Key Terms

  1. Baseline
    • Scope Baseline - project scope statement, WBS and WBS Dictionary
    • Schedule Baseline - the agreed upon schedule
    • Cost Baseline - The time phased cost budget

    Baselines can be changed but should not be an easy thing to do
  2. Enterprise Environmental Factors
    • aka - company culture and existing systems that the project will have to deal with or can make use of
    • also be thought of company baggage that comes with the project
  3. Historical Records
    • Records of past projects
    • Activities
    • Lessons learned
    • WBSs
    • Benchmarks
    • Reports
    • Risks
    • Estimates
    • Resources needed
    • PM Plans
    • Correspondence
  4. Lessons Learned
    past lessons learned for use on the current project
  5. MBO
    • Management by Objective
    • Est unambiguous and realistic objectives
    • Periodically evaluate if objectives are being met
    • Implement corrective action
  6. Organizational Process Assets
    Basically it is processes, procedures, and historical information
  7. Organizational Structures
    • Functional
    • Projectized
    • Matrix
  8. OPM3
    PMI's organizational project management maturity model.
  9. Portfolio
    a group of programs to achieve a specific strategic business goal
  10. PMO
    • Project Management Office
    • Provides policies, methodologies, and templates for managing projects within the organization
    • Provides support and guidance to others in the organization on how to manage projects
    • Provides project managers for different projects and is responsible for the results of those projects
  11. Program
    Group of projects
  12. Projecct
    • A temporary endeavor undertaken to create an unique product, service or result
    • Temporary - Has a beginning and an end
    • Unique - different in some way from all other products or services
  13. Project Expeditor
    acts primarily as a staff assistant and communications coordinator and can't make or enforce decisions
  14. Project Coordinator
    Has some power to make decisions, some authority and reports to a higher level manager
  15. Stakeholder
    People or organizations whose interest may be positively or negatively impacted by the project
  16. Tight Matrix
    locating the offices for the project team in the same room
  17. Business Case
    • or similar document provides the necessary information from a business standpoint to determine whether or not the project is worth the required investment
    • Market demand
    • Organizational need
    • Customer request
    • Technological advance
    • Legal Requirements
  18. Change Control Board
    The board is responsible for reviewing and analyzing change request.
  19. Change Control System - Process for Making Changes
    • 1. Evaluate the impact (add 3 weeks to the project)
    • 2. Create options (add employee to maintain target dates)
    • 3. Get the change request approved interenally
    • 4. Get customer buy in
  20. SOW
    Statement of Work - created by the customer/ sponsor and describes their needs, product scope, and how the project fits into their strategic plan
  21. Sunk Costs
    Sunk costs are expended costs - the money spent is gone
  22. Working Capital
    Current assets minus current liabilities for an organization
  23. Opportunity Costs
    Opportunity given up by selecting one project over another. NOT THE DIFFERENCE!!!!
  24. Economic Value Added
    if the project returns to the company more value than it costs
  25. Defect Repair
    A component of the project does not meet specifications
  26. Project Charter
    • Project Title and Description
    • Project Manager and Authority Level
    • Business Case
    • Resources Preassigned
    • Stakeholders
    • Stakeholder Requirements as known
    • Product Descripion/deliverables
    • Measurable Project objectives
    • Project Approval Requirements
    • High level project risks
  27. Corrective Action
    any action taken to bring expected future project performance in line with the project management plan
Card Set
Key Terms
Key Terms