project management glossary pmi

Steps can be superimposed onto horizontal swimlanes for the roles that perform the steps.. Activity. It may also recommend corrective action if quality standards are not being met. Die Zertifikate sind international anerkannt. Smartsheet is a cloud-based platform that allows teams and organizations to plan, manage, and report on projects, helping you move faster and achieve more. Das Project Management Institute (PMI) ist ein in den Vereinigten Staaten von Amerika gegründeter, weltweit tätiger Projektmanagementverband. Business process - A Business process is a system of activities by which a business creates a specific result for its customers. Goal setting - The process of creating specific, measurable, and attainable goals and of setting deadlines for these goals if desired. It is a project management methodology that emphasizes business justifications for projects. It is a desired endpoint reached by setting and working towards targets. Communications 11. Milestone - Milestones indicate specific progress points or events in project timelines. It may also include issue status, plans for resolution, and resolution deadlines. Forward pass - A technique used to calculate early start and finish dates by working forwards from a point in a project schedule model. Organizational breakdown structure - A hierarchical model of an organization's units and all its activities. The exact PMP meaning is not always agreed upon. Root cause - The primary reason an event occurs. It typically identifies users, real or hypothetical, what these users want from software, and why they want it. Here we have given top 50 project management terms that you should know-1. Project management guide on CheckyKey.com. Use of a contingency reserve is typically authorized upon the occurrence of a contingency. Budget - The sum of money allocated for a project. S-Curve analysis is used to compare a project’s cumulative costs at any given point with a cumulative cost baseline created during the planning phase. (See also resource leveling and resource smoothing). "PMBOK", “PMI” and “PMP” are registered marks of Project Management Institute, Inc. It is one of three types of activities used to measure work performance as part of earned value management. (See also duration compression). Maturity model - Maturity is the extent to which an organization’s methods, processes, and decisions are standardized and optimized. It is an aspect of organizational project management. (See also invitation for bid). Systems development life cycle (SDLC) - In systems engineering, the systems development life cycle is the process of creating, releasing, and maintaining an information system, which may comprise hardware, software, or both. Understanding the roots of glossaries and jargon is key to understanding the significant role they play in human interaction in an organization. Agile project management glossary. Kanban is a visual communication approach to the project management process. Control chart - Control charts compare process results with historical averages and process control limits to show whether a process meets results expectations. A maturity model assesses one or more of these aspects against a set of external benchmarks to determine an organization’s maturity level. In project management, opportunities are also considered risks. Scope creep - Scope creep refers to gradual changes in project scope that occur without a formal scope change procedure. A preventive action, which is proactive, is not the same as a corrective action, which is reactive. Fixed duration - A task in which the time required for completion is fixed. Initiation phase – The formal start of a new project. Join us for a re-imagined, innovative virtual experience to get inspired, get connected, and see what's possible. Corrective action - A step taken to bring work back into alignment with performance expectations after it has failed to meet expectations. The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Project management training courses help professionals prepare for and pass the Project Management Institute’s (PMI) Project Management Professional (PMP) exam. Objective - A clear, concise statement about what an activity is meant to accomplish. In project management, it is not a substitute for qualitative risk analysis. Burn down chart - A graph that shows the relationship between the number of tasks to be completed and the amount of time left to complete these tasks. How Much Do Project Managers Make? Project managers look for places where dependent tasks intersect, indicating that the successor task must be delayed. This glossary is a guide to the most commonly used business analysis and project management terms. Risk avoidance - Risk avoidance focuses on avoiding threats that can harm an organization, its projects, or assets. Change control - Change control is the process of identifying, evaluating, approving, and implementing changes to a project. (See also bottom-up estimating). Establishing standardized definitions for common project management terms is a challenge, even for seasoned pros. (See also delphi technique). Where seller bears all the loses of additional cost overrun only in fixed price incentive fee contracts! Late start date - The latest possible date a scheduled activity can be started without delaying the rest of the project. Modern project management - An umbrella term for a number of contemporary management strategies. The Project Management Institute (PMI) defines project management as, "The application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed stakeholder needs and expectations.!”