3 - Business Environment Terminology - Additional Info Flashcards

1
Q

Governance

A

Typically relates to organizational policy and framework. It influences long term planning, portfolio management, and program management.

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2
Q

Strategic Planning

A

The practice by which a company looks into the future for the products or services it must have, typically 3-5 years in the future.

Strategic planning is used to identify and create portfolios of products or services. The portfolios are then decomposed into programs and/or projects which create products, services or results that benefit the organization.

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3
Q

Governance Domains

A

Governance Domains to consider when performing governance:

  1. Alignment
  2. Performance
  3. Risk
  4. Communications
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4
Q

Alignment
(Governance Domain)

A

Functions and processes to create and maintain an overall integrated governance structure and framework.

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5
Q

Performance
(Governance Domain)

A

Functions and processes for KPI’s (key performance indicators) to align with the realization of business value.

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6
Q

Risk
(Governance Domain)

A

Functions and processes to manage threats and opportunities in order to balance risk and reward.

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7
Q

Communications
(Governance Domain)

A

Functions and processes to exchange information, engage stakeholders, and drive organizational change.

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8
Q

Governance Focus

A

WHAT work is being done.

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9
Q

Management Focus

A

HOW work is being done.

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10
Q

Governance Functions

A

Governance has 4 functions -

  1. Oversight
  2. Decision Making
  3. Integration
  4. Control
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11
Q

Oversight
(Governance Function)

A

Processes/activities for guidance, direction, and leadership.

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12
Q

Decision-Making
(Governance Function)

A

Processes/activities for structure and delegation of authority.

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13
Q

Integration
(Governance Function)

A

Processes/activities for strategic alignment of programs and projects.

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14
Q

Control
(Governance Function)

A

Processes/activities for monitoring, measuring and reporting.

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15
Q

OPM
(Organization Project Management)

A

Gap Assessment - where you are vs. where you should be.

A strategy of framework that accomodates the alignment of project, program, and portfolio management practices with organization strategy and goals.

The framework can be adjusted as needed for the alignment of portfolios, programs or projects with organizational goals.

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16
Q

Implementing Governance Framework

A

4 steps for doing this -

  1. Assess
  2. Plan
  3. Implement
  4. Improve

Note the simillarities between implementation of governance framework and Six Sigma’s DMAIC (Define, Measure, Analyze, Improve and Control).

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17
Q

Assess
(1 - Implementing Governance Framework)

A

To review and analyze the current state of governance.

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18
Q

Plan
(2 - Implementing Governance Framework)

A

to plan for the desired future state of governance.

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19
Q

Implement
(3 - Implementing Governance Framework)

A

To execute the governance plan.

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20
Q

Improve
(4 - Implementing Governance Framework)

A

To review the state of governance and identify improvement opportunities.

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21
Q

Strategic (Long-Term) Planning

A

Strategic planning is the practice of planning for the products or services the organization will need in the future (typically in 3-5 years).

As the products or services are realized through projects, they are typically moved into organization operations.

Projects can be created as a result of market demand, legal needs, technology updates and customer or organizational needs.

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22
Q

Portfolio Components

A

Are aligned with the company’s strategy, can be prioritized, measured, and ranked, lend themsevles to grouping so they can be more effectively managed, and derive from company investment.

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23
Q

Portfolio Management

A

Focuses on doing the RIGHT work.

Identifies the interrelationships between programs and projects and allocates resources in alginment with company priorities.

Involves the coordinated managemenet of one or more portfolios to align with the overall strategic goals of the company.

As the portfolios are managed, programs within the portfolios will be defined and, within those programs, projects will be started. Projects, programs and portfolios will all contribute toward the achievement of the strategic business goals.

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24
Q

Portfolio

A

A group of programs and projects that are centrally managed to align with the company’s strategic plan.

A company could have multiple portfolios in order to achieve its strategic business goals and each portfolio could represent work being done for a particular product line; for a particular grouping of products; or by a particular group, division or branch of the company.

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25
Q

Program Management

A

Involves the coordinated management of the projects within a program to align with the strategic goals of the company.

As the portfolios are managed, programs within the portfolios will be defined and, within those programs, projects will be started.

Projects, programs, and portfolios will all contribute toward the achievement of the strategic business goals and delivery of benefits to the company.

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26
Q

Program

A

A group of projects that are in some way related.

