Project Management Terminology

Practice. A specific type of professional or management activity that contributes to the execution of a process and that may employ one or more techniques and tools.

Resource Optimization Technique. A technique in which activity start and finish dates are adjusted to balance demand for resources with the available supply. See also resource leveling and resource smoothing.

Common Acronyms

RAM (english) : Responsibility Assignment Matrix

If you are managing projects here are 6 good reasons to obtain your certification as Project Management Professional, PMP.

Discover how you can accomplish your PMP in 6 months as a very busy person.

Question to a Project Management Professional

Question Select the best option
In a large industrial engineering company with a steady portfolio producing transportation systems, the total cost of rework on projects last year was $400 million. Not forgetting other factors such as the impact on long-term customer satisfaction and integration of new technologies, your initial estimate of the targeted benefits from an investment in quality management would be:
  1. About 1% ($4 million).
  2. Impossible to predict until analysis has been carried out.
  3. About 10% ($40 million).
  4. As much as 100% ($400 million).
Answer & Explanation
Right answer
  1. About 1% ($4 million).
  2. Impossible to predict until analysis has been carried out.
  3. About 10% ($40 million).
  4. As much as 100% ($400 million).

Explanation : The primary benefit of meeting quality requirements is less rework, which means higher productivity, lower costs and increased customer satisfaction. If all rework were eliminated it would be worth $400 million. Besides this, there would be other benefits. But further analysis is required before estimating the actual benefits.

See also PMBOK® Guide – Sixth Edition: Sec. 8.2.2.2.

Why are more than 790.000 executives around the globe certified as PMP?

  • Reason 1: Better opportunities for attractive positions
  • Reason 2: Prospects of above average income
  • Reason 3: Personal development
  • Reason 4: Knowledge and ability up to date
  • Reason 5: Competences in the international context
  • Reason 6: Comprehensive operational capability

Discover how you can accomplish your PMP in 6 months as a very busy person.

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