Project Management - Terms & Definitions

 Project
A project is a temporary endeavor undertaken to create a unique product, result, or service. A project differs from a process in that a process represents an operation performed repeatedly to sustain the business.

Project Management
Project Management consists of the methods and tools used to deliver a project that meets stated objectives. 

Triple Constraint
The Triple Constraint consists of three general objectives all projects have: meeting the scope (including quality criteria of the deliverables), meeting time constraints, and meeting cost boundaries. They must always be kept in balance with each other.

Project Life Cycle
The Project Life Cycle consists of the phases that projects experience over their life: Initiation, Planning, Execution, and Closing.

Project Manager
A Project Manager is the person responsible for managing the project and leading the team to successful completion. Project Managers are integrators that not only need to be skilled in Project Management techniques and tools, but also must have leadership skills.

Project Team
The project team is composed of individuals who are properly skilled, allocated to optimize project efficiency and effectiveness, and physically located where they can have the most value.

Project Management Office
A Project Management Office is a specific organizational or management structure designed to support the organization's Project Managers and projects.

Project Charter
A Project Charter describes the project, its business case, requirements, risks, Stakeholders, and measurable objectives in sufficient detail that senior management can authorize expenditures, personnel, and time for the project.

Project Sponsor
A Project Sponsor is engaged as an enabler for the project by providing whatever support necessary to ensure the success of the project.

Work Breakdown Structure
A Work Breakdown Structure is a deliverable-oriented grouping of project components (results) that organizes and defines the total scope of the work. Work not in the WBS and Activity List is outside the scope of the project. 

Budget Estimate
A budget estimate approximates all the costs of the resources needed to complete project activities by reconciling the top-down and bottom-up estimates. 

Project schedule
The schedule identifies and documents logical dependencies among activities and is optimized for resource and time efficiency while balancing the Triple Constraint. 

Network diagrams
Network diagrams are used to identify the critical path and float.

 Change Control Process
A Change Control Process is used to manage changes to the project baseline of scope, cost, and schedule.




 

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