Proof of concept - A proof of concept is derived from a pilot project or experiment that examines whether an activity can be completed, or a concept can be realized. The project plan also forms the basis for communication between parties involved in a project. ← Enterprise Risk Management Terms. Key performance indicator (KPI) - A Key performance indicator is a metric for measuring project success. The lengths of task bars are to scale with tasks’ durations. It is a sequential software development process that matches a corresponding testing phase to each phase in the software development life cycle. Assuming the scope of the project remains unchanged, it may be used to determine variance from budget or schedule. A preventive action, which is proactive, is not the same as a corrective action, which is reactive. Risk efficiency - A concept based on the idea of maximizing the return-to-risk ratio. The development life cycle consists of a number of iterations, sometimes with a functional version of the software produced at the end of each one. Type: pdf. Matrix management is commonly used in organizations if they have a need to share resources across functions (i.e, different departments). Management reserve - An allocation of money or time (or both) to address unforeseeable circumstances that might delay or increase the costs of a project. These are based on how end users will use the product. Corrections, additions, and editorial suggestions are welcome (please send to ggoodsn@umich.edu). These managers act at an intermediary between top-level management and low-level management. Cash may be coming in from customers or clients, who are buying products or services. Experts make estimates individually and simultaneously and then review their estimates as a group before making another set of estimates. Consensus - A decision agreed upon by all members of a group. Capability maturity model (CMM) - This model is used to assess the maturity of business process capabilities. Risk breakdown structure - A hierarchical model of all risks, arranged categorically. Iterative development - Iterative development focuses on developing products in a series of repeated fixed-time iterations, instead of working towards a single deliverable. Effort - The amount of labor needed to complete a task. Soon to be by Smartsheet. [FEA_ProfManagement_Terms_04_2009] [FEA_ProfManagement_Terms_04_2009] [FEA_ProfManagement_Terms_04_2009] Benefits realization -This term focuses on ensuring that project results give customers and stakeholders the benefits they expect. Try Smartsheet for free, today. If you look up the dictionary definition of management, among many examples you will find clues as to the real definition of management.This article simply takes an assortment of definitions and looks at what they say and what they imply about management. Each requirement is prioritized as a “must have,” a “should have,” a “could have,” or a “won’t have.”. Additionally, PDF for Healthcare (PDF/H) is an AIIM proposed Best Practice Guide. Senior managers are usually positioned to move into a director or general manager position. As complex systems comprise both technical and human elements, systems engineering is, by nature, interdisciplinary. It illustrates the logical relationships between project activities and shows the order in which they must be performed by using nodes to represent activities and arrows to show dependencies. PROJECT MANAGEMENT GLOSSARY OF TERMS PAGE 6 FALL 2007 —A— Acceptance Criteria Those criteria, including performance requirements and essential conditions, which must be met before project deliverables are accepted. In our constant quest to provide you with valuable information, here is a useful list of APM project management terms and definitions which we feel will benefit you, especially those new to the industry and are studying for Project Management qualifications. There are many different types of managers across the whole spectrum of a company’s or entity’s hierarchy. Timebox - Timeboxing is a project management strategy that prioritizes meeting deadlines over scope requirements. → Get a copy of this risk management glossary in PDF format. Governance - The structure by which roles and relationships between project team members and an organization’s high-level decision makers are defined. Task - In project management, a task is a unit of work or activity needed for progress towards project goals. (See also planned value). Application area - The specific project category of which the project is a part. Elton Mayo – Behavioral Theory of Management ( Hawthorne Effect ) 4. It involves determining cost, schedule, and scope baselines and using these to create a detailed roadmap for executing project activities and producing deliverables. City Finance Director Job Description: Salary, Skills, & More. Replenishment 13. Fixed assets are anything a business owns, such as buildings or equipment. Use of a contingency reserve is typically authorized upon the occurrence of a contingency. The Financial Accounting Standards Board (FASB) is the primary body in the United States that sets accounting standards. Security - Security in project management refers broadly to protecting humans, information, and resources from risk. Decomposition - The hierarchical breaking down of project deliverables into smaller components that are easier to plan and manage. Discrete effort is one of three types of activities used to measure work performance as part of earned value management. Risk enhancement - Risk enhancement involves increasing the probability of an opportunity, or positive risk, occurring. Iteration - A concept from iterative software development that specifies a fixed time cycle for development work, typically a few weeks long. Float - A measure of the schedule flexibility involving a particular task. management (MDM) Predictive modeling Text mining (text analytics) Hadoop cluster Data management glossary We know it’s not always easy to keep up-to-date with the latest data management terms. Relative geographic location for each work package updated it with modern terminology to meet the. One term, document the definition and identification of unacceptable results but also management! System will originate prioritizing requirements and expectations crashing increases project costs, there! Time required for completion is fixed of out-of-the-box thinking, proactivity in responding to challenges and. 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