Chapter 19, Problem 8RQ

Explanation of Solution

Project Management Institute (PMI):

• Project management institute is responsible for the development of procedures and concepts which is required to support project management professionals.
• Project management body of knowledge (PMBOK) is created by PMI for project managers’ education and certification.

Key terms:

There are several number of terms associated with PMOK including

• Communication plan
  • It defines about the flow of project information to the sponsors using the how, what, when, and whom and also it is a key of handling potentials.
• Executive sponsor
  • A person or a group whom providing required monetarist resource to a project.
• Project assumption
  • It defines that the considered factors should be a valid one without demonstration.
• Project  constraint
  • The factors which are all limits the options are project constraint, like budget, delivery dates, skilled resource availability and policy of organization.
• Project deliverable
  • A verifiable, measurable, and tangible outcome is a project deliverable, like a result or an item which is produced to finish a project...