! Estimate to complete (ETC) - At a given point in a project, the estimate of the cost of the work that still needs to be completed. It shows relationships between project activities and risk events. Program - A collectively managed set of projects. Try Smartsheet for free, today. ©2021. Assignment contouring - The process of assigning people to project work for changing numbers of hours per day as the project moves through different stages. Acceptance test - A test in which a team of end users runs a product through its full range of use to identify potential problems. Action item - An activity or task that must be completed. Execution is typically the longest and most expensive phase in the project management life cycle. Gantt chart - A Gantt chart is a type of bar chart that shows all the tasks constituting a project. Enterprise modeling - Enterprise modeling is the creation of a model to represent an organization’s structure, processes, and resources. Software engineering - Software engineering is generally defined as the use of engineering principles in software development. Like other maturity models, the CMM allows organizations to assess themselves against external benchmarks and provides recommendations for improvement. Quality control - The use of standardized practices to ensure that deliverables meet stakeholder expectations. Early start date - The earliest time by which a scheduled project activity can logically start. Product verification - Product verification involves examining a deliverable to ensure, among other things, that it meets requirements, quality benchmarks, and expectations set by the product description. Use case - In software development, a use case is a step-by-step list of actions that end users would take to achieve specific goals. The goal of Lean six sigma is to eliminate waste and defects so that projects cost less and deliver more consistent quality. V life cycle - The V in V life cycle stands for verification and validation. Waterfall model - The Waterfall model is a software development life cycle in which development phases are sequential, non-iterative, and do not overlap. Project scope statements are typically part of project plans. Avoid - A response to a negative risk that seeks to ensure the risk does not occur or (if the risk cannot be eliminated) seeks to protect the project objectives from the negative risk’s impact. Integrative management - Management processes that coordinate a number of project aspects including cost, schedule, and resources (among others). It seeks to facilitate and expedite project work through the use of standard procedures. Change requests are usually made only for significant changes, as smaller changes with little to no impact on the project work can be brought to the project manager. Examples of resources include equipment, staff, locations, facilities, and money. The most complete project management glossary for professional project managers. It is a simplified project management method that can be adapted to projects with varying degrees of complexity. It was created to assess the capabilities of software development processes but is now used in a number of other industries as well. Project Management Glossary of PMP Concepts There are loads of terms and concepts to learn when it comes to project management and particularly for PMP. (See also waterfall model). Value for money ratio - In project management, the value for money ratio is expressed as the ratio of financial and other benefits to the resources expended in a project. It focuses on aligning an organization’s activities with its objectives and on managing these activities collectively, so they contribute to objectives. Finish-To-Start - In a finish-to-start relationship, a successor activity cannot start until a predecessor activity has finished. Story point - In sprint-based projects, a story point is a measure of the amount of work required to implement a particular user story. Within this database you will find all 534 project management terms and definitions located in the PMBOK® Glossary (Fifth Edition 2013). There are two main duration compression techniques: crashing and fast tracking. Integration management plan - A document that explains integration planning and details how changes to project aspects will be managed. Iterative development - Iterative development focuses on developing products in a series of repeated fixed-time iterations, instead of working towards a single deliverable. Assumption - Factors deemed to be true during the project planning process, though proof of their validity is not available. Proport - The term proport is used to define the sum of unique skills that team members bring to a project. Agile development proceeds as a series of iterations, or sprints, with incremental improvements made in each sprint. Parallel life cycle - In a parallel life cycle, certain phases are conducted in parallel (they overlap). In project management, the term usually refers to parties with an interest in the successful completion of a project. What is PMI® Project Management Methodology? KPMG LLP and Project Management Institute (PMI), the world’s leading association for the project management profession, today announced they are teaming up to develop programs to help the project management profession to embrace and leverage emerging and innovative technologies.. It may be thought of as a comprehensive list of all project outputs and outcomes. Processes consume energy. Schedule compression technique - A schedule compression technique speeds up projects without affecting scope by decreasing the duration of a project’s critical path. Project portfolio management (PPM) - A method of collectively managing a portfolio’s constituent programs and projects to pursue