Business Environment Flashcards
What are the four governance domains?
(PARC)
Performance
Alignment
Risk
Communications
Alignment
to create and maintain overall integrated governance structure and framework
Performance
process to align KPI’s with realization of business values
Risk
manage threats and opportunities to balance risk and reward
Communications
exchange information, engage stakeholders, drive organizational change
What are the four governance functions?
(ODIC)
Oversight
Decision making
Integration
Control
Oversight
guidance, direction and leadership
Decision-making
structure and delegation of authority
Integration
strategic alignment of programs and projects
Control
monitoring, measuring and reporting
What are the four steps to implement governance framework?
Assess - Plan - Implement - Improve
Assess
review and analyze the current state of governance
Plan
to plan for the desired future state of governance
Implement
execute the governance plan
Improve
review the state of governance and identify improvement opportunities
Organizational Project Management (OPM)
a strategy framework that accommodates the alignment of project, program, and portfolio management practices with organizational strategy and goals.
Strategic (Long Term) Planning
planning for the products or services the organization will need in the future.
Relationships Among Portfolios, Programs & Projects
Portfolio components align with company strategic goals and priorities and relates programs and projects.
Project - Program - Portfolio
Portfolio Management
align resources and assets to achieve strategic goals
Focuses on doing the right work vs. doing the work right (Project Management)
Portfolio
Group of programs and projects that align with company strategic goals (ex. multimedia company)
Program Management
coordinates projects within the program
Program
controls a group of multiple, interrelated projects
program delivers benefits;
projects deliver results, products, services
Benefits Management
establishes program value and impact
identifies benefits between projects in programs
SMART benefits
analyzes change request impact
assigns responsibility and accountability of benefits
Benefits Management Plan
Project document created with business case to determine project charter
Project Influences
Enterprise environmental factors
organizational process assets
Project Management
applying info, skills, tools and techniques to project
Project Management System
process used to manage project
Project Management Life Cycle (PMLC)
Project management of the project; includes the five processes (I, P, E, M&C, C)
Project Life Cycle
Work of project; includes project work processes
Product Life Cycle
overall life of project from in service to closure/divestiture
Project
temporary initiative to create business value
specific purpose
unique result,
drives organizational change
has a definite start/finish
Operations Management
manage day-to-day activities
direct planning, execution and M&C of work
Project Management Office (PMO)
standardizes project governance; simplifies sharing of resources
PMO Approach
Directive - directly manages projects
Controlling - provides support and requires compliance
Supportive - provides PM templates, best practices and lessons learned
Triple Constraint
scope - schedule - cost - quality
scope
description of project result
schedule
amount of time needed to deliver project
cost
amount of money needed to deliver project result
Enhanced triple constraint
includes risks and resources
Five Main Process Groups
Initiating, Planning, Executing, Monitoring and Controlling, Closing
