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APMPFQ_Terminology_4

Section 4: Project management planning

TermDefinition
Success factors The management practices that, when implemented, will increase the likelihood of success of a project. The degree to which these practices are established and embedded within an organisation indicates its level of maturity.
Business case The business case 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. Its purpose is to obtain management commitment and approval for investment in the project.
Benefit The quantifiable and measurable improvement resulting from completion of deliverables that is perceived as positive by a stakeholder. It will normally have a tangible value, expressed in monetary terms that will justify the investment.
Success criteria The qualitative or quantitative measures by which the success of project management is judged.
Key performance indicator KPI. Measures of success that can be used throughout the project to ensure that it is progressing towards a successful conclusion.
KPI Key performance indicator. Measure of success that can be used throughout the project to ensure that it is progressing towards a successful conclusion.
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.
Stakeholders The organisations or people who have an interest or role in the project or are impacted by the project.
Stakeholder management Stakeholder management is the systematic identification, analysis, planning and implementation of actions designed to engage with stakeholders.
Estimate An approximation of project time and cost targets, refined throughout the project life cycle.
Constraint Things that should be considered as fixed or must happen, and that will affect the project.
Project risk The exposure of stakeholders to the consequences of variation in outcome.
Dependency Something on which the successful delivery of the project critically depends.
Milestone A key event. An event selected for its importance to the project.
Schedule The timetable for a project.
Baseline The reference levels against which the project is monitored and controlled.
Benefits management The identification, definition, planning, tracking and realisation of business benefits.
Disbenefit A consequence of change perceived as negative by one or more stakeholders.
Comparative estimating An estimating technique based on comparison with similar work previously completed. Also known as analagous estimating.
Bottom-up estimating An estimating technique based on making estimates of components of the whole, and aggregating them to obtain an estimate for the whole. Also known as analytic estimating.
Analagous estimating An estimating technique based on comparison with similar work previously completed. Also known as comparative estimating.
Analytic estimating An estimating technique based on making estimates of components of the whole, and aggregating them to obtain an estimate for the whole. Also known as bottom-up estimating.
Three-point estimating A mathematically based technique for deriving activity planning values from the (experience based) optimistic, most likely and pessimistic values.
Created by: Sarah Ironmonger
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