Introduction to project management/IPM101/Describing project management/Glossary


 * Costs
 * The cost value of project activity.


 * Project management body of knowledge (PMBOK)
 * The sum of knowledge within the profession of project management that is standardized by ISO.


 * Quality
 * The standards and criteria to which the project’s products must be delivered for them to perform effectively. First, the product must perform to provide the functionality expected, and to solve the problem, and deliver the benefit and value expected of it. It must also meet other performance requirements, or service levels, such as availability, reliability and maintainability, and have acceptable finish and polish. Quality on a project is controlled through quality assurance (QA) which is the process of evaluating overall project’s performance on a regular basis to provide confidence that the project will satisfy the relevant quality standards.


 * Risk
 * There may be potential external events that will have a negative impact on your project if they occur. Risk refers to the combination of the probability the event will occur and the impact on the project if the event occurs. If the combination of the probability of the occurrence and the impact to the project is too high, you should identify the potential event as a risk and put a proactive plan in place to manage the risk


 * Risk management planning
 * The process that determines how risks will be managed for a project. It describes how risks are defined, monitored, and controlled throughout the project.


 * Schedule development
 * This process calculates and prepares the schedule of project activities, which becomes the schedule baseline. It determines activity start and finish dates, finalizes activity sequences and durations, and assigns resources to activities.


 * Scope
 * Scope is the way you describe the boundaries of the project. It defines what the project will deliver and what it will not deliver. High-level scope is set in your project definition (charter) and includes all of your deliverables and the boundaries of your project. The detailed scope is identified through your business requirements. Any changes to your project deliverables, boundaries, or requirements would require approval through scope change management.


 * Stakeholder
 * Specific people or groups who have a stake in the outcome of the project are stakeholders. Normally stakeholders are from within the company and may include internal clients, management, employees, administrators, etc. A project can also have external stakeholders, including suppliers, investors, community groups, and government organizations.

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