CAPM Terminology Flashcards
Business Documents
1 - Business case
2 - Project Charger
3 - Project Management Plan
4 - Benefits Management Plan
Needed for looking at Project Performance
Business case
Biz Doc
An economic feasibility study about validity of benefits that the project will create
- Happens BEFORE project begins
- SPONSOR manages and develops throughout the project
- Project Manager provides recommendations
Questions it answers:
- Why should we do the project, return on investment, tangible and intangible benefits?
- What is the root cause behind doing the project?
- Defines opportunity to be addressed including value
- Stakeholder identification
- Identify Scope
Includes: Organizational strategies, goals and objectives Critical success factors Known risks Decision criteria
Project Charter
Biz Doc
Gives the authority to the Project Manager
Includes:
- project purpose/justification
- project objectives
- high-level requirements and project description
- overall project risks
- milestone schedule
- preapproved financial resources
- stakeholder list
- project approval requirements
- assigned PM, responsibility and authority
- name and authority of sponsor
Project Management Plan
Biz Doc
Defines how will we do the selected process (how to get from current state to desired state)
Benefits Management Plan
Biz Doc
How will benefits be realized, when will they come into existence and thus when can we get a return on investment?
Defines how your project will give value to the org. or end use
- What are the benefits
- How to maximize benefits
- Sustain benefits
** Part of Proj Mgmt Plan **
Key Things the B. Mgmt Plan nails down: 1 Target Benefits 2 Strategic Alignment 3 Timeframe for the Benefits 4 Metrics 5 Assumptions 6 Risks
Phase Gate
What we see at the end of a phase (e.g. a review at the end of the project phase)
Review actual performance compared to business documents
We can then make decisions
- continue to next phase
- continue to the next phase with modification
- end project
- remain in the phase
- repeat the phase or elements in it
Work Performance Data
Raw data and facts about the project work
e.g. status of project work assignments (% complete, in progress, etc.), cost of activities, # of change requests, defects, durations
Work Performance Information
Data is analyzed to become information
Allows PM to make informed decisions about the project. Status to actionable results
Work Performance Reports
Package the work performance information into communicable formatting (e.g. dashboards, reports, memos)
Helps stakeholders make decisions!
Analysis of a Situation
Pare down requirements
1 - Required
to be fulfilled to address the problem or opportunity
2 - Desired
to address the problem or opportunity
3 - Optional
not essential
Recommendation for a Project
Part of the business case
1 - Do Nothing (business as usual) option
2 - Do the minimum work possible
3 - Do more than the minimum work possible
Organizational Governance Frameworks
1 - Governance defines what you can and cannot do in an organization
2 - How you operate within a system
3 - Framework is the organizational structure
Governance Framework
Rules and organization policies
Procedures for activities (how to get things done in your environment)
Cultural Norms
Systems and Processes
Framework influences how:
- objectives are set and achieved
- risk is monitored and assessed
- performance is optimized (how much authority do you have)
Organizational Structures
Structures that describe how organization is aligned
Affect how much authority the PM has
Organic or Simple Structure
- work groups are flexible
- people work together on proj. regardless of role in org
- PM has little to no authority
- resources dedicated to project are low
- owner of org. in charge of budget
- unlikely to have admin staff
Functional Structure
- aka centralized orgs.
- clear division of business units (e.g. sales department, IT department, customer service department - with functional managers in charge of each)
- PM has little authority or autonomy
- Functional Manager is in charge and manages budget
- PM is likely part time
- likely little to no admin staff
Multidivisional Structure
- replication of functions (duplication of efforts) for each division
- similar to functional org
- PM has little authority or autonomy
- part time resources
- possibly admin staff
- Functional Manager is in charge and manages budget
Matrix Structures
Weak
- team is blended between departmental and project duties
- PM has limited authority
- PM and/or team is part-time
- PM may be coordinator or team-lead
- Functional manager in charge of budget
Balanced
- PM has low to moderate authority
- PM shares management of project budget with Functional Manager
Strong
- PM has moderate to high authority
- PM controls the budge
- team and PM are full-time
- admin staff is very common
Project-Oriented
- team comes together just for this project for this time only
- PM has complete or close to complete authority, autonomy and power
- full-time team, PM and admin
- PM manages the budge
Virtual Organization
- aka “network org”
- many different orgs or departments
- points of contacts or “ambassadors” manage/facilitate communication - can be complicated
- PM has little authority since they have to use the point of contact to communicate with their team
- PM shares authority with Functional Manager
- teams is probably part-time
Hybrid Organization
- blend/composite structure
- often used for special projects
- PM role/authority dependent on the project which is dependent on the structure
Project Management Offices
- aka PMO
- organize and manage control over all projects
- goal is to support PMs and give uniform approach to all projects
- PMO can help PMs share resources across projects
- PMO provides Organizational Process Assets (OPAs)
- training
- software
- templates
- standard project management approach
Directive PMO
- PM is part of the PMO
- PMO control is considered high
Controlling PMO
- PM is not part of the PMO
- PMO provides forms and templates that are required to use
- PMO control is considered moderate
