Chapter 1 Flashcards
What is a Project?
A temporary endeavor undertaken to create a unique product, services, or result.
Projects are undertaken to fulfill ______?
objectives by producing deliverables
Deliverables can be both Tangible or Intangible? ( T or F)
True
Projects may produce deliverables of a _____
Social, Economic, Material, or Envrionmental nature.
One or more of the following factors have to be met for the end of a Project to be reached
Objectives have been achieved
Objectives will not or cannot be achieved
Funding is exhausted or no longer available
Need for the project no longer exists
Human or physical resources no longer available
Project is terminated for legal cause
Define Business Value
A net quantifiable benefit derived from a business endeavor.
Business Values can be tangible, intangible, or both? (T or F)
True
Define Business Value in Projects
a benefit that the results of a specific project provides to its stakeholders.
When do Organizational Leaders initiate a project?
To meet regulatory, legal, or social requirements
To satisfy stakeholder requests or needs
To implement or change business or tech strategy
To create, improve, or fix products, processes or services.
Define Project Management
the application of knowledge, skills, tools and techniques to project activities to meet the project requirements.
Reasons Organizations utilize Project Management?
To tie project results to business goals
TO compete more effectively in their markets
To sustain the organization
To respond to the impact of business environment changes on the project by appropriately adjusting project management processes.
How can a project be managed?
As a stand-alone project (outside of the portfolio or program)
Within a program
Within a portfolio
Define Program
A group of related projects, subsidiary programs and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.
Programs are NOT large projects
Define Portfolio
Projects, Programs, Subsidiary Portfolios and operations managed as a group to achieve strategic objectives.
What do Program and Project Management focus on?
Doing program and projects the RIGHT WAY
What does Portfolio Management focus on?
Doing the RIGHT programs and projects.
Projects are Temporary in Nature and have a definite beginning and end. (T or F)
True
Project deliverables exist beyond the end of a project (T or F)
True
When a project objective is fulfilled, what deliverables are produced?
A unique product that can be either a component of
A unique service or capability to perform a service
A unique result (outcome or document)
A unique combination of one or more products, services, or results.
Define Program Management
The application of knowledges, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually.
What is a Program Componet?
refers to projects and other programs within a program.
Define Portfolio
Projects, Programs, Subsidiary Portfolios, and Operations Managed as a group to achieve strategic objectives.
Define Portfolio Management
The centralized management of one or more portfolios to achieve strategic objectives. Aligns portfolios with org strategies by selecting the right programs or projects, prioritizing work, and providing the needed resources.
What does Portfolio Management directive or aim? (6 items)
- To guide the organizational investment decisions
- Select the optimal mix of programs and projects to meet strategic objectives.
- Provide decision-making transparency
- Prioritize team and physical resource allocation
- Increase the likelihood of realizing the desired ROI
- Centralize the management of the aggregate risk profile of all components
