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Project Management 1
Terms and definitions
18
Other
Undergraduate 1
07/08/2018

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Term
Acceptance Test
Definition
A test in which a team runs product through a full range of tests to identify problems.
Term
Constraint
Definition
A limitation on the project. Among other things, constraints may be financial or based on time or resources.
Term
Configuration
Definition
This involves shaping its functions and characteristics to make it suitable for customer use.
Term
Decomposition
Definition
The hierarchical breakdown of project deliverable's into smaller components that are easier to plan and manage.
Term
Objective
Definition
A clear, concise statement about what an activity is meant to accomplish. Objectives must be SMART.
Term
Negotiation
Definition
A discussion to resolve an issue between parties. They can take part at anytime during the activity.
Term
Milestone
Definition
This includes specific progress points or events in project timeline.
Term
Scope
Definition
This is everything that is supposed to accomplish in order to be deemed successful.
Term
Shareholder
Definition
Someone who has financially invested in the business.
Term
Stakeholder
Definition
Someone with an invested interest in the organisation or project.
Term
Sponsor
Definition

the person or organisation that provides the support & resources to enable the success of the project.

 

this is the  person with the most interest in the success of the project & carries the most risk.

Term
Project Manager
Definition
The person assigned to lead the project & its team members & who is responsible for the delivery of the project objectives
Term
Business Model
Definition
This is the system by which the organisations profitability activities are planned, structured, and executed, and by which it interacts with its customers
Term
Steering Commitee
Definition

Projects & project managers have to be held accountable & obtain guidance from experienced & senior individuals within an organisation. it is their responsibility to approve projects & allocate funds for projects from the organisations budget. 

 

Term
Project Constraints
Definition

Primary challenge of project management is to achieve all the project goals & objectives while honoring the constraints on scope, time & cost.

Term
Quality
Definition

The standard of workmanship required.  

Term
CEO
Definition
Chief executive officer
Term
What is the PMBOK ?
Definition
Guide is a reference guide or standard which was developed & is regularly adapted to provide project managers with current methods & best practices for managing projects most of the time. 
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