Terminology & Concepts 1
A temporary endeavor undertaken to create a unique product, service, or result
What is a PROJECT?
Defines the boundaries of a project and what is outside those boundaries; typically defined in terms of objectives, deliverables, and resources
What is Scope?
a threat of a damage or liability, which may be minimized or neutralized through preemptive action
What is Risk?
A graphical prepresentation drawn on a time scale in which key tasks are marked in the sequence of their occurrence
What is a Timeline?
Initiating, Planning, Executing, Monitoring and controlling, and Closing
What are the five process stages of project management?
The amount of money that will be required to complete a project successfully
What is Cost?
The activities performed in order to establis the total scope of a project, define and refine objectives, and develop the course of action that will be followed to achieve the objectives
What is Planning?
The ability of a process or product to satisfy both stated and implied needs, with those needs being defined by the stakeholders
What is Quality?
A significant event in the project which may signify the acceptance or verification of completion of a project phase, task, decision, or deliverable
What is a Milestone?
The activities performed to finalize a project - to bring it to a conclusion and to meet contractual obligations
What is Closing?
Anything that is required to complete a project, including (but not limited to) team members, tools, vendors, and materials
What are Resources?
Two-way process of reaching mutual understanding
What is Communication?
Scope, Time, Cost, and Quality
What are the four core functions of project management?
A point of reference used to compare previous similar activities to the current project activities and provide a standard to measure performance
What is a Benchmark?
A useful tool for planning and scheduling projects; graphical representation of the duration of tasks against the progression of time
What is Gantt chart?
The knowledge, skills, values, and attitudes of those working on the project
What is Human resources?
Human resources, Communication, Risk, and Procurement
What are the four facilitating functions of project management?
A way of doing planning for projects that are made up of a number of individual activities, some of which require other activities to finish before they can start
What is Critical path?
The way that businesses and organizations purchase to obtain goods or services
What is Procurement?
The degree to which a project is completed successfully with the minimum amount of time, money, and effort
What is Efficiency?