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| project | is a temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates a definite beginning and end. The end is reached when the project’s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists. |
| project management | is the discipline of planning, organizing, and managing resources to bring about the successful completion of a project, namely, achieving its goals and objectives. |
| initiating | activities performed to define a new project or a new phase of an existing project; activities include the definition of initial scope, identification of initial financial resource commitments, identification of stakeholders, selection of the project manager, establishment of a project charter, and getting full authorization for the project. |
| planning | activities performed in order to establish the total scope of the project, define and refine the objectives, and develop the course of action that will be followed to achieve the objectives |
| executing | activities performed to carry out and complete the work as defined in the project management plan; activities include coordinating people and resources and performing and integrating the activities as specified in the project plan. |
| monitoring and controlling | activities performed to track, review, and regulate the execution of the project; identify any areas in which changes to the plan are required; and initiate corresponding changes. |
| closing | activities performed to finalize the project – to bring it to a conclusion and to meet contractual obligations; activities include obtaining acceptance by the customer or sponsor, conducting post-project or phase-end review, recording impacts, documenting lessons learned, and closing out procurement. |
| scope | defines the boundaries of the project and what is outside those boundaries. The boundaries are typically defined in terms of objectives, deliverables, and resources (e.g., time, personnel, money). |
| time | involves establishing a timeline for completion of the project, including deadlines, benchmarks, and milestones. |
| cost | the amount of money that will be required to complete the project successfully. |
| quality | refers to the ability of a process or product to satisfy both stated and implied needs, with those needs being defined by the stakeholders. |
| human resources | the knowledge, skills, values, and attitudes of those working on the project. |
| communication | two-way process of reaching mutual understanding in which participants not only exchange information, but also create and share meaning; may involve conventional or unconventional means, take linguistic or nonlinguistic forms, and occur through spoken or other modes. |
| risk | a threat of a damage, liability, loss, or other negative occurrence that is caused by external or internal vulnerabilities, and that may be minimized or neutralized through preemptive action. |
| procurement | the way that businesses and organizations purchase or obtain goods or services; may involve specifications development, price negotiation, purchase orders, purchasing, inventory control, and invoices. |
