We have compiled the most important key concepts that you will find in the PMBOK (Project Management Body of Knowledge), the fundamental knowledge you need for managing a project.
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Concepts
Project: It can be defined as a temporary endeavor undertaken to create a unique product or service.
Project Life Cycle: The series of phases that a project passes through from its initiation to its closure.
Success Factors: The definition of project success is established, usually includes schedule and budget, but often there are many other smaller factors that cannot be overlooked.
Scope statement: The work that will be part of the project is identified, and its boundaries established.
Business Plan: It includes business goals and strategies to achieve them.
Deliverables: The products or services that the project will produce are listed.
Schedule: The project is broken down into tasks, timelines of each task are determined and deadlines for each project deliverable are determined.
Budget: The estimated cost of each task is determined and rolled up into an overall project budget.
Human resource plan: The project team roles and responsibilities are identified, and the method of acquisition for project team members is established.
Quality management plan: The quality standards for the deliverables are identified and quality assurance and control metrics established.
Risk management plan: The most important risks to the project success factors are determined and analyzed to ensure they can be managed.
Procurement management plan: The external vendor needs are established and methods for acquisition and control of outside vendors established.
Change procedures: The documentation and methods by which changes to the project management plan will be handled.
WBS: Work Breakdown Structure is hierarchical that breaks down the work into manageable tasks so that each level of WBS could be easily understood by the project team.
Stakeholder: It refers to the people engaged in and influenced by the project.
Earned Value Management (EVM): It is a process where one can schedule, measure, and check the scope of performances.
Planned Value (PV): The budgeted amount for each task at the specified point of analysis.
Earned Value (EV): The actual completion amount of each task relative to the task budget.
Actual Cost (AC): The actual expenditure for each task.
Cost Variance (CV): The amount that the project in a cost overrun or underrun position. CV = EV – AC
Cost Performance Index (CPI): The relative amount that the project is over or under budget. CPI = EV / AC.
Schedule Variance (SV): The amount that the project is behind or ahead of schedule. SV = EV – PV.
Schedule Performance Index (SPI): The relative amount that the project is ahead or behind schedule. SPI = EV / PV.
Budget at Completion (BAC): Budget at completion (BAC) is the total anticipated and budgeted spending for the project based on the project estimates and assumptions.
Estimate at Completion (EAC): It is the expected total cost of completing all work for the project.
Variance at Completion (VAC): Key performance indicator that shows the difference between the starting project budget (Total Budgeted Cost) and the forecasted project budget when the project is complete
Estimate to Complete (ETC): It is the expected cost to finish the remaining work of the project
To Complete Performance Index (TCPI): It is the cost efficiency required to complete a project within a defined budget.
My faves!!
You can find many key concepts of Project Management on the web. I tried to consolidate the most important ones and share them with you in an easy way. Personally, the most important concepts are scope, cost and time. This is known as “The Triple Constraint” and allows you to control and detect deviations from the initial planning and help you manage expectations and delivery results. So, if you want to deliver a project successfully I recommend you keep these key concepts in mind all the time.
DevOps can be adapted to particular needs of each organization, being able to take the best practices and align them to the business model of each company. Learn all the benefits on our blog post.
