Project Management Terminology
Funding Limit Reconciliation. The process of comparing the planned expenditure of project funds against any limits on the commitment of funds for the project to identify any variances between the funding limits and the planned expenditures.
Monte Carlo Simulation. An analysis technique where a computer model is iterated many times, with the input values chosen at random for each iteration driven by the input data, including probability distributions and probabilistic branches. Outputs are generated to represent the range of possible outcomes for the project.
CPM (english) : Critical Path Method
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|
|You are closing a construction project that has made use of many contractors. Senior management asks your opinion on which of them to deal with in future. What is the best course of action?||
Answer & Explanation
Explanation : The objective of a procurement audit is to identify the successes and failures of procurement processes. It helps to determine the contractors to be used on next projects.
See also PMBOK® Guide – Sixth Edition: Sec. 126.96.36.199
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