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Project accounting is a type of managerial accounting oriented toward the goals of project management and delivery.It involves tracking, reporting, and analyzing financial results and implications, [1] and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management.
In multi-phase projects, the monitoring and control process also provides feedback between project phases, to implement corrective or preventive actions to bring the project into compliance with the project management plan. Project maintenance is an ongoing process, and it includes: [38] Continuing support of end-users; Correction of errors
Example from MIL-HDBK-881, which illustrates the first three levels of a typical aircraft system [1]. A work-breakdown structure (WBS) [2] in project management and systems engineering is a deliverable-oriented breakdown of a project into smaller components.
A project plan, is a series of structured tasks, objectives, and schedule to a complete a desired outcome, according to a project managers designs and purpose.According to the Project Management Body of Knowledge (PMBOK), is: "...a formal, approved document used to guide both project execution and project control.
Analyzing progress compared to the baseline schedule is known as earned value management. [5] The inputs of the project planning phase 2 include the project charter and the concept proposal. The outputs of the project planning phase include the project requirements, the project schedule, and the project management plan. [6]
The ISO technical committee dealing with project management, ISO/PC 236 was held by the American National Standards Institute (ANSI) which had approved four standards that used Project Management Institute (PMI) materials, one of which was ANSI/PMI 99-001-2008, A Guide to the Project Management Body of Knowledge - 4th Edition (PMI BoK® Guide ...
The opportunity management funnel is a visual representation of phase-gate decision making. Opportunity management is defined as "a process to identify business and community development opportunities that could be implemented to sustain or improve a local economy." [8] The components of opportunity management are: Identifying opportunities.
The project initiation documentation is a PRINCE2 [1] term representing the plan of approach in project management. It is assembled from a series of other documents, including the business case, the terms of reference, the communication plan, the risk register, the project tolerances, the project plan, and any specific project controls or inspections as part of a departmental quality plan or ...