Project Management Fundamentals

A comprehensive set of vocabulary flashcards covering fundamental project management terms, organizational structures, financial metrics, and development methodologies based on the PMP 35 Hours Master Course.

4Ls

A retrospective technique where team members identify what they loved, loathed, learned, and longed for in a project or sprint to reflect on what worked and what can be improved.

Affinity diagram

A tool that classifies large numbers of ideas into groups or clusters for review and analysis.

Authority

Refers to the right to apply project resources, expend funds, make decisions, or give approvals within a project.

Balanced Matrix

A type of organizational structure in which the project manager has more authority than in a weak matrix, but the functional manager still acts as the primary managerial authority in decision-making.

Benefit-Cost Ratio (BCR)

The relationship between a project’s costs and benefits; a BCR greater than $1$ indicates benefits outweigh costs and the project is expected to deliver a positive net present value.

Brainstorming

A data-gathering technique involving group discussion where participants quickly share ideas that are later analyzed to define requirements or find solutions.

Brainwriting

A technique allowing participants time to reflect individually and express ideas in writing before the main group session begins.

Budget

The approved estimate for the project or any scheduled activity.

Business Analysis

The practice of understanding business stakeholder needs and defining project characteristics to meet those needs.

Business Analyst

A professional who analyzes information from stakeholders (customers, staff, IT, etc.) to elicit actual needs and facilitate communication between organizational units.

Business Case document

A document that demonstrates the financial and nonfinancial potential benefits of a project.

Business Model Canvas

A brief, high-level description of the project purpose and a declaration of what the team will accomplish by the project's end.

Business value

The tangible or intangible benefit that the results of a specific project provide to its stakeholders.

Capital projects

Large-scale projects with very high expenditures, such as manufacturing plants, railways, or nuclear power plant construction.

Close Project or Phase

The process of finalizing all activities, formally transferring deliverables, and signing off, approving, and archiving all documentation.

Collect requirements

The process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives.

Competing constraints

The expansion of the triple constraints (Cost, Scope, and Time) to also include Quality, Resources, and Risk.

Conditions of Satisfaction (CoS)

An explicit description by a customer of all requirements that must be satisfied for the customer to feel they received exactly what was wanted.

Confidentiality

A set of rules or promises, often executed through agreements, that limit access to or restrict the distribution of certain information.

Configuration management

The process of organizing and controlling changes to project documents and deliverables.

Constraint

A limiting factor that affects the execution of a project or process.

Context diagram

A visual depiction of how different elements, such as third-party applications, APIs, and users, interact with a product.

Cost-Benefit Analysis

A financial analysis method used to evaluate the benefits provided by a project against its costs.

Criteria

Standards, rules, or tests used for making judgments or decisions, or for evaluating a product, service, result, or process.

Customer obsession

The practice of aiming to create a better customer experience from the perspective of the customer.

Cycle time

How long it takes for the team to complete a task.

Data-driven decision-making

Using facts, metrics, and data to guide strategic business decisions aligned with project goals.

Data representation techniques

Graphic visualizations used to organize project data and convey information to stakeholders.

Decision-making

The process of evaluating options, assessing risks and benefits, and selecting the best solution or course of action.

Definition of Done (DoD)

A checklist of requirements that must be met for a deliverable to be considered ready for customer use.

Deliverable

A tangible or intangible output produced as a result of a project.

Delphi technique

An iterative process used to reach a consensus from expert opinions through several rounds of anonymous surveys.

Design thinking

An iterative process used to understand users, challenge assumptions, redefine problems, and create innovative solutions for prototyping and testing.

Fit for Purpose

A product, service, or process that satisfies its initial intended purpose, user needs, and client expectations.

Fit for Use

A product that is usable and capable of meeting goals in its current state, even if it is subject to further improvements.

Focus Groups

Facilitated interactive face-to-face conversations bringing together concerned parties and subject matter experts to discuss a particular subject.

Framework

A set of practices, standards, processes, and techniques used to carry out a project from initiation to closure.

Functional manager

The person with management authority over a business unit or department and direct supervision over resources or functions affected by project deliverables.

Functional Organization

An organizational structure where people with similar skills are grouped into departments; all authority belongs to the functional manager.

Hierarchy chart

A diagram starting with high-level information that progressively decomposes into more detail, such as a Work Breakdown Structure (WBS).

Hybrid approach

A development approach that combines predictive and adaptive elements.

Innovation

The process of renewing a domain, product, or service by applying new processes, techniques, or ideas to create new value.

Inputs

The resources used to implement a project, such as employee time, finances, hardware, software, and office space.

Internal Rate of Return (IRR)

The discount rate that results in a Net Present Value of $0$; higher values are generally preferred when comparing projects.

Kano model

An approach to prioritizing functionalities based on implementation cost versus potential customer satisfaction.

