Project Management

Project Management Central

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Topics: Estimating, Governance, New Practitioners, Organizational Project Management, Using PMI Standards, Work Breakdown Structures (WBS)
Project Management Terms Relay Race !!
Let us play a relay race of PM Terms.

>You start from the last letter of the term posted previously.
>In case, more than one terms posted with same letters (concurrently posted), you start with the latest term.
>Only Project Management Terms in this relay.
>A term may include multiple words.
>Acronyms are fine. please include the expansion before the description.
>Your term needs to be followed by a short description of the term.
>No successive posting of term by the same member. The below one is fine.
member A: --------L
member B: L----- --- ----D
member A: D---- ------ ----
> If you don't get a term starting from a particular letter(last letter of previous term), feel free to start from the next letter. e.g. previous term - buzz, if you don't get a term starting with 'z', you may start with 'a'. (Hoping this rule will be rarely used.:)
>End date of game: No end date. Till the game goes on.


Let me start the first term:

Project - Temporary endeavour to create a unique product, service or result.
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Team building - a collective term for various types of activities used to enhance social relations and define roles within teams, often involving collaborative tasks
Gantt Chart - a bar chart of schedule where activities are listed on the vertical axis, dates are show on horizontal axis, activity durations are shown as horizontal bars placed according to start and finish dates.
Trust - belief that someone or something is reliable, good, honest, effective, etc
Tuckman Ladder: Used in develop project team and has 5 categories (Forming, Storming, Norming, Performing and Adjouring).
Resource Breakdown Structure: RBS is a hierarchical list of resources related by function and resource type that is used to facilitate planning and controlling of project work.
Earned Value Management (EVM): Is a technique used to measure project performance.
Make-or-Buy Analysis: The process of gathering and organizing data about product requirements and analyzing them against available alternatives including the purchase or internal manufacture of the product.
Three-Point Estimate: A technique used to estimate cost or duration by applying an average of optimistic, pessimistic, and most likely estimates when there is uncertainty with the individual activity estimates.
Effort: Total number of labour units to complete a schedule activity, usually expressed in hours.
Top Down Estimate: Approximating the size (duration and cost) and risk of a project (or phase) by looking at the project as a whole and comparing it to previously performed similar projects. The comparison may be made directly using “analogous estimating,” through an algorithm as in “parametric estimating,” or from the memory of estimating experts.
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"There's nothing remarkable about it. All one has to do is hit the right keys at the right time and the instrument plays itself."

- Johann Sebastian Bach