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

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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 …
  1. … the WBS.
  2. … the details of each of the competing objectives.
  3. … the project constrains.
  4. … the project charter.
Answer & Explanation
Right answer
  1. … the WBS.
  2. … the details of each of the competing objectives.
  3. … the project constrains.
  4. … the project charter.

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.

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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