Project Management Terminology

Work Breakdown Structure (WBS). A hierarchical decomposition of the total scope of work to be carried out by the project team to accomplish the project objectives and create the required deliverables.

Analytical Techniques. Various techniques used to evaluate, analyze, or forecast potential outcomes based on possible variations of project or environmental variables and their relationships with other variables.

Common Acronyms

FPIF (english) : Fixed Price Incentive Fee

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Question to a Project Management Professional

Question Select the best option
A senior manager argues against performing closure for each phase of the project. He thinks that this process is very time consuming and can be done only once, at project completion. What should the project manager do?
  1. Explain to the senior manager that in this case contracts will not be formally closed.
  2. Perform closure in parallel with other executing processes.
  3. Explain to the senior manager that in this case useful information may be lost between phases.
  4. Remove closure activities from the project management plan.
Answer & Explanation
Right answer
  1. Explain to the senior manager that in this case contracts will not be formally closed.
  2. Perform closure in parallel with other executing processes.
  3. Explain to the senior manager that in this case useful information may be lost between phases.
  4. Remove closure activities from the project management plan.

Explanation : Performing the closure process includes integrated activities needed to collect project records, analyze project success or failure, gather lessons learned, and archive project information for future use by the organization.

See also PMBOK® Guide – Sixth Edition: Sec. 4.7.3.2.

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  • 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

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