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Project Management Basics
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Budget
An estimate of income and expenditure for a set period of time.
Kickoff Meeting
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.
Agile Project Management
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.
Project Schedule
The planned dates for performing tasks and meeting goals that are defined during the project planning phase.
Change Request
A formal proposal to modify any document, deliverable, or baseline.
Earned Value Management (EVM)
A project management technique for measuring project performance and progress in an objective manner.
Feasibility Study
An assessment of the practicality of a proposed plan or project.
Work Breakdown Structure (WBS)
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.
Critical Chain Project Management (CCPM)
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.
Baseline
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.
Procurement Management
The process of planning, selecting, and managing resources or services from external organizations.
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives.
Resource Leveling
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.
Change Management
A systematic approach to dealing with change, both from the perspective of an organization and the individual.
Milestone
A significant point or event in a project, program, or portfolio.
SWOT Analysis
A strategic planning technique used to help identify strengths, weaknesses, opportunities, and threats related to project planning.
Project Management
The application of processes, methods, skills, knowledge, and experience to achieve specific project objectives according to the project acceptance criteria within agreed parameters.
Scrum
An Agile process framework for managing complex knowledge work, with an initial emphasis on software development, although it has been used in other fields.
Resource Breakdown Structure (RBS)
A hierarchical representation of resources by category and type.
Scope
The sum of all products, services, and results to be delivered through a project.
PERT Chart
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.
RAID Log
A project management tool that tracks Risks, Assumptions, Issues, and Dependencies.
Project Lifecycle
The series of phases that a project passes through from its initiation to its closure.
Stakeholder Management
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.
Risk Management
The process of identifying, analyzing, and responding to risk factors throughout the life of a project and in the best interests of its objectives.
Cost Management
The process of planning and controlling the budget of a project or business.
Issue
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.
Resource Allocation
The process of assigning and scheduling available resources in an efficient and effective manner.
Communications Management
The systematic process of ensuring timely and appropriate generation, collection, distribution, storage, retrieval, and the ultimate disposition of project information.
Project Portfolio Management (PPM)
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.
Project Charter
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.
Stakeholder
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.
Gantt Chart
A bar chart that represents a project schedule displaying the start and finish dates of the elements of a project.
Critical Path Method (CPM)
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.
Triple Constraint
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.
Sponsor
An individual or group who provides resources and support for the project, program, or portfolio, and is accountable for enabling success.
Project Scope Statement
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.
Deliverable
Any unique and verifiable product, result, or capability to perform a service that must be produced to complete a process, phase, or project.
Program
A group of related projects, subsidiary programs, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.
Quality Management
The act of overseeing all activities and tasks needed to maintain a desired level of excellence.
Project
A temporary endeavor undertaken to create a unique product, service, or result.
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