Wednesday, July 18, 2018

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PMP Assignment 2.1 - Glossary

Welcome to next set of glossary items,

Courtesy: Anthony jones


Issue Log
A document which contains the job issues, whose responsible for the job, status and resolving date.

Kill point
Project will be terminated with the experience of previous phase or performance on current phase called as kill point.

Lag
Lag is adding time between activities. Where as Lead is to subtracting time between activities.

Lessons Learnt
Lessons learnt will be captured during the project phase, where else we need to identify what went well and what needs to be improved. These improvisations can be helpful in future projects.

Milestone
To measure the significant progress like, major or events Milestone progress identification will be helpful.

Mitigation
Reducing the probability or impact of risk.

Objective
Clear concise statement of what activity is going to accomplish.

Portfolio
A collectively set of programs and projects.

Project baseline
Project Baseline is created on the phase of project's initiation and planning by the activities and budget. This will be helpful to identify the project's variance from the baseline.

Project Charter
Well, Project Charter is the document which created on project's initiation, where it captures, the activities, schedules, description of project which in turn goes for formal authorization where it will be reviewed by authorized personnel.

Proof of concept
This concept derived from an idea of Piloting the project, where the project or activity will be analyzed in a lab environment or in experiment, the concept will be based on the output of this activity or project.

Quality Risk Analysis
The probability of risk occurs in project, will be analysed through Quality Risk Management. Risk will be analyzed through probability and impact matrix.

Quality Assurance
A process to evaluate if the project meets all the requirements.

Quality Control
A process to ensure if the project meets or satisfies the stake holder's or project's requirement.

Scope
Scope document deemed to achieve everything in the project with success.

Stakeholder
A member or party who vested interest in the project who directly impact with the output of the project.

Hence completed the important glossary items. Will see you in next assignment.
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