Essential Terms

Essential Terms
Project Management

Using skills, knowledge and resources to satisfy project requirements.

Project

A time-limited group of interrelated activities undertaken to create a unique product, service or result. 

Program

Group of projects managed together in order to gain efficiencies on cost, time, technology etc.

Portfolio

Group of all programs and projects invested by a company.

Process

Package of (1) inputs, (2) Tools & Techniques, (3) Outputs used to do something on a project

Phrases

Blocks used to identify key moments of a project. They are generalised as:

  1. Initiating
  2. Planning
  3. Execution
  4. Monitoring & Controlling
  5. Closing
Progressive Elaboration

You do not fully understand the characteristics of your product when you begin a project. The characteristics get shaped as you refine and revise it often.

Baseline

It is the original plan plus any approved changes. A useful tool to measure how performance deviates from the plan. Used to check project plan, time, scope and cost.

Historical Information

Usually always used as an input. They are records that were kept on previous projects to help benchmark a current project and predict future trends.

Lessons Learned

Focused on variances created at the end of each process that details what lessons were learnt to be shared for future projects. Usually an input into many planning phases.

Regulation

An official document issued by the government or another official organization that provides guidelines that must be followed. Compliance is mandatory.

Standard

A document approved by a recognized body that provides guidelines followed. Compliance is not mandatory but helpful.

System

Incorporates formal procedures and tools put in place to manage something.

Project Manager

Person ultimately responsible for the outcome of the project. They are:

  1. Empowered to use organizational resources
  2. In control of the project
  3. Authorized to spend the project’s budget
  4. Authorized to make decisions for the project
Project Coordinator

They have the right to reassign resources but not allowed to make budget decisions. They are weaker than a project manager. Found in weak matrix/functional organisations.

Project Expeditor

Has little to no authority and reports to the executive who has responsibility for the project. They make sure things arrive on time.

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