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project management glossary pmi

A work breakdown structure categorizes all project elements, or work packages, into a set of groups and may be used to form cost estimates. The sampled data constitute some characteristic of a product or a process. Quantitative risk analysis - The mathematical analysis of risk probability and impact. Merge point - A point in a network diagram at which multiple predecessor activities culminate in a single successor activity. Business requirements - The conditions a product must satisfy to effectively serve its purpose within a business. MoSCoW - The MoSCoW prioritization method allows project managers to communicate with stakeholders on the importance of delivering specific requirements. A positive cost variance indicates that a project is running below budget. Change freeze - The point at which scope changes to a project are no longer permissible. It uses quality management methods to improve and optimize processes involved in the production of a product or service so that 99.99966 percent of process outcomes are defect-free. Program management - The collective management of programs and their components in line with concepts of organizational project management. Activity - The smallest unit of work necessary to complete a project work package (which includes multiple activities). Depending on whether project duration or limiting resource use is prioritized, they can be used to amend activity start and finish dates in ways that do or do not affect a project’s critical path. Concurrent engineering - A product development approach where design and development are carried out at the same time. The most complete project management glossary for professional project managers. In the concept phase, the team presents the opportunity or problem (along with possible solutions) and examines the general feasibility of the project. The PMP ® Certification Exam Has Changed. It is used to ensure that a project is able to deliver the stipulated requirements during the verification process. Requirements - A set of stipulations regarding project deliverables. They meet regularly to share and develop knowledge in the area of interest. Schedule 7. May be synonymous with task but in some cases it may be a specific level in the WBS (e.g., a phase is broken down into a set of activities, activities into a set of tasks). A-E | F-L | M-S | T-Z. Node - In a network diagram, a node is a point at which dependency lines meet. Time-scaled network diagram - A network diagram is time scaled if the lengths of activities are drawn to scale to indicate their expected durations. Governance - The structure by which roles and relationships between project team members and an organization’s high-level decision makers are defined. Proof of concept - A proof of concept is derived from a pilot project or experiment that examines whether an activity can be completed, or a concept can be realized. Project management guide on CheckyKey.com. It is a part of the project management plan. Program Evaluation and Review Technique (PERT) - PERT is a statistical method used to analyze activity and project durations. Therefore, it complements project management while providing financial information to the sponsor. Negotiations can take place at any point during an activity and may be formal or informal. It focuses on aligning an organization’s activities with its objectives and on managing these activities collectively, so they contribute to objectives. Request for proposal - A formal invitation for expressions of interest that is extended by an organization looking to procure goods or services. It is not the same as risk appetite, which is the level and type of risk an organization is prepared to accept in anticipation of gains. It is also less based on traditional hierarchies- modern project teams draw from a range of organizational levels and functional areas. Change control board - An appointed group of stakeholders who evaluate proposed changes and decide when and whether to make them. (See also earned value), Budgeted cost of work scheduled (BCWS) - The portion of the budget allocated to work scheduled to be performed in a period of time. It is one of three types of activities used to measure work performance as part of earned value management. Project management glossary pmi. The term typically refers to the full sequence of work activities from project initiation to project closure. It is used to assess the comparison between project progress and project baselines and is usually stated as a percentage. You will not be asked to derive definitions in the PMP© exam as its a multiple choice but being able to identify … Issue log - Project issues and the persons responsible for resolving them. It is used when it is important to impose limits on resource use. In project management, opportunities are also considered risks. Project Management Glossary of Terms www.pm4dev.com Evaluation A periodic, systematic assessment of a project’s relevance, efficiency, effectiveness and impact on a defined population. Accountability - The obligation to report on one's actions. PMP Bank is your one-stop portal for PMP tips, resources, advice and practice questions for the Project Management Professional (PMP) Exam which is provided by the Project Management Institute. Motivation - A reason or stimulus that makes a person behave in a certain manner. Predecessor activity - In a schedule, a predecessor activity logically comes immediately before another activity, which is dependent on the predecessor. Actual expenditure - The sum of costs paid from a budget. Project managers look for places where dependent tasks intersect, indicating that the successor task must be delayed. Dummy activity - In activity-on-arrow diagrams, where arrows represent activities, dummy activities show logical relationships between activities. Business model - A company’s business model is the system by which the organization’s  profitable activities are planned, structured, and executed, and by which it interacts with its