Chapter 1 - Introduction Flashcards
A temporary endeavor undertaken to create a unique product, service, or result.
Project
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project Management
Continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available as the project progresses, and thereby producing more accurate and complete plans that result from the successive iterations of the planning process.
Progressive Elaboration - (Technique)
A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related.
Portfolio
The centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, to achieve specific strategic business objectives.
Portfolio Management - (Technique)
The centralized coordinated management of a program to achieve the program’s strategic objectives and benefits.
Program Management
A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. They may include elements of related work outside of the scope of the discrete projects in the program.
Program
Projects are often utilized as a means of achieving an organization’s strategic plan. Projects are typically authorized as a result of one or more of the following strategic considerations:
- Market Demand
- Strategic Opportunity/business need
- Customer request
- Technological advance
- Legal Requirements
Projects and Strategic Planning
An organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain. The responsibilities can range from providing project management support functions to actually being responsible for the direct management of a project.
Project Management Office
Support PMs in a variety of ways which may include but are not limited to: 1. Managing shared resources across all projects administered by the PMO. 2. Identifying and developing project management methodology, best practices, and standards. 3. Coaching, mentoring, training, and oversight. 4. Monitoring compliance with project management standards, policies, procedures, and templates via project audits. 5. Developing & managing project policies, procedures, templates, and other shared