Business Environment Flashcards
Governance Domains
Alignment, Performance, Risk, Communications
Governance Functions
Oversight, Decision-Making, Integration, Control
Implement Governance Framework
Assess, Plan, Implement, Improve
DMAIC
Define, Measure, Analyze, Improve and Control
Organizational Project Management (OPM)
Alignment of project, program and portfolio management practices with organizational strategy and goals
Strategic long term planning
Practice of planning for the products or services the organization will need in 3-5 years
How are projects created?
Market demand, legal needs, technology updates, and customer or org needs
Portfolios
Aligned with the companies strategy, can be prioritized, measured and ranked so they can be more effectively managed
Portfolio management
Coordinated management of one or more portfolios to align with the overall strategic goals of the company
Portfolio
Group of programs and projects that are centrally managed to align with the company’s strategic plan
TRUE OR FALSE: Portfolio management focuses on doing the right work while project management focuses on doing the work right
TRUE
Program
Group of projects that is some way related. Overall large scope of work that involves multiple projects and is established to effect a better means of control
What do projects deliver?
Deliver products, services, or results not benefits
Program management
Coordinated management of the projects within a program to align with the strategic goals of the company
What are the first two project documents created?
Benefits management plan and business case, they determine the charter
Project Management Life Cycle
5 process groups: initiating, planning, executing, monitoring and controlling and closing
Project Management System
Procedures, tools and techniques, processes, methodologies, used to manage projects (Agile, waterfall, hybrid, kanban, lean)
Project Management
Application of information, skills, tools, and techniques to project activities in order to meet project needs
Project Life Cycle
Each phase describes the work being performed, who is performing the work, the deliverables, and the approval process
Product Life Cycle
Includes the product or service from concept to divestment (closure) starting with the business plan, moving through the project that results in the product or service then transitioning the product/service to operations and ending with the retirement of the product or service
Interpersonal skills
Communication, influence, leadership, motivation, negotiation, team building, decision-making, and political and cultural awareness
Project
Temp initiative that creates business value. It has a specific purpose, creates unique results, drives organizational change and has definitive start and finish
Project Management Office (PMO)
Group that standardizes project governance and simplifies the sharing of resources, tools, techniques and methodologies
PMO
Directive, Controlling and Supportive
Triple Constraint
Scope, Schedule and cost
Which triple constraint is most importatnt?
NONE, All equal importance
Process Groups
Initiating, planning, executing, monitoring and controlling and closing
Phases
Iterative relationship, planning for the successor phase conducted while work is being performed on the current phase
Phase gate is also known as a
kill point
Adaptive life cycle
Embrace change and involving significant stakeholder interaction with a focus on the incremental release of work, every 2-4 weeks. Fixed time and resources (AGILE)
