Project Management Chapter 1.docx

Project Management Chapter 1.docx - SCMA 350 Project...

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SCMA 350 Project Management Chapter 1: Introduction, Why Project Management Vocabulary Benchmarking - is the practice of systematically managing the process improvements of project delivery by a single organization for a period of time. Budget - the approved estimate for the project or any work breakdown structure component or any schedule activity. Client acceptance - argues that projects are developed with customers, or clients, in mind, and their purpose is to satisfy customers’ needs. Clients - can bed either internal or external to the organization. Deliverables (output/input)- any unique and verifiable product, result, or capability to perform a service that must be produced to complete a process, phase, or project. Often used more narrowly in reference to an external deliverable, which is a deliverable that is subject to approval by the project sponsor or customer. Management maturity models - are used to allow organizations to benchmark the best practices of successful project management firms. Performance - determining whether the finished product operates according to specifications. Process- refers to ongoing, day to day activities in which an organization engages while producing goods or services. Project- A temporary endeavor undertaken to create a unique product, service, or result. Project life cycle - A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project. A life cycle can be documented with a methodology. Project management - the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project success - Stakeholders - Person or organization (e.g. Customer, sponsor, performing organization, or the public) that is actively involved in the project, or whose interests may be positively or negatively affected by execution or completion of the project. A stakeholder may also exert influence over the project and its deliverables. Time - projects are constrained by a specified time frame during which they must be completed. The project should come in on or before its established schedule.
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