organizational objectives. Many projects fail because of a lack of communication or an ineffective one. Scope 6. Risk transference - Risk transference involves handing ownership of risk to a third party who is typically specialized and better able to address the risk or to withstand its impact. Free your team from content sprawl with Brandfolder, an intuitive digital asset management platform. (See also product description). Time-scaled network diagram - A network diagram is time scaled if the lengths of activities are drawn to scale to indicate their expected durations. Pareto chart - A Pareto chart is a combination bar chart and line graph where the bars represent category frequencies in descending order from left to right, and the line tracks the cumulative total as a percentage. The PMP ® certification exam can be completed in your home or office. At the end of an iteration, the team assesses progress and sets targets for the next iteration. Among other things, constraints may be financial or based on time or resource availability. Risk appetite - The amount and type of risk an organization is willing to accept in anticipation of gains. Organization - A formally structured arrangement of parties that actively pursues a collective purpose. PMI – Project Management Institute. Predecessor activity - In a schedule, a predecessor activity logically comes immediately before another activity, which is dependent on the predecessor. Mit inzwischen über 500.00 Mitgliedern und 750.000 Zertifikatsinhabern ist das PMI in über 200 Ländern tätig. Progressive elaboration - The practice of adding and updating details in a project management plan. Cost baseline - The sum of work package estimates, contingency reserve, and other associated costs by which project performance is assessed. The project management Glossary will be updated every week. Concurrent engineering - A product development approach where design and development are carried out at the same time. Search this site. Risk tolerance - The level of variation in performance measures that an organization is willing to accept. 5th Edition Changes. Life cycles are divided into a number of phases. Diese sind: Köln, Berlin, Frankfurt und Süddeutschland (München). Inputs - The information required to start the project management process. Introduction; Major Stakeholders; Document Purpose; PROJECT END STATE AND SCOPE Page 5. Time chainage diagram - In project management, a time chainage diagram graphically represents scheduled activities for a hard project completed sequentially over a geographic distance, such as the construction of a motorway or the laying of a pipeline. The acronym may be simplified as RACI. Executive sponsor - Typically a member of the organization’s board who is ultimately responsible for the success of the project. Slack time - The length of time an activity's early start can be delayed without affecting project duration. Application areas can be defined on the basis of project products’ characteristics or applications or by the projects’ customers or stakeholders. Activity-On-Node (AON) - In a network diagram of this nature, nodes represent activities and arrows illustrate logical relationships between activities. Its main features include high-volume communication with customers and pair programming. Activity - The smallest unit of work necessary to complete a project work package (which includes multiple activities). PMI publishes the original version of A Guide to the Project Management Body of Knowledge (PMBOK Guide) in 1996 with William Duncan as its primary author, which describes project management practices that are common to "most projects, most of the time." Depending on the type of network diagram, boxes represent activities or events, and arrows indicate activities or dependencies, typically with expected durations. The typical SDLC has six sequential phases: planning, analysis, design, implementation, testing, and maintenance. Murphy’s Law - Murphy’s Law — “What can go wrong will go wrong.” — is cited in project management as a reason to plan adequately for contingencies. Requirements management plan - A requirements management plan explains how project requirements will be defined, managed, and delivered. They provide high-level direction, approve project funding as well as deviations from cost and budget, and determine project scope. Total cost of ownership (TCO) - The total cost of ownership estimates the sum total of direct and indirect costs incurred in the purchase, operation, and maintenance of an asset through its life. Organization development - Broadly, organization development involves strategic efforts to improve aspects of organizational performance such as efficacy, efficiency, and sustainability, as well as aspects of organizational health such as employee satisfaction and engagement. Quality 9. Navigation. Tolerance - The acceptable level of variance in project performance. Some applications of value engineering attract criticism, as manufacturers may decrease costs by using lower-quality components that decrease product lifespans. It is used to guide and assess project performance. PMP Qns 1-20. Risk - The probability of occurrence of a specific event that affects the pursuit of objectives. Project management guide on CheckyKey.com. It focuses on creating and implementing solutions to business needs via organizational development, process reengineering, or any number of other methods. Prepare for PMP certification exam success with this fully updated and comprehensive study guide This study guide serves as a comprehensive resource for those who plan on taking the Project Management Professional (PMP) certification exam administered by PMI. It is used to