1.7. Key Terms

Key Terms

  • Agile: is a broad term for project management techniques that are iterative.
  • Closure or Completion phase: the emphasis is on releasing the final deliverables to the customer, handing over project documentation to the business, terminating supplier contracts, releasing project resources, and communicating the closure of the project to all stakeholders.
  • Compliance Projects: This must be done to comply with industry or governmental regulations or standards.
  • Cost: The budget approved for the project includes all necessary expenses needed to deliver the project.
  • Function Point Analysis: a set of rules to measure the functionality to users
  • Implementation: the project plan is put into motion and the project’s work is performed.
  • Initiation: the project objective or need is identified; this can be a business problem or opportunity.
  • Iterative: repetitive
  • Life Cycle: The project manager and project team have one shared goal: to carry out the work of the project to meet the project’s objectives.
  • Operations: Involve continuous work without an ending date and with the same processes repeated to produce the same results.
  • Operational Projects: Improve current operations. These projects may not produce radical improvements, but they will reduce costs, get work done more efficiently, or produce a higher-quality product.
  • Planning: is where the project solution is further developed in as much detail as possible and the steps necessary to meet the project’s objective are planned.
  • Program: When a group of projects is arranged towards achieving a specific goal. A cluster of interconnected projects.
  • Project(s): Temporary initiatives that companies implement alongside their ongoing operations to achieve specific goals. They are clearly defined packages of work, bound by deadlines and endowed with resources, including budgets, people, and facilities.
  • Project constraints: Needs from a project they are cost, scope, quality, risk, resources, and time.
  • Quality: A combination of the standards and criteria to which the project’s products must be delivered for them to perform effectively.
  • Quality Assurance (QA): is the process of evaluating overall project performance regularly to provide confidence that the project will satisfy the relevant quality standards.
  • Risk Management: “high-threat” potential problems are identified along with the action that is to be taken on each high-threat potential problem, either to reduce the probability that the problem will occur or to reduce the impact on the project if it does occur.
  • Scope: This is what the project is trying to achieve. It entails all the work involved in delivering the project outcomes and the processes used to produce them.
  • Scope Management: a project plan is created outlining the deliverables, milestones, constraints, activities, tasks, lesson plans (if a training plan), dependencies, and timeframes.
  • Strategic projects: Involve creating something new and innovative. A new product, a new service, a new retail location, a new branch or division, or even a new factory might be a strategic project because it will allow an organization to gain a strategic advantage over its competitors.
  • Time: is defined as the time to complete the project. Time is often the most frequent project oversight in developing projects.
  • Triple constraint: which traditionally consisted of only time, cost, and scope.
  • Waterfall: where phases are sequential



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