Typically, a program is an overall large scope of work that involves multiple projects and is established to effect a better means of control at the program level than at the separate project level and to provide a benefit.

The benefit is a key differentiator between a program and its projects, as projects typically deliver products, services or results, NOT benefits.

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27
Q

Benefits Management

A

Involves the establishment of the benefits a program is expected to deliver to an organization.

The benefits may be tangible (physical and measurable) or intangible (not easily measured).

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28
Q

Benefits Management
Key Characteristics

A

Include the following:
- Establishment of the program’s value and impact on the company
- Identification of the benefits as they relate to the various interdependencies between projects within the program
- Establishment of SMART (Specific, Measurable, Actual, Realistic, Time-based) benefits
- Analysis of the impact that change requests may have on the expected program benefits
- Assignment of responsibility and accountability for specific program benefits

29
Q

Tangible Benefits

A

Those that are definable and measurable.

They could include -
- Financial performance goals
- Operational performance
- Growth in a particular market segment or product line evolution or service offerings within a company’s portfolio

30
Q

Intangible Benefits

A

Can help improve an overall organization.

They can include variables that are hard to measure such as improvements in customer satisfaction or company culture.

It is important to note that intangible benefits typically contribute to tangible benefits, thus both tangible and intangible benefits are important factors in benefits management.

31
Q

Benefits Management Plan

A

The benefits management plan and business case are two of the first project related documents created.

  • They help determine what is in the charter.
  • Starts early in the project discovery.
  • Created and is used throughout the project to help ensure timely and appropriate delivery of benefits from the project.

Addresses:
- The determination of the desired benefits and the methods for their realization
- The establishment of a strategic roadmap that connects project outcomes to realized benefits
- Key metrics and processes for benefit measurement
- The roles and responsibilities associated with the management of benefits
- The communication management plan for managing the benefits of the project
- The transition of the program into operations as pieces are completed, and the methods to sustain the benefits of the project.

Vital to remember: the benefits to the organization from the project will be sustained throughout the project life cycle and beyond.

32
Q

Project Influences

A
  1. Enterprise environmental factors -
    - External
    - Internal
    -
  2. Organizational process assets
    - Processes, Policies and Procedures
    - Corporate Knowledge Base
33
Q

Overlap of Disciplines

A

To be successful, the project manager must know about project management, the project management system, the project management life cycle, the project life cycle, and the product life cycle.

The project manager must also understand how those life cycles interact.

34
Q

Project Management

A

The application of information, skills, tools, and techniques to project activities in order to meet project needs.

It can include -
- Developing requirements
- Determining realistic goals
- Managing the triple constraint
- Adapting the various plans to achieve project goals

Project management starts with selecting the processes assicated with completing the work of the project and typically involves using an established methodology to align project and product requirements with the product specifications.

35
Q

Project Management System

A

A set of procedures, tools and techniques, processes and methodologies used to manage projects.

The system can be formal or informal and is typically supported by the project management plan during the execution of the project work.

Examples of a project management system are:
Agile
Waterfall
Hybrid
Kanban
Lean

36
Q

PMLC
(Project Management Life Cycle)

A

Includes the (5) process groups:
1. Initiating
2. Planning
3. Executing
4. Monitoring & Controlling
5. Closing

**These process groups can be applied to a project or to individual project phases. **

– The Project Management of the Project –

37
Q

Project Life Cycle

A

The project life cycle includes the project work processes.

For each phase, it describes -
- The work being performed
- Who is performing the work
- The deliverables
- The Approval process

Examples of a work process are the building process for home construction and the development process for a computer program.

The project life cycle typically coexists with the project management life cycle.

– The Work of the Project such as Construction –

38
Q

Product Life Cycle

A

The product life cycle includes the product or service from concept to divestment (closure).

Typically starting with a business plan -
Moving through the project that results in the product or service -
Then transitioning the product or service to operations -
And ending with the retirement of the product or service.

– The Overall Life of the Product, from Initialization to Rollout to Taking Out of Service –

39
Q

Project Environment
(of the PM)

A

Includes cultural, social, political, and international variables.

40
Q

General Management Ability
(of the PM)

A

Includes having the ability to manage such areas as financing, purchasing (procurement), sales, law, manufacturing and logistics, health (safety), and ifnormation technology.

