| Important Terms and Concepts (Take printouts and Fold at the center to make Flashcards for quick reference) | ||
| 1 | Control Account | A management control point where the resource plans, scope, schedule and actual cost are integrated and compared to earned value for performance measurement. |
| 2 | Organizational Policies | Formal and informal policies that are required for project plan development. Organizational policies include quality management, personnel administration and financial controls. |
| 3 | Constraints | An applicable restriction that will affect the performance of the project/process. |
| 4 | Assumptions | Factors which, for planning purposes, are considered to be true, real or certain. |
| 5 | Project Planning Methodology | Structured method to guide the project team during development of project plan. Standard forms and templates or even complicated simulations may be used. |
| 6 | Project Management Information Systems (PMIS) | It consists of tools and techniques used to gather, integrate and disseminate the outputs of project management processes. Supports all aspects of the project from initiating through closing, and can include both manual and automated systems. |
| 7 | Project Plan | A formal, approved document used to define how the project is executed, controlled and monitored. It can either be at a detailed or high level and may contain one or more subsidiary plans. |
| 8 | Corrective Action | An accepted action performed to bring projected future project performance in line with the project plan. These actions have to be documented. |
| 9 | Work Authorization System | A formal procedure for authorizing project work to ensure that work is done by the identified organization at the right time and in proper sequence. |
| 11 | Status Review Meetings | Meetings that are regularly scheduled to exchange and analyze information about the project and its performance. |
| 12 | Work Results | Outcome of activities performed to accomplish the project. |
| 13 | Change Control System | A collection of formal (note: not informal) documented procedures, which defines how the documentation and project deliverables will be managed, changed and approved. |
| 15 | Configuration Management System | A group of documented procedure used to apply technical and administrative direction and surveillance to: a) Identify and document the system’s functional and physical characteristics b)Control any changes to such characteristics c) Record and report the change and its implementation status and d) Audit the items and systems to verify compliance to requirements |
| 20 | Project Plan Updates | Any modification to the contents of the project plan or the supporting details. |
| 21 | Lessons Learned | Specify lessons that can be learned from each and every project, even from projects which are failures. They need to be documented. Most companies prefer post-implementation meetings and case studies to document Lessons Learned |