Remove Closing Remove Lean Remove Performance Measurement Remove Project Cost
article thumbnail

125 Project Management Buzzwords

The IIL Blog

Continuous Improvement The ongoing effort to improve a project process, product, or service to achieve better results. Cost Estimation The process of estimating project costs is done by leveraging historical data, expert judgment, or quantitative models. Feasibility Study An analysis of a project’s viability.

article thumbnail

Different Project Management Terms Beginners Should Know

ProProfs Project Management

The shortest time estimated to complete a specific project task or activity is known as optimistic duration. Performance Measurement Baseline. This creates a point of comparison of all the other baselines to evaluate project performance. Closing Process. Cost Estimation. Lean Six Sigma.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

also known as a Gantt chart, is a graphical instrument depicting the data related to a project. . is initial data for your project performance measurement necessary for the start. It usually consists of the three following components: schedule, cost, and scope. Close Project or Phase Process .

article thumbnail

Project Management Glossary: 200+ Terms PMs Frequently Use

Epicflow Blog

also known as a Gantt chart, is a graphical instrument depicting the data related to a project. . is initial data for your project performance measurement necessary for the start. It usually consists of the three following components: schedule, cost, and scope. Close Project or Phase Process .

article thumbnail

The Complete Glossary of 614 Project Management Terms

Workamajig

Administrative Closure: A list of the requirements necessary to formally close the project. Adoption: In the life cycle of a project, Adoption is the phase where the project's deliverables are put to use and their benefits realized. Cost Performance Index (CPI): The ratio of Earned Value (EV) and Actual Cost of a project.

article thumbnail

Overview of the PMBOK® Guide Seventh Edition – Lesson 3 Transcription

MPUG

The planning, the executing, the monitoring, controlling, and hopefully you’re getting it right and refining and improving until bam, closing. But delivering as quickly as [inaudible 00:17:09], get it done right now, minimizing project costs, cheap, right? Now, bear in mind, this is all iterative, right?

PMI 59