BOSCARD - This method details and considers the background, objectives, scope, constraints, assumptions, risks, and deliverables of new projects. A thorough review is the best prep for a challenging certification exam. It shows the feasibility of an idea. Risk category - A set of risks grouped by cause. Project management … In project management, it is not a substitute for qualitative risk analysis. This glossary contains more than 600 terms and provides simple, clear explanations. Procurements 13. Acquisitions are closely coordinated with project budgets and schedules. Engineers and architects supervise them, while a project manager manages the project work. (See also duration compression). XPM is designed for projects where requirements are expected to change. Risk mitigation - Risk mitigation involves decreasing the probability of a negative risk occurring, as well as protecting project objectives from a negative risk’s impact. Issue - Anything that can cause problems for a project. It involves optimizing the mix and scheduling of projects to pursue objectives as effectively as possible. It allows project managers and sponsors to assess performance and progress. Portfolio management - The collective management of portfolios and their components in line with concepts of organizational project management. Risk management - A subset of management strategies that deals with identifying and assessing risks and acting to reduce the likelihood or impact of negative risks. Scrum-based projects usually do not have project manager. Navigation. Predecessor activity - In a schedule, a predecessor activity logically comes immediately before another activity, which is dependent on the predecessor. It is a simplified project management method that can be adapted to projects with varying degrees of complexity. Activity (1) A component of work performed during the course of a project. Risk tolerance - The level of variation in performance measures that an organization is willing to accept. A critical factor for successful projects. Actual cost of work performed (ACWP) - This represents the total cost incurred for work done in a given period of time. Organizational project management maturity - A measure of an organization’s ability to meet its objectives by effectively managing all its activities. Application area - The specific project category of which the project is a part. Processes consume energy. Mission statement - A concise enunciation of the goals of an activity or organization. Assumption - Factors deemed to be true during the project planning process, though proof of their validity is not available. Planning phase - In project management, planning refers specifically to a phase of the life cycle that involves creating plans for management, control, and execution, as well as for what a project is meant to accomplish. Maturity model - Maturity is the extent to which an organization’s methods, processes, and decisions are standardized and optimized. Lean six sigma – Lean six sigma combines the no-waste ideals of lean manufacturing with the no-defects target of six sigma. Activity - Any work performed on a project. Organizational planning - The strategic process of defining roles, responsibilities, and reporting hierarchies for parties within an organization, keeping the organization’s objectives in mind. The Project Management Institute (PMI) defines project management as, "The application of knowledge, skills, tools, and techniques to project … Depending on the nature of the project, a project team may be disbanded upon completion of a project. Fallback plan - A predetermined alternative course of action adopted if a risk occurs and a contingency plan proves unsuccessful in avoiding the risk’s impact. ©2000 Project Management Institute, Four Campus Boulevard, Newtown Square, PA 19073-3299 USA ix Preface to the 2000 Edition This document supersedes the Project Management Institute’s (PMI ®) A Guide to the Project Management Body of Knowledge (PMBOK ® Guide), published in 1996. It is created to ensure all changes are managed according to procedure. Pmi project methodology. Retainage - The sum of money withheld from a contract payment until completion of the contract according to terms. Finish-To-Start - In a finish-to-start relationship, a successor activity cannot start until a predecessor activity has finished. Project team - A project team is responsible for leading and collectively managing a project and its related activities through the project’s life cycle. It may be thought of as a dictionary-cum-schedule of work packages. Gantt chart - A Gantt chart is a type of bar chart that shows all the tasks constituting a project. Return on investment (ROI) - The expected financial gain of a project expressed as a percentage of total project investment. Resource availability - Resource availability indicates whether a specific resource is available for use at a given time. Alternative analysis - The evaluation of possible courses of action for project work in order to find the most suitable course of action. It may also include issue status, plans for resolution, and resolution deadlines. PMP Bank is your one-stop portal for PMP tips, resources, advice and practice questions for the Project Management Professional (PMP) Exam which is provided by the Project Management Institute. The most complete project management glossary for professional project managers. They provide high-level direction, approve project funding as well as deviations from cost and budget, and determine project scope. Standards are not by definition mandatory. After I did my initial studying and started taking exams I created the below study notes which I would revise before each exam and then add new concepts I might have mixed up during the practice exam. Organizational breakdown structure - A hierarchical model of an organization's units and all its activities.
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