41
Q

Interpersonal Skills
(of the PM)

A

Include communication, influence, leadership, motivation, negotiation, team building, decision-making, and political and cultural awareness.

42
Q

Project

A

A temporary initiative that creates business value.

It has a specific purpose, creates unique results, drives organizational change, and has a definite start and finish.

Initiated in response to:
- A stakeholder need or requirement
- A legal, regulatory, or social requirement
- A business or technological strategy
- A product, process, or service that needs to be created, enhanced, or corrected.

A project is executed based on a progressively elaborated project management plan.

A project may be standalone or part of a program or portfolio.

43
Q

Progressive Elaboration

A

The refinement of the plan as new information relevant to the work of the project is discovered.

This often involves multiple incremental changes.

44
Q

Operations Management

A

Consists of managing operational resources and the day-to-day activities of the organization.

Operations managers must direct hte planning, execution, and monitoring and controlling of the work.

45
Q

PMO
(Project Management Office)

A

A group that standardizes project governance and simplifies the sharing of resources, tools, techniques and methodologies.

Approach the PMO may take can be:
- Directive
- Controlling
- Supportive

The authority of the PMO depends on the organization.

46
Q

Directive
(PMO Approach)

A

PMO directly manages projects.

47
Q

Controlling
(PMO Approach)

A

PMO provides support and requires compliance in the form of adoption of mandated project management frameworks, governance frameworks, and/or tools and documentation.

48
Q

Supportive
(PMO Approach)

A

PMO provides project management templates, best practices, lessons learned, and access to other supportive information.

49
Q

Triple Constraint

A

Triple Constraint: Scope, Schedule & Cost

One of the most basic foundations of traditional project management.

Unless otherwise stated, all 3 constraints are of equal importance. Achievement of the scope, schedule and cost goals results in achieving quality.

A more modern approach to the triple constraint is the enhanced triple constraint which includes risk and resources. Risk and resources can have significant influence on a project and can influence the scope, schedule, cost and quality goals of the project.

50
Q

Scope
(Triple Constraint)

A

The description, typically in the form of written requirements, of the expected product, service, or result of the project.

51
Q

Schedule
(Triple Constraint)

A

Details the amount of time necessary to deliver the product, service or result of the project.

The schedule cannot be determined until scope is defined.

52
Q

Cost
(Triple Constraint)

A

The amount of money needed to deliver the product, service, or result of the project and cannot be determined until schedule is determined.

53
Q

Process Groups

A

There are (5) main process groups:
1. Initiating
2. Planning
3. Executing
4. Monitoring & Controlling
5. Closing

It is important to assume that all process groups, processes, and process interactions will be used unless otherwise stated.

The process groups are rarely executed in a linear manner. Moving from monitoring and controling back to execution and/or planning is acceptable if relevant to the situation.

The truth is that any process group can be revisted at any time the situation warrants.
Example: start executing only to discover a need to return to initiating because a new stakeholder or change in the stakeholder’s goals requires that the stakeholder register has to be updated.

54
Q

Initiating
(Process Group)

A

Project Management is the application of information, skills, tools and techniques to project activities in order to meet project needs.

It can include -
- Developing requirements
- Determining realistic goals
- Managing the Triple Constraint
- Adapting the various plans to achieve project goals

Project Management starts with selecting the processes associated with completing the work of the project and typically involves using an established methodology to align project and product requirements with the product specifications.

55
Q

Planning
(Process Group)

A

Because the success of the project is so dependent on planning, it is considered the most important of the process groups.

The PM creates the project management plan and the component management plans -
- Integration
- Scope
- Schedule
- Cost
- Quality
- Resource
- Communications
- Risk
- Procurement
- Stakeholder
…then integrates the component plans into the project management plan.

The PM typically involves the team in planning.

56
Q

Executing
(Process Group)

A

During the executing process group, the actual work of the project is performed in accordance with the project management plan.

This process group creates work results.

Note that performing the work typically unearths unplanned events and unforecasted issues. The executing processes create work results.

57
Q

Monitoring & Controlling
(Process Group)

A

During the monitoring and controlling process group, the team checks for variances (monitoring) and adjusts the plan or output in light of the variances (controlling).

This process group results in preventative and corrective actions.

Note that any changes are subject to the change control process, which means that a change may only be implemented if it has received formal approval.

58
Q

Closing
(Process Group)

A

During the closing process group, the project or phase is closed.

