1.6. Key Terms
Key Terms
- Agile: is a broad term for project management techniques that are iterative.
- Compliance Projects: These are completed 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.
- Deterministic Approach: The idea that once everyone agrees on a plan, the plan itself determines what comes next.
- 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 path a project takes from the beginning to its end.
- 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.
- 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.
- 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): The process of evaluating overall project performance regularly to provide confidence that the project will satisfy the relevant quality standards.
- Risk Management: Anticipating and identifying potential problems that would threaten the success of the project and developing a plan to reduce the impact of that threat if it occurs.
- Scope: The reason and purpose for the project, or what the project is trying to achieve.
- Scope Management: The strategy designed to recognize and organize the project’s tasks and resources.
- 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: The primary competing project constraints, which traditionally consisted of only time, cost, and scope.
- Waterfall: A project management approach where phases are presented sequentially.
“1.7. Key Terms” & “3.8. Key Terms” from Essentials of Project Management by Adam Farag is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted. Modifications: updates and changes to the following terms: deterministic approach, life cycle, planning, risk management, scope, scope management, triple constraint, waterfall. As well, project constraints, project planning, and uncertainty were removed.