Key Performance Indicators (KPIs)

Quantifiable measures used to evaluate the success of a project.

Last responsible moment

A strategy of delaying decision-making until the latest possible time to consider more options and scenarios.

Leadership

The ability to lead a team and inspire them to perform their jobs well.

Lead time

Represent the duration of a task from its creation until its completion.

Management

The process of planning, organizing, leading, and controlling resources to achieve organizational goals.

Matrix organization

A work structure where team members report to multiple leaders, such as a project manager and a department head.

Metric

A measurement that reveals project performance and indicates progress toward a goal.

Milestone

Significant events or points in the project lifecycle used to measure progress toward the ultimate goal.

Mind Map

A visual tool used to organize and display relationships between ideas collected during brainstorming or nominal group sessions.

Modeling

The creation of a simplified representation of a system or solution, such as a prototype, storyboard, or mock-up.

MoSCoW

A prioritization technique categorizing requirements into Must Have, Should Have, Could Have, and Won't Have.

Multicriteria Decision Analysis

A systematic approach used to evaluate and compare options objectively based on multiple objectives or criteria.

Net Present Value (NPV)

A calculation to determine if anticipated financial gains outbalance the present-day investment; positive values indicate profitability.

Nominal Group

A technique that enhances brainstorming with a voting process to rank the most useful ideas.

Objective

A purpose to be achieved, a result to be obtained, or a strategic position to be attained by the project team.

Operation

Ongoing execution of activities following organizational procedures to produce repetitive results or services.

Outcome

An end result or consequence of a project focusing on benefits and value beyond just measurable outputs.

Output

Tangible, measurable work items or activities performed to achieve outcomes.

Paired comparison analysis

A systematic approach for evaluating a small range of options by comparing them against each other.

Payback period

The time required for a project's revenues to break even with its total investment.

Phase

A collection of logically related activities aimed at completing deliverables and reaching milestones.

Portfolio

A collection of projects, programs, and other work managed as a group to achieve strategic objectives.

Portfolio Manager

A person who manages projects and programs within a portfolio to align with strategic objectives.

Procedure

A set of instructions for completing a single task within a process.

Process

A series of tasks and activities that produce an outcome.

Product

A solution created to meet user needs, provide value, and solve specific problems.

Product Analysis

The process of understanding user behavior using customer feedback and data to inform improvements.

Product Life Cycle

The evolution of a product through $5$ stages: development, introduction, growth, maturity, and decline.

Product Management

The act of developing and maintaining a product throughout its entire life cycle.

Program

A group of related projects managed in a coordinated manner to obtain benefits and control not available from managing them individually.

Program Manager

The person who coordinates the efforts of multiple related projects to achieve program objectives.

Project

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

Project Charter

A document issued by the initiator or sponsor that formally authorizes a project and gives the project manager authority over resources.

Project development approach

The method (procedures, techniques, and practices) used to create project deliverables throughout the life cycle.

Project feasibility study

An assessment to determine if a project is realistically achievable and its likelihood of success.

Project goal

A high-level statement describing the desired state and outcomes expected after executing the project.

Projectized Organization

An organizational structure where the majority of resources and authority are dedicated to project work, giving project managers full authority.

Project Life Cycle

The process and phases a project goes through from start to finish, such as the $6$ phases of mobile app development.

Project management

The application of knowledge, skills, tools, and techniques to meet project requirements.

Project Management Office (PMO)

An entity that standardizes project governance, provides administrative support, and defines frameworks across an organization.

Project Manager

The person responsible for leading the team and achieving project objectives.

Project Scope

The work performed to deliver a product, service, or result with specific features and functions.

Project strategy

A plan outlining the approach and measures taken to achieve specific goals within a project.

Project vision

A short statement summarizing the project's goal and its fit within the organization's overall strategy.

Prototype

A partial version of a product, such as a mock-up or simulation, used to obtain early feedback on requirements.

Requirement

A condition or capability that must be present in a product to satisfy a business need.

Resource

A necessary asset, such as a person, team, tool, finances, or time, used to carry out project tasks.

Return On Investment (ROI)

A calculation of financial return compared to cost; a negative value indicates money lost on an investment.

Scope stability

The degree to which requirements change; low in agile projects and high in predictive projects.

Simulation

An analytical mathematical tool used to explore the impact of variances on project outcomes.

SMART Objective

Setting goals that are Specific, Measurable, Achievable, Relevant, and Time-bound.

Steering committee

An advisory body that provides direction and makes decisions outside the authority of the project team.

Strong matrix organization

An organizational structure providing significant authority to the project manager while functional managers assist as needed.

Success criteria

Measures used to determine if a project is successful, often including scope, budget, and business goals.

SWOT Analysis

The analysis of Strengths, Weaknesses, Opportunities, and Threats for an organization or project.