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The Project Management Body of Knowledge (PMBOK) is a set of standard terminology and guidelines (a body of knowledge) for project management.The body of knowledge evolves over time and is presented in A Guide to the Project Management Body of Knowledge (PMBOK Guide), a book whose seventh edition was released in 2021.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), daily standup is a "brief, daily collaboration meeting in which the team review progress from the previous day, declares intentions for the current day, and highlights any obstacles encountered or anticipated."
A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Seventh Edition (2021). Recognized by the American National Standards Institute (ANSI) as American National Standard ANSI/PMI 99-001-2021. [27] The Standard for Program Management—Fourth Edition (2017). Recognized by ANSI as American National Standard ANSI/PMI 08-002-2017. [28]
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Earned Value (EV) is defined as the "measure of work performed expressed in terms of the budget authorized for that work." [3] BCWP is a term in Earned value management approach to Project management.
In a project network, a dependency is a link among a project's terminal elements. [citation needed]The A Guide to the Project Management Body of Knowledge (PMBOK Guide) does not define the term dependency, but refers for this term to a logical relationship, which in turn is defined as dependency between two activities, or between an activity and a milestone.
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Fixed Price Economic Price Adjustment Contract (FPEPA) is a "fixed-price contract, but with a special provision allowing for predefined final adjustments to the contract price due to changed conditions, such as inflation changes, or cost increases (or decrease) for special commodities".
According to the PMBOK (7th edition) by the Project Management Institute (PMI), Cost variance (CV) is a "The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost." [19] Cost variance compares the estimated cost of a deliverable with the actual cost. [20]
According to the PMBOK (7th edition) by PMI, lead is "The amount of time whereby a successor activity can be advanced with respect to a predecessor activity". [12] An example would be scheduling the start of a 2-week activity dependent with the finish of the successor activity with a lead of 2 weeks so they will finish at the same time.