Chapter 1-3 Flashcards
A temporary endeavor undertaken to create a unique product, service, or result to fulfill objectives by producing deliverables.
Projects
The states that drive product change
current state to future state
The net quantifiable benefit derived from a business endeavor. Can be tangible or intangible or both.
Business value
In business analysis, the business value is considered the return in the form of 4 elements in return for something exchanged. The elements are….
time, money, goods, intangibles
Project initiation- Four fundamental categories for the factors that influence an organization’s ongoing operations and business strategies and link strategic objectives of the organization and the business value of each project.
- Meet regulatory, legal, or social requirements.
- Satisfy stakeholders requests or needs
- implement or change business or technological strategies
- Create, improve, or fix products, processes, or services.
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project management
A key way to create value and benefits in the organization.
Projects
Project management’s 3 separate scenarios:
1) Stand-alone project (outside of portfolio or program)
2) Within a program
3) Within a portfolio
A group of related projects, subsidiary programs, and program activities managed in coordinated manner to obtain benefits not available from managing them individually. Not large projects.
Program
Very large project costing US $1 billion or more, affecting 1 million or more people, and run for years.
Mega project
Used to manage several programs and projects underway at any given time. Senior management activity.
Portfolio
Program and project management focus differs from portfolio management by….
- Program and project focus on the “right” way of doing things.
- Portfolio management focuses on doing the “right” programs and projects.
Refers to the combined objective and requirements needed to complete a project.
Scope
The framework in which a portfolio program, and project management are integrated with organizational enablers in order to achieve the strategic objective.
Organizational project Management (OPM)
The series of phases that a project passes through from start to completion that is the framework for managing the project.
Project life cycle
Aim of portfolio management:
- Guide- investment decisions.
- Select- optimal mix of programs and projects for strategic objective.
- Provide- decision-making transparency.
- Prioritize- Team and physical resource allocation.
- Increase- the likelihood of realizing the desired return on investment.
- Centralize- the management of the aggregate risk profile of all components.
Sequential, iterative, or overlapping. Can be predictive or adaptive.
Project life cycles
The development life cycles that are within the product life cycle.
Predictive, iterative, incremental, adaptive, hybrid.
a collection of logically related project activities that culminates in the competition of one or more deliverables.
project phase
Held at the end of a phase to compare performance and progress to project and business documents.
Phase gate
Project Management Processes
Produces one or more outputs from one or more inputs by using appropriate management tools & techniques. logically linked by the outputs they produce. Activities can be overlapping.
Project Management Process groups
Initiating, Planning, Executing, Monitoring, Closing
Ten Knowledge Areas
1) Integration
2) Scope
3) Schedule
4) Cost
5) Quality
6) Resources
7) Communication
8) Risk
9) Procurement
10) Stakeholder
A documented economic feasibility study used to establish the validity of benefits realized and used as a basis for authorization of further project management activities.
Project business case
A document that describes how and when the benefit of the project will be delivered and describes the mechanisms that should be in place to measure those benefits.
Project Benefits Management Plan
A document issued by the project sponsor that formally authorizes the existence of a project and authority to PM to apply organizational resources to project activities.
Project Charter
Provides a direct link between project and strategic objectives as an internal in the forms of agreements under contracts but is NOT a contract.
Project charter
Describes the justification for the project
Business case
Describes how the project will be managed, executed, monitored, and controlled.
Project Management Plan
a collection of various components that together can produce results not obtainable by the individual components.
System
Identifiable element within the project or organization that provides a particular function or group of related functions.
Component
refers to organizational or structural arrangements at all levels of the organization designed to determine and influence the behavior of the organization’s members.
Governance
Framework within which authority is exercised in organization.
Governance Framework
The plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization that influence management. Includes Artifacts, practice, knowledge, lessons learned.
Organizational Process Assets (internal)
The four domains of governance:
1) Alignment
2) Risk
3) Performance
4) Communication
The four governance domains has the functions:
Oversight, control, integration, decision making
Framework, functions, and processes that guide management activities in order to create a unique product, service, or result, to meet organizational, strategic, and operational goals.
Project governance.
Components that comprise the key functions or principles of general management in the organization.
Management Elements
10 Organizational Structure Types
- Organic/Simple
- Functional (centralized)
- multi-divisional
- matrix (Strong)
- Matrix (balance)
- Matrix (weak)
- Project oriented (composite, hybrid)
- virtual
- Hybrid
- PMO (portfolio, program, or project management office or organization.
framework, functions, and processes that guide management activities in order to create a unique product, service, or result, to meet organizational, strategic, and operational goals.
Project Governance
an organizational structure that standardizes the project related governance processes and facilitates the sharing of the resources, methodologies, tools, and techniques
Project Management Office (PMO)
assigned by the performing organization to lead the team that is responsible for achieving the project objectives
Project manager
3 key skill sets of a project manager
technical leadership
leadership
strategic and business management
directing another person to get from one point to another
Management
working with others through discussion or debate to get to one point or another
Leadership
3 different levels of integration
process, cognitive, and context
3 dimensions of complexity for integration
system behavior
human behavior
ambiguity
Characteristics of integration
unification, consolidation, communication, and interrelationship
Three types of organizational structure type that have project characteristics where the PM’s have little or none authority, resource availability, and the PM’s role is part-time; may or may not be a job role like coordinator
- Organic/simple
- Functional (centralized)
- Multi-Divisional (may replicate functions for each division with little centralization)
3 organizational types with project characteristic PM authority and resource availability being HIGH and PM Manages the Budget
- Matrix strong
- Project-oriented (composite, hybrid)
- PMO
