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Glossary Of Project Management
A glossary of terms relating to project management and consulting. A * Agile software development is a set of fundamental principles about how software should be developed based on an agile way of working in contrast to previous heavy-handed software development methodologies. * Aggregate planning is an operational activity which does an aggregate plan for the production process, in advance of 2 to 18 months, to give an idea to management as to what quantity of materials and other resources are to be procured and when, so that the total cost of operations of the organization is kept to the minimum over that period. * Allocation is the assignment of available resources in an economic way. B * Benefits management plan a document that describes the activities necessary for achieving the benefits of a project and when these planned benefits will be delivered. It also outlines metrics and procedures to measure progress against benefits. * BOSCARD a strategic planning tool use ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives. The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are clearly established, they should influence all decisions made by other people involved in the project – for example, project managers, designers, contractors, and subcontractors. Ill-defined or too tightly prescribed project management objectives are detrimental to decision-maki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capability Maturity Model
The Capability Maturity Model (CMM) is a development model created in 1986 after a study of data collected from organizations that contracted with the U.S. Department of Defense, who funded the research. The term "maturity" relates to the degree of formality and optimization of processes, from ''ad hoc'' practices, to formally defined steps, to managed result metrics, to active optimization of the processes. The model's aim is to improve existing software development processes, but it can also be applied to other processes. In 2006, the Software Engineering Institute at Carnegie Mellon University developed the Capability Maturity Model Integration, which has largely superseded the CMM and addresses some of its drawbacks. Overview The Capability Maturity Model was originally developed as a tool for objectively assessing the ability of government contractors' ''processes'' to implement a contracted software project. The model is based on the process maturity framework first describ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Overrun
A cost overrun, also known as a cost increase or budget overrun, involves unexpected incurred costs. When these costs are in excess of budgeted amounts due to a value engineering underestimation of the actual cost during budgeting, they are known by these terms. Cost overruns are common in infrastructure, building, and technology projects. For IT projects, a 2004 industry study by the Standish Group found an average cost overrun of 43 percent; 71 percent of projects came in over budget, exceeded time estimates, and had estimated too narrow a scope; and total waste was estimated at $55 billion per year in the US alone. Many major construction projects have incurred cost overruns; cost estimates used to decide whether important transportation infrastructure should be built can mislead grossly and systematically. Cost overrun is distinguished from cost escalation, which is an ''anticipated'' growth in a budgeted cost due to factors such as inflation. Causes Recent works by Ahia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Construction
Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and comes from Latin ''constructio'' (from ''com-'' "together" and ''struere'' "to pile up") and Old French ''construction''. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings, infrastructure, industrial facilities and associated activities through to the end of their life. It typically starts with planning, financing, and design, and continues until the asset is built and ready for use; construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The constructio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives. The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are clearly established, they should influence all decisions made by other people involved in the project – for example, project managers, designers, contractors, and subcontractors. Ill-defined or too tightly prescribed project management objectives are detrimental to decision-maki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Profit (accounting)
Profit, in accounting, is an income distributed to the ownership , owner in a Profit (economics) , profitable market production process (business). Profit is a measure of profitability which is the owner's major interest in the income-formation process of market production. There are several profit measures in common use. Income formation in market production is always a balance between income generation and income distribution. The income generated is always distributed to the Stakeholder (corporate), stakeholders of production as economic value within the review period. The profit is the share of income formation the owner is able to keep to themselves in the income distribution process. Profit is one of the major sources of economics , economic well-being because it means incomes and opportunities to develop production. The words "income", "profit" and "earnings" are synonyms in this context. Measurement of profit There are several important profit measures in common use. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost Engineering
