Stakeholder References Part 2: Standards for Project Management 1. Pmi vs apm. Im Auftrag des PMI werden die … Code of accounts - An alphanumeric system used to assign unique identifiers to all work breakdown structure components. "PMI", "PMP" "PMBOK" are marks of the Project Management Institute (PMI) which are registered in the United States of America and in other nations PMI has not participated in the creation of this self assessment test and has not reviewed it for correctness. Contingency reserve - An allocation of time or money (or both) set aside for the occurrence of known possibilities that could delay a project or make it more expensive. Actual duration - The length of time taken to complete an activity. It is typically used for small projects with straightforward requirements, since sequential development makes it difficult to revise design based on testing or preliminary feedback. The ADM is used to construct activity-on-arrow (AOA) diagrams. Capability maturity model (CMM) - This model is used to assess the maturity of business process capabilities. Product verification - Product verification involves examining a deliverable to ensure, among other things, that it meets requirements, quality benchmarks, and expectations set by the product description. Decomposition - The hierarchical breaking down of project deliverables into smaller components that are easier to plan and manage. They typically offer recommendations for improvement. (See also planned value). Organizational process assets are essentially the unique knowledge and processes that facilitate an organization’s operations. The term may also refer to a field of study focusing on the characteristics of organizations and their growth and evolution. So, get ready with this essential PMP study guide. Overall change control - The evaluation, coordination, and management of project-related changes. Cost/schedule impact analysis - A cost/schedule impact analysis determines the effects of a particular change on a project’s cost or schedule. (See also operations research). The most complete project management glossary for professional project managers. It is an alternative to the waterfall development method: instead of focusing on sequential development with a single end product, it passes through a number of development cycles, with an improved version of the product, called an increment, produced at the end of each iteration. Conceptual project planning - Conceptual project planning involves developing the documentation from which a project’s organization and control system will originate. A-E | F-L | M-S | T-Z. Variance analysis - The practice of investigating deviations between planned and actual performance. Project management simulators - Software training tools that teach project management skills via interactive learning and provide real-time feedback by which project management trainees can practice and reassess their decision making. Planned value (PV) - The budget assigned to the work it is meant to accomplish. They oversee, at a high level, all projects within a program. Risk category - A set of risks grouped by cause. Late finish date - The latest possible date a scheduled activity can be completed without delaying the rest of the project. An uncertain business environment is an … Project management guide on Business model - A company’s business model is the system by which the organization’s  profitable activities are planned, structured, and executed, and by which it interacts with its customers. It is organized and edited by the project manager and details who communicated, when and where the communication took place, what information was shared, and the results of the communication. Risk transference - Risk transference involves handing ownership of risk to a third party who is typically specialized and better able to address the risk or to withstand its impact. Risk appetite - The amount and type of risk an organization is willing to accept in anticipation of gains. The defining characteristics of nonlinear management include encouragement of out-of-the-box thinking, proactivity in responding to challenges, and flexible working arrangements for employees. Quality control - The use of standardized practices to ensure that deliverables meet stakeholder expectations. Risk threshold - The level at which the likelihood or impact of a risk becomes significant enough that the risk manager deems a risk response necessary. In 1969, the Project Management Institute (PMI) was formed in the USA. (See also waterfall model). Scientific management - Scientific management was an early attempt to bring scientific approaches to process management. Time limit - The time limit for a task is the window of time or deadline by which it must be completed. Free your team from content sprawl with Brandfolder, an intuitive digital asset management platform. Work breakdown structure dictionary - A document that details, describes, and provides scheduling information for every element of a work breakdown structure. 21-40. Scope change management - Scope change management deals with amendments to the scope as set in the scope baseline and project management plan. In 1969 people from these industries and academia to come together to create The Project Management Institute ie.PMI®. Management process - The act of planning and executing a project or process to meet a defined set of objectives or goals. Opportunity cost - The opportunity cost of a particular course of action is the loss of potential gains from all alternative courses of action. Risk sharing - Risk sharing involves handing ownership of a positive risk to a third party who is typically specialized and better able to realize the opportunity. A project’s assumptions can affect its risks and outcomes, so you must consider them carefully. Human resource management plan - A human resource management plan details the roles of and relationships between personnel working on a project, as well as how personnel will be managed. Cost engineering may also be called project controls