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Pmp-Milestone

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In project management, a work package (WP) is a subset of a project that can be assigned to a specific part for execution. Because of the similarity, work packages are often misidentified as projects.
Work packages are defined by brief statements of Activity Description, Activity Resources of Skill and Expertise, Activity Estimates of Effort and Duration, Activity Schedule, Activity Risks, and Activity Budget. Work Packages are assigned a Work Authorization or Control Account.[1]
Estimates of work packages are used in Earned Value Management to calculate the Planned Value. Progress made in the work package is used to calculate the Earned Value. Actual costs charged to the work package are used in variance analysis.

What are the Main Differences Between Milestones and Tasks?
In many project tools, the differences between milestones and tasks would appear only their duration (milestone has zero length). However they are two completely different things. A task is a defined unit of work with start and finish date and resource and can be measured as 0%-100% complete. A milestone defines a specific status – it cannot be 50%, it is either open or closed (100%).
The difference can also be reflected in the semantics, of how the tasks and milestones are expressed. It is good idea to name tasks (activities) in the present tense, for example “Produce draft document” or “Deliver training”. Milestones are listed in the past tense, for example “Software tested.

Portfolio project management provides an overview of all the projects that an organization is undertaking or is considering. It prioritizes the allocation of resources to projects and decides which new projects should be accepted and which existing ones should be dropped.
The concerns of project portfolio management include: * Identifying which project proposals are worth implementation. * Assessing the…...

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