Project Management Terms and Concepts
I have seen many of us struggle with the clear definitions of the following Project Management Terms and Concepts and therefore consider them as interchangeable. This is my effort to clear the air with clear definitions with examples and major differences.
Project, Program and Portfolio
Information, Knowledge and Wisdom Pyramid (DIKW Pyramid)
Project Manager’s Capability and Skills Development – PMP/CAPM
Project Charter
Procurement, Purchasing, Contract, Agreement, Contract Types and Risks Associated
Agile Project Management
Work Performance Data, Information and Reports
EEF vs OPA
Project Manufacturing vs Operations
Project Life Cycle vs Product Life Cycle vs Project Management Phases
Project Team vs Project management Team
Schedule
WBS vs Activity
Lead vs Lag
Crashing vs Fast Tracking
Control Account, Work Package, Planning Package
Effort vs Duration vs Schedule
Critical Path Method vs Critical Chain Method
Resource Leveling and Resource Smoothing
Master Schedule vs Milestone Schedule
Free Float vs Project Float vs Total Float
Dangling Activities
Hammock Activity
S-Curve
Scope and Requirement
Work Breakdown Structure (WBS)
Scope Creep vs Gold Plating
Requirement vs Scope
Product Scope vs Project Scope
Verified Deliverables vs Accepted Deliverable (Also Video Clarification )
Discrete Effort vs Apportioned Effort vs Level of Effort
Change Request
Contract Closure and Administrative Closure
Change Management and Configuration management
Organization Governance and Project Governance
Risk
Event-Based Risk Vs Non Even Risks
Risk Register vs Risk Report
issue and Risk
Negative Risks (threat) and Positive Risks (Opportunity)
Known Risk and Unknown Risks
Passive Acceptance of Risk and Active Acceptance of Risk
Contingency Reserves and Management Reserves
Mitigation plan, Fallback Plan, Contingency Plan and Workaround
Risk Attitude, Risk Appetite, Risk Tolerance and Risk Threshold
Residual Risk vs Secondary Risk
Quality
Validate Scope and Control Quality
Quality Assurance and Control Quality
PDCA
Quality vs Grade
Accuracy vs Precision
Inspection and Audits
Cost
Budget vs Cost Estimates
Cost baseline vs Budget
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