GMS 450 Study Guide - Final Guide: Project Risk Management, Discounted Cash Flow, Project Manager

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Document Summary

Project: temporary endeavor undertaken to create a unique product, service result. Organizations perform work which involves: operations & projects. Performed to achieve organization objectives or strategic plans. There may be uncertainties about the product, services or results. Tasks can be new to a project team. Projects are undertaken at all organizational levels. Projects can involve a single person, organization unit or multiple organizational units. Composed of a series of interdependent tasks. Is a unique or one time endeavor. Three goals of a project - project constraints. Scope: all the work and results required to meet the customer requirements. Cost: total agreed investment required to accomplish the project objectives. Schedule: timetable that identiies expected project start and completion and when each activity occurs. Customer satisfaction: ensuring that the customer is satisied with the ongoing process and interim results of the project as well as the scope, time and cost achievements. Unforeseen circumstances may jeopardize achievement of the project objtv.

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