Pmp - Important Terms And Concepts

Front 1

What is Project

Back 1

A project is a temporary endeavor undertaken to create a unique product, service, or result

Front 2

Similarities between Operations and Projects

Back 2

1. Performed by people
2. Constrained by limited resources
3. Planned, executed, monitored, and controlled
4. Ultimate goal is to achieve organizational objectives or strategic plans

Front 3

Differences between Operations and Project

Back 3

1. Operations do not have any timelines. Projects are temporary and have finite time duration.
2. Operation’s objective is usually to sustain the business. Project’s objective is to achieve the target and close the project.

Front 4

Project Management

Back 4

Application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Front 5

Project Integration Management

Back 5

Describes the processes required to ensure that the various elements of the project are properly coordinated. It includes developing the project plan, managing the execution of the project plan, monitoring & controlling work, integrating the change and finally closing the project.

Front 6

Project Scope Management

Back 6

Describes the processes required to ensure that the project includes only the essential work required to complete the project successfully. It includes collecting the requirements, defining the scope, verifying the scope and controlling the scope of the project.

Front 7

Project Time Management

Back 7

Describes the processes required to ensure timely completion of the project. It includes defining activities, sequencing activities, estimating activity resources, estimating activity durations, developing the schedule, and controlling the schedule.

Front 8

Project Cost Management

Back 8

Describes the processes required to ensure that the project is completed within the approved budget. It includes estimating the cost, determining the budget, and controlling the costs.

Front 9

Project Quality Management

Back 9

Describes the processes required to ensure that the project satisfies the needs for which it is undertaken. It includes quality planning, performing quality assurance and control.

Front 10

Project Human Resource Management

Back 10

Describes the processes required to make the most effective use of the people involved with the project. It includes developing the human resource plan, acquiring the project team, developing the project team, and managing the project team.

Front 11

Project Communications Management

Back 11

Describes the processes required to ensure timely and appropriate generation, collection, dissemination and ultimate disposition of project information. It includes identifying stakeholders, planning communication, distributing information, managing stakeholder expectations, and reporting performance.

Front 12

Project Risk Management

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Describes the processes concerned with identifying, analyzing, and responding to project risk. It includes planning risk management, identifying risks, performing qualitative risk analysis, performing quantitative risk analysis, planning risk responses, monitoring and controlling risks.

Front 13

Project Procurement Management

Back 13

Describes the processes required to acquire goods and services from outside the project team. It includes planning procurements, conducting procurements, administering procurements, and closing procurements.

Front 14

Program

Back 14

Group of related projects managed in a coordinated way to obtain control and benefits that are not available if managed individually.

Front 15

Subproject

Back 15

Projects are frequently divided into better manageable components or subprojects. Subprojects are often contracted to an external enterprise or another functional unit in the performing organization.

Front 16

Project Portfolio Management

Back 16

Refers to the centralized management of one or more portfolios to achieve strategic business objectives. Portfolio management ensures that the portfolios are reviewed to ascertain that resources are allocated as per priority and the allocation is consistently in line with the organization’s strategies.

Front 17

Project Life Cycle

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Collection of generally sequential project phases.

Front 18

Deliverable

Back 18

A deliverable is a unique, tangible and verifiable work/product. Each project phase is marked by the completion of one or more deliverables.

Front 19

Phase Exits/ Stage Gates/ Kill Points

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The conclusion of a project phase is marked by a review of both key deliverables and project performance till date to determine if the project should continue into its next phase and detect and correct errors cost-effectively. These phase end reviews are often called phase exits, milestones, phase gates, decision gates, stage gates, or kill points.

Front 20

Fast Tracking

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A subsequent phase of a project is sometimes begun prior to approval of the previous phase deliverables when the risks involved are deemed acceptable. This practice of overlapping phases is often called fast tracking

Front 21

Project Stakeholders

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Persons or organizations who are actively involved in the project or whose interests may be positively or negatively affected by the performance or completion of the project. They may also exert influence over the project, its deliverables, and the project team members.

Front 22

Functional Organization

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A functional organization has a hierarchy in which every employee has one clear superior. Staff members are grouped by areas of specialization. Functional organizations may still have projects, but the perceived scope of the project is defined by the boundaries of the function.

Front 23

Projectized Organization

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In a projectized organization, most of the organization’s resources are involved in project work, and Project Managers have a great deal of independence and authority.

Front 24

Matrix Organization

Back 24

They possess a blend of functional and projectized characteristics. Weak matrices maintain many of the characteristics of a functional organization, and the Project Manager’s role is more that of a coordinator or expediter than that of a manager. Similarly, strong matrices have many of the characteristics of the projectized organization—full-time project managers with considerable authority, full-time project administrative staff, etc.

Front 25

Regulation

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A requirement imposed by a governmental body and its compliance is mandatory.