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Project Management Key Terms – Part 6

Parametric estimating

An estimating technique that uses a statistical relationship between historical data and other variables such as square footage in construction, lines of code in software, to calculate an estimated four activity parameters, such as scope, cost, budget, and duration.

An example for the cost parameter is multiplying the planned quantity of work to be performed by the historical cost per unit to obtain the estimated cost

Pareto chart

This tool is a histogram, ordered by frequency of occurrence, that shows how many results were generated by each identified cause

Path convergence

The merging or joining of parallel schedule network paths into the same node in a project schedule network diagram.  Pass convergence is characterized by a schedule activity with more than one predecessor activity

Path divergence

Extending or generating parallel schedule network paths from the same noted in a project schedule network diagram.  Path divergence is characterized by a schedule activity with more than one successor activity

Percentage complete

The amount of work on a task that is already be accomplished, expressed as a percentage

Performance measurement baseline

And approved integrated schedule cost plan for the project work against which project execution is compared to measure and manage performance.  Technical and quality parameters may also be included

Performance reports

Documents and presentations that provide organized and summarized work performance information, earned value management parameters and calculations, and analyses of project work progress and status

Performing organization

The enterprise whose personnel are most directly involved in doing the work of the project

Planned value

The authorized budget assigned to the scheduled work to be accomplished for a schedule activity or work breakdown structure component.  Also referred to as the budgeted cost of work scheduled

PERT (program evaluation and review technique) chart

A standard project management chart that indicates workflow among project tasks.  Also called a network diagram

Predecessor

Interdependencies link, the task designated to occur before another task

Precedence diagramming method (PDM)

A schedule network diagramming technique in which schedule activities are represented by boxes or nodes.  Schedule activities are graphically linked by one or more logical relationships to show the sequence in which the activities are to be performed

Precedence relationship

The term used in the precedence diagramming method for a logical relationship.  In current usage, however, precedence relationship, logical relationship, and dependency are widely used interchangeably, regardless of the diagramming method used

Predecessor activity

The schedule activity that determines when the logical successor activity can begin or end

Preventative action

A documented direction to perform an activity that can reduce the probability of negative consequences associated with project risks

Portfolio

A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.  The projects and programmes of the portfolio may not necessarily the interdependent or directly related

Portfolio management

The centralized management of one or more portfolios, which includes identifying, prioritizing, or authorizing, managing, and controlling projects, programmes, and other related work to achieve specific strategic business objectives

Probability and impact matrix

This tool is a common way to determine whether a risk is considered low, moderate, or high by combining the two dimensions of a risk: its probability of occurrence and its impact on objectives if it occurs

Procurement documents

The documents utilized in a bid or proposal activities, which includes the buyer’s invitation for bid, invitation for negotiations, request for information, requests for quotation, request for proposal and Sellers responses

Procurement management plan

The document that describes how procurement processes are from developing procurement documentation through contract closure, will be managed

Product

An artefact that is produced, is quantifiable, and can be either an end item in itself or a component item.  Additional words for products are material and goods.

Product lifecycle

A collection of generally sequential, non-overlapping product phases whose name and number are determined by the manufacturing and control needs of the organisation.  A life cycle can be documented with a methodology

The last product lifecycle phase for a product is generally the products retirement.  Generally, a project life cycle is contained within one or more product life cycles.

Product scope

The features and functions that characterize a product, service, or result

Programme

A group of related projects managed in accord native way to obtain benefits and control not available from managing them individually.  Programs may include elements of related work outside of the scope of the discrete projects in the programme

Program evaluation and review technique (PERT)

A technique for estimating that applies a weighted average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates

Programme management

The centralized called native management of a programme to achieve the programme strategic benefits and objectives

Progress Lines

Gantt chart view bars the overlap the baseline task bar and allow you to compare the baseline plan with a tasks tracked progress

Progressive elaboration

A technique of continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available as the project progresses, and thereby producing more accurate and complete plans that result from the successive iterations of the planning process

Project

A unique and temporary venture undertaken to produce distinct deliverables, products, or outcomes

Project charter

A document issued by the project initiator or sponsor that formally authorized is the existence of a project, and provides the project manager with the authority to apply organisational resources to project activities

Project communications management

Project communications management includes the processes required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information

Project cost management

Project cost management includes the processes involved in estimating, budgeting, and controlling costs so that the project can be completed within the approved budget

Project human resource management

Project human resource management includes the processes that organize and manage the project team

Project initiation

Launching a process that can result in the authorization of a new project

Project integration management

Project integration management includes the processes and activities needed to identify, define, combined, unified, and cordon eight the various processes and project management activities within the project management process groups

Project management

The practice of organizing, managing, and controlling project variables to meet the project outcomes and mission

Project management body of knowledge

An inclusive term that describes the sum of knowledge within the profession of project management.  As with other professions, such as law, medicine, and accounting, the body of knowledge rests with the practitioners and academics have applied an advance it.

To complete a project management body of knowledge includes proven traditional practices that are widely applied and innovative practices that are merging in the profession.  The body of knowledge includes both published and unpublished materials and it is constantly evolving.  It is also known and recognized as good practice

Project management information system (PMIS)

This tool is an information system consisting of the tools and techniques used to gather, integrated, and disseminate the outputs of project management processes.  It is used to support all aspects of the project from an initiating through to closing, and can include both Manual and automated systems

Project management office (PMO)

An organisational body or entity assigned various responsibilities related to the centralized and called mated management of those projects under its domain.  The responsibilities of a PMO can range from providing project management support functions to it being responsible for the direct management of a project

Project management plan

A formal, approve document that defines how the project is executed, monitored, and controlled.  It may be a summary or detailed and may be composed of one or more subsidiary management plans and other planning documents

Project management system

This tool is an aggregation of the processes, tools and techniques, methodologies, resources, and procedures to manage a project

Project management team

The members of the project team who are directly involved in project management activities.  On some smaller projects, the project management team may include virtually all of the project team members

Project manager

The person assigned by the performing organization to achieve the project objectives

Project organization chart

A document that graphically depicts the project team members and their interrelationships for a specific project

Project phase

A collection of logically related project activities, usefully, mating in the completion of a major deliverables.  Project phases are mainly completed sequentially, but can overlap in some projects situations.

A project phase is a component of a project life cycle.  A project phase is not a project management process group

Project procurement management

The project procurement management includes the processes to purchase or acquire the products, services, or results needed from outside the project team to perform the work

Project quality management

Project quality management includes the processes and activities of the performing organization that determine quality policies, objectives, and responsibilities so that the project will satisfy the needs for which it is undertaken

Project risk management

Project risk management includes the processes concerned with conducting risk management planning, identification, analysis, responses, and monitoring and control on a project

Project schedule

The planned dates for performing schedule activities and the planned dates for meeting schedule milestones

Project schedule network diagram

Any schematic display of the logical relationships among the project schedule activities.  Always drawn from left to right to reflect project work chronology

Project scope

The work that must be performed to deliver a product, service, or result with the specified features and functions

Project scope management

Project scope management includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully

Project scope statement

The narrative description of the project scope, including major deliverables, project assumptions, project constraints, and a description of work, that provides a documented basis for making future project decisions and for conforming or developing a common understanding of project scope among the stakeholders

Project time management

Project time management includes the processes required to manage the timely completion of a project

Project eyes to organization

Any organisational structure in which the project manager has full authority to assign priorities, apply resources, and direct the work of persons assigned to the project

For Part 7 Go HERE!