Ch 1.2: Foundational Elements Flashcards
Project
A temporary endeavor to create a unique product service or result (fills objectives by producing results)
Objective
an outcome towards which work be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced or a service to be performed
Deliverable
any uniye and verifiable product, result or capability to perform a service that is required to be produced to complete a process, phase or project
Deliverables can be both tangible or intangible. True or False
True
What are the four deliverables a fulfilled project can produce
A unique product, A unique service, A unique result, or Unique combination
Temporary Endeavor
A project has a definite beginning and end
True or False? Deliverables never exist beyond the end of a project
False, some deliverables may exist after completion of projects
Business Value
the benefits that the results of a specific project provides to its stakeholders
What are the four fundamental categories that influences organizational leaders to initiate projects
1.Meet regulatory, legal, or social requirements 2. Satisfy stakeholder requests or needs 3. Implement or change business or technological strategies 4. Create improve or fix products processes or services
What are the three scenarios a project may be manged in
Stand Alone Project, Within a Program, Within a Portfolio
Program Management
the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available managing a program component individually
Project Management
focuses on interdependencies within a project to determine the optimal approach for managing the project
Portfolio
projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
Portfolio management
the centralized management of one or more portfolios to achieve strategic objectives
Operations Management
being concerned with the ongoing production of goods and/or services. Ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands
True or False? Projects can intersect with operations various points during the life cycle
True
How does a Portfolio manager contributes to the achievement of strategic goals
They aligns portfolios with organizational strategies by selecting the right programs or projects,
prioritizing the work, and providing the needed resources.
How does a Program Manager contributes to the achievement of strategic goals
they harmonizes its program components and controls interdependencies in order to realize
specified benefits.
How does a Project Manager contributes to the achievement of strategic goals
they enable the achievement of organizational goals and objectives.
Organizational Project management
a framework in which portfolio, program, and project management are integrated with organizational enablers in order to
achieve strategic objectives.
True or False? The purpose of OPM is to ensure that the organization undertakes the right projects and allocates critical resources
appropriately.
True
Project Life Cycle
The series of phases that a project passes through from its start to its completion
Project phase
A collection of logical related project activities that culminates in the completion of one or more deliverables
phase gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification or to end a program or project
Project management processes
A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs
A Project Management Process grouop
A logical grouping of project management inputs tools and techniques and outputs. this includes initiation, planning, executing, monitoring and controlling, and closing
Project management knowledge area
an identified area of project management defined by its knowledge requirements and described in terms of its component processes , practices, inputs, outputs, tools and techniques
Predictive Life Cycle
where the project score, time, and cast are determined in the early phases of the life cycle. Any changes to the scope are carefully managed
Iterative Life Cycle
the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases.
Incremental Life Cycle
the deliverable i produced through a series of iterations that successively add functionality within a predetermined time frame
Adaptive Life cycle
agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration.
Hybrid life cycle
a combination of predictive and adaptive life cycle.
Product life cycle
a series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement
Initiating Process Group
processes performed to define a new project or phase by obtaining authorizatin to start the project or phase
planning process group
processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.
executing process group
those processes performed to complete the work defined in the project management plan to satisfy the project requirements
Monitoring and Controlling Process Group
Processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes
Closing Process Group
processes performed to formally complete or close the project, phase, or contract
Project Integration Management
includes the processes and activities to identify, define, combine, unify,
and coordinate the various processes and project management activities within the Project Management
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Process Groups.
Project Scope Management
Includes the processes required to ensure the project includes all the work
required, and only the work required, to complete the project successfully.
Project Schedule Management
the processes required to manage the timely completion of the project
Project Cost Management.
Includes the processes involved in planning, estimating, budgeting, financing,
funding, managing, and controlling costs so the project can be completed within the approved budget.
Project Quality Management.
Includes the processes for incorporating the organization’s quality policy
regarding planning, managing, and controlling project and product quality requirements, in order to meet
stakeholders’ expectations.
Project Resource Management.
Includes the processes to identify, acquire, and manage the resources needed
for the successful completion of the project.
Project Communications Management
Includes the processes required to ensure timely and appropriate
planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate
disposition of project information.
Project Risk Management
Includes the processes of conducting risk management planning, identification,
analysis, response planning, response implementation, and monitoring risk on a project.
Project Procurement Management
Includes the processes necessary to purchase or acquire products,
services, or results needed from outside the project team.
Project Stakeholder Management.
Includes the processes required to identify the people, groups, or
organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their
impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders
in project decisions and execution.
Work performance data.
The raw observations and measurements identified during activities performed to carry out the project work. ie start finished dates, # of projects completed, etc
Work performance information.
The performance data collected from various controlling processes, analyzed
in context and integrated based on relationships across areas. ie forecast estimates, statues of deliverables, etc
Work performance reports
The physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or
awareness.
methodology
a system of
practices, techniques, procedures, and rules used by those who work in a discipline.
Project business case
A documented economic feasibility study used to establish the validity of the benefits
of a selected component lacking sufficient definition and that is used as a basis forthe authorization of further project management activities.
Project benefits management plan
The documented explanation defining the processes for creating, maximizing, and
sustaining the benefits provided by a project.
The person who is generally accountable for the development and maintenance of the project business case
document.
Project Sponsor
The person responsible for providing recommendations and oversight to keep the project
business case, project management plan, project charter, and project benefits management plan success measures in
alignment with one another and with the goals and objectives of the organization
project manager
What are some elements included in a business cass
Business needs, Analysis of the situation, Recommendations, and Evaluation
The project benefits management plan includes:
Target benefits, strategic alignment, timeframe for realizing benefits, benefits owner, metrics, assumptions, risks
Target benefits
the expected tangible and intangible value to be gained by the implementation of the
project; financial value is expressed as net present value
Strategic alignment
how well the project benefits align to the business strategies of the organization
Timeframe for realizing benefits
benefits by phase, short-term, long-term, and ongoing
benefits owner
the accountable person to monitor, record, and report realized benefits throughout the
timeframe established in the plan
Metrics
the measures to be used to show benefits realized, direct measures, and indirect measures
Assumptions
factors expected to be in place or to be in evidence
project charter
a document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
project management plan
the document that describes how the project will be executed, monitored,
and controlled.