Cost engineering is "the engineering practice devoted to the management of project cost, involving such activities as estimating, cost control, cost forecasting, investment appraisal and risk analysis". "Cost Engineers budget, plan and monitor investment projects. They seek the optimum balance between cost, quality and time requirements." Skills and knowledge of cost engineers are similar to those of quantity surveyors. In many industries, cost engineering is synonymous with project controls. As the title "engineer" has legal requirements in many jurisdictions (i.e. Texas, Canada), the cost engineering discipline is often renamed to project controls. A cost engineer is "an engineer whose judgment and experience are utilized in the application of scientific principles and techniques to problems of estimation; cost control; business planning and management science; profitability analysis; project management; and planning and scheduling". Overview One key objective of cost eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost
In production, research, retail, and accounting, a cost is the value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore. In business, the cost may be one of acquisition, in which case the amount of money expended to acquire it is counted as cost. In this case, money is the input that is gone in order to acquire the thing. This acquisition cost may be the sum of the cost of production as incurred by the original producer, and further costs of transaction as incurred by the acquirer over and above the price paid to the producer. Usually, the price also includes a mark-up for profit over the cost of production. More generalized in the field of economics, cost is a metric that is totaling up as a result of a process or as a differential for the result of a decision. Hence cost is the metric used in the standard modeling paradigm applied to economic processes. Costs (pl.) are often further described based on their t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Constructability
Constructability (or buildability) is a concept that denotes ease of construction. It can be central to project management techniques to review construction processes from start to finish during pre-construction phase. Buildability assessment is employed to identify obstacles before a project is actually built to reduce or prevent errors, delays, and cost overruns. CII defines constructibility as “the optimal use of construction knowledge and experience in planning, design, procurement, and field operations to achieve overall project objectives”. The term "constructability" can also define the ease and efficiency with which structures can be built. The more constructible a structure is, the more economical it will be. Constructability is in part a reflection of the quality of the design documents; that is, if the design documents are difficult to understand and interpret, the project will be difficult to build. The term refers to: * the extent to which the design of the buil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communications Log
Communication (from la, communicare, meaning "to share" or "to be in relation with") is usually defined as the transmission of information. The term may also refer to the message communicated through such transmissions or the field of inquiry studying them. There are many disagreements about its precise definition. John Peters argues that the difficulty of defining communication emerges from the fact that communication is both a universal phenomenon and a specific discipline of institutional academic study. One definitional strategy involves limiting what can be included in the category of communication (for example, requiring a "conscious intent" to persuade). By this logic, one possible definition of communication is the act of developing meaning among entities or groups through the use of sufficiently mutually understood signs, symbols, and semiotic conventions. An important distinction is between verbal communication, which happens through the use of a language, and non ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Certified Associate In Project Management
Certified Associate in Project Management (CAPM) is a credential offered by the Project Management Institute (PMI). The CAPM is an entry-level certification for project practitioners. Designed for those with less project experience, the CAPM is intended to demonstrate candidates' understanding of the fundamental knowledge, terminology and processes of effective project management. Exam syllabus The CAPM exam is based on the '' A Guide to the Project Management Body of Knowledge'', colloquially known as "The PMBOK Guide". The ''Certified Associate in Project Management (CAPM) Credential Handbook'', notes the distribution of questions from the PMBOK: # Chapter 1 "Introduction to Project Management" (6%) # Chapter 2 "Project Environment" (6%) # Chapter 3 "Role of the Project Manager" (7%) # Chapter 4 "Project Integration Management" (9%) # Chapter 5 "Project Scope Management" (9%) # Chapter 6 "Project Schedule Management" (9%) # Chapter 7 "Project Cost Management" (8%) # Chapter 8 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Case Study
A case study is an in-depth, detailed examination of a particular case (or cases) within a real-world context. For example, case studies in medicine may focus on an individual patient or ailment; case studies in business might cover a particular firm's strategy or a broader market; similarly, case studies in politics can range from a narrow happening over time (e.g., a specific political campaign) to an enormous undertaking (e.g., a world war). Generally, a case study can highlight nearly any individual, group, organization, event, belief system, or action. A case study does not necessarily have to be one observation ( N=1), but may include many observations (one or multiple individuals and entities across multiple time periods, all within the same case study). Research projects involving numerous cases are frequently called cross-case research, whereas a study of a single case is called within-case research. Case study research has been extensively practiced in both the social and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
