CAPM Flashcards
Outcome
An end result or consequence of a process or project. Outcomes can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver.
Portfolio
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Product
An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item
Program
Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually
Project
A temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates a beginning and an end to the project work or a phase of the project work. Projects can stand alone or be part of a program or portfolio.
Project management
The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project management refers to guiding the project work to deliver the intended outcomes. Project teams can achieve the outcomes using a broad range of approaches (e.g., predictive, hybrid, and adaptive).
Project manager
The person assigned by the performing organization to lead the project team that is responsible for achieving the project objectives. Project managers perform
a variety of functions, such as facilitating the project team work to achieve the outcomes and managing the processes to deliver intended outcomes
Project team
A set of individuals performing the work of the project to achieve its objectives
System for value delivery
A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization. Portfolios, programs, projects, products, and operations can all be part of an organization’s system for value delivery
Value
The worth, importance, or usefulness of something. Different stakeholders perceive value in different ways. Customers can define value as the ability to use specific features
or functions of a product. Organizations can focus on business value as determined with financial metrics, such as the benefits less the cost of achieving those benefits. Societal value can include the contribution to groups of people, communities, or the environment.
Value Delivery Components
- Programs
- Projects
- Products
- Operations
Value Delivery System Results
VDS => deliverables => outcomes => benefits => value
Organizational Governance System
- provide a framework with functions and processes that guide activities
- can include elements of oversight, control, value assessment, integration among components, and decision-making capabilities
- Governance systems provide an integrated structure for evaluating changes, issues, and risks associated with the environment and any component in the value delivery system.
Customer
the individual or group who has requested or is funding the project
End User
individual or group who will experience the direct use of the project deliverable
