Chapter 1 Flashcards
Five Process Groups
Initiating, Planning, Executing, Monitoring and Controlling, and Closing.
PM Definition
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project Definition
A project is a temporary endeavor undertaken to create a unique product, service, or result.
Organizational Project Management (OPM) Definition
OPM is a strategy execution framework utilizing project, program, and portfolio management as well as organizational enabling practices to consistently and predictably deliver organizational strategy producing better performance, better results, and a sustainable competitive advantage.
Program Definition
A program is defined as a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.
Program Management Definition
Program management is the application of knowledge, skills, tools, and techniques to a program in order to meet the program requirements and to obtain benefits and control not available by managing projects individually.
Portfolio Definition
A portfolio refers to projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives.
PMO Definition
A project management office (PMO) is a management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Several Types of PMO
Supportive. Supportive PMOs provide a consultative role to projects by supplying templates, best practices, training, access to information and lessons learned from other projects. This type of PMO serves as a project repository. The degree of control provided by the PMO is low.
Controlling. Controlling PMOs provide support and require compliance through various means. Compliance may involve adopting project management frameworks or methodologies, using specific templates, forms and tools, or conformance to governance. The degree of control provided by the PMO is moderate.
Directive. Directive PMOs take control of the projects by directly managing the projects. The degree of control provided by the PMO is high.
Differences between PMs and PMOs
The project manager focuses on the specified project objectives, while the PMO manages major program scope changes, which may be seen as potential opportunities to better achieve business objectives.
The project manager controls the assigned project resources to best meet project objectives, while the PMO optimizes the use of shared organizational resources across all projects.
The project manager manages the constraints (scope, schedule, cost, quality, etc.) of the individual projects, while the PMO manages the methodologies, standards, overall risks/opportunities, metrics, and interdependencies among projects at the enterprise level.
Table 1-1 Comparative Overview of Project, Program and Portfolio Management
Review
PBO Definition
Project-based organizations (PBOs) refer to various organizational forms that create temporary systems for carrying out their work.
Business Value Definition
Business value is defined as the entire value of the business; the total sum of all tangible and intangible elements. Examples of tangible elements include monetary assets, fixtures, stockholder equity, and utility. Examples of intangible elements include good will, brand recognition, public benefit, and trademarks.
Competencies req’d by PM
Knowledge—Refers to what the project manager knows about project management.
Performance—Refers to what the project manager is able to do or accomplish while applying his or her project management knowledge.
Personal—Refers to how the project manager behaves when performing the project or related activity. Personal effectiveness encompasses attitudes, core personality characteristics, and leadership, which provides the ability to guide the project team while achieving project objectives and balancing the project constraints.