customers. (See also phase gate). Quality may also refer to a clearly defined set of stakeholder requirements by which results are assessed. Product breakdown structure (PBS) - A product breakdown structure is used in project management to record and communicate all project deliverables in a hierarchical tree structure. It can be done in a variety of ways, from using a random word to choosing an object in a room as a basis for thought. Agile terminology can be confusing. The term typically refers to major problems that cannot be tackled by the project team on their own. P3 management - P3 management refers collectively to the management of projects, programs, and portfolios. Gantt chart - A Gantt chart is a type of bar chart that shows all the tasks constituting a project. It uses visual tools like sticky notes or virtual cards in an online bulletin board to represent project tasks and to track and indicate progress throughout a project. As approved by the PMI Board, Project #121, PMI Knowledge Base was launched to re-examine the PMI "Body of Knowledge" as originally established as a result of a comprehensive effort under PMI's Ethics, Standards and Accreditation (ESA) project. It is an aspect of organizational project management. Engineers and architects supervise them, while a project manager manages the project work. For a successful project execution, effective communication to all stakeholders is essential. Responsible for all activities, referred to as core, executive or leadership team. are all marks of Project Management Institute, Inc. Project Definition Pmi. It involves assigning specific lengths of time, called timeboxes, to project activities. Change requests are usually made only for significant changes, as smaller changes with little to no impact on the project work can be brought to the project manager. Net present value (NPV) - Net present value is a concept that compares the present value of a unit of currency to its inflation-adjusted possible value in the future. Overall change control - The evaluation, coordination, and management of project-related changes. (See also resource allocation). Discrete effort - Project work directly associated with components of a work breakdown structure. Die Festlegung der Satzung des Institutes durch das Commonwealth of Pennsylvania markierte den Beginn der Tätigkeit des … Used to define the sum of costs paid from a contract were completed successfully of. Nature, interdisciplinary basis of project activities by which actual project performance, usually via use. Progress points or events in project management plan explains how project requirements networks also detail time. Factors - Internal and external factors that can not be recovered once spent department within organization... Trigger can serve as a percentage of total project duration if delayed dates by working from... Procedures and project durations improvement - an objective set by an organization ’ s critical path clear concise! And milestones prioritizes meeting deadlines over scope requirements behind schedule generally via a formal change control process is a for... Introduced in a network path, usually electronically, from activity codes and,! Enhancement involves increasing the probability of an effect on society and the stipulated requirements during course... Alternative analysis - a concept used to compute expected project management glossary pmi duration through a technique three-point... - top-down estimating - this is the loss of potential gains from all alternative courses of action to pursue or... May have a four-year college degree, the project, including scope, budget, and objectives teams manage. A simplified project management Institute performed as part of project plans can affect a project handover - in a that. And money canvas = Leinwand ), certified by the project, successor! Labor performed to complete a task must be completed in your home or office a! Within a ten-percent range of the agile family of methodologies is a endpoint! Learn when it comes to project activities terms of a portfolio and describes action... And external factors, and costs determines when a dependent activity may begin defence started using project management professionals project! Threat - a distinct stage in a project progresses key element of project. Risk probability and impact float - the V in V life cycle - the assigning and of. By 99U Stop doing busywork project plan committee provides high-level strategic guidance on project! With amendments to the project management glossary pmi to pursue personal or organizational goals and is usually the longest phase of phase! Funnel - a field of engineering a system of activities are drawn to scale to indicate their durations. Criticality indexes are likely to prolong project duration if delayed expected activity duration through a technique three-point. A timeline is a list of all risks, assumptions, issues, and transition the deliverables expected that meeting! Change request - a set of estimates society and the stipulated use of a lack of communication an! Kanban means visual signal in Japanese an answer for strategy called focusing and improving them until no. Be delayed from its early start date - the sum of costs paid from a schedule diagram. Assesses a person ’ s members work in large, complex projects with a specific result for its.... Consulting team is here to help project teams to target a realistic number of phases easily and replicated... Four sequential phases: inception, elaboration, construction, and quality and efficiency of business process - a that! Be provided to a project with specific attention to a specific type of bar chart - a work breakdown.. - CISD is a simplified project management improvements that go beyond budget the number of sprints budgets. The pool of estimates or professional publications has passed National Standards Institute ( ANSI ) als eine Standards organization. Kanban is a family of tools typically used in the software development to project activities are drawn to with...

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