Final Exam Notes on Project Management

These flashcards include key vocabulary terms and definitions related to project management concepts, risks, and various operational processes important for understanding material in preparation for the final exam.

Project

A temporary endeavour undertaken to create a unique product, service, or result.

Project Management

The objective is to execute projects so that deliverables can meet scope requirements within budget and schedule, while adhering to acceptable levels of risk, quality, safety, and security.

Scope Creep

Uncontrolled changes to a project’s scope that can occur due to improperly defined scope, undocumented communications, or absence of project change controls.

Critical Path

Reflects the logical relationships between activities that control the project end date.

RACI Matrix

Assigns responsibilities in projects, designating who is Responsible, Accountable, Consulted, and Informed.

Hazard

A potential source of harm that may threaten health, safety, schedule, or budget.

Risk Engineering

The practice of quantifying risks that hazards pose and identifying measures to mitigate impacts.

Business Case

A document containing information necessary for stakeholders to evaluate a project proposal.

ROI (Return on Investment)

A measure of investment efficiency, evaluating whether a project generates adequate returns.

NPV (Net Present Value)

The difference between the present value of cash inflows and cash outflows over time.

Quality Management System (QMS)

A formalized system for achieving quality policies and objectives, documenting processes, procedures, and responsibilities.

LEED (Leadership in Energy and Environmental Design)

A global standard for green building certification developed by the U.S. Green Building Council.

Time Value of Money

A concept that a dollar in the future holds less value than its equivalent today due to potential earning capacity.

Deliverable

A product or outcome from effort produced during a project, project phase, as per the scope.

Stakeholder

An entity that sponsors a project, defines requirements, and provides the framework and parameters for the project.

Milestone

A significant date for achieving a deliverable or task within the project schedule.

Feasibility Study

An engineering study to assess the viability of a project regarding technical and economic feasibility.

Project Life Cycle

The series of phases a project undergoes from initiation to closure.

Vendor

Any entity that provides materials, time, or services either directly to the client or to the primary vendor.