Jun 21st, 2015
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TABLE OF CONTENTSBuyer(Give Order )----PO------------ Seller8Seller ----Invoice------ Buyer (Pay order)8Contract administration also has a financial management component. Payment terms should be defined within the contract and must involve a specific linkage between seller progress made and seller compensation paid.88PROJECT MANAGEMENT KNOWLEDGE AREAS9PROJECT LIFE CYCLE / PROJECT MANAGEMENT PROCESS GROUPS13SCOPE14HUMAN RESOURCE15COMMUNICATIONS16TIME18COST19RISK21QUALITY22PROCUREMENT23INTEGRATION26PROFESSIONAL RESPONSIBILITIES26POSSIBLE EXAM QUESTIONS27ProjectsOperations and projects differ primarily in that operations are ongoing and repetitive while projects are temporary and unique.Progressive ElaborationProgressively means proceeding in steps; continuing steadily by increments, while elaborated means worked out with care and detail; developed thoroughlyProject management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.Project Integration Management - various elements of the project are properly coordinated.Project Scope Management - includes all the work required, to complete the project successfully.Project Time Management - ensure timely completion of the project.Project Cost Management - completed within the approved budget.Project Quality Management - project will satisfy the needs for which it was undertakenProject Human Res

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