Objectives and Goals are the same
Project management is the use of accepted standards and practices that help groups with multiple stakeholders work collaboratively to achieve business goals
Objectives are based on goals
Fixed costs --Not constant, change with the level of output and are frequently stated on a per-unit basis
Accruel method of accounting records revenue and expanses at the time they are committed
Liabilities --Anything that the organization owes
Scenario Planning is analyzing uncertain situations and planning for appropriate action in response to their occurence
Indirect costs -- A portion of wages and other expanses, included in fixed costs
Footfall is the number of people expected to attend
An emergency is an unexpected or impending situation that may cause injury, lose of life, destruction of property, or disruption of an organization
Evaluation is a systematic, objective assessment of an ongoing or completed meeting or event
Monitoring is an ongoing analysis of the meeting or event to ensure the objectives are being achieved
Conventions are typically recurring events with specific, established timing
Power is the ability of one actor within a social relationship to carry out his own will despite resistance
Risk Management Planning (RMP) is the process of identifying, eliminating, and controlling hazards and risks
Accounts payable --Amounts an organization owes for purchased goods or services from a supplier or vendor
A disaster is a low-probability, high-impact event that threatens the viability of the organization and is characterized by ambiguity of cause, effect, and means of resolution, as well as a belief that decisions must be made swiftly
Assets --Anything of value owned by or due to the organization
Stakeholders are individuals or groups that have an interest in the organization
Legitimacy is a generalized perception or assumption that the actions of an entity are desirable, proper, or appropriate within some socially constructed system of norms, values, beliefs, and definitions
The last stage of the project life cycle is closing
PESTELI trends analysis is used to reveal what organizations do well, areas of improvement, areas of investment and possible roadblocks
A vision statement defines the fundamental purpose of the organization
Objectives are broad statements that indicate an anticipated outcome and serve as a guide for tactical action planning
A disaster is a sudden, unplanned catastrophic event causing unacceptable damage or loss
Executives, department heads, managers and employees are examples of external stakeholders
The cash method of accounting records revenue and expenses at the time they are committed
Strategic planning is an organization's process of defining its strategy or direction and making decisions on allocating its resources to pursue this strategy
Benchmarking is the process of comparing an organization's performance and best practices to itself and other like organizations
Goals are detailed, measured statements of overall desirable achievements
Variable costs --Overhead type expenses that are constant and do not change as the level of output changes
Planning is determining in advance, what you want to do and how you want to do it
A/n Exposition is an event at which products, services, or promotional materials are displayed to attendees visiting exhibits on the show floor. These events focus primarily on B2B relationships
Customers, local community, vendors, media contacts are examples of internal stakeholders
SWOT Analysis is an external scan of the environment (tax rates, unemployment rates, differences in generations or expectations, impact of social media etc.)
Urgency is the intensity to which stakeholders' claim call for immediate attention
A mission statement defines what the organization strives to be in a future state
Urgency is the ability of one actor within a social relationship to carry out his own will despite resistance
Determining the purpose of the event, identifying stakeholders, setting goals and objectives, and establishing the project team happens in the planning phase
Planning is the first stage of the PM project life cycle
