Project Study Guide Essay

Project + Study Guide

Chapter 1 Notes:

A Guide to the Project Management Body of Knowledge (PMBOK Guide)
The project management standard developed by the Project Management Institute.

benefit measurement methods
A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results.

co-located work together at the same physical location.

constrained optimization modules
Decision Models that use complex principles of statistics and other mathematical concepts to assess a proposed project.

cost-benefit analysis
A commonly used benefit measurement method that calculates the cost of producing the product, service, or results of the project and compares this to the financial gain the project is expected to generate.

decision model
A formal method of project selection that helps managers make the best use of limited budgets and human resources. Includes benefit measurement methods and constrained optimization models.

discounted cash flow (DCF)
Compares the value of the future cash flows of the project to today's dollars.

economic model
A type of benefit measurement method. It is a series of financial calculations that provide data on the overall financials of the project and is generally used as a project selection technique.

expert judgment
A technique used in project selection, determining estimates, and determining other related project information that relies on the knowledge of those with expertise on the requested subject matter. Expert judgment can come from stakeholders, other departments, consultants, team members, vendors, or industry groups.

feasibility study
Undertaken to determine whether the project is a viable project, the probability of project success, and the viability of the product of the project.

functional organization
A form of organizational structure. Functional organizations are traditional organizations with hierarchical reporting structures.

internal rate of return (IRR)
The discount rate when the present value of the cash inflows equals the original investment. Projects with higher IRR values are generally considered better than projects with lower IRR values. Assumes that cash inflows are reinvested at the IRR value.

matrix organization
An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project to team members and execute the project.

net present value (NPV)
Evaluation of the cash inflows using the discounted cash flow technique, which is applied to each period the inflows are expected. The total present value of the cash flows is deducted from the initial investment; this assumes that cash inflows are reinvested at the cost of capital. It is similar to discounted cash flows.

operations
Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end.

payback period
The length of time it takes a company to recover the initial cost of producing the product or service of the project.

program
A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately.

project
Temporary in nature, with a definite start and end date; creates a unique product, service, or result. It is completed when the goals and objectives of the project have been met and signed off on by the stakeholders.

project-based organization
An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources.

project

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