Communities of Practice – Groups of people who share an area of interest within project management. They meet regularly to exchange and develop knowledge in the field of interest. Scope Change Management – Scope Change Management deals with scope changes as defined in the Scope Baseline and Project Management Plan. Since scope changes typically affect cost and schedule estimates, managing scope changes involves revising estimates and communicating them appropriately to stakeholders, as well as finding the resources needed to meet new scope requirements. It is derived from the Project Scope Statement and contains two main components: Quality Costs – The costs associated with ensuring the quality of the project. These costs can mean the difference between unacceptable and acceptable outcomes. Balance – A phase of the portfolio lifecycle where the components of a portfolio are balanced based on risk, cost and resource utilization. This is an aspect of organizational project management. (See also Portfolio Balancing) Story Point – In sprint-based projects, a story point is a measure of the amount of work required to implement a particular user story.
By assigning and summarizing story points, project teams can target a realistic number of user stories for actions during an iteration or sprint. Requirements Traceability Matrix – A table that tracks requirements throughout the project lifecycle and product testing. It is used to ensure that a project is able to meet the specified requirements during the verification process. Product Distribution Structure (PBS) – A product distribution structure is used in project management to record and communicate all project results in a hierarchical tree. It can be considered as a complete list of all the results of the project. Authorized work – work that management or other authorities approve. Project – A temporary goal-oriented effort to create a unique outcome. A project has clearly defined phases, and its success is measured by whether or not it achieves the set objectives. Cost Engineering – The application of scientific and technical principles to various aspects of cost management. Cost engineers contribute, among other things, to estimation procedures and project cost management. Cost engineering can also be called project management in some industries. List of Activities – This list documents all the activities required to complete a project.
Each activity is accompanied by its activity identifier and a description of the work to be performed. The tender specifications should clearly indicate which third parties have an interest in the project and define, as far as possible, what their interest is. RASCI/RACI diagram – At the start of the project, a RASCI diagram is created to identify the people responsible for the project activities, are responsible for doing the work, drawing the work, being consulted on the work activities and being informed of the progress of the work. The acronym can be simplified as RACI. (See also Assignment matrix) Program Evaluation and Review Technique (PERT) – PERT is a statistical method for analyzing project activities and duration. PERT networks are typically represented by arrow activity diagrams. The method uses optimistic, pessimistic and highly likely timelines to estimate the expected duration of project activities and to determine float times, early and late start dates, and critical paths. (See also the three-point estimate) Establishing standardized definitions for common project management terms is a challenge, even for experienced professionals.
To help you achieve this goal, we offer this authoritative reference guide that compiles a comprehensive list of project management terminology. This glossary contains more than 600 terms and provides simple and clear explanations. Integrated Management Plan (IMS) – An integrated management plan is created from an integrated management plan. This is a list of all project tasks that are represented in the form of a networked schedule. Project phase – A specific phase of the life cycle of a project management. Each phase includes a series of project-related activities. Initiation phase – The formal start of a new project. It is about getting the proper permission and creating a clear definition of the project. Cost-performance index – A cost-performance index measures the profitability of a project by calculating the ratio of earned value to actual costs. Administrative closure – These are the formal requirements that are met to complete a project. This includes documenting the formal acceptance of results and ensuring that all relevant information is sent to the promoter and stakeholders of a project.
Please note that these are the general sections of a ToR model. They can be modified or omitted depending on the scope of a particular project. The following description of the sections of the OPR is general and provides guidance. This means that a particular project requires further analysis of the content to be included in a toR model. When planning your project, you must first analyze and define the work that needs to be outsourced, and then proceed to the development of the working conditions of the project. Scope: The specific project category to which the project belongs. Application areas can be defined according to the characteristics or applications of the project products or by the clients or stakeholders of the projects. Analytical estimation – This technique calculates estimates of total project time and cost by creating and adding estimates for each project activity. Analytical estimation is considered the most accurate estimation technique.
(See also bottom-up estimate) Project Cost Management (PCM) – The use of an information system to estimate, measure and control costs throughout the project lifecycle. It aims to carry out projects within budgets. Estimate on Completion (EAC) – The estimated total cost of all project work, calculated as the sum of the actual costs and the estimate to be prepared. Performance Reporting – Performance reports formally inform stakeholders of a project`s current performance and future performance forecasts. The performance aspects to be reported are usually set out in a communications management plan. Linear Sequential Model – A linear sequential model moves systematically and sequentially through the phases of a project`s lifecycle. It is typically used for small projects with simple requirements, as sequential development makes it difficult to revise the design based on preliminary testing or feedback. (See also waterfall model) Virtual Design and Construction (VDC) – A method based on the use of technology in planning and construction projects.
It uses Building Information Modeling (BIM) tools that focus on the predictable and manageable aspects of projects to create integrated models that predict project performance. Project Baseline – A project baseline includes the budget and schedule allocations established during the initiation and planning phases of a project. Assuming the scope of the project remains unchanged, it can be used to determine variances from budget or schedule. Project Calendar Network Diagram – A diagram is a visual representation of how planned project activities are organized and linked. .