Project Management Terminology
Business Case. A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities
Forecast. An estimate or prediction of conditions and events in the project’s future based on information and knowledge available at the time of the forecast.
Common Acronyms
SPI (english) : Schedule Performance Index
If you are managing projects here are 6 good reasons to obtain your certification as Project Management Professional, PMP.
Question to a Project Management Professional
| Question | Select the best option |
| In the project you manage, you identified two competing objectives: One is the time to deliver and the other is the enhancement of IT Architecture of systems. In order to deal with this situation, you first check … |
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Answer & Explanation
| Right answer |
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Explanation : The first thing to check is to verify if the competing objectives are in line with objectives, described in the project charter. If a project charter is not used in the performing organization, then comparable information needs to be acquired or developed, and used as a basis for the detailed project scope statement. See also PMBOK® Guide – Sixth Edition: Sec. 4.1. |
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