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PMP Assignment 1 - PMP Abbreviations

Courtesy - Ludovic Bertron
Hi all, thought of writing PMP assignment online, also just planning if its useful for PMP students or its refreshing the thoughts of Project Management Professional program.

Let's do this right away, since many years I am planning to do PMP, but this year I have strong feeling that I will complete the PMP certification. Before doing that, I am going through some video lessons, before reaching to classroom session, want to understand some terminologies which in turn useful while we are doing the course.

Let's start with PMP

PMP - Project Management Professional
The most important industry recognized certification for Project Managers. One can know more details in this link, (https://www.pmi.org/certifications/types/project-management-pmp)

PMI - Project Management Institute
World's leading institute for project management. Next time if some-body says PMI standards, it's a Project Management Institute standards they are referring.

PMBoK - Project Management Body of Knowledge
Often called as pimbok in our project management world. PMBOK is a standards which is foundation for PMP candidates. These are set of guidelines, standards & frameworks provided by PMI.

 PMO - Project Management Office
An organizational unit within the management will work on project related activities. It has archives of Knowledge resources, process, history of projects etc., Also provide process and procedures for doing the projects.

P3 - Projects, Programs and Portfolios
It's a collective to the management. P3 assurance is satisfying stakeholders and sponsors to meet the requirements, expectations and objectives.

PRISM - Projects integrating Sustainable Methods
It's a principle based methodology, which tries to increase the value of the project by focusing on Total asset lifecycle.

We are going to look-out some important abbreviations not all of them,

ADM - Arrow Diagram Method
Network diagram provides status of milestones or events. AOA - Activity on arrow. AON - Activity on Node.

APF - Adaptive project Framework
It rejects the traditional methods and frameworks to be competitive to the external environment. It allows to replan the objectives, goals for the changing requirements.

BOSCARD - Background, Objectives, Scope, Constraints, Risk and Deliverables

BPM - Business Process Management
In order to improve the business process, it represents a data with analysis & evaluations.

EMU - Enhanced, Maintenance and Upgrade
This is the term used in Software industry, where Enhanced to improve the functionality, Maintenance is to ensure it is working as expected and Upgrade is related to new release of software.

GERT - Grapical Evaluation and Review Technique
Alternative to PERT, which uses Monte-carlo technique by simulating through network and time durations. But not used often in complex structure.

KPI - Key Performance Indicators
Key performance indicators, will let us know how successful the project will be. This will be performed even before the project executed.

MoSCoW - Must have, Should have, Could have & Won't have
This abbreviation is useful when communicating the stake holders information. These are four categories where an information must have, should have, could have and won't have.

NLM - Non-linear Management
It counter the linear management. Non-linear management, will work on changing and adaptive management style, which don't have specific frameworks, guidelines.

OR - Operations Research
It's a mathematical, scientific & statistical method to optimize decision making. I am big fan of this, my favorite subject in MBA.

PEST - Political, Economic, Social & Technology
PEST analysis is to analyse the project in the perspective of Political, Economic, social and Technology.

PERT - Program evaluation and review technique
It's a statistical method to analyze the activity and time durations.Typically illustrated with Activity on Arrow diagrams.

PPM - Project Portfolio Management
It's collective responsible for providing the organization's information, like objectives, programs and objectives. It is closely related to OPM (Organizational project management).

QCD - Quality, Cost & Delivery
This will be on process management and all three factors are inter-related. Each performance will affect the others.

RBS - Resource Breakdown Structure
Hierarchical list of resource needed for project work. It will be classified as type & function.

SDLC - Systems Development Life Cycle
This term is used at Software, hardware or both usually in IT field. This is to create, release and maintain the such information systems. Six phases of SDLC are planning, analysis, design, implementation, testing and maintenance.

SMART - Specific, Measurable, Achievable, Realistic & Timed
This is related to goal, how a goal should be? It should be S.M.A.R.T. If you are really serious to know more, there is an amazing article about SMART

WBS - Work Breakdown Structure
We hear a-lot about Work breakdown structure in PMP, It provides, hierarchical, comprehensive, deliverables to complete the scope of work or projects. This structure categorized into work based, cost based, to form the cost estimates.

You may have ask me is that it, actually this is it in important terms, I am hearing, where is TOI, MTBI, EAV, ETA etc., well I am planning to cover it on separate topic, Cost/Budget and Time based. I believe if we cover the both, we might cover most of the things required for PMP abbreviations.
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