Section 1
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Scope management plan
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Cards (73)
Section 1
(50 cards)
Scope management plan
Defines the process for preparing the scope statement and the WBS. This also documents the process that manages project scope and changes to project scope.
Constraint
Anything that either restricts the actions of the project team or dictates the actions of the project team.
Closing
A process that documents the final delivery and acceptance of the project and is where hand-off occurs to the operational unit. Lessons learned are performed during this process, and project team members are released.
Scope planning
The process of defining the scope management plan, the scope statement, and the WBS and WBS dictionary.
Sponsor
An executive in the organization with authority to allocate funds, assign resources, and enforce decisions regarding the project.
Business requirements
The requirements that describe how the business objectives of the project will be met.
Deliverable
An output or result that must be completed in order to consider the project complete or to move forward to the next phase of the project. Deliverables are tangible and can be measured and easily proved.
Payback period
The length of time it takes a company to recover the initial cost of producing the product or service of the project.
Project champion
The person who fully understands, believes in, and espouses the benefits of the project to the organization. This is the cheerleader for the project.
Benefit measurement methods
A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results.
Assumption
An event or action believed to be true for planning purposes. Project assumptions should always be documented.
Operations
Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end.
Project justification
Documentation in the project charter that includes the reason the project is being undertaken and the business need the project will address.
Project charter
An official, written acknowledgment and recognition that a project exists. It's signed by the project sponsor and gives the project manager authority to assign organizational resources to the work of the project.
Project management office (PMO)
Established by organizations to create and maintain procedures and standards for project management methodologies to be used throughout the organization.
Discounted cash flow (DCF)
Compares the value of the future cash flows of the project to today's dollars.
Executing
This project process group is where the work of the project is performed.
Order of magnitude
A high-level estimate of the time and cost of a project based on the actual cost and duration of a similar project.
Project selection
Used to determine which proposed projects are approved to move forward.
Stakeholder
A person or an organization that has something to gain or lose as a result of the project. Most stakeholders have a vested interest in the outcomes of the project.
Scope
The description of the work involved to complete the project. It defines both what is included in the project and what is excluded from the project.
Decision model
A formal method of project selection that helps managers make the best use of limited budgets and human resources. Includes benefit measurement methods and constrained optimization models.
Project plan
A document, or assortment of documents, that constitutes what the project is, what the project will deliver, and how all the processes will be managed. Used as the guideline throughout the project Executing and Controlling phases to track and measure project performance and to make future project decisions. Also used as a communication and information tool for stakeholders, team members, and management.
Project manager
The person responsible for applying the skills, knowledge, and project management tools and techniques to the project activities to successfully complete the project objectives.
Project description
Documents the key characteristics of the product or service that will be created by the project.
Acceptance criteria
The process and the criteria that will be used to determine whether the deliverables are acceptable and satisfactory.
Scope statement
Documents the product description, key deliverables, success and acceptance criteria, key performance indicators, exclusions, assumptions, and constraints. The scope statement is used as a baseline for future project decisions.
Monitoring and Controlling
This project process group is where activities are performed to monitor the progress of the project and determine whether there are variances from the project plan. Corrective actions are taken during this process to get the project back on course.
Internal rate of return (IRR)
The discount rate when the present value of the cash inflows equals the original investment. Projects with higher IRR values are generally considered better than projects with lower IRR values. Assumes that cash inflows are reinvested at the IRR value.
Work breakdown structure (WBS)
A deliverable-oriented hierarchy that defines the total work of the project. Each level has more detailed information than the previous level.
Feasibility study
Undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.
Cost-benefit analysis
A commonly used benefit measurement method that calculates the cost of producing the product, service, or result of the project and compares this to the financial gain the project is expected to generate.
Work breakdown structure (WBS) dictionary
A document that describes the deliverables and their components, the code of accounts identifier, estimates, resources, criteria for acceptance, and any other information that helps clarify the deliverables.
Project Management Institute (PMI)
The world's leading professional project management association.
Matrix organization
An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project to team members and execute the project.
Key performance indicators (KPIs)
Help you determine whether the project is on track and progressing as planned by monitoring the project against predetermined criteria.
High-level requirements
These explain the major characteristics of the product and describe the relationship between the business need and the product requested. This is also referred to as a product description.
Economic model
A type of benefit measurement method. It is a series of financial calculations that provide data on the overall financials of the project and is generally used as a project selection technique.
Net present value (NPV)
Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. NPV subtracts the initial project investment from the total cash flow in today's dollars. It is similar to discounted cash flows.
Program
A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately.
Scoring model
One of the benefit measurement methods used for project selection. It contains a predefined list of criteria against which each project is ranked. Each criterion has a scoring range and a weighting factor. A scoring model can also be used as a tool to select from among competing vendors.
Customer
The recipient of the product or service created by the project. In some organizations this stakeholder may also be referred to as the client.
Constrained optimization models
Decision models that use complex principles of statistics and other mathematical concepts to assess a proposed project.
Initiating
The first process in a project life cycle and the first of the five project process groups. This is the formal acknowledgment that the project should begin. The primary result of this process is the project charter.
Decomposition
The process of breaking project deliverables down into smaller, manageable components of work so that work packages can be planned and estimated.
Project management
Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements.
Milestone
A major deliverable or key event in the project used to measure project progress.
Functional organization
A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures.
Planning
The process group where the project plans are developed that will be used throughout the project to direct, monitor, and control work results. The primary result of this process is the project plan.
Project
Temporary in nature, with a definite start and end date; creates a unique product, service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.
Section 2
(23 cards)