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Lesson 5 Key terms

for CFS209

AB
Project budgetPlanned an approved costs for the project includes personnel, materials and other costs associated with the project.
Project BenefitsOrganizational increases in revenue, decreases in costs, or increased performance which occur as resulting of an organizational project.
ScheduleIn project management , it refers to the time line the project follows.
RiskA potential occurrence or uncertainty that would jeopardize the success of a project.
OpportunityA possibility to enhance project benefits
Gantt ChartA bar chart that is a graphic time line representation of project activities.
Contingency planAn alternative action plan that could be implemented following a classified risk event.
Forecastingprediction regarding financial performance used in developing budget targets.
ScopeIn project management a term that refers to the size of the project. Scope creep is the addition of elements to the core project which increases the size of the project.
DependencyThe sequence or timing of project activities which may be dependent on other project activities or the outcomes of other projects.
DeliverableProduct or output that is the outcome produced through project processes.
Work Breakdown StructureProject tasks that are broken down into detailed activities and assigned to a person, have a specific time line and a defined scope.

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