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Project Management and PERT/CPM

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Scope Creep

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Refers to uncontrolled changes or continuous growth in a project's scope, at any point after the project begins.

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Gantt Chart

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A type of bar chart that illustrates a project schedule, showing the start and finish dates of the elemental tasks of the project.

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Monte Carlo Simulation

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A computerized mathematical technique that allows people to account for risk in quantitative analysis and decision making.

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Resource Leveling

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A technique in project management that attempts to minimize the fluctuation of resource allocation and ensure that they are utilized efficiently.

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Stakeholder Analysis

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A process of systematically gathering and analyzing qualitative information to determine whose interests should be considered throughout the project.

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Crashing

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A technique used to shorten the schedule duration for the least incremental cost by adding resources to critical path tasks.

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Critical Path

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The sequence of stages determining the minimum time needed for an operation, especially when analyzed on a computer for a large organization.

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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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Agile Project Management

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An iterative approach to planning and guiding project processes that implements the values and principles of the Agile manifesto.

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PERT

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Stands for Program Evaluation and Review Technique, a statistical tool used in project management designed to analyze and represent the tasks involved in completing a project.

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CPM

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Stands for Critical Path Method, a step-by-step project management technique for process planning that defines critical and non-critical tasks.

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Slack Time

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

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Fast Tracking

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A technique where activities that are normally done in sequence are performed in parallel to reduce the time taken to complete a project.

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Risk Management Plan

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A document that a project manager prepares to foresee risks, estimate impacts, and define responses to issues.

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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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