Remove Change Management Remove Estimate Remove PMI Remove Project Cost
article thumbnail

The 10 Project Management Knowledge Areas (PMBOK)

ProjectManager.com

PMBOK stands for Project Management Body of Knowledge. It is a set of standard terminology and guidelines for project management published and updated by The Project Management Institute (PMI). What Are the Project Management Knowledge Areas? This is mostly for larger projects.

article thumbnail

How to Actually Develop a Project Management Plan

Project Risk Coach

Work Breakdown Structure – create a hierarchical decomposition or outline of the scope of work to achieve the project objectives and to create the deliverables. Cost Baseline – approved version of the project budget. Subsidiary Project Plans The Project Management Institute (PMI) highlights ten Knowledge Areas.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

125 Project Management Buzzwords

The IIL Blog

Benchmarking Identifying a project performance indicator or practice, then assessing it against industry standards or best practices. Bottom-up Estimating A project estimation technique that leverages tactical-level team members/subject matter experts (SMEs) to break down tasks into smaller components to create a more accurate estimate.

article thumbnail

What Is Cost Overrun? How to Prevent It

Wrike

Project planning is all about accuracy. With about 28% of projects failing due to imprecise cost estimates, it’s clear that your project plan deserves time and attention. Cost overrun is an unexpected change in the project budget that ends up increasing the total project cost.

article thumbnail

What is A System for Value Delivery in Project Management

Project Pulse Journal

Whether through strategic initiatives, transformative projects, or change management endeavors, organizations leverage value creation models to navigate transitions and realize enduring objectives. Organizational changes should empower business value creation through business agility. Project Management Institute.

article thumbnail

Compendium of Works to Increase Probability of Project Success

Herding Cats

Five Immutable Principles of Project Success - There are many (possibly too many) methods for successfully managing a project. But each method needs to be based on 5 Immutable principles to be successful, no matter the domain or context, PMI Spring Seminar , 2012, Austin TX. PMI Workshops and Conferences.

article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

Actual dates are different from planned or estimated dates. Actual Effort: The actual effort spent to complete the activity, as opposed to the planned or estimated effort. Actual Expenditure: The actual expenditure spent to complete the activity, as opposed to the planned or estimated expenditure.