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Project Management Basics

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Project

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A temporary endeavor undertaken to create a unique product, service, or result.

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Project Management

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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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Stakeholder

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An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.

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Scope

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The sum of all products, services, and results to be delivered through a project.

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Work Breakdown Structure (WBS)

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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 bar chart that represents a project schedule displaying the start and finish dates of the elements of a project.

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Critical Path Method (CPM)

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A step-by-step project management technique for process planning that defines critical and non-critical tasks with the goal of preventing timeframe problems and process bottlenecks.

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Risk Management

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The process of identifying, analyzing, and responding to risk factors throughout the life of a project and in the best interests of its objectives.

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Earned Value Management (EVM)

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A project management technique for measuring project performance and progress in an objective manner.

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Agile Project Management

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An iterative approach to delivering a project throughout its life cycle that is characterized by the division of tasks into short phases of work and frequent reassessment and adaptation of plans.

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Scrum

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An Agile process framework for managing complex knowledge work, with an initial emphasis on software development, although it has been used in other fields.

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Resource Leveling

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A technique in project management that seeks to minimize fluctuations in resource allocation and smooth out the resource usage by adjusting the start and finish dates of tasks.

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Critical Chain Project Management (CCPM)

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A method of planning and managing projects that emphasizes the resources required to execute project tasks and takes into account task dependencies and resource constraints.

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Program

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A group of related projects, subsidiary programs, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.

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Project Portfolio Management (PPM)

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The centralized management of one or more portfolios to achieve strategic objectives by selecting the right projects, assigning resources, and monitoring the overall performance and value contribution.

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Triple Constraint

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A model that asserts that the quality of work is constrained by the project's budget, deadlines (time), and scope (features), and changing one aspect will impact the others.

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Sponsor

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An individual 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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A systematic approach to dealing with change, both from the perspective of an organization and the individual.

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Project Lifecycle

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The series of phases that a project passes through from its initiation to its closure.

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Feasibility Study

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An assessment of the practicality of a proposed plan or project.

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Project Charter

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A document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

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PERT Chart

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Program Evaluation Review Technique (PERT) is a statistical tool used to model and analyze the tasks involved in completing a given project, especially the time needed to complete each task, and to identify the minimum time needed to complete the total project.

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Quality Management

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The act of overseeing all activities and tasks needed to maintain a desired level of excellence.

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Project Scope Statement

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Part of the project planning process and a key project document that outlines the project scope, including the work that needs to be completed to deliver a product, service, or result with the specified features and functions.

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Baseline

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An approved version of a work product that can be changed only through formal change control procedures and is used as a basis for comparison.

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Project Schedule

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The planned dates for performing tasks and meeting goals that are defined during the project planning phase.

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Resource Allocation

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The process of assigning and scheduling available resources in an efficient and effective manner.

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Procurement Management

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The process of planning, selecting, and managing resources or services from external organizations.

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Stakeholder Management

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The process of managing the expectations and the level of engagement of individuals, groups, or organizations who can either affect or be affected by the project.

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Communications Management

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The systematic process of ensuring timely and appropriate generation, collection, distribution, storage, retrieval, and the ultimate disposition of project information.

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Cost Management

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The process of planning and controlling the budget of a project or business.

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Milestone

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A significant point or event in a project, program, or portfolio.

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Deliverable

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Any unique and verifiable product, result, or capability to perform a service that must be produced to complete a process, phase, or project.

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Risk

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An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.

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Issue

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A point or matter in question or in dispute, or a point or matter that is not settled and is under discussion or over which there are opposing views or disagreements.

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Change Request

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A formal proposal to modify any document, deliverable, or baseline.

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Budget

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An estimate of income and expenditure for a set period of time.

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SWOT Analysis

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A strategic planning technique used to help identify strengths, weaknesses, opportunities, and threats related to project planning.

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Kickoff Meeting

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The first meeting with the project team and the client of the project to discuss the roles and responsibilities, establish project objectives, and build a common understanding.

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RAID Log

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A project management tool that tracks Risks, Assumptions, Issues, and Dependencies.

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Resource Breakdown Structure (RBS)

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A hierarchical representation of resources by category and type.

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