identify risk events’ impact on a schedule. It is used to assess the comparison between project progress and project baselines and is usually stated as a percentage. PMI did not deal with the US Federal Government directly; a number of members were federal employees in agencies involved with project management. They meet regularly to share and develop knowledge in the area of interest. Virtual design and construction (VDC) - A method  based on using technology in design and construction projects. Iterative and incremental development - Iterative and incremental development is any combination of the iterative and incremental development approaches. It shows the feasibility of an idea. Program management - The collective management of programs and their components in line with concepts of organizational project management. Procurements 13. Portions of the project budget are assigned to components of the work breakdown structure, and successful completion of a work breakdown structure component is understood as value earned through work. Cost plus percentage of cost contract (CPPC) - Under a cost plus percentage of cost contract, the seller is reimbursed for costs incurred and paid an additional amount equal to a percentage of the costs incurred if they meet performance criteria specified in the contract. Go/No go - A point in a project at which it is decided whether to continue with the work. They are not actual activities themselves - dummy activity arrows are drawn with broken lines to differentiate them from regular activity arrows. Issue log - Project issues and the persons responsible for resolving them. Critical path activity - A scheduled activity that is part of a project’s critical path. Management process - The act of planning and executing a project or process to meet a defined set of objectives or goals. Early finish date - The earliest time by which a scheduled project activity can logically finish. A project charter authorizes the project manager’s use of organizational resources for the project and is understood to be an agreement between the sponsor, stakeholders, and project manager. The project plan also forms the basis for communication between parties involved in a project. It is not necessarily the same as a remote team, which is a group of people working together from different locations. Enterprise environmental factors - Internal and external factors that can impact projects. Risk enhancement - Risk enhancement involves increasing the probability of an opportunity, or positive risk, occurring. As approved by the PMI Board, Project #121, PMI Knowledge Base was launched to re-examine the PMI "Body of Knowledge" as originally established as a result of a comprehensive effort under PMI's Ethics, Standards and Accreditation (ESA) project. Projektmanager Ein Projektmanager plant, koordiniert und überwacht ein Projekt … Plus we’ve added handy links to help you dive deeper into different topics with videos, articles and even our round-up of all resources so you can put these important terms into practice with your projects. Functional organization - An organization which organizes and manages staff members in groups based on specialty areas. What is PMI in Project Management? BOSCARD - This method details and considers the background, objectives, scope, constraints, assumptions, risks, and deliverables of new projects. Duration - The amount of time taken to complete an activity or task from start to finish. It is organized and edited by the project manager and details who communicated, when and where the communication took place, what information was shared, and the results of the communication. Engineers and architects supervise them, while a project manager manages the project work. Some simulators, such as the Monte Carlo simulator, are used to support and complement decision making in real projects. Extreme programming (XP) - An agile software development methodology that emphasizes a high degree of responsiveness to evolving customer demands. This glossary is a guide to the most commonly used business analysis and project management terms. They serve as contact points for sponsors, program managers, and other stakeholders. Work package - The work packages of a project are its lowest-level deliverables. Top-Down estimating - Top-Down estimating uses historical data from similar projects to compute time and cost estimates. A component of the project management plan, this is the central planning document relating to project scheduling. These skills can be harnessed for collective benefit. Agile approaches focus on teamwork, collaboration, and stakeholder involvement, as well as the use of iterative development methods. Depending on the nature of the project, a project team may be disbanded upon completion of a project. What Is a Project Management Course? Dynamic systems development method - The dynamic systems development method is one of the agile product development methodologies. Our newest Project Charter sample covers: GLOSSARY Page 3; PROJECT OVERVIEW Page 4. For anyone involved in project, program, and portfolio management, the Lexicon is an essential resource to foster understanding and consistent usage of terminology. Choose a term from the alphabetically-sorted list to see the article. Risk trigger - An event that causes a risk to occur. PMP – Project Management Professional. Life cycle - The entire process used to build its deliverables. The process is repeated, with the pool of estimates typically becoming narrower after each round of review until a consensus is reached. Current start date - The most up-to-date estimate of when an activity will start. See why Smartsheet is the platform you need to drive achievement, no