Pmp Definitions

Front 1

Business Value

Back 1

The entire value of the business;

The total sum of all tangible and intangible elements

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Portfolio

Back 2

A collection of programs, projects, and additional work managed together to facilitate the attainment of strategic business goals.

Front 3

Product Life Cycle

Back 3

The collection of stages that make up the life of a product. These stages are typically introduction, growth, maturity, and retirement.

Front 4

Program

Back 4

a group of related projects managed in a coordinated way; e.g., the design and creation of the prototype for a new airplane is a project, while manufacturing 99 more airplanes of the same model is a program.

Front 5

Progressive elaboration

Back 5

The iterative process of continuously improving the detailed plan as more information becomes available and estimates for remaining work can be forecast more accurately.

Front 6

Project

Back 6

Work performed by people, constrained by resources, planned, executed, monitored, and controlled. It has a definite beginning and end points and creates a unique outcome that may be a product, service, or result.

Front 7

Project life cycle

Back 7

The name given to the collection of various phases that make up a project. These phases make the project easier to control and integrate. The result of each phase is one or more deliverables that are utilized in the next few phases. The work of each phase is accomplished through the iterative application of the initiating, planning, executing, monitoring, and controlling and closing process groups.

Front 8

Project Management

Back 8

the ability to meet project requirements by using various knowledge, skills, tools, and techniques to accomplish project work. Project work is completed through the iterative application of initiating, planning, executing, monitoring, and controlling, and closing process groups. Project management is challenged by competing and changing demands for scope (customer needs, expectations, and requirements), resources (people time, and cost), risks (known and unknown), and quality (of the project and product).

Front 9

Project Management Information System

(PMIS)

Back 9

The collection of tools, methodologies, techniques, standards, and resources used to manage a project. These may be formal systems and strategies determined by the organization or informal methods utilized by project managers.

Front 10

Stakeholders

Back 10

Individuals and organizations who are involved in or may be affected by project activities. Examples of stakeholders include the project manager, team members, the performing organization, the project sponsor, and the customer.

Discrepancies between stakeholder requirements should be resolved in favor of the customer. The customer is the most important stakeholder in any project.

Front 11

Forward Pass

Back 11

Early finish = early start + duration

RULE: If there are multiple predecessors, use LATEST EF to determine successor ES.

Front 12

Backward Pass

Back 12

Late start = Late finish - duration

RULE: If there are multiple successors, used Earliest LS to determine predecessor LF

Front 13

Total Float

Back 13

Total Float = late finish - early finish

Front 14

Management by Objective

Back 14

A systematic and organized approach that allows the management to focus on acheivable goals and to attain the best possible results from available resources. Principle is to ensure that the entire organization has a clear understaining of the aims or objectives of that organization as well as an awareness of the roles and responsibilities in achieving those aims.

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OPM3

Back 15

PMI's organizational project management maturity model designed to help organizations determine their level of maturity in project management.

Front 16

Project

Back 16

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

Front 17

Project kick-off meeting

Back 17

conducted at the beginning of the project and then again before stating each new project phase.

Outline project goals as well as the inidivual roles and responsibilities of team members, clarify the expectations of all parties, Create a committment by all those who influence the project's outcome.

Front 18

Composite Organization

Back 18

special project team created out of a functional organization to handle a critical project (Task force). Team may develop it's own set of operating procedures and operate outside of the standard formalized reporting structure.

Front 19

Analogous estimation

Back 19

Top Down

applicable to both time and cost, uses expert judgement and historical information to predict the future. Can be done at the project level. Level of accuracy depends on how closely the project or activity matches the past history.

Used when there is a limited amount of detailed information on the project. Less costly and time consuming.

Front 20

Parametric Estimation

Back 20

Uses historical records from previous projects, industry requirements, standard metrics or toher sources.

Front 21

Heuristic

Back 21

generally accepted rule or best practice

Front 22

Value Analysis

(Value Management or Value Methodology)

Back 22

Systematic approach to identify project functions and assigns values to those functions at the lowest overall cost without experiencing a loss of performance.

Front 23

Risk Priority Number (RPN)

Back 23

Probability x Impact x Timeframe

Use to prioritize allocation of resources for mitigation especially when there are a large number of identified risks.

Front 24

Maslow's Hierarchy of Needs

Back 24

Self-Actualization

Esteem

Social

Safety (Security)

Physiological Needs

Front 25

McGregor

Back 25

Theory of X and Y

X - people need to be watched every minute. Employees are incapable, avoid responsibility, and avoid work whenever possible.

Y - people are willing to work without supervision and want to achieve. Employees can direct their own efforts.

Front 26

McClelland Theory of Needs

Back 26

People are motivated by one of 3 needs

* Achievement
* Affiliation
* Power

Front 27

Expectancy Theory

Back 27

Employees who believe their efforts will lead to effective performance and who expect to be rewarded for their accomplishments will remain productive as rewards meet their expectations.

Front 28

Fast tracking

Back 28

Increases project risk

can lead to increased costs and rework.

Front 29

fait accompli

Back 29

French for an accomplished fact, already done and irreversible.

Used in negotiation when you do something without first negotiating it.

Front 30

critical chain method

Back 30

The critical chain method is a schedule network analysis technique that modifies the project schedule to account for limited resources. In the critical chain method, the project schedule network diagram is built initially using duration estimates and dependencies. Since the resources are a constraint, the resource availability is entered next and the resource limited schedule result is determined. Hence, the critical chain method is a network analysis technique used when project resources are constrained.

Front 31

Salience Model

Back 31

The Salience Model for project stakeholders helps managers identify and analyze project stakeholder needs. Unlike, the Power/Interest or Power/Influence grids, the Salience Model uses three parameters to categorize stakeholders: Power, Legitimacy and Urgency.

Front 32

Plurality

Back 32

This particular method used in project management decision-making is generally preferred when the number of options that are nominated are numerous (more than two).