Key Terms

You've learned just how important a charter is to every project. Be sure you understand the elements essential to the document and the processes used to ensure that your charter is complete. Skimping on the planning steps is almost certain to spell disaster down the road. Know these processes, and know them by the names used in the PMBOKĀ® Guide:

Develop Project Charter Identify Stakeholders

You've also learned a lot of new key words in this chapter. PMI has worked hard to develop and define standard project management terms that apply across industries. Here is a list of some of the terms you came across in this chapter:

benefit measurement methods calculation methods constrained optimization methods cost-benefit decision models discounted cash flow expert judgment historical information

Initiating internal rate of return (IRR) mathematical models net present value (NPV) payback period project charter project statement of work (SOW) scoring model steering committee weighted scoring model

Project Management Made Easy

Project Management Made Easy

What you need to know aboutā€¦ Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.

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