P7: Module 3 (canvas)

Project Communications Management

Its purpose is to ensure that accurate information reaches the appropriate stakeholders at the right time and in the appropriate format.

Construction Project Manager

prepares weekly accomplishment reports, distributes updated schedules to consultants, archives approved shop drawings, and maintains document control throughout project implementation.

Project Risk Management

includes the processes of conducting risk management planning, risk identification, qualitative and quantitative risk analysis, response planning, response implementation, and continuous risk monitoring throughout the project.

Project Procurement Management

It ensures that external resources are obtained efficiently, economically, and in accordance with project requirements.

Project Procurement Management

includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team

Project Stakeholder Management

includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, analyze stakeholder expectations and influence, and develop appropriate strategies for effectively engaging stakeholders throughout project planning and execution.

Cost

Maintaining project expenditures within the approved budget while maximizing value.

Time

Completing the project according to schedule and contractual deadlines.

Quality

Meeting specifications, aesthetics, durability, and client expectations.

Safety

Protecting workers, users, and the public throughout construction.

Scope

Delivering all agreed project requirements and owner expectations.

Function

Ensuring the completed facility effectively serves its intended purpose.

Theory of Constraints (TOC)

is a management philosophy that focuses on identifying the single most significant limitation (constraint) preventing a project from achieving its objectives.

Triple Constraint

states that every project is constrained by three major factors that directly affect project success.

Value Triple Constraint

expands the traditional Triple Constraint by emphasizing that project decisions should maximize overall project value rather than simply balancing cost, time, and scope.

Project Cost

The total amount of money required to complete the construction project.

Construction cost management

ensures that sufficient financial resources are available throughout project implementation.

Cost-Benefit Analysis

A systematic evaluation comparing expected project benefits against estimated project costs to determine the most advantageous alternative.

Cash Flow

is a measure of how much cash a business brings in or spends over a given period of time

S Curve

is a graphical representation used to describe, visualize, monitor, and predict the progress of a project over time.

Cost S-Curve

It is commonly used to monitor project expenditures, compare planned costs against actual costs, and forecast future financial performance.

Typical S-Curve

Resources are allocated primarily during the middle stage of project implementation.

Front-Loaded S-Curve

Most resources are allocated during the early stages of construction.

Back-Loaded S-Curve

Resources are concentrated toward the later stages of the project.

Cash Inflow

refers to the net amount of money received by the business during a given period.

Cash Outflow

refers to the money leaving the business due to payments made during project execution.

Earned Value Management (EVM)

is an integrated project management methodology that combines project scope, schedule, and cost information to objectively measure project performance

Earned Value Analysis (EVA)

is the industry-standard technique used to evaluate project progress, forecast project completion, analyze schedule and cost variances, and measure project performance throughout implementation.

Planned Value (PV)

The authorized budget assigned to scheduled work at a specific point in time.

Actual Cost (AC)

The actual cost incurred in performing the completed work.

Earned Value (EV)

The budgeted value of the work actually completed

Schedule Variance (SV)

indicates the project is behind schedule.

Cost Variance (CV)

indicates the project is over budget.