3.17. Key Terms
Key Terms
- Activity: An element of work performed during a project.
- Analogous Estimating: This method uses information from a previous project to estimate the cost of completing a similar project in the future. This provides a quick estimate but should be used with caution. Analogous estimating only works when comparing projects that are similar in scope and will be completed in similar conditions.
- Communications Management: The communications planning process concerns defining the types of information you will deliver, who will receive it, the format for communicating it, and the timing of its release and distribution.
- Communications Requirements Analysis: The first step in defining your communication plan is figuring out what kind of communication your stakeholders need from the project so they can make good decisions.
- Contingency Fund: This is a number of resources set aside to cover unanticipated costs.
- Contingency Plan: A contingency plan defines alternate paths for the project in case various risks are realized.
- Direct Cost: An expense that can be traced directly to (or identified with) a specific cost center or cost objects such as a department, process, or product.
- Direct Project Overhead Costs: Costs that are directly tied to specific resources in the organization that is being used in the project. Examples include the cost of lighting, heating, and cleaning the space where the project team works.
- Gantt Chart: A type of bar chart, developed by Henry Gantt, that illustrates a project schedule.
- General and Administrative (G&A) Overhead Costs: The indirect costs of running a business, such as IT support, accounting, and marketing.
- Network Diagram: A way to visualize the interrelationships of project activities.
- Planning: The act or process of making a plan to achieve or do something.
- Planning Phase: When the project plans are documented, the project deliverables and requirements are defined, and the project schedule is created. It involves creating a set of plans to help guide your team through the implementation and closure phases of the project.
- Resource Leveling: Aims at smoothing the stock of resources on hand, reducing both excess inventories and shortages.
- Resource Management: The efficient and effective deployment of an organization’s resources when they are needed.
- Single Point Estimation: Estimate obtained from just one estimator.
- Work Breakdown Structure (WBS): Hierarchical outline of all the deliverables involved in completing a project. The WBS is part of a project scope statement. The creation of a WBS is one of the first steps in organizing and scheduling the work for a project.
“5.8. Key Terms” & “6.8. Key Terms” & “8.7. 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: Changes to the terms activity, communications management, contingency plan, gantt chart, network diagram, resource management and single point estimation. Removed: bottom-up, cost of quality, determination of resource costs, reserve analysis, vendor bid analysis,
