C722 Project Management Fundamentals

Vocabulary flashcards covering key terms and definitions from the C722 Project Management lecture notes.

Project Management Process Groups

The five phases of project management: Initiating, Planning, Executing, Monitoring & Controlling, and Closing.

Three categories of risk in the project risk register?

External, technical or organizational

Work Breakdown Structure (WBS)

A hierarchical decomposition that breaks project work into smaller, manageable components.

Scope Creep

Uncontrolled, unapproved changes to a project’s scope.

Triple Constraints

The three primary project constraints: Scope, Time, and Cost.

PRINCE2

An acronym for “Projects IN Controlled Environments,” a structured project management methodology.

Scope Baseline

The approved scope statement, WBS, and WBS dictionary that define and control what is included in the project.

Risk Mitigation

A risk response strategy that reduces the likelihood or impact of a threat.

Three-Point Estimation Formula

(Optimistic + 4 × Most Likely + Pessimistic) ÷ 6, used to estimate time or cost.

Internal Rate of Return (IRR)

The discount rate that makes a project’s Net Present Value (NPV) equal zero.

Project Management Office (PMO)

An organizational body that provides standard processes, historical data, and resource coordination to project teams.

Sacred Cow

A project selected by leadership without formal evaluation or justification.

Planning Process Group

The phase that defines the project budget, schedule, and detailed plans.

Bottom-Up Estimating

An estimating technique that aggregates detailed cost or duration estimates of individual work packages for accuracy.

Lessons Learned

Documented insights and experiences captured during the Closing phase to improve future projects.

Deliverable

A tangible or intangible outcome of a project, such as a signed contract or completed product.

Checklist (Project Selection)

A non-numeric list of evaluation questions used to screen potential projects.

WBS Dictionary

A document detailing each WBS element’s deliverables, activities, and responsible parties, including approval authorities.

Parametric Estimating

An estimating technique that uses historical data and cost or time per unit to predict total project effort.

Initiating Process Group

The phase that defines a new project or phase and secures formal authorization to begin work.

Monitoring & Controlling Process Group

The phase that tracks project progress and manages changes to scope, schedule, and cost.

Time Value of Money

The concept that a sum of money is worth more today than the same amount in the future due to its earning potential.

Opportunity Cost

The value of the next best alternative forgone when making a decision.

Functional Organizational Structure

An arrangement with clear lines of authority, where staff are grouped by specialty or department.

Risk Avoidance

A response strategy that eliminates a threat by modifying the project plan, such as using fixed-price contracts.

Constraint (Cost)

A project limitation; cost is often adjusted when scope and time are fixed.

Closing Process Group

The phase that finalizes all activities and formally closes the project or phase.

Checklist (Scope Verification)

A tool used to confirm that all scope elements and deliverables have been addressed.

Requirements Traceability Matrix

A document that traces each project requirement to its origin and ensures fulfillment throughout the project lifecycle.