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Business case

APM PMQ Competence four terminology

TermDefinition
Ambiguity Lack of clarity about the meaning of an event.
Baseline The reference levels against which a project, programme or portfolio is monitored and controlled.
Business Case A document providing justification for undertaking a project, programme or portfolio. It evaluates the benefit, cost and risk of alternative options and provides a rationale for the preferred solution.
Complexity The presence of multiple influences which may either counter or exacerbate each other in an unpredictable manner.
PESTLE analysis A PESTLE analysis is a framework to analyse the key factors (Political, Economic, Social, Technological, Legal and Environmental) influencing an organisation from the outside. It offers insight into the external factors impacting their organisation.
Project context The environment within which a project is undertaken. Projects do not exist in a vacuum and an appreciation of the context within which the project is being performed will assist those involved in project management to deliver a project.
SWOT analysis A technique used to identify the strengths, weaknesses, opportunities and threats inherent in a project.
Uncertainty Insufficient knowledge about the status of one or more aspects of an item of concern.
Volatility Subject to sudden and unexpected change
VUCA analysis A phrase used to describe an organisational context where there is inherent volatility, uncertainty, complexity and / or ambiguity that makes it difficult to predict and plan with accuracy.
Created by: CITI
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