in some industries. They mark progress needed to complete projects successfully. External dependency - An outside relationship that affects the completion of a project activity. It is not the same as a management reserve, which is an allocation made for unforeseeable circumstances. Event-Driven - The adjective describes an action that is prompted by the occurrence of an event. It uses historical data from completed projects to form adjusted estimates for similar new projects, usually presenting these estimates as ranging from -25 percent to +75 percent of the actual budget to indicate the levels of uncertainty involved. Understanding the roots of glossaries and jargon is key to understanding the significant role they play in human interaction in an organization. Project performance indicators - Measures used to assess project performance, usually with reference to project or performance baselines. Action item status - This tracks an action item’s progress from creation to closure. Free float - The amount of time by which an activity can be postponed without affecting the early start dates of a successor activity. Slack time - The length of time an activity's early start can be delayed without affecting project duration. Delphi technique - An estimation method based on expert consensus. Systems engineering - A field of engineering that applies principles of systems thinking to the development of complex systems. Depending on whether project duration or limiting resource use is prioritized, they can be used to amend activity start and finish dates in ways that do or do not affect a project’s critical path. Slip chart - A slip chart graphically compares predicted activity completion dates with originally planned completion dates. Project management triangle - A visual metaphor that illustrates relationships between scope, cost, and schedule. Management processes may be carried out at multiple levels within organizations, with the scale and scope of activities typically increasing up the organizational hierarchy. Acceptance Criteria: those criteria, including performance requirements and essential conditions that must be met before the project … As approved by the PMI Board, Project #121, PMI Knowledge Base was launched to re-examine the PMI "Body of Knowledge" as originally established as a result of a comprehensive effort under PMI's Ethics, Standards and Accreditation (ESA) project. Activity - Any work performed on a project. Lag/Lag time - A necessary break or delay between activities. They include such things as climate, available resources, and organizational structure. "PMP", "PMBOK", "PMI-ACP" and "PMI" are registered marks of the Project Management Institute, Inc. [Updated] PMP Sample Exam | 200 Free PMP Practice Exam Questions, Top 5 Tips to Ensure you Pass the PMP Exam in 2021 on First Try, Brain Sensei PMP Review – Learning Hack Exposed, Free PMI-ACP Exam Practice Questions Simulator, Review of the Best PMP Course on Udemy 2020, PMP Estimation Formulas for Project Management, PM Training – Helping Aspiring IT Professionals with Project Management. It evaluates management decisions and outcomes to find optimal solutions to problems, and thus enables better decision making. Each segment represents a portion of the budget value for the work package and ends with a milestone. Graphical evaluation and review technique (GERT) - A network analysis technique that uses Monte Carlo simulation to bring a probabilistic approach to network logic and the formation of duration estimates. What is PMI in Project Management? Das PMI Framework im Überblick. After I did my initial studying and started taking exams I created the below study notes which I would revise before each exam and then add new concepts I might have mixed up during the practice exam. Project Definition Pmi. PMI CEO Sunil Prashara and Sovan Shatpathy, SVP and Chief Technology Officer at Navy Federal Credit Union, discuss his experience in implementing citizen development across various industries—and the potential of citizen development moving forward. Mission statement - A concise enunciation of the goals of an activity or organization. Resource calendar - A resource calendar indicates resource availability, usually by shift, over a period of time. It is a project management methodology that emphasizes business justifications for projects. RASCI/RACI chart - A RASCI chart is created during project initiation to identify those who are: responsible for project activities, accountable for ensuring that work is done, signing off on the work, consulted in relation to work activities, and informed about the status of the work. Retainage - The sum of money withheld from a contract payment until completion of the contract according to terms. S-Curve analysis is used to compare a project’s cumulative costs at any given point with a cumulative cost baseline created during the planning phase. The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Risk acceptance - Risk acceptance involves acknowledging a risk and not taking preemptive action against it. It highlights this dedication to employers, colleagues and stakeholders, giving you an edge in the job market. Responsibility assignment matrix - A responsibility assignment matrix identifies those who are: responsible for project activities, accountable for ensuring that work is done, consulted about work activities, and informed about the work status. A thorough review is the best prep for a challenging certification exam. Work package - The work packages of a project are its lowest-level deliverables. It may also recommend corrective action if quality standards are not being met. A non-profit organization for project management professionals, providing resources, advice and opportunities for professional members of the community as well as information about project management terms. (See also request for proposal), Ishikawa diagram - Ishikawa diagrams are used in project management to identify the possible causes of an effect. 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