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Objectives and Goals are the same
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Project management is the use of accepted standards and practices that help groups with multiple stakeholders work collaboratively to achieve business goals
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Objectives are based on goals
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Fixed costs --Not constant, change with the level of output and are frequently stated on a per-unit basis
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Accruel method of accounting records revenue and expanses at the time they are committed
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Liabilities --Anything that the organization owes
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Scenario Planning is analyzing uncertain situations and planning for appropriate action in response to their occurence
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Indirect costs -- A portion of wages and other expanses, included in fixed costs
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Footfall is the number of people expected to attend
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An emergency is an unexpected or impending situation that may cause injury, lose of life, destruction of property, or disruption of an organization
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Evaluation is a systematic, objective assessment of an ongoing or completed meeting or event
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Monitoring is an ongoing analysis of the meeting or event to ensure the objectives are being achieved
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Conventions are typically recurring events with specific, established timing
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Power is the ability of one actor within a social relationship to carry out his own will despite resistance
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Risk Management Planning (RMP) is the process of identifying, eliminating, and controlling hazards and risks
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Accounts payable --Amounts an organization owes for purchased goods or services from a supplier or vendor
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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
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Assets --Anything of value owned by or due to the organization
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Stakeholders are individuals or groups that have an interest in the organization
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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
Question 21
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The last stage of the project life cycle is closing
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PESTELI trends analysis is used to reveal what organizations do well, areas of improvement, areas of investment and possible roadblocks
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A vision statement defines the fundamental purpose of the organization
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Objectives are broad statements that indicate an anticipated outcome and serve as a guide for tactical action planning
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A disaster is a sudden, unplanned catastrophic event causing unacceptable damage or loss
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Executives, department heads, managers and employees are examples of external stakeholders
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The cash method of accounting records revenue and expenses at the time they are committed
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Strategic planning is an organization's process of defining its strategy or direction and making decisions on allocating its resources to pursue this strategy
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Benchmarking is the process of comparing an organization's performance and best practices to itself and other like organizations
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Goals are detailed, measured statements of overall desirable achievements
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Variable costs --Overhead type expenses that are constant and do not change as the level of output changes
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Planning is determining in advance, what you want to do and how you want to do it
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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
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Customers, local community, vendors, media contacts are examples of internal stakeholders
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SWOT Analysis is an external scan of the environment (tax rates, unemployment rates, differences in generations or expectations, impact of social media etc.)
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Urgency is the intensity to which stakeholders' claim call for immediate attention
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A mission statement defines what the organization strives to be in a future state
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Urgency is the ability of one actor within a social relationship to carry out his own will despite resistance
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Determining the purpose of the event, identifying stakeholders, setting goals and objectives, and establishing the project team happens in the planning phase
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Planning is the first stage of the PM project life cycle