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APMP Section 5-6

Information management The collection, storage, dissemination, archiving and destruction of information.
Business case This document provides justification for undertaking a project, in terms of evaluating the benefit, cost and risk of alternative options and the rationale for the preferred solution.
Assumptions Statements that will be taken for granted as fact and upon which the project business case will be justified.
Business risk assessment The assessment of risk to business objectives rather than risk to achieving project, programme or portfolio objectives.
Do nothing' option The result or consequence of not proceeding with the project or programme.
Objectives Predetermined results towards which effort is directed.
Strategic management The identification, selection and implementation of an organisation’s long term goals and objectives.
Benefit The quantifiable and measurable improvement resulting from completion of deliverables that is perceived as positive by a stakeholder.
Benefits management The identification, definition, planning, tracking and realisation of business benefits.
Cost-benefit analysis An analysis of the relationship between the costs of undertaking an activity or project, initial and recurrent, and the benefits likely to arise from the changed situation, initially and recurrently.
Benefits realisation The practice of ensuring that benefits are derived from outputs and outcomes.
Disbenefit A consequence of change perceived as negative by one or more stakeholders.
Funding The means by which the capital required to undertake a project, programme or portfolio is secured and then made available as required.
Investment appraisal A collection of techniques used to identify the attractiveness of an investment.
Stakeholder The organisations or people who have an interest or role in the project or are impacted by the project.
Power and interest matrix Used to help analyse the position of stakeholders and to support the identification of appropriate engagement strategies.
Stakeholder management The systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders.
Discounted cash flow (DCF) The concept of relating future cash inflows and outflows over the life of a project to a common base value.
Internal rate of return (IRR) A discount rate at which the net present value of a future cash flow is zero.
Net present value (NPV) The aggregate of future net cash flows discounted back to a common base date, usually the present.
Payback The time it takes for net cash inflow to equal the cash investment.
Residual value The written-down value of a capital item at the end of the period, used in the business case to assess the financial integrity of the programme or project.
Baseline The reference levels against which a project, programme or portfolio is monitored and controlled.
Planning Determines what is to be delivered, how much it will cost, when it will be delivered, how it will be delivered and who will carry it out.
Roll out The process of delivering a number of nearly identical products to a number of users, usually after the product has been tested and shown to meet requirements.
Subproject A group of activities represented as a single activity in a higher level of the same project.
Actual progress A measure of the work that has been completed for comparison with the baseline.
Control Tracking performance against agreed plans and taking the corrective action required to meet defined objectives.
Cyberbetic control The form of control that deals with routine progress tracking and corrective action using a feedback loop.
Earned value The value of completed work expressed in terms of the budget assigned to that work.
Earned value management A project control process based on a structured approach to planning, cost collection and performance measurement.
Milestone A key event selected for its importance in the schedule.
S-curve A graphic display of cumulative costs, labour hours or other quantities, plotted against time.
Slip chart A pictorial representation of the predicted completion dates of milestones or activities compared to their planned completion dates.
Three-point estimate An estimate in which the most likely mid-range value, an optimistic value and a pessimistic, worst case value are given.
Top down cost estimating An estimating approach based on historical costs and other project variable.
Program evaluation and review technique (PERT) A network analysis technique that calculates standard deviations for the schedule based on three-point estimates of activity durations.
Bottom-up estimating An estimating technique that uses detailed specifications to estimate time and cost for each product or activity.
Comparative estimating An estimating technique based on the comparison with, and factoring from, the costs of similar, previous work.
Delphi technique A process where a consensus view is reached by consultation with experts.
Estimate An approximation of project time and cost targets, refined throughout the project life cycle.
Estimating The use of a range of tools and techniques to produce estimates.
Parametric estimating An estimating technique that uses a statistical relationship between historic data and other variables to calculate an estimate.
Project management plan (PMP) A plan that brings together all the plans for a project.
Breakdown structure A hierarchical structure by which project elements are broken down, or decomposed.
Deliverable A product, set of products or package of work that will be delivered to, and formally accepted by, a stakeholder.
Product A tangible or intangible component of a project’s output. Synonymous with deliverable.
Scope management The process whereby outputs, outcomes and benefits are identified, defined and controlled.
Work package A group of related activities that are defined at the same level within a work breakdown structure.
Acceptance criteria The requirements and essential conditions that have to be achieved before a deliverable is accepted.
Requirements management The process of capturing, assessing and justifying stakeholders’ wants and needs.
Users The group of people who are intended to benefit from the project or operate the deliverables.
Change control The process through which all requests to change the baseline scope of a project, programme or portfolio are captured, evaluated and then approved, rejected or deferred.
Change freeze A point after which no further changes to scope will be considered.
Change register A record of all proposed changes to scope.
Configuration management The administrative activities concerned with the creation, maintenance, controlled change and quality control of the scope of work.
Scope The totality of the outputs, outcomes and benefits and the work required to produce them.
Configuration Functional and physical characteristics of a product as defined in its specification.
Created by: lworsley
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