Project Management Key Terms and Concepts
A temporary endeavor undertaken to create a unique product, service, or result.
What is a project?
The worth, importance, or usefulness of something.
What is value?
A group of individuals who used their skills collaboratively to accomplish a project's objectives.
What is "Team"?
Processes related to identifying, defining, combining, unifying, and coordinating PM processes and activities.
What is project integration?
When a wedding planner (PM) meets with their client to discuss the details of the wedding, including all the tasks the wedding planner is responsible for.
What is gathering requirements?
This person is responsible for planning, coordinating, managing, monitoring, and controlling a project.
Who is the project manager?
A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.
What is a System for Value Delivery?
The ultimate indicator of project success; helps the project team focus on intended benefits.
What is "value"?
The process of defining project objectives and describing and prioritizing the activities necessary to accomplish them.
What is planning?
Bob the Builder meets with his team to brainstorm and create a list of tasks needed to complete the Wilson's bathroom renovation project.
What is create the WBS?
The PM is constantly working to ensure these are in balance.
What are the triple constraints: Scope, Schedule, Cost?
These work alongside the value delivery system to enable smooth workflows, manage issues, and support decision-making.
What are organizational governance systems?
Acting responsibly with integrity, care, and trustworthiness, in compliance with internal and external guidelines.
What is "stewardship"?
Methods include brainstorming, interviews, questionnaires, surveys, and benchmarking.
What is collecting requirements?
Before beginning work on a new augmented reality implant, Barry researches the ethical and legal consequences of such a device.
What are external environmental factors?
Core project management processes (phases).
What are initiating, planning, executing, monitoring and control, and closing?
What is the internal project environment?
The attitude, talent, character, and behaviors to influence individuals within and outside the project team toward the desired outcomes.
What is "Leadership"?
A deliverable-oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives.
What is the Work Breakdown Structure (WBS)?
The project delivered on time and withinbudget, but failed to deliver strategic benefits. Which principle was missed?
What is "focus on value"?
This person authorizes the start and funding for a project, and the use of resources to accomplish the project's objectives.
Who is the project sponsor?
Competitors, social issues, and regulatory requirements (laws, licenses, permits) are examples of...
What is the external project environment?
This helps the project team accommodate changes, recover from setbacks or failures.
What is "adaptability and resiliency"?
An execution strategy, prepared before starting project work, that balances the project's constraints (scope, time, cost, and risk).
What is the project plan?
During a team meeting, Sally realizes that her test team is falling behind and assigns a developer to assist with testing instead of starting a new coding task. What process is Sally performing?
What is monitoring and control?