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.
FPIF (english) : Fixed Price Incentive Fee
If you are managing projects here are 6 good reasons to obtain your certification as Project Management Professional, PMP.
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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?||
Answer & Explanation
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. 18.104.22.168.
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- Reason 1: Better opportunities for attractive positions
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