NAME ROLL NUM TERM 1
CPM: The critical path method (CPM) is a step-by-step
PROJECTS: a project is an individual or collaborative
enterprise, possibly involving research or design, that is
DIKSHA GUPTA 22
carefully planned, usually by the project assigned team,
to achieve a particular aim.
PROGRAM MANAGEMENT: Program management or
programme management is the process of managing
several related projects, often with the intention of
improving an organization's performance. In practice and
in its aims it is often closely related to systems
ISHAN MAGOTRA 26 engineering, industrial engineering, change
management, and business transformation. Program
management also emphasizes the coordinating and
prioritizing of resources across projects, managing links
between the projects and the overall costs and risks of
the program.
EXPANSION PROJECTS: A expansion project is the
RATIK GUPTA 42 one which is aimed at increasing the plant capacity for
the current product range
PROJECT CONTROLS:Project controls are the data
gathering, management and analytical processes used
to predict, understand and constructively influence the
DIVIYA GUPTA 24
time and cost outcomes of a project or program; through
the communication of information in formats that assist project. Diversification is generally of two types project constraints -- schedule, cost and
effective management and decision making.
PROJECT SUCCESS: The project is a success if it
delivers what it said it would, on schedule, within the
VINOD GUPTA 62 agreed budget & to the expected quality standards.
Project success creates significant net value for the
organisation after the project is completed.
RISK : Risk is a term that relates to what might go
wrong on your project. For example, if you are planning
on hosting your annual corporate picnic outside, it might happened yet, an issue is something that has
be fine weather, but it might rain. In short, a risk is happened. Issues are just problems that your
ABHISHEK ARORA 3 something that hasnt happened yet. Its important to
know what risks surround your project because then you coming or it might be completely unexpected.
can plan for them. You can put your Plan B or Either way, its happened now and you have to
contingency plans into action to try to avoid the risk
happening in the first place.
CONSTRAINT:Constraints are limitations that are
DHWANI BHALLA 21 outside the control of the project team and need to be
managed around.
TERM 2
BALANCING PROJECTS: A project that is
undertaken to improve upon the
manufacturing capacity of one or more
production units that will result in undertaken to have a check to the machinery tool, used in project management, which was designed
improvement in the overall production capacity
of the project as a whole is called balancing
projects
PROJECT PHASE: A phase is a major logical
grouping of work on a project. It also
represents the completion of a major
deliverable or set of related deliverables. On an
IT development project, logical phases might be
planning, analysis, design, construct (including
testing), and implementation.
PROJECT LIFECYCLE: A standard project
typically has the following four major phases
(each with its own agenda of tasks and issues): MODERNISATION PROJECTS: Projects that are
initiation, planning, implementation, and
closure. Taken together, these phases
represent the path a project takes from the
beginning to its end and are generally referred
to as the project life cycle.
DIVERSIFICATION PROJECTS:When a
manufacturer wants to offer more than one constraint, in project management, is any
product, it is
described as product diversification and the limitations; the scope, for example, is the
project meant for this purpose is the
diversification
viz.,
(a) Related diversification.
(b) Unrelated diversification
MOTIVATION: Most of the factors of the socio-
technical system where the project manager
functions are organisational structure, technical
requirements, and competencies of project
personnel are given for him. The principal
behavioural factor which he can influence is the
motivation of the project personnel.
Motivation tends to be strong when goal is
challenging.
ISSUE : If a risk is something that hasnt
project team is facing. You might have seen it
do something about it.
FUNCTIONAL MANAGER:The functional
manager is the person you report to within
your functional organization. Typically, this is
the person who does your performance review.
TERM 3
PERT: The program (or project) evaluation and review
MAINTANENCE PROJECTS: Projects technique, commonly abbreviated PERT, is a statistical
so that it works with full efficiency
SCBA: A social cost benefit analysis (SCBA) is a
systematic and cohesive method to survey all
the impacts caused by an (urban)
development project or other policy measure.
It comprises not just the financial effects, but
all the societal effects, like pollution,
environment, safety, travel times, spatial
quality, health, legal aspects, etc. As a result,
these prices reflect the value a society
attaches to the caused effects, enabling the
decision maker to form an opinion about the
net social welfare effects of a project.
undertaken to keep the organization in tune
with the latest technology and process so as
to improve the efficiency
PROJECT CONSTRAINTS: A
restriction that defines a project's
limit of what the project is expected to
accomplish. The three most significant
scope -- are sometimes known as the triple
constraint or the project management
triangle.
GROUP FUNCTIONING: In a large complex
project, many persons drawn from different
functions, departments & organisations are
involved. This leads to formation of groups,
formal & informal. Groups formed may be of
three types- vertical, horizontal & mixed.
MILESTONE : Milestones are points in time
that mark key moments during the project.
They are often used for:
Start of a phase
End of a phase
End of a major piece of work or a big task
Noting a particular fixed-in-time deadline
Think of milestones as the kind of date that
you would write on your calendar at home
the big important moments in a project such
as finishing the testing, or the launch party.
PROGRAM MANAGER:The project manager is
the person with the authority to manage a
required, the sequence of the work, who is assigned to
project. The project manager is 100%
responsible for the processes used to manage
the project
TERM 4 TERM 5
project management technique for process planning that
defines critical and non-critical tasks with the goal of
preventing time-frame problems and process bottlenecks.
The CPM is ideally suited to projects consisting of numerous
to analyze and represent the tasks involved in
activities that interact in a complex manner.
completing a given project
PROJECT OFFICE: The Project management office in a
MATRIX ORGANISATION: This organizational type assigns
business or professional enterprise is the department
each worker two bosses in two different hierarchies. One
or group that defines and maintains the standards of
hierarchy is "functional" and assures that each type of expert
process, generally related to project management,
in the organization is well-trained, and measured by a boss
within the organization. The PMO strives to
who is super-expert in the same field. The other direction is
standardize and introduce economies of repetition in
"executive" and tries to get projects completed using the
the execution of projects. The PMO is the source of
experts. Projects might be organized by products, regions,
documentation, guidance and metrics on the practice
customer types, or some other schema.
of project management and execution.
ECONOMIC ANALYSIS: The main objective of
conducting a project economic analysis is to help not
only assess the sustainability of investment projects PROJECT FAILURE: A project is considered a failure when it
but also to inform the design and select projects that has not delivered what was required, in line with
can contribute to a sustainable improvement in the expectations
welfare of project beneficiaries, and the country as a
whole.
PROJECT MANAGER:A project manager is a professional in
BREAK EVEN POINT:The break-even point (BEP) is the
the field of project management. Project managers have the
point at which total cost and total revenue are equal.
responsibility of the planning, procurement and execution of
There is no net loss or gain, and one has "broken
a project, in any domain of engineering. Project managers
even," though opportunity costs have been paid and
are first point of contact for any issues or discrepancies
capital has received the risk-adjusted, expected return.
arising from within the heads of various departments in an
In short, all costs that must be paid are paid, and there
organization before the problem escalates to higher
is neither profit nor loss.
authorities.
ON BEING AN ENTREPRENEUR: Many persons have an
entrepreneurial urge to set up their own project & be
PROJECTED BALANCESHEET: Forecasting Balance Sheet or a
on their own. Every entrepreneur must answer Are
projected balance sheet, also referred to as pro forma
my goals well defined?
balance sheet, lists specific account balances on a business'
Do I have the right strategy? Can I execute the
assets, liabilities and equity for a specified future time.
strategy?
SPONSOR : Your project sponsor sits on the Project STAKEHOLDER : Stakeholders are the other people involved
Board. They are the person who owns the project and in and affected by your project. Some projects will have wide
they receive the benefits. For example, if you are stakeholder groups, covering every department in the
launching a new IT system for the factory team to use, organization. Others will have a more limited scope. Some
the Factory General Manager would be the project stakeholders are outside your organization, like the
sponsor. The project sponsor is the person you can government or regulatory bodies. They also need to be kept
turn to when you need senior management direction. informed with information that is relevant.
WORK PLAN:The project workplan tells you how you
will complete the project. It describes the activities
REQUEST FOR QUOTATION:A request for quotation is a
formal request for a vendor to provide actual costs for a
the work, an estimate of how much effort is required,
specific service or scope of work
when the work is due, and other information of
interest to the project manager.

ACTUAL PROGRESS: This measures the amount of
work completed on a project. It is used to assess the
ANUPAM SHARMA 12
comparison between project progress and project
baselines and is usually stated as a percentage.
ALTERNATIVE ANALYSIS: - Alternative analysis is the
evaluation of the different choices available to achieve
a particular project management objective. It is an
analytical comparison of different factors like
AKHIL SHARMA 5 executed, and by which it interacts with its customers. to create value for its customers. Everything that happens
operational cost, risks, effectiveness as well as the
shortfalls in an operational capability. It requires
different tools such as life-cycle costing, sensitivity
analysis, and cost-benefit analysis.
CLOSING PHASE: The final phase of the project
Champion - A project champion makes project success a
the project are officially completed and closed. management life cycle. In the concept phase,
personal responsibility. This person pushes the project
SHIVDUTT SHARMA 50 team to work hard, liaise with stakeholders on behalf of
the project, and support the project manager. Project
champion is an informal role.
of the project and overall project performance.
Corrective action - A step taken to bring work
back into alignment with performance
expectations after it has failed to meet
ARUZ MAHAJAN 16
expectations. A corrective action, which is
reactive, is not the same as a preventive action,
which is proactive.
FORDISM: Fordism, named for Henry Ford, is a
manufacturing system in which mass-produced goods
NIKHILESH SHARMA 36
are priced affordably enough that those producing them
may reasonably buy them with their own wages.
DURATION: Duration of a project's terminal element is
the number of calendar periods it takes from the time the
KUMUD GOEL 28
execution of element starts to the moment it is
completed.
CHANGE CONTROL: It is the procedures used to
ensure that changes (normally, but not necessarily, to IT
ANSOYA DHAR 11 systems) are introduced in a controlled and coordinated
manner. Change control is a major aspect of the broader
discipline of change management.
ADMINISTRATIVE CLOSURE:This refers to the
set of formal requirements fulfilled to end a
project. Among other things, it involves
documenting the formal acceptance of
deliverables and ensuring that all relevant
information is sent to a projects sponsor and
stakeholders.
ANALYTICAL ESTIMATIMG: This technique
computes total project time and cost estimates
by preparing estimates for each project activity planning phase, this type of analysis is used to
and adding them together. Analytical
estimating is considered the most accurate
estimation technique.
management life cycle, in which all aspects of CONCEPT: The beginning phase of the project
This includes making sure that all deliverables
have been given to the client, that the team problem (along with possible solutions) and
notifies suppliers of completion, and that the
team updates stakeholders regarding the end
CSF:A critical success factor is an aspect of a
project that is crucial to the success of the
project.
HANGER: An unplanned break in a network
path, usually caused by oversights regarding
activities or dependent relationships between functional version of the software produced
activities.
TIMELINE: Timeline is a graphical
representation of a chronological sequence of time, it is not uncommon for organizations to delivery of each requirement - also known as MoSCoW
events, also referred to as a chronology. It can update their mission statement; this generally
also mean a schedule of activities, such as a
timetable.
COMMUNICATION LOG: It is an ongoing
documentation of communication events
between any identified project stakeholders,
managed and collected by the project manager
that describes: the sender and receiver of the
communication event; where, when and for
how long the communication event elapsed; in
what form the communication event took
place; a summary of what information was
communicated; what actions/outcomes should
be taken as a result of the communication
event; and to what level of priority should the
actions/outcomes of the communication event
be graded.
AGILE: The Agile family of methodologies is a superset
of iterative development approaches aimed at meeting
AGGREGATE PLANNING: This strategy uses
demand forecasts to manage scheduling and
planning for project activities between three
sprints, with incremental improvements made in each
and 18 months in advance, so that the
sprint. Since agile projects do not have fixed scopes,
necessary resources and personnel can be
agile methodologies are adaptive, and the iterative
efficiently acquired or assigned.
profit from company operations. A companys business
APPROACH ANALYSIS: During the project
examine the various methods by which a
projects goals may be achieved.
the team presents the opportunity or
examines the general feasibility of the
project.
DELIVERABLE: A final product or product
component that must be provided to a client
or stakeholder according to contractual
stipulations.
ITERATION: A concept from iterative software
development that specifies a fixed time cycle
for development work, typically a few weeks
long. The development life cycle consists of a
number of iterations, sometimes with a
at the end of each one. Iterative development
prioritizes time over scope, so there are rarely
concrete requirements to be achieved in an
iteration.
MISSION STATEMENT: A mission statement, a
type of statement of purpose, is a statement
which is used to communicate the purpose of
an organization. Although most of the time it
will remain the same for a long period of
happens when an organization evolves.
Mission statements are normally short and
simple statements which outline what the
organization's purpose is and are related to (Must have, Should have, Could have, and Won't have
the specific sector an organization operates
in.
COST OVERRUN: It is defined as excess of
actual cost over budget.
ever-changing customer requirements. Agile
development proceeds as a series of iterations, or ALLOCATION: The assigning of resources for scheduled
activities in the most efficient way possible. (See also
resource allocation)
work is guided by user stories and customer
involvement.
BUSINESS MODEL: A business model is the way in
which a company generates revenue and makes a
model is the system by which the organizations BUSINESS OPERATIONS: The entire ensemble of activities or
profitable activities are planned, structured, and business processes through which a company uses its assets
It describes the rationale of how an organization within a company to keep it running and earning money is
creates, delivers, and captures value in economic, referred to collectively as business operations.
social and cultural contexts.
CONSTRUCTION: The process by which a team builds
CONTROL ACCOUNT: A work breakdown structure tool that
infrastructure. Construction projects are complex.
allows aggregation of costs for work packages as part of
Engineers and architects supervise them, while a
earned value management calculations.
project manager manages the project work.
EXECUTION PHASE: The execution phase begins after FOCUS IMPROVEMENT: An improvement strategy based on
activity approval and is the phase in which the team the theory of constraints. Attention is focused on addressing
executes the project plan. Execution is typically the one limiting factor called a constraint at a time in order
longest and most expensive phase in the project to optimize a system. Each constraint is improved until it no
management life cycle. longer limits the systems performance.
LINE OF BALANCE: A graphical technique used to illustrate
LEAN MANUFACTURING: A production methodology
relationships between repetitive tasks in projects such as
based on the idea of streamlining and doing more with
building identical housing units. Each set of repetitive tasks is
less, such as by providing customers with the same
illustrated as a single line on a chart. Project managers look
product value while eliminating waste and thus
for places where dependent tasks intersect, indicating that
reducing production costs.
the successor task must be delayed.
NEGOTIATION: Negotiation is a discussion between two or
MOSCOW: The MoSCoW method is a prioritization
more parties aimed at reaching agreement
technique used in management, business
Negotiations can take place at any time in a project,
analysis, project management, and software
programme or portfolio and may be formal or informal in
development to reach a common understanding
nature.
with stakeholders on the importance they place on the
Formal negotiations are typically with providers on such
prioritization or MoSCoW analysis.
issues as agreeing contracts. Informal negotiations include
discussions to resolve conflict, or discussions to obtain
The term MoSCoW itself is an acronym derived from
internal resources.
the first letter of each of four prioritization categories
Negotiation skills are used in many areas of P3 management
but would like).
such as conflict management, contract management,
requirements management and stakeholder management.
ENTERPRISE MODELLING: It is the process of
EXECUTIVE SPONSOR: (sometimes called project sponsor or
understanding an enterprise business and improving
senior responsible owner) is a role in project management ,
its performance through creation of enterprise models.
usually the senior member of the project board and often the
This includes the modelling of the relevant business
chair. The sponsor has a number of interfaces and
domain (usually relatively stable), business processes
responsibilities for the project.
(usually more volatile), and Information technology.
 COST ENGINEERING: is the area of engineering
practice where engineering judgment and experience
are used in the application of scientific principles and
MEHAK ANAND 30
techniques to problems of cost estimating, cost control,
business
planning and management science,."
ACTIVITY:The smallest unit of work necessary to
complete a project work package (which includes
NAVJOT SINGH ARORA 33
multiple activities). Time, resources, and finances are
required to complete each activity.
SPRINT:In iterative project development, a sprint is a
fixed unit of time during which the project typically
NIKHIL MALYA 35
passes through a complete development life cycle. A
sprint is usually a few weeks long
WORK SCHEDULE: The work schedule is the series of descriptions of how a product or service should
tasks with
BRIGU GUPTA 20 durations, resources, and specific dependencies that
forecasts the
project end date.
COST OF QUALITY: The costs incurred to ensure
TANVI Gupta 58 quality. The cost of quality includes quality plan- ning,
quality control, quality assurance, and rework.
DEFERRED CREDIT-A deferred credit could mean
money received in advance of it being earned, such as
AKSHIMA BALGOTRA 6 deferred revenue, unearned revenue, or customer
advances. ... A deferred credit is reported as a liability while the lessee not just has operating control
on the balance sheet.
EARNED SCHEDULE:A method of measuring schedule
performance that improves upon traditional earned value
management. Earned value management tracks
schedule variance only in terms of money and not in
terms of time and thus does not accurately indicate
SHAGUN CHOUDHARY 48
schedule performance by the end of a project. To
address this discrepancy, earned schedule theory uses
the same data as traditional earned value management
but tracks schedule performances separately with
respect to money and time.
PAYBACK PERIOD : in capital budgeting it refers to the repaid in regular payments over a set period of equity, a form of financing that is provided by
SHREYA GUPTA 52 period of time required to recoup the funds expended in time . these usully last between one and ten firms or funds to small, early stage, emerging
an investment or to reach the break even point.
years, but may last as long as 30 years in some firms that are deemed to have high growth
Graphical Evaluation and Review Technique (GERT) is
a network analysis technique that allows probabilistic
NEHA CHAUDHARY 34
treatment of both network logic and activity duration
estimated.
FLOAT:float in a project network is the amount of time
POOJA PANDITA 39 that a task in a project network can be delayed without
causing a delay to subsequent tasks.
HAMMOCK: A hammock activity (also hammock task)
is a schedule or project planning term for a grouping of
MUSKAN SINGH 32
tasks that "hang" between two end dates it is tied to. A
hammock may or may not have an internal sequence.
ESTIMATION: is the processes of making accurate
estimates using the appropriate techniques.
ARTIFACT:Items that support software BURST POINT :A point in a network diagram
development. Artifacts include both items
associated with the process of development,
such as project plans, and items used to activity. None of the successor activities may
support actual aspects of development, such as
use cases and requirements.
SCHEDULE BASELINE:A schedule baseline is the
original project schedule approved by the
project team, sponsor, and stakeholders by
which performance is assessed. Schedule
baselines are generally inflexible, though
alteration of a schedule baseline via a formal
change control process may be allowed.
REQUIREMENTS: Requirements are
act,
appear, or perform. Requirements generally
refer to the features and
functions of the deliverables you are building
on your project.
CRITICAL SUCCESS FACTORS: Identified factors
that must be present in order for the project to
be successful in terms of
scope/budget/schedule. Used to alert the
sponsor to factors that the project needs to
have in place.
LEASE FINANCE- finance lease, "financial lease"
or capital lease is a type of lease in which a
finance company is typically the legal owner of
the asset during the duration of the lease,
over the asset, but also has a substantial share
of the economic risks and returns from the
change in the valuation of the underlying asset.
LEVEL OF EFFORT:Work that is not directly
CHANGE CONTROL:Change control is the
process of identifying, evaluating, approving,
breakdown structure but that can instead be
and implementing changes to a project. It
thought of as support work. Examples of level systematically and sequentially. It is typically used for estimate forms a baseline for all subsequent estimates by
ensures that changes are introduced in a
of effort include maintenance and accounting.
controlled and effective manner and that any
It is one of three types of activities used to since sequential development makes it difficult to
adjustments necessitated by changes are also
measure work performance as part of earned revise design based on testing or preliminary feedback.
addressed.
TERM LOAN: IT is a monetary loan that is
cases. involoves an unfixed interest rate .
HERMES: Project Management Method
developed by the Swiss Government, based on management in projects, is an international subdiscipline for effective and efficient use of time and of roles and responsibilities, outlines the project objectives,
the German V-Modell. The first domain of
application was software projects.
INTEGRATED MASTER PLAN: IMP is an event-
based, top level plan,consisting of a hierarchy
of program events.
INITIATION: The project initiation phase is the
first phase within the project management life
cycle, as it involves starting up a new project. started or finished before the next task can be
Within the initiation phase, the business
problem or opportunity is identified, a solution to-start dependency with a 10-day lag, the
is defined, a project is formed, and a project
team is appointed to build and deliver the
solution to the customer.
PRODUCT DESCRIPTION:is a structured format of
presenting information about a project product
at which multiple successor activities
originate from a common predecessor
start until one finishes the predecessor
activity.
WHAT IF ANALYSIS: A simulation technique of resources for project-related activities, ideally in the
that allows project managers to determine
and compare specific conditions effects on
project schedules and objectives.
SCOPE: The sum of the products and services
to be provided as a project.
FEASIBILTY STUDY: A formal document in the
Initiation Phase that analyzes and discusses
the technical feasibility of a project.
MAX RISK PREMIUM-A risk premium is the
return in excess of the risk-free rate of return
an investment is expected to yield; an asset's
risk premium is a form of compensation for
investors who tolerate the extra risk,
compared to that of a risk-free asset, in a
given investment.
associated with components of a work LINEAR SCHEDULE MODELLING:A linear sequential
model moves through a project life cycles phases
small projects with straightforward requirements,
value management.
VENTURE CAPITAL: It is a type of private
CALANDER UNIT: the smallest unit of calender
produced. this unit is generally in hours, days or weeks.
potential.
ISO 10006 is a guidelines for quality
standard developed by the International
Organization for Standardization.
Kickoff meeting is the first meeting with the
project team and the client of the project.
LAG: The amount of time after one task is
started or finished. For example, in a finish-
successor activity cannot start until 10 days
after the predecessor has finished.
PROJECT COST MANAGEMENT:A method of managing a
PROJECT PLANNING: is part of project management, which relates
project in real-time from the estimating stage to
to the use of schedules such as Gantt charts to planand
project control; through the use of technology cost, schedule
subsequently report progress within the project environment.
and productivity is monitored.
DELPHI TECHNIQUE:An estimation method based on expert
CONTROL CHARTS:Control charts compare process
consensus. Experts make estimates individually and
results with historical averages and process control
simultaneously and then review their estimates as a group
limits to show whether a process meets results
before making another set of estimates. The process is
expectations. If a processs results are inconsistent or
repeated, with the pool of estimates typically becoming
fall outside process control limits, it may need to be
narrower after each round of review until a consensus is
examined and adjusted.
reached.
RESOURCE ALLOCATION:The assigning and scheduling
RESOURCE SMOOTHENING:A technique that makes use of
float when allocating resources so as not to affect total
most efficient manner possible. Resource allocation is
project duration. It is used when project time constraints are
typically handled by a project manager, though they
important. Resource leveling does not affect a projects
may be overridden by a program manager if resources
critical path.
are to be shared between multiple projects.
PLANNED VALUE: The sum of the approved cost
BASELINE: The original plan (for a project, a work package, or
estimates including any overhead allocation) for
an activity) plus or minus approved changes. Usually used
activities (or portions of activities) scheduled to be
with a modifier (e.g., cost baseline, schedule baseline
performed during a given period (usually project-to-
performance measurement baseline).
date).
PROJECT CHARTER: A document issued by senior
PARETO DIAGRAM: A histogram that, ordered by frequency
management that provides the project manager with
of occurrence, shows how many results were generated by
the authority to apply organizational resources to
each identified cause.
project activities.
SHADOW PRICING-Shadow pricing is used to refer to
either one of two things: the actual market value of a
money market fund share, or more commonly, the
assignment of a dollar value to an abstract commodity
PROJECT RATING INDEX-The Project Definition Rating Index
that is not ordinarily quantifiable as having a market
(PDRI) is a methodology used by capital projects to measure
price, but needs to be assigned a valuation to conduct
the degree of scope definition, identify gaps, and take
a cost-benefit analysis. In the latter instance, a shadow
appropriate actions to reduce risk during front end planning.
price is assigned to goods that are not generally bought
and sold as separate assets in a marketplace, such as
production costs or intangible assets.
PLANNING POKER:A consensus-based estimation technique.
It attempts to avoid the anchoring effect where the first
having project team members make estimates
simultaneously and discuss their estimates until they reach
agreement.
Action time status : a list of problem issues, including a
description, point of contact and dates of action and
resolution.
Effort management: a project management PROGRAMME CHARTER It provides a preliminary delineation
resources to perform activities regarding quantity, identifies the main stakeholders, and defines the authority of
quality and direction. the project manager.
SIX SIGMA: is the business management strategy, WORK PACKAGE: group of related tasks within a project.
originally developed by motorla, that today enjoys these are the smallest unit of work that a project can be
widespread application in many sectors of industry. broken down to when creating breakdown structure.
FAST TRACKING: Compressing the project schedule by CONTINGENCY PLANNING: The development of a
overlapping activities that would normally be done in management plan that identifies alternative strategies to be
sequence, such as design and construction. used to ensure project success if specified risk events occur.

ASSUMPTION: There may be external circumstances or
events that must occur for the project to be successful
(or that should happen to increase your chance of
SIDHANSH MAHAJAN 53
success).If you believe that the probability of the event
occurring is acceptable, you could list it as an
assumption
SLIPPAGE: The tendency of a project to exceed original
ANAMIKA BADYAL 8 projects scope, budget, schedule, or quality in
estimates of budget and time.
UNIT PRICE CONTRACTS-The contractor is paid a
preset amount per unit of service (e.g., $70 per hour for
PALLAVI SURI 38 professional services or $1.08 per cubic yard of earth
removed) and the total value of the contract is a function
of the quantities needed to complete the work.
INTERNAL INTEGRATION CAPABILITY:-Internal
integration makes a company faster and more efficient in
PRIYA TALWAR 40 performing various fuctions like new product
development,prototyping,facilities engineering and
capacity expansion
WORK BREAKDOWN STRUCTURE: (WBS) is a method
and a kind of representation that defines a project and
groups the projects discrete work elements in a way
that helps organize and define the total work scope of
MITALI SHARMA 31 the project. A Work breakdown structure element may
be a product, data, a service, or any combination. WBS
also provides the necessary framework for detailed cost
estimating and control along with providing guidance
for schedule development and control.
PROCESS MANAGEMENT-: Process management is the
ensemble of activities of planning and monitoring the
UJWAL GUPTA 60 performance of a business process. The term usually
refers to the management of business processes and
manufacturing processes.
BACKWARD PASS: This calculates late-start and finish
SANCHIT SINGH SALATHIA 46 dates for project activities by working backwards from
the project end date
ACCEPTANCE TEST:- A test in which a team of end users
SAVTANTRA SINGH CHIB 47 runs a product through its full range of use to identify
potential problems
Activity-on-Arrow (AOA):
It is a network diagramming technique in which
activities are represented by arrows. ADM is also
known as the Arrow diagramming method (ADM)
method. It is used for scheduling activities in a project
SHIROMANI GUPTA 49
plan. AOA only shows finish-to-start relationships,
meaning that each activity is completed before the
successor activity starts.
CLIENT:The person or group that is the direct
beneficiary of a project or service is the client.
These are the people for whom the project is
being undertaken (indirect beneficiaries are
stakeholders ).In many organizations, internal
beneficiaries are called clients
RISK MITIGATION: The act of revising the
order to reduce uncertainty on the project.
BOTTOM-UP ESTIMATING- A method of
estimating a component of work. The work is
decomposed into more detail. An estimate is
prepared of what is needed to meet
requirements of each of the lower, more
detailed pieces of work, and these estimates
are then aggregated into a total quantity for
the component of work. The accuracy of
bottom-up estimating is driven by the size and
complexity of the work identified at the lower
levels
EXTERNAL INTEGRATION CAPABILITY:-This is
the ability of the firm to link its understanding
of customers with engineering design to
develop improved products.
VALUE ENGINEERING: (VE) is a systematic
method to improve the "value" of goods and
services by using an examination of function.
ordinary users by observing them in action to delays activities such that resource usage is kept below
Value, as defined, is the ratio of function to
cost. Value can therefore be increased by
either improving the function or reducing the
cost. It is a primary tenet of value engineering
that basic functions be preserved and not be
reduced as a consequence of pursuing value
improvements.
PRISM :- PRISM is an end-to-end project
lifecycle management solution for owners and EIA:- Environmental Impact Assessment (EIA)
contractors managing capital projects. It isn't
just a cost management solution. It doesn't just environmental impacts of a proposed project
reduce project risks. It provides one source of
truth throughout the entire project lifecycle.
From capital planning and budgeting to project health impacts, both beneficial and adverse
completion. Not everyone can say that.
BAR CHART:- A diagrammed calendar schedule BENEFITS REALIZATION:- This term focuses on
of project activities start and end dates in
logical order
ACCEPTANCE CRITERIA:- The specific
requirements expected of project deliverables.
To be formally accepted, deliverables must
meet all acceptance criteria
Activity-on-node (AON):
It is a project management term that refers to software development projects that focuses
a precedence diagramming method which uses
boxes to denote schedule activities. These
various boxes or nodes are connected from Traditional agile project management can be
beginning to end with arrows to depict a logical categorized into two frameworks: scrum and
progression of the dependencies between the
schedule activities.
COST VARIANCE:The cost variance is used to
measure the cost difference between a
project 's earned value and actual value to
CONTINGENCY RESERVE:an appropriation of surplus or
deliver progress to date.In application,
positive CVs indicate the project is under
budget ,since it is delivered more than
incurring cost.If the project has negative CV,it
is over budget. Even positive CVs should be
examined for root cause
TEMPLATE:A document in a predefines
format that provides a defined structure for
collecting, organizing and presenting
information and data. Templates are often
based upon documents created during prior
projects. Templates can reduce the effort
needed to perform work and increase the
consistency of results.
WALK AROUND A response to a negative
risk event. Distinguished from contingency
plan in that a workaround is not planned in
advance of the occurrence of the risk event.
ERP:-Tarifs,import restrictions, and subsidies
are used to encourage domestic industries
and protect them against international
competition The extent to which a project is
sheltered is measured by the effective rate of
protection
TASK ANALYSIS: process of learning about
understand in detail how they perform their
tasks and achieve their intended goals. Task
analysis is the analysis or a breakdown of
exactly how a task is accomplished, such as
what sub-tasks are required
project management information system (PMIS) is the
is a process of evaluating the likely
or development, taking into account inter-
PMIS is typically one or more software applications and
related socio-economic, cultural and human-
ensuring that project results give customers
and stakeholders the benefits they expect
ACTIVITY CODE:- An alphanumeric value by
which activities can be grouped and filtered. A by which an individual activity can be distinguished. An
code is assigned to each activity.
Agile project management:
It is an iterative approach to managing
on continuous releases and incorporating
customer feedback with every iteration.
kanban. While scrum is focused on fixed-
length project iterations, kanban is focused
on continuous releases.
retained earnings that may or may not be funded ,
indicating a reservation against a specific or general
contingency
START DATE: The day and sometimes the time
associated with a schedule activitys start, usually
qualified by one of the following: actual, planned,
estimated, scheduled, early, late, target, baseline, or
current.
TIME-SCALED NETWORK DIAGRAM-Any project
network diagram drawn in such a way that the
positioning and length of the activity represents its
duration. Essentially, it is a bar chart that includes
network logic.
PUBLIC INVESTMENT BOARD:-THE PIB is a committee
of secretaries which appraises and recommends all
central public sector projects involving an outlay
exceeding a certain amount.
RESOURCE LEVELLING: 'A scheduling calculation that
specified limits. It is also known as resource limited
scheduling'. It is a technique in which start and finish
dates are adjusted based on resource constraints with
the goal of balancing demand for resources with the
available supply.
PROJECT MANAGEMENT INFORMATION SYSTEM:- A
coherent organization of the information required for
an organization to execute projects successfully. A
a methodical process for collecting and using project
information.
BLUE PRINT:- A document that explains what a
program means to accomplish and describes a
programs contribution to organizational objective
ACTIVITY IDENTIFIER:- - A unique alphanumeric value
activity identifier is assigned to each activity.
APPLICATION AREA:
The specific project category of which the project is a
part. Application areas can be defined on the basis of
project products characteristics or applications or by
the projects customers or stakeholders
PROJECT TEAM:The project team consists of the full -time
and part -time resource assigned to work on the deliverables
of the project .They are responsible for understanding the
work to be completed ,completing assigned work within the
budget , timeline and quality expectations; scope changes
and quality concerns.
MONTE CARLO ANALYSIS:A schedule risk assessment
technique that performs a project simulation many times in
order to calculate a distribution of likely results.
STATEMENT OF WORK-A narrative description of products or
services required to be included in a Request for Purchase
(RFP) and/or supplied under contract.
PROJECT DEPENDENCE:-Projects A and B are economically
independent if the acceptance or rejection of one does not
change the change the cash flow stream of the other or does
not affect the acceptance or rejection of the other
LINEAR SCHEDULLING METHOD: (LSM) is a graphical
scheduling method focusing on continuous resource
utilization in repetitive activities. It is believed that it
originally adopted the idea of Line-Of-Balance method.
PROJECT ORGANISATION:- A project organization is a
structure that facilitates the coordination and
implementation of project activities. Its main reason is to
create an environment that fosters interactions among the
team members with a minimum amount of disruptions,
overlaps and conflict.
BOSCARD:- This method details and considers the
background, objectives, scope, constraints, assumptions,
risks, and deliverables of new projects.
ACTIVITY LABEL:- A short descriptor for an activity. Activity
labels may be placed below arrows representing activities in
activity-on-arrow (AOA) diagrams.
ASSIGNMENT CONTOURING:
The process of assigning people to project work for changing
numbers of hours per day as the project moves through
different stages. Assignment contouring is typically done
using project management software.
 BALANCED SCORECARD: The balanced scorecard (BSC)
is a strategy performance management tool a semi-
standard structured report, supported by design
SIDDHARTH JAMWAL 54 methods and automation tools, that can be used by
managers to keep track of the execution of activities by
the staff within their control and to monitor the
consequences arising from these actions.
BOT: BOT, which stands for Built-Operate-Transfer,
encapsulates the process whereby a government turns
over to the private sector what would normally be an
public sector project (example, transportation or
infrastructure projects) for building an initial operation
IVANI KATAL 27 and after a limited period (say a 25 years concession)
transfer back to the government.
BUDGETED COST OF WORK SCHEDULED : The total
AAKANKSHA GUPTA 1 budgeted cost expected to be spent for specific work.
Also called planned value (PV).
CAPABILITY CAPTURE MODEL: It is a structured
collection of elements that describes certain aspects of
UNNATTE DUTT 61
maturity in an organisation, and helps in the
understanding of organisation's processes
use case: The specification of software tests that are
conducted from the end user perspective. Use cases
AKSHITA SHARMA 7 system as being limited in achieving more of
focus on operating the software as an end user would
during their day-to-day activities
COST BENEFIT ANALYSIS : A benefit measurement
BHASKAR SURI 19 method that weighs expected project costs against
expected project benefits.
STRATEGIC DIVERSIFICATION:Diversification is a
corporate strategy to enter into a new market or
industry which the business is not currently in, whilst production path, such as when a manufacturer
DIVANSHU GUPTA 23 also creating a new product for that new market. This is owns its supplier and/or distributor. Vertical
most risky section of the Ansoff Matrix, as the business integration can help companies reduce costs
has no experience in the new market and does not
know if the product is going to be successful.
GOVERANCE OF PROJECT MANAGEMENT-Governance
of project management (GoPM) concerns those
areas of corporate governance that are specifically
related
BENNEY GUPTA 18
to project activities. Effective governance of project
management ensures that an organizations project
portfolio is aligned to the organizations objectives, is
delivered efficiently and is sustainable.
BURN DOWN CHART: A burn down chart is a
graphical representation of work left to do
versus time. The outstanding work (or backlog)
is often on the vertical axis, with time along the
horizontal. That is, it is a run chart of
outstanding work. It is useful for predicting
when all of the work will be completed.
CRASH PROJECTS: Projects are often
categorized in terms of their speed of
implementation. Crash projects require
additional costs to gain time. Also maximum
overlapping of phases is encouraged.
EXTREME PROJECT MANAGEMENT : Extreme
project management (XPM) refers to a method
of managing very complex and very uncertain
projects. Extreme project management differs
from traditional project management mainly in
stakeholders responsible for reviewing and
its open, elastic and undeterministic approach.
accepting or rejecting changes to the project.
The main focus of XPM is on the human side of
project management (e.g. managing project
stakeholders), rather than on intricate
scheduling techniques and heavy formalism.
CONSTRUCTABILITY: It is a project management
tool used during construction projects. Its
primary aim is to gauge and determine the DYNAMIC SYSTEM DEVELOPMENT METHOD:
collective knowledge and experience between
the project consultants, contractors,
architects/designers and client, in an effort to
maximize efficiency, minimize waste, and
complete construction projects on or ahead of
schedule.
WATERFALL MODEL:A sequential development
process, in which development flows steadily
downwards (like a waterfall) through the
phases of initiation, analysis, design, build, test
and maintenance. To follow the waterfall
model, you move from one phase to the next
sequentially, with no overlapping or iterative
steps.
EARNED VALUE : A measurement used to
determine a projects progress and represents
the value of the work completed to date. Also
known as budgeted cost of work performed
(BCWP).
VERTICAL INTEGRATION:Vertical integration is a
strategy where a company expands its business
operations into different steps on the same
and improve efficiencies by decreasing
transportation expenses and reducing
turnaround time, among other advantages.
INCREMENTAL DELIVERY-A project life cycle
strategy used to reduce the risk of
project failure by dividing projects into more
manageable
pieces. The resulting sub-projects may deliver
parts of the
full product, or product versions. These will be
enhanced to
increase functionality or improve product
quality in
subsequent sub-projects.
BUSINESS IMPERATIVE: A business imperative by a company to acquire or upgrade physical assets
is a major change or goal a business
undertakes. The company lays out an
objective, develops a strategy and makes it
known that it will obtain this goal.
DISASTER PROJECTS: Anything needed EPC (Engineering, Procurement and Construction)
to gain time is allowed in these projects.
Around the clock work is done at the
construction site.
Capital cost will go will go up very high. of the entire project complex. The contractor is also
Project time will get drastically reduced. responsible for process design and basic engineering of finally transferring the facility, at no cost to the principal, as a
CHANGE CONTROL BOARD : A group of
Dynamic systems development method
(DSDM) is an agile project delivery
framework, primarily used as a software
development method.
THEORY OF CONSTRAINTS:A management
philosophy that views any manageable
its goals by a very small number of
constraints.
OPPORTUNITY COST : The opportunity given interested parties resolve disputes, agree upon courses
up by choosing to do one project over
another one.
DCF VALUE:In finance, discounted cash flow
(DCF) analysis is a method of valuing a
project, company, or asset using the concepts
of the time value of money. All future cash
flows are estimated and discounted by using
cost of capital to give their present values
(PVs). The sum of all future cash flows, both
incoming and outgoing, is the net present
value (NPV), which is taken as the value or
price of the cash flows in question.
KICK OFF MEETING- A meeting at the
beginning of the project or at the
beginning of a major phase of the project to
start officially
the project and help the team have an
understanding of
objectives, procedures and plans.
CAPEX: Capital expenditure, or CapEx, are funds used
such as property, industrial buildings or equipment. It
is often used to undertake new projects or investments
by the firm. This type of outlay is also made by
companies to maintain or increase the scope of their
operations.
:The method of contracting is a step behind turn-key
approach where the contractor is responsible for
complete engineering, procurement and construction
open art process units, although process design and
basic engineering of licensed units is obtained from
process licensers through approach where multi-split
contracts are in practice.
CHANGE REQUEST : A document that is submitted to
request a change to any part of the project
management plan after the plan was approved.
EARNED VALUE MANAGEMENT: Earned value
management is a project management technique for
measuring project performance and progress in an
objective manner.
SDLC:Systems Development Life Cycle (SDLC) is any
logical process used by a systems analyst to develop an
information system, including requirements,
validation, training, and user ownership. An SDLC
should result in a high quality system that meets or
exceeds customer expectations, within time and cost
estimates, works effectively and efficiently in the
current and planned Information Technology
infrastructure, and is cheap to maintain and cost-
effective to enhance
COLLABORATIVE NEGOTIATION : A process where
of action, bargain for individual or collective
advantage, and/or attempt to craft outcomes which
serve their mutual interests.
AGGRESSIVE POSTURE:An aggressive posture means CONSERVATIVE POSTURE:The conservative posture described
that the firm should fully exploit opportunities
available to it. It seriously looks for acquisition to a not-so- attractive industry that operates in a relatively
possibilities in its own or related industries and
concentrate resources to maintain its competitive
edge, and enhance its market share. The aggressive
posture is similar to the generic strategy of overall cost productivity,develop new products,access more profitable
leadership
LOGICAL RELATIONSHIP- A dependency relationship
between two or more tasks or
between tasks and milestones, such that one cannot
start
or finish before another has started or finished.
CHANGE FREEZE: A 'Change Freeze' is a term that denotes no
Change activity is to take place whatsoever; all Change
activity stops. A Change Freeze can be applied to an entire
infrastructure or specific systems or applications.
BOOT PROJECTS: A project based on the granting of a
concession by the principal, usually a government, to a
promoter, sometimes known as the concessionaire, who is
responsible for the construction, financing, operating and
maintaining he facility over the period of concession before
fully operational facility. During the concession period the
promoter owns and operates the facilities and tries to
recover the costs of investment, maintenance while
operating the facility to result a margin of profit.
CODE OF ACCOUNTS : A code of accounts is a unique
lettering or numbering system in which letters or numbers
are assigned to each unique component of the work
breakdown structure. These unique identifiers should remain
constant through the life of the project and should not be
recycled it at all possible.
MERGE POINT:A merge point exists when two or more
activities are predecessors to a single activity.
WORK STREAM:Work stream is a set of associated activities,
focused around a particular scope that follow a path from
initiation to completion.
QUALITY AUDIT : Review and evaluation of the project
performance to ensure quality management processes are
followed.
has some similarity to the generic strategy of focus,belongs
stable environment.
A conservative posture has the following actions, such as
prune,non-performing products,reduce cost,improve
market
POST IMPLEMENTATION REVIEW-Also known as Close Out
Report. This is a report compiled
upon completion of every project, which determines if the
expectations established for the project outcome were met.
It documents the comparison between actual results of a
project and the objectives and deliverables specified in the
project's Charter.

PROJECT NETWORK DIAGRAM : Any schematic display
of the logical relationships of project activities. Always
ASHIMA ANAND 17
drawn from left to right to reflect project chronology.
Often incorrectly referred to as a "PERT chart."
CAPITAL BUDGETING: It is the planning process
used to determine whether an organization's
TIKSHAN LANGER 59
long term investments are worth the funding of cash
through the firm's capitalization structure
(debt, equity or retained earnings).
CRITICAL CHAIN PROJECT MANAGEMENT: Critical chain
project management (CCPM) is a method of planning
and managing project execution designed to deal with
uncertainties inherent in managing projects, while
taking into consideration limited availability of
ANUSHREE GUPTA 13 resources (physical, human skills, as well as
management & support capacity) needed to execute
projects.
CCPM is an application of the theory of constraints
(TOC) to projects. The goal is to increase the flow of
projects in an organization (throughput).
STEERING COMMITIES: A steering committee is usually
a group of high-level stakeholders who are responsible
for providing guidance on overall strategic direction.
They don't take the place of a sponsor but help spread
NISHANT SUMAN 37 the strategic input and buy-in to a larger portion of the
organization. The steering committee is especially
valuable if your project has an impact in multiple
organizations because it allows input from those
organizations into decisions that affect them.
UNIDO Approach= United Nation Industrial
Development Organization guidelines provide a
comprehensive framework for appraisal of projects.
UNIDO approach of Social Cost Benefit Analysis involves
five stages :- 1.Calculation of financial profitability of
SURBHI GHAI 57 the project,2. Obtaining the net benefit of the project at
shadow(efficiency) prices, 3.Adjustment for the impact
of the project on Savings & Investment,4.impact of the
project on Income Distribution,5.impact of the project
onM erit and Demerit Goods whose social values differ
from their economic values.
QCD: Quality, Cost, Delivery (QCD) as used in lean
manufacturing measures a businesses activity and
ADARSH JAMWAL 4 develops Key performance indicators. QCD analysis
often forms a part of continuous improvement
programs
PROCESS: A set of interrelated actions and activities
ANSHUL PANDOH 10 performed to achieve a prespecified set of products,
results, or services.
QUALITY ASSURANCE: The process of evaluating overall
project performance on a regular basis to provide
RIYA SHARMA 44
confidence that the project will satisfy the relevant
quality standards.
VERTICAL SLICE: is a type of milestone, benchmark, or
SUKRITI 55 deadline, with emphasis on demonstrating progress
across all components of a project.
ADAPTIVE PROJECT FRAMEWORK:A Common Sense
MANHAR MALHOTRA 29
Approach to Managing Complex Projects
RESOURCE PLANNING :Determining what
resources (people, equipment, materials) are
needed in what quantities to perform project
activities.
HYPOTHECATION :It is used for creating
charge against the security of movable assets,
but here the possession of the security remains
with the borrower itself.
A Gantt chart is a bar chart that depicts
activities as blocks over time. The beginning
and end of the block correspond to the
beginning and end-date of the activity.
Lean project management:
Lean project management uses the principles
from lean manufacturing to focus on delivering
value with less waste and reduced time.
SECURITISATION= Securitization is the process
of taking an illiquid asset, or group of assets,
and through financial engineering,
transforming them into a security. A typical
example of securitization is a mortgage backed
security (MBS), which is a type of asset-backed
security that is secured by a collection of
mortgages.
REENGINEERING: Reengineering is radical
redesign of an organization's processes,
especially its business processes. Rather than
organizing a firm into functional specialties (like
production, accounting, marketing, etc.) and
considering the tasks that each function
performs; complete processes from materials
acquisition, to production, to marketing and
distribution should be considered. The firm
should be re-engineered into a series of
processes.
PROJECT DURATION: The elapsed time from
project start date through to project finish
date.
TESTING: The actual test of the products or
processes created within the development
phase of an Information Technology project.
VIRTUAL DESIGN AND CONSTRUCTION:is the
use of integrated multi-disciplinary
performance models of design-construction
projects, including the Product (i.e., facilities),
Work Processes and Organization of the design
- construction - operation team in order to
support explicit and public business objectives.
ANALOGOUS ESTIMATING:Analogous
estimating is the act of using former projects to
estimate how long or how much a current
project will take or cost
PARAMETRIC ESTIMATING : Parametric estimating, a more
crashing:Crashing is a schedule compression technique
accurate technique for estimating cost and duration, uses the
used to reduce or shorten the project schedule. The
SLACK:Term used in PERT or arrow relationship between variables to calculate the cost or
PM can various measures to accomplish this goal.
diagramming method for float. duration. Essentially, a parametric estimate is determined by
Some of the common methods used are. Adding
identifying the unit cost or duration and the number of units
additional resources to the critical path tasks.
required for the project or activity
GLOBAL DEPOSITORY RECEIPTS: It is a certificate issued by
GROSS TOTAL INCOME: It represents the CONVERTIBLE DEBENTURES: It is a type of loan issued
summation of income from by a company a depository bank, which purchases shares of foreign
companies and deposits it
business and income from other heads. that can be converted into stock.
on the account.
AN objective is a concrete statement that
describes what the project is trying to
achieve. The objective should be written at a CAPABILITY MATURITY MODEL: Capability Maturity Model
low level, so that it can be evaluated at the BUSINESS PROCESS MODELLING: (CMM) in software engineering is a model of the maturity of
conclusion of a project to see whether it was Business Process Modeling (BPM) is the activity of the capability of certain business processes. A maturity
achieved. Project success is determined based representing processes of an enterprise, so that the model can be described as a structured collection of
on whether the project objectives were current ("as is") process may be analyzed and elements that describe certain aspects of maturity in an
achieved. A technique for writing an objective improved in future ("to be"). organization, and aids in the definition and understanding of
is to make sure it is Specific, Measurable, an organization's processes.
Attainable/Achievable, Realistic, and
Timebound (SMART).
PROJECT MANAGEMENT STIMULATORS:
Project Management Simulators are
HISTOGRAM: A histogram is a graphic display of resource
computer-based tools used in project PROPORT: Proport refers to the combination of the
usage over a period of time. it allows the detection of
management training programs. Usually, unique skills of an organisation's members for
overused and underused resources. the resource usage is
project management simulation is a group collective advantage.
diplayed in coloured vertical bars.
exercise. The computer-based simulation is an
interactive learning activity.
BASS DIFFUSION MODEL=The Bass Model or Bass
Diffusion Model was developed by Frank Bass. It POWER PURCHASE AGREEMENT=A power purchase
PUBLIC PRIVATE PARTNERSHIP= PPP is a consists of a simple differential equation that describes agreement (PPA), or electricity power agreement, is a
cooperative arrangement between one or the process of how new products get adopted in a contract between two parties, one which generates
more public and private sectors, typically of a population. The model presents a rationale of how electricity (the seller) and one which is looking to purchase
long term nature, it is entrusted with the task current adopters and potential adopters of a new electricity (the buyer). The PPA defines all of the commercial
of providing infrastructure facilities and product interact. The basic premise of the model is terms for the sale of electricity between the two parties,
services that were traditionally provided by that adopters can be classified as innovators or as including when the project will begin commercial operation,
public sector. imitators and the speed and timing of adoption schedule for delivery of electricity, penalties for under
depends on their degree of innovativeness and the delivery, payment terms, and termination.
degree of imitation among adopters
SCRUM: Scrum is an iterative incremental
process of software development commonly PRNICE 2: PRINCE2 is a project management
SCOPE CREEP: Scope creep refers to uncontrolled changes in
used with agile software development. methodology. The planning, monitoring and control of
a project's scope. This phenomenon can occur when the
Despite the fact that "Scrum" is not an all aspects of the project and the motivation of all
scope of a project is not properly defined, documented, or
acronym, some companies implementing the those involved in it to achieve the project objectives on
controlled. It is generally considered a negative occurrence
process have been known to adhere to an all time and to the specified cost, quality and
that is to be avoided.
capital letter expression of the word, i.e. performance.
SCRUM.
PROJECT QUALITY MANAGEMENT: It includes QUALITY CONTROL: The process of monitoring specific
PROJECT TIME MANAGEMENT: It includes the
the processes required to ensure that the project results to determine if they comply with relevant
processes required to ensure timely completion of the
project will satisfy the needs for which it was quality standards and identifying ways to eliminate causes of
project.
undertaken. unsatisfactory performance.
STATUS REPORT: A report containing
information on a specific project, indicating if PERFORMING ORGANIZATION: The enterprise whose
MONITORING: The capture, analysis, and reporting of
the project is ahead of schedule, on schedule, employees are most directly involved in doing the work of
project performance, usually as compared to plan.
or behind schedule in relation to the project the project.
plan.
TIME BOX:In time management, timeboxing allocates a
PRODUCT VERIFICATION:Verification and validation are
fixed time period, called a time box, to each planned
DEPENDENCY: in a project network is a link independent procedures that are used together for checking
activity. Several project management approaches use
amongst a project's terminal elements. that a product, service, or system meets requirements and
timeboxing. It is also used for individual use to address
specifications and that it fulfills its intended purpose.
personal tasks in a smaller time frame.
CONCURRENT ENGINEERING: Concurrent Engineering
CASE STUDY:A process or record of research
is a systematic approach to integrated product DRAW DOWN:The state in which the borrower obtains some
into the development of a particular person,
development that emphasizes the response to of the project financing.
group, or situation over a period of time.
customer expectations.
 FLOATATION COSTSare incurred by a publicly traded
company when it issues new securities, and includes
ARJUN HANS 14
expenses such as underwriting fees, legal fees and
registration fees.
EFFORT DRIVEN SCHEDULING FIXED WORK: It means
that when you assign or remove people from a task, the
duration of the task will be lengthened or shortened
Sabia verma 45
based on the amount of resource units assigned to the
task. However, this doesn't change the total amount of
work for the task.
ACCOUNTING RATE OF RETURN: The accounting
SHRADDHIMA KHAJURIA 51 rate of return (ARR) is the amount of profit, or return, an
individual can expect based on an investment made.
Accounting rate of return divides the average profit by
the initial investment to get the ratio or return that can be
expected.
INTANGIBLE BENEFITS: These are the benefits whict
cannot be easily be quantified but may increase the
flexibility available to the organisation, improve
attractiveness of the product, increase the pride of
VISHESH KAPOOR 63
organisation, strengthen the technological capability if
the firm etc. These benefits cannot be translated into
monetary terms yet they are relevant and cant be
ignored while decision manking.
BASELINE PLAN - A snapshot taken of the original plan
FREE SLACK - The amount of time a task can fall
and at chosen checkpoints for the project. In Microsoft
AAYUSHI MAHAJAN 2 behind, be delayed, or slip, and not affect other values that can be saved and used to compare
project, you can save upto 11 baseline plans for one
project file.
STRATEGIC INVESTMENT : The investment that has a
significant impact on the direction of the firm. Tata present value of all the cash flows (positive as
ARSHIT MAHAJAN 15
Motor's decision to invest in a passenger car project
may be regarded as a strategic investment.
PROTOTYPING:is an early sample, model, or TRACKING:Project Tracking refers to the management of
CONTRACT NEGOTIATIONS :is the process of
release of a product built to test a concept or RESULT DRIVEN:Focuses on desired results, and sets projects, which includes but is not limited to measuring and
give and take the parties go through to reach
process or to act as a thing to be replicated or and achieves challenging goals. reporting the status of milestones, tasks and activities
an agreement.
learned from. required in achieving the pre-defined project results.
MATURITY MODEL: A maturity model is a tool
MANAGEMENT RESERVE: management reserve is an
that helps people assess the current
RESOURCE HISTOGRAM : The resource amount of contract budget set aside for management
effectiveness of a person or group and
histogram is a tool that is often used by the control purposes (known unknowns) rather than ORGANISATIONAL PLANNING: Organizational planning
supports figuring out what capabilities they
project management team and or as a means designated for the accomplishment of one or more involves identifying, documenting, and assigning project
need to acquire next in order to improve their
of providing a visual representation to the team tasks. It is not part of the performance measurement roles, responsibilities, and reporting relationships
performance. The model describes a five-level
and to all of those interested parties baseline (PMB), but is included in the total contract
evolutionary path of increasingly organized
budget.
and systematically more mature processes.
KEY PERFORMANCE INDICATOR:Key
BUSINESS CASE:A business case captures the performance indicators (KPIs) in project RAMP DOWN: Towards the closing stages / end of the
reasoning for initiating a project or task. It is management consist of various specific project, typically when all development has been
STIMULATION ANALYSIS:The Simulation Analysis is a method,
often presented in a well-structured written measurement tools for indicating how well completed and testing is in progress or deployment is
wherein the infinite calculations are made to obtain the
document, but may also sometimes come in teams are achieving specific goals. ... They in progress, a smaller team will suffice and hence the
possible outcomes and probabilities for any choice of action.
the form of a short verbal argument or reflect the organization's central concept of surpluss resources are move to resource pool. This
presentation. the project and solidify project responsibility reduction in team size is Ramp Down.
across administrative divisions
MANAGERIAL CAPABILITY: It is a limit which
LEADING INDICATOR METHOD: Leading indicators are
can be overcome over a period of time on
FINANCIAL CAPACITY: It is estimated as variables which change ahead of other variables, the MOVING AVEGARE METHOD: It is a method of sales
investment in unrelated lines of activity.
operating cash flow-fised funding lagging variables. Hence observed changes in leading forecasting, the forecast for the next period is equal to the
Managerial competence in one industry does
requirements+potintial funding resources. indicators may be used to predict the changes in average of the sales for several preceding periods.
not necessarily imply competence in another
lagging variables.
industry
INTERIM PLAN - A task's start and finish LEVELING - The process of resolving resources conflicts
ZOO - A ZOO is what your project will turn into if you lack an
and over all allocations by delaying tasks, splitting
effective communication plan.
tasks in the project schedule. project progress at various stages. tasks, and making changes to assignments in a project.
Conglomerate diversification: It is growth strategy that
DIVESTITURE: It involves sale of a business LIQUIDATION: It is a type of contraction strategy, when
NET PRESENT VALUE (NPV): The sum of the involves adding new products or services that are
unit or plant of one firm to another. From a business is consistently under performing and there
significantly different from the organization's present
sellers perspective, it is a form of contraction is no hope of reviving or rehabilitating it within a
well as negative) that are expected to occur products or services. Conglomerat diversification occurs
and from buyers point of view, it is a form of reasonable period then steps must be taken to
over the life of the project. when the firm diversifies into an area(s) totally unrelated to
expansion. liquidate it expeditiously.
the organization current business.