tag:blogger.com,1999:blog-4653247684682236912021-12-09T02:11:37.966-08:00Project Management DefinitionMain terms used in project management the enviornmentKhalifa richardshttp://www.blogger.com/profile/06007409640271580667noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-465324768468223691.post-76203009613575275422011-10-05T10:03:00.000-07:002011-10-05T10:03:28.437-07:00What is Project Management<div dir="ltr" style="text-align: left;" trbidi="on">Project Management is a set of principles,methods, and tehniques to plan and control project work.<br />
Project Management principles and techiques help complete projects on schedule ,within budget and scope.<br />
It is a sturctured approach to managing projects.<br />
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I have outline the main Project Management definitions here:<br />
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<div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">ACTUAL COST (AC) – the cost incurred to complete the work that was actually performed in a given time period. Also called <i style="mso-bidi-font-style: normal;">actual cost of work performed (ACWP).</i></span></div><div class="MsoNormal" style="margin: 0in 0in 10pt; tab-stops: 81.0pt;"><i style="mso-bidi-font-style: normal;"><span style="font-family: Calibri;"><span style="mso-tab-count: 1;"> </span></span></i></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">BUDGET AT COMPLETION ( BAC) – the estimated total cost of the project when completed.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">CLIENT – the person or group that requests a project.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">DURATION – the number of work periods (such as hours, days, or weeks) required to complete an activity. Does not include holidays or other non-working periods. Not the same as <i style="mso-bidi-font-style: normal;">effort.</i></span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">EARNED VALUE (EV) – the planned cost of work actually performed in a given time period. Also called <i style="mso-bidi-font-style: normal;">budgeted cost of work performed (BCWP).</i></span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">FLOAT – the time an activity can slip without delaying the project finish date. It is equal to the difference between the early start and late start (or the difference between the early finish and late finish). Also known as <i style="mso-bidi-font-style: normal;">slack, total float </i>and <i style="mso-bidi-font-style: normal;">path float. </i>See also <i style="mso-bidi-font-style: normal;">free float.</i></span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">GANTT CHART – a bar chart of schedule information, typically with dates across the horizontal axis, activities listed down the vertical axis, and activity durations shown as horizontal bars under the appropriate dates.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">INTERNAL RATE OF RETURN – a profitability measure that represents an average rate of return for the project, expressed as a percentage.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">LAG – the time delay between the start or finish of one activity and the start or finish of another activity. When expressed as a negative number, lag indicates an overlap in the activities and is also called <i style="mso-bidi-font-style: normal;">lead.</i></span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">MILESTONE – an activity that defines the completion of a major deliverable or group of activities. A milestone has no duration, cost, or resource requirements.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">OPPORTUNITY COST – the cost of choosing one alternative (project) and, therefore, giving up the potential benefits of another alternative (project).</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">PLANNED VALUE (PV) – the planned cost of work scheduled to be done in a given time period. Also called <i style="mso-bidi-font-style: normal;">budgeted cost of work scheduled (BCWS).</i></span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">QUALITY ASSURANCE – the process of evaluating project performance to ensure compliance with quality standards.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">RESOURCE – funds, personnel, equipment, facilities, or materials needed to complete an activity or a project.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">SCOPE – a description of the features and functions of the end products or services to be provided by the project.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><span style="font-family: Calibri;">WORK BREAKDOWN STRUCTURE – a hierarchical breakdown of activities and end products that organizes and defines all work to be completed in a project.</span></div><div class="MsoNormal" style="margin: 0in 0in 10pt;"><br />
</div></div>Khalifa richardshttp://www.blogger.com/profile/06007409640271580667noreply@blogger.com0