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Project management glossary

Moira Alexander | March 16, 2016
As in many specialized fields, there is a host of terms that hold a specific meaning, and the world of project management (PM) is no exception.

Business need

This can be created when internal or external factors like changes in regulation, legal requirements, technological advances or limitations, changes in the market, or competition shifts. It influences business decisions and creates a need to take action. The business need is considered an input within the project statement of work (SOW) document.

Change control board (CCB)

A group formally formed to review, evaluate, approve, schedule or reject, and communicate project change requests submitted by the project team.

Change requests

These are formal requests scheduled and submitted by the project team to the change control Board (CCB) to either prevent or correct an action, repair some sort of deficiency or make changes to a policy plan procedure or even costs/budgets or revise a schedule. These change requests are considered an output within the integrated change control process.

Close-out phase

In project management, this is the final phase/process group where processes are performed at the end of a project to formally conclude project activities. It involves confirming and documenting the customer is satisfied with, and accepts the project outcome(s). It also releases all resources/ stakeholders, concludes project activities, terminates all agreements, insurers updates to any project documents are complete, formally closes the project, and documents any lessons learned throughout the project.

Composite organization

Usually refers to organizations that involve a combination of the previous structures and may have some middle-management, strategic and operational management that interact with project managers on all levels.

Cost forecasts

This measures the costs at a point in time against a cost baseline and is used to calculate the estimate to complete (ETC). It is usually expressed as a cost variance (CV) and cost performance index (CPI).

Deliverables

These are typically tangible products or results of the project that are distinctive and verifiable, needed for the purpose of completing the project or a part of the project.

Earned value (EV)

This measures how much work has been completed in comparison to the approved budget for the work.

Enterprise environmental factors

An organization’s internal factors that can influence/impact the outcome of a project and can include government/legislative changes, internal processes and practices, technologies, staff, and management and stakeholder risk tolerance, communication practices, and even corporate culture.

Enterprise project management office (EPMO)

A more strategic PMO that focuses all efforts on executing projects in alignment with overall business strategy. All projects and related activities are undertaken with the goal of supporting business objectives; ensuring projects are not initiated if they do not provide sufficient value to the business overall.

Executing phase

The processes involved in this phase/process group involve actually performing the work defined in the project management plan required to complete the project.  Throughout this phase, there may be changes to the cost, quality, time, resources etc. that may trigger change requests that need to be approved, and this may in turn require a need to revisit and update the project management plan and associated documents. This is the phase where a significant amount of the financial budget is spent as the actual work occurs here.

 

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