Final answer:
Key project management concepts include the project management plan, project documents, work performance data, EEF (Enterprise Environmental Factors), and OPA (Organizational Process Assets). These elements are crucial for guiding, executing, and documenting a project's progress and outcomes.
Step-by-step explanation:
In project management, several components are essential for the successful execution and completion of a project. A Project management plan is a formal, approved document that guides the execution and control of a project. It outlines the strategy and procedures to guide the project team throughout the project lifecycle. Project documents, on the other hand, are various papers that provide detailed project information and are used to both execute the project and document project decisions, actions, and outcomes.
Work performance data is raw data and observations from project activities that are collected throughout the project's life. Data such as status reports, progress measurements, and conditions are examples of work performance data. As for EEF, it stands for Enterprise Environmental Factors, which encompasses conditions that are not under the control of the project team that influence, constrain, or direct the project, such as company culture, market conditions, or regulatory requirements. Finally, OPA stands for Organizational Process Assets, which include the processes, policies, and knowledge bases that are specific to and used by the hosting organization.