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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.
Project Management Body of Knowledge (PMBOK) : The sum of knowledge within the profession of project management that is standardized by ISO. [ 6 ] Project management office : The Project management office in a business or professional enterprise is the department or group that defines and maintains the standards of process, generally related to ...
BCWP is a term in Earned value management approach to Project management. BCWP is contrasted to Budgeted Cost of Work Scheduled (BCWS) also called Planned Value (PV) . BCWS is the sum of the budget items for all work packages, planning packages, and overhead which was scheduled for the period, rather than the cost of the work actually performed.
Project Cost Management (PCM) is the dimension of project management which aims to ensure that a project is completed within its approved budget. [1] [2] It encompasses several specific project management activities including estimating, job controls, field data collection, scheduling, accounting and design, and uses technology to measure cost and productivity through the full life-cycle of ...
Mutually exclusive: In addition to the 100% rule, there must be no overlap in scope definition between different elements of a work breakdown structure. This ambiguity could result in duplicated work or miscommunications about responsibility and authority. Such overlap could also confuse project cost accounting.
An overview of EVM was included in the Project Management Institute (PMI)'s first Project Management Body of Knowledge (PMBOK) Guide in 1987 and was expanded in subsequent editions. In the most recent edition of the PMBOK guide, EVM is listed among the general tools and techniques for processes to control project costs. [12]
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The CPM method evaluates the sequence of activities, the work effort required, the inter-dependencies, and the resulting float time per line sequence to determine the required project duration. Thus, by definition, the critical path is the pathway of tasks on the network diagram that has no extra time available (or very little extra time)." [25]