Assuming that the project or phase has been executed and is nearing completion, any procurements must be closed, and then the project or phase may be closed.

Cloasing the project or phase involves archiving all project documentation and transitioning the product, service or result of the project or phase to the customer.

59
Q

Plan-Do-Check-Act Cycle

A

An approach to process development.

While the project management process groups require a more sophisticated approach than the basic plan-do-check-act format, it can be used to illustrate how monitoring and controlling actually works with the other (4) process groups.

Initiating in - Monitoring and Controlling around Planning/Executing (cycles) - Closing out
(Figure, page 60 in Crosswind book)

60
Q

Sequential Relationship (Phase)

A

A phase only begins after its predecessor phase has been completed.

For example, phase two begins only after the completion of phase one.

61
Q

Overlapping Relationship (Phase)

A

A phase can begin even if its predecessor phase has not been completed.

For example, phase two can begin while phase one is still in process.

An overlapping relationship is typically used if a compression technique, such as fast tracking, is applied. While the overall project could be completed sooner, overlapping phases may increase risk and rework may be required if a phase is started prior to obtaining accurate information from the prior phase.

62
Q

Iterative Relationship (Phase)

A

Planning for the successor phase is conducted while work is being performed on the current phase.

This approach is typically used for a project characterized by uncertainty or a constantly evolving environment.

Scope management is achieved through continuous incremental product delivery and continuous prioritization.

63
Q

Project Phase

A

A piece of a multiple-phase project and all 5 process groups are often applied to each project phase.

Note that the 5 process groups may have a sequential, overlapping, or iterative relationship.

64
Q

Predictive Life Cycle

A

Project with predictive life cycles use waterfall or plan driven approaches and the scope, schedule and budget are established as early as possible in the project.

If the projec thas phases, it’s common for them to have an overlapping relationship with the focus of each phase on specific tasks and processes that require the application of unique skill sets.

Changes are subject to the change control process and must be authorized before implementation.

The predictive life cycles approach is generally used when the work is well understood by the performing organization and the organization understands that the work must be completed for stakeholders to realize project value.

65
Q

Iterative/Incremental Life Cycle

A

Projects with an iterative or incremental life cycle also identify the project scope early in the project, but the schedule and budget are adjusted as the team learns more about the project work. Iteration durations and team members may change based on project need.

Since each iteration adds to the functionality of the project, an incremental evolution of project functionality occurs from one iteration to the next.

A full project management life cycle with a focus on comleted deliverables occurs at each iteration.

The iterative/incremental life cycle approach is typically used when the goal of the project is to minimize complexity or risk or when an incremental project delivery can be useful to some stakeholders.

66
Q

Adaptive Life Cycle

A

Porjects with adaptive life cycles expect change when using an Agile method.

Agile is generally considered to be a change-driven approach to project management, which is characterized by rapid iterations (typically 2-4 weeks long with fixed time and resources) and requires significant stakeholder/customer involvement.

The initial iterations typically focuses on vision and creating a master feature or backlog list. As each iterations begins, an iteration backlog is created which lists the features to be completed during the iteration. At the end of the iteration, the features should be complete and ready for customer acceptance.

The focus of projects with an adaptive life cycle is on delivering customer value with each iteration or release.

This Adaptive Life Cycle approach is typically used in a rapidly changing project environment where the scope is difficult to identify or define in advance. It is also used when smaller increments of deliverables can add value to the stakeholder experience.

Examples: Agile, Scrum, Kanban and Lean

67
Q

Phase Gate

A

A review process undertaken to determine if a project is likely to succeed.

At the end of a program or project phase, an authorized group reviews the work of the phase and eitehr makes a decision to continue the project or stop future work on the initiative. The authorized group is typically a steering committee or independent party.

As a result of the phase gate, a proejct considered unlikely to succeed is terminated early.

Can be considered a kill point.

68
Q

Project Management Tailoring

A

Project management tailoring, or tailoring project management to the proejct, is the selection of the appropriate project management processes, inputs, tools/techniques, outputs, and project life cycle phases for the project after considering the required levels of governance and if the customer is internal or external.

Project management tailoring will occur throughout the project.

The PM collaborates with the project team, sponsor, and organizational management, as appropriate, to perform this activity.

One aspect that should be tailored is the competing constraints of scope, schedule, budget, resources, quality and risk.