Project Management
What are the two types of stakeholders?
Internal and External
What is the role of a project manager?
As a project manager, you'll need to track work to be completed, set deadlines and delegate tasks to your project team, identifying any potential risks. Ultimately, you're responsible for completing the project work in line with the plan and will often report progress to senior managers.
A business with one single owner responsible for both it's profit and loss
Sole trader
the action or process of provide capital for profit.
Investment
Refers to the possibility of loss when you invest in a Business.
What three elements should a Project Vision be comprised of?
Description, Target audience/ Stakeholders, Smart goals & Objective
Costs are lower than expected in the budget
- Revenue/profits are higher than expected
A company who's stocks are not traded on the public market
Privately held company
a terms that refers to financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Profit
Money received by a person for providing his or her labor, or a business from a return on its investments.
Income
What is the difference between Aim/Goals & Objectives
Aim/goals define what you want to accomplish while objectives define how you will accomplish those goals
owners of the business who are not involved in the day to day management.
A business that employs fewer than five people (including the owner).
micro business
A company that has branches in many different countries.
A Transnational (Multinational) Corporation (TNC)
Refers to the cost of running a business (does not include the sale of items)
Operating costs
What do the letters in SMART stand for?
Specific, Measurable, Attainable, Relevant, Time Based
What are the 4 stages of Project Management?
Project initiation, Project Planning, Project directive (execution/implementation), Project Closure/ Evaluation
A terms that refers to a business which employs less than 50 employees and an annual turnover under €10 million
Small Business
the term that refers to the process of planning and executing the conception, pricing, promotion and distribution of your ideas, goods or services.
Marketing
Documents that provide a summary of a company's financial transactions and overall financial position, typically including income statements, balance sheets, and cash flow statements.
Financial Statement
Define budget variance
A variance arises when there is a difference between actual and budget figures.
Define the implementation/execution stage of project management
Once all aspects of the project have been approved and finances in place, the plan is implemented. The project manager needs to monitor each task to ensure completion
Activities undertaken by the Business that combine the resources to create products.
Production
refers to the business’s share of the total industry sales for a particular product.
a terms that refers to the net amount of cash and cash equivalents being transferred into and out of a business?
Cash flow