develop project charter, develop project management plan, direct and manage project execution, monitor and control project work, perform integrated change control, and close project or phase
methods to select a project
1. benefit measurement - comparative along with 2. constrained optimization - mathematical
develop project management plan process
the process of creating a project management plan that is bought into, approved, realistic, and formal
output of develop project management plan process
the project management plan
items included in a project management plan
1. project management processes for the project, 2. management plans for knowledge areas, 3. scope, schedule, and cost baselines, 4. requirements management plan 5. change management plan, 6. configuration management plan, 7. process improvement plan
any documents used to manage a project that are not part of the project management plan
output of direct and manage project execution process
project deliverables, work performance information, change requests, and updates to the project management plan and project documents
output of monitor and control project work process
change requests, and updates to the project management plan and project documents
output of perform integrated change control process
1. change request status updates and 2. updates to the project management plan and project documents
output of close project or phase process
1. final product, 2. formal acceptance, and 3. organizational process assets updates
project manager role as an integrator
make sure all the pieces of the project are properly coordinated and put together into one cohesive whole
a document issued by the sponsor during project initiating that:1. formally recognizes the existence of the project 2. gives the project manager authority and 3. documents the business need, justification, customer requirements and the product or service to satisfy those requirements
the project purpose and justification
a meeting of all parties to the project to make sure everyone is on the same page. It is held at the end of the planning process group.
parts of the project management plan used to measure performance against. It include schedule, scope, and cost. They are combine to create an overall performance measurement. They can change with approved changes
project statement of work
document that describes need, product scope, and how the project fits into the strategic plan. It is created by the customer/sponsor prior to the beginning of the project. It is later refined in the project scope statement.
work authorization system
the project manager's system for authorizing the start of work packages or activities. It ensures work is done at the right time and in the proper sequence
configuration management plan
a plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions. It defines how the project manager will manage changes to the deliverables and the resulting documentation.
change management plan
a system of formal procedures, set up in advance, defining how project deliverables and documentation are controlled, changed, and approved
enterprise environmental factors
company culture and existing systems the project will have to deal with or can make use of. They are used throughout the project management process.
organizational process assets
company processes and procedures, historical information, lessons learned. They are used throughout the project management process
records of past projects, including lessons learned, used to plan and manage future projects. Records of the current project which will become part of organizational process assets.
project management information system
the manual and automated system to submit and track changes and monitor and control project activities
change control board
a group of people that approves or rejects changes. It may include: project manager, customer, experts, sponsor, others
formal requests to change parts of the project after the project management plan is approved. They are approved in the perform integrated change control process
actions taken to deal with anticipated or possible deviations from the performance measurement baseline
actions taken to bring expected future project performance in line with the project management plan
the value today of future cash flows
net present value
the value in today's dollars of some future costs and expenses. For cost, the lower the number the better. For revenue, the higher the number the better.
internal rate of return
the rate an investment in the project will return. The higher the number the better. The rate at which a project's inflows and outflows are equal
the number of time periods needed to recover an investment. The lower the number the better.
benefit cost ratio
benefit / cost. The higher the number the better.
the value of the opportunity given up by selecting one project over another
costs that have already been expended
law of diminishing returns
law that states, "the more you put into the effort, the less you get out of it"
current assets - current liabilities. The amount of funds available to spend on projects.
two types of depreciation
straight line depreciation and accelerated depreciation