Video Vocab

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Projects

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study method
Hear the words in context. Study the meaning of the words and see examples of how they can be used. Practice your new vocabulary.
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introduction
Working in the eld of project management requires a number of distinct skills. A project manager needs to be able to dene the scope of a project clearly, estimate the cost and time required to complete it, set deliverables and specications for every stage from start to nish, and allocate the needed resources as efciently as possible.
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introduction
The ability to manage people is also a critical skill. A good project manager can deal productively with a broad range of stakeholders, including employees, clients, subcontractors and others affected by the project. He or she will need to sign off on major decisions, such as change orders, while choosing the best possible team to make day-to-day decisions.

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learn

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project manager (PM)

The person with overall responsibility for planning and managing a project.
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project manager (PM)

This title is used in the construction industry, information technology and many other industries that are based on the production of a product or ser vice.
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example:
A project manager needs to begin by setting clear objectives.
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sponsor
The person who has authority over a project, provides funding, approves scope changes and champions the project within an organization.
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sponsor
The project sponsor is usually a representative of the client, since the client has commissioned and funded the project.
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example:
The sponsor should provide high-level guidance while letting the project manager handle day-to-day issues.
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stakeholder
Anyone who has an interest in a project or will be affected by it.
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stakeholder
Stakeholders can be people inside or outside the organization carrying out the project.
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example:
We need to remember that the homeowners near our new factory are also s t a k e h o lde rs i n t h e expansion project.
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subcontractor
A business or person who is paid to do part of the work assigned to another person or company.
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subcontractor
This noun has a related verb:

to subcontract
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example:
We cant permit our IT provider to subcontract any work on our database, since this would put the security of our customer records at risk.
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scope
The overall denition of what the project is supposed to accomplish, ...
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scope
including the projects goal, the resources to be used to carry it out, and a specic description of the expected end result.

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example:
The scope of this project is a complete redesign of our customer database.
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deliverables
A deliverable may be either a physical object, such as a newly designed product, or an outcome, such as the completion of a business plan.
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example:
For a project to succeed, its deliverables need to be both achievable and clearly dened.
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specifications
Specifications is often abbreviated to:

specs
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specifications
Specifications are detailed descriptions of the deliverables for a project and include all the technical, time and cost requirements of a project.

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example:
This customer management soft ware doesnt meet our original specications.
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baseline
A set of standards for a project, usually based on previous experience, that can be used to evaluate its progress.
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baseline
The baseline will include the projects expected costs, schedule and any technical requirements.

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example:
Our baseline expectation is to complete the project by December at a cost of no more than $4 million.
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resources
All items needed to complete a project, such as a tool, supply item, facility or person.
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resources
People (human resources) and money (financial resources) are often the most important elements of a project.
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example:
The scope of a project needs to match the resources available to carry it out.
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to estimate
To calculate or guess the value, size or amount of something.
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an estimate
The noun form can be either:

an estimate or an estimation

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example:
The value of the deal is estimated at $12 million
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top-down estimate
An estimate for the cost, time, and risks of a project made by looking at the entire project ...
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top-down estimate
from the top down , or in great detail, and comparing it to similar projects in the past.
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example:
Richard has worked on several similar projects before, so he can give us a top-down estimate of how much this one should cost.
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to allocate
To decide that an amount of money, time or other resources should be used for a certain purpose.
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to allocate
This verb often appears in t wo strong collocations:

to allocate funds
&

to allocate resources

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example:
Du Pont has allocated funds to build t wo new factories in Asia.
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margin
A spare amount of money, time or other resources that is set aside in case of unforeseen problems, costs or delays.
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example:
This construction project has a t wo-week margin to allow for delays due to bad weather.
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The meaning of margin is similar to our next word ...

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contingency
A planned allocation of resources that are to be used in the event that something unforeseen, ...
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contingency
such as a bad weather, affects the completion of a project according to the schedule.
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example:
We need to develop plans to deal with any contingencies before starting the project.
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change order
A request for a change in a projects scope,

deliverables or cost.
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change order
Most large projects will require change orders, either because the project manager sees the need for changes or because the clients needs have changed.

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example:
Its important to get the client to approve any change orders before allocating more resources.
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to sign off
To give approval for someone elses decision.
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example:
The nance director needs to sign off on any change in our approved vendors.
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practice
Now, its your turn to practice
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example
For example, if you hear

The value of the deal is <beep> at 12 million.

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example
You should say ...

The value of the deal is estimated at 12 million.

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question 1
We need to <beep> more resources to meet the new deadline.
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answer 1
We need to allocate more resources to meet the new deadline.
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question 2
Its important to consult with all the <beep> who may be affected by the relocation of our plant.
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answer 2
Its important to consult with all the stakeholders who may be affected by the relocation of our plant.
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question 3
Since the <beep> of this project is quite broad, well need to make our plans as detailed as possible.
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answer 3
Since the scope of this project is quite broad, well need to make our plans as detailed as possible.
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question 4
The finance director needs to <beep> on any changes to our accounts.
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answer 4
The finance director needs to sign off on any changes to our accounts.
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question 5
Any project that doesnt allow for <beep> is likely to run into problems.
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answer 5
Any project that doesnt allow for contingencies is likely to run into problems.
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question 6
Unfortunately, the new software doesnt meet the original <beep>.
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answer 6
Unfortunately, the new software doesnt meet the original specifications.
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