matter the scale of your ambition. Der PMBOK… (See also risk response owner). Level of effort - Work that is not directly associated with components of a work breakdown structure but that can instead be thought of as support work. Establishing standardized definitions for common project management terms is a challenge, even for seasoned pros. Business requirements - The conditions a product must satisfy to effectively serve its purpose within a business. The new version of the Project Management Professional (PMP) ® certification exam launched on 2 January 2021. In activity-on-node diagrams, nodes represent activities. It attempts to avoid the anchoring effect — where the first estimate forms a baseline for all subsequent estimates — by having project team members make estimates simultaneously and discuss their estimates until they reach agreement. PMP 5th Edition Details . Earned schedule - A method of measuring schedule performance that improves upon traditional earned value management. This typically requires additional expenditure. Monte Carlo simulation/technique - Monte Carlo simulation is a computer-based technique that performs probabilistic forecasting of possible outcomes to facilitate decision making. Request for quotation - Upon receipt of proposals after issuing a request for proposal, an organization will issue a request for quotations to shortlisted proposers, asking for detailed cost estimations for specific goods or services. Net present value (NPV) - Net present value is a concept that compares the present value of a unit of currency to its inflation-adjusted possible value in the future. The book helps you prepare for the exam, and it will continue to serve project managers as an on-the … Rolling wave planning only works for schedules with clearly defined iterations. It authorizes the creation of a portfolio and connects its management with organizational objectives. Quality may also refer to a clearly defined set of stakeholder requirements by which results are assessed. Responsibility assignment matrix - A responsibility assignment matrix identifies those who are: responsible for project activities, accountable for ensuring that work is done, consulted about work activities, and informed about the work status. It may be used to compute expected activity duration through a technique called three-point estimation. To-Complete Performance Index (TCPI) - A project’s to-complete performance index is the cost performance it needs to achieve to be completed within budget. It is used to assess the overall profitability of a project. Evaluation draws from data collected during monitoring, as well as data from additional surveys or studies to assess project achievements against set objectives. Pmp application project description examples. Definitive estimating is considered a highly accurate estimation technique, with estimates falling within a ten-percent range of the actual budget. Performance reporting - Performance reporting is formally informing stakeholders about a project's current performance and future performance forecasts. 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. Other name for monitor and control procurement, Used in procurement process to store contracts and any related documents, Establish contingency reserve including amount of time and money to handle, Risk that occurs after all risk responses have been implemented, Risk that occurs as a result of implementing a risk response, Created in Plan Risk Management to categorize risks, 1. This paper discusses why project managers need clear and unambiguous. Products are designed with end users in mind. These are based on how end users will use the product. Lateral thinking - Lateral thinking involves using a roundabout method to inspire new ideas or solutions. Discrete effort is one of three types of activities used to measure work performance as part of earned value management. Burst point - A point in a network diagram at which multiple successor activities originate from a common predecessor activity. Program charter - An approved document that authorizes the use of resources for a program and connects its management with organizational objectives. (See also responsibility assignment matrix). Project - A temporary, goal-driven effort to create a unique output. Contingency plan - An alternative or additional course of action planned in anticipation of the occurrence of specific risks. You end up on PMI's Project Management Professional (PMP) page or . Earned value management - A method of measuring project performance and progress with regard to scope, time, and costs. Each phase comprises a number of timeboxed iterations, which in turn involve a cycle of specifying requirements, analysis, design, implementation, and testing, with emphases on these shifting as the project team proceeds through iterations. A positive cost variance indicates that a project is running below budget. Estimate at completion (EAC) - The estimated total cost for all project work, calculated as the sum of the actual cost and the estimate to complete. Time and material contract - A time and material contract pays per unit of time and reimburses materials costs for contracted work. Bottom-Up estimating - This calculation computes total time and cost estimates for projects by preparing individual estimates for each of a project’s activities and adding them together. The Project Management Institute (PMI) defines project management as, "The application of knowledge, skills, tools, and techniques to project activities in order to meet or exceed… Resource-Limited schedule - A resource-limited schedule has had its start and end dates adjusted based on the expected availability of resources.