FIVE PMP Terms You Need to Know Before Your Test
1. PROJECT STAKEHOLDERS
A person or group that can affect, be affected or perceive to be affected in any way by a decision, activity or outcome of a project. These are some of the most common stakeholders.
STAKEHOLDER IDENTIFICATION TOOLS
Based on their previous experience with these stakeholders, we seek expert advice to suggest names that are most appropriate as stakeholders in a project.
We create a questionnaire that allows us to gather the pros and cons for each name that is called out in order to examine their past contributions as stakeholders.
Data analysis using a record with separate tabs for each measurable parameter, such as the promptness to respond, delivery time, and number of accountabilities. It makes it easier to make decisions.
This exercise is done to map stakeholders. To map the stakeholders, we use a two-dimensional grid and stakeholder cups.
2. WORK BREAKDOWN STUCTURE (WBS).
The structural decomposition of a project’s entire scope of work into smaller packages or compartments, so that each smaller task accomplishes the project objective and delivers the results required.
WBS helps increase productivity in the team because these tasks can be completed simultaneously by team members, making it easier to manage the project.
HOW TO CREATE A WEBS?
Meeting with key stakeholders is a crucial part of being a Project Manager. To determine the connection between smaller tasks, you can use different tools such as flowcharts, spreadsheets, or Gantt charts. Each critical input must be given equal priority. Once this is done, each member of the team is assigned a task that they can complete according to the workflow.
CHARACTERISTICS OF A WORK BREAKDOWN STRUCTURE
A WBS has the basic characteristics that completion of parent tasks depends on the completion of its various child tasks. Each task can be considered a parent task depending on how it can be broken down further, as shown below.
3. PROJECT LIFECYCLE
A Project Manager will find it easier to manage the project if it is broken down into smaller phases. Each phase has several components, which are task-oriented and are usually reviewed at the end.
This shows the various phases of a project’s lifecycle.
This is the first phase of the project’s lifecycle. It involves the study of the entire project scope. This is where we plan for a successful project completion. This phase focuses on assessing the project’s business value.
Once the goal is clear, it’s time for the team to create a cohesive plan. The goal of the planning is to keep the team focused on the project from its inception through its completion.
This is the phase of implementation where resources are aligned with the tasks they have to deliver the results. This phase also uses customer feedback to improve the project.
This phase tracks the project’s progress. It examines whether the project is in line with the original plan, especially when considering the financials and timelines.
The product is ready for shipment. Sometimes, the closure phase can also be a result of a project’s failure.
The Ishikawa, also known as the Fish-bone Diagram is used to identify the root cause of an issue. When we deal with complex problems that involve multiple variables, there is a high chance that one small factor could have caused a major breakdown. I