Key Roles

Project Manager to integrate activities and changes, Team Members to focus on completing activities, Project Sponsor provides required resources and protects project from unnecessary changes.

Project Selection – Benefit Measurement Method

Murder board, peer review, scoring model, economic model, and cost-benefit analysis.

Project Selection – Constrained Optimization Method

Linear, non-linear, integer, dynamic, multi-objective programming.

Present Value = Future Value / (1 + Discount Rate) ^years

Net Present Value = Present Value – Initial Investment

Internal Rate of Return

Interest rate at which the net present value of all the cash flows from an investment equal zero.

0 = (PV)₀ + FV/ (1 + IRR)¹ + FV/ (1 + IRR)² + …

Payback Period

Time required to recover the cost of an investment.

Benefit Cost Ratio = Total Discounted Value of Benefit/Total Discounted value of Cost

Return on Investment = 100 x (Net Profit / Cost of Investment)

Opportunity Cost

Financial gain given up not selecting a project.

Project Integration Management

Managing interdependencies among other knowledge areas, making choices on resource allocation, competing objectives and alternatives.

Project Charter

Document that formally authorizes existence of a project and to apply resources to the project activities. Contains high level project requirements. Generally, created by project sponsor and handed over to project manager.

Business Case

Document justifies the investment in a project from business point of view.

Statement of Work

Description of product, service or result to be delivered.

Agreements

Describe initial intention of a project as contracts, memorandum of understanding, service level agreement, letters of agreement/intent etc.

Enterprise Environmental Factors

Conditions not under the control of project team that influence, constrain or direct the project. Examples are organization culture, structure, geography, regulations, infrastructure, human resource, policies, marketplace, political climate, scheduling software etc.

Organizational Process Assets

Plans, processes, policies, procedures and knowledge bases specific to and used by the performing organization.

Expert Judgement

Expert Judgment is used from many sources from performing organization, consultants, stakeholders including customers or sponsors, professional and technical associations, subject matter experts and project management office.

Facilitation Techniques

Brainstorming, conflict resolution, problem solving, meeting management etc.

Project Management Plan

Document that defines how the project is executed, monitored, controlled and closed.

Develop Project Management Plan

Process of defining, preparing and coordinating all subsidiary plans and integrating them into a comprehensive plan, called project management plan.

Work Authorization

A permission and direction, typically written, to begin work on a specific schedule activity, work package or control account.

Work Authorization System

A collection of formal documented procedures that defines how project work will be authorized. This is to ensure work is done by the identified organization, at the right time and proper sequence.

Corrective Action

Actions taken to bring forecasted project performance in line with the project management plan i.e. by adding resources.

Preventive Action

Actions taken to avoid performance deviation in future from project management plan i.e. by proper work estimation ahead of time.

Change Control System

Documented procedures, paperwork, tracking systems for authorizing changes.

Configuration Management System

Documenting and updating of information that describes organization’s hardware and software i.e. project documents, source code, recommended settings for machinery etc.

Direct and Manage Project Work

Process of leading and performing the work defined in project management plan and implementing approved changes.

Project Management Information System, PMIS

Automated tool, such as, scheduling software, configuration management system, information collection and distribution system, web interfaces etc. It is one of the enterprise environmental factors.

Deliverables

Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase or project.

Work Performance Data

Raw observations and measurements conducted during activities being performed. It is the lowest level detail from which information is derived.

Monitor and Control Project Work

Process of tracking, reviewing and reporting the progress to meet performance objectives defined in project management plan.

Work Performance Information

Derived from work performance data, collected from various controlling processes, analyzed in context and integrated based on relationships across areas.

Schedule Forecasts

Derived from actual progress against the schedule baseline and computed as time estimate to complete (ETC). It is expressed in terms of schedule variance (SV) and schedule performance index (SPI).

Cost Forecasts

Derived from actual progress against the cost baseline and computed as cost estimate to complete (ETC). It is expressed in terms of cost variance (CV) and cost performance index (CPI). An estimate at completion (EAC) can be compared to the budget at completion (BAC) to evaluate if a change request is required or the project is still within specified tolerance.

Validated Changes

Acceptance or rejection of any changed or repaired item through inspection. It validates approved changes result from perform integrated change control.

Change Requests

A formal proposal to modify any document, deliverable or baseline. As a result of comparing planned vs actual results, change request may be issued to expand, adjust or reduce the project/product scope, quality requirements, schedule/cost baseline. This may include corrective action, preventive action and defect repair.

Approved Change Requests

Output of Perform Integrated Change Control Process that includes change requests being reviewed and approved for implementation by Change Control Board (CCB).

Work Performance Reports

Physical or electronic representation of Work Performance Information, compiled in Project Documents, intended to create decision, action and/or awareness.

Perform Integrated Change Control

Process of reviewing all change requests, approving and managing changes to Deliverables, Organizational Process Assets, Project Documents and Project Management Plan as well as communicating their disposition.

Change Log

Document changes that occur during a project.

Close Project or Phase – Process of finalizing all activities across all project management process groups to formally complete the project or phase.

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