from an external source for the project. It involves managing the procurement relationships, contract management, and changes to the procurement scope.

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Scope Creep

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Scope creep refers to the uncontrolled expansion to product or project scope without adjustments to time, cost, and resources.

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Earned Value Management (EVM)

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EVM is a project management technique for measuring project performance and progress in an objective manner, by combining measurements of the project management triangle: scope, schedule, and costs.

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Agile Methodology

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Agile methodology refers to a practice that promotes continuous iteration and collaboration of development and testing throughout the lifecycle of a project.

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Milestone

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A milestone is a significant point or event in a project, program, or portfolio. It often represents a significant achievement or a point where a decision must be made.

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Deliverable

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A deliverable is a tangible or intangible product or service produced as a result of a project that is intended to be delivered to a customer (either internal or external).

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Scheduling

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Scheduling is the process of arranging, controlling, and optimizing work and workloads in a production process or manufacturing process. In project management, scheduling involves planning the time durations for tasks.

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Critical Chain Project Management (CCPM)

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CCPM is a method of planning and managing projects that emphasize the resources required to execute project tasks. It is a modification of the critical path method that includes resource constraints.

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Float (Slack)

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In project management, float or slack is the amount of time that a task in a project network can be delayed without causing a delay to subsequent tasks (free float) or to the project completion date (total float).

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PERT Chart

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Program Evaluation and Review Technique (PERT) chart is a project management tool used to schedule, organize, and coordinate tasks within a project. PERT is a method to analyze the involved tasks in completing a given project.

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Baseline

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In project management, a baseline is the approved plan for a project, plus or minus approved changes. It is used to compare actual performance to determine if the project is behind or ahead of schedule.

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SWOT Analysis

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SWOT Analysis is a strategic planning technique used to help identify strengths, weaknesses, opportunities, and threats related to project planning and performance.

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Six Sigma

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Six Sigma is a set of techniques and tools for process improvement that seeks to improve the quality of output by identifying and removing the causes of defects and minimizing variability in manufacturing and business processes.

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