unit 1
a temporary endeavor undertaken to create a unique product, service, or result
Project
My guess is that you won’t know this answer, defined as roughly calculating the value or cost of a project
Estimate
This is the first step in the Project Management Process
Initiating
A fixed schedule, which represents the standard that is used to measure the performance of a project.
Baseline
The fourth step in the Project Management Process is what?
Monitoring and Controlling
Just like in a race, a project has a definite ______ and ___. Don’t expect a checkered flag though.
Beginning and end
This type of estimating is used to look at best case, worse case, and most likely estimates when creating cost estimates. You may also hear this term when taking a basketball shot beyond the arc.
Three-Point Estimating
This is a narrative description of products or services to be delivered by the project, usually “states” why the project is to be done. Better known by the initials “SOW”.
Statement of Work
The third step in the Project Management Process; performing the task(s) required to complete a project.
Executing
After the first round of building contraptions for the egg drop project, if you wanted to make adjustments to your initial design, you had to fill out what?
Change Request
This is considered the discipline of planning, organizing, and managing resources to bring about the successful completion of a project
Project Management
This word means the ways that businesses and organizations purchase or obtain goods or services
Procurement
A mutually binding agreement between two or more parties obligating each party to perform their duties. Especially needed for any outside customers/sellers.
Contract
Any unique and verifiable product that must be produced to complete a process, phase, or project.
Deliverable
A significant point or event in a project
Milestone
The four core functions of project management are time, cost, quality, and this, which defines the boundaries of the project and what is outside those boundaries
Scope
Estimates the future state of the project based on the past performance and expected future performance. You may also hear this term used on The Weather Channel.
Forecast
Used in the egg drop project, this document assesses the business needs, current understanding of the customer’s needs, and the new product, service, or result that it is intended to satisfy
Project Charter
Uncontrolled expansion to product or project scope without adjustments to time, cost, or resources
Scope Creep
A graphic display of schedule-related information
Gantt Chart
a threat of a damage, liability, loss, or other negative occurrence that is caused by external or internal vulnerabilities is known as this
A risk
The opposite of estimated cost; abbreviated with the term “AC”
Actual Cost
Have a question you want answered by someone who has deep knowledge on the subject? Use this technique to get the opinion of someone smarter than you. If you can find them, that is…
Expert Judgment
Intentionally adding extra features or functions to the products which were not included in the scope statement
Gold Plating
A schedule network analysis technique used to determine the amount of scheduling flexibility on various logical network paths and to determine minimum total project duration.
Critical Path Method