Chapter 1 - Into Flashcards
Definition: Project
A temporary endeavor undertaken to create a unique product, service, or result
Definition: Portfolio
A collection of projects, programs, sub-portfolios, and operations managed as a group to achieve strategic objectives.
Definition: Progam
Located in a portfolio- Comprised of subprograms, projects, or other work that are managed in a coordinated fashion in support of the portfolio.
What are the five process groups?
Initiating Planning Executing Monitoring and Controlling Closing
What does OPM stand for?
‘Organizational projects management’
What is an OPM?
‘Organization Projects Management’: A strategy execution framework utilizing project, program, and portfolio management as well as organizational enabling practices.
Projects within a program are related by ____.
Projects within a program are related by common outcome or collective capability.
Projects within a portfolio are related by ____.
Projects within a portfolio are related by shared clients, sellers, technologies, or resources.
What are some of the reasons projects are initialized for?
Market demand, strategic opportunity/business need, Social need, Environmental consideration, Customer Request, Technological advance, Legal requirements.
What does PMO stand for?
‘A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
What are the 3 main types of PMO structures?
Supportive (providing a consultative role), Controlling (providing support and require compliance), and Directive (taking full control)
Can the PMO make key decisions in place of the elected project manager?
It doesn’t always, but it can depending on project structure.
What is Operations Management?
An area of management concerned with ongoing production/maintenance of goods and/or services.
What does PBO stand for?
‘Project-Based Organization’
What is a PBO?
‘Project-Based Organization’: Organizational forms that are created as temporary system for the sake of carrying out work. Hierarchy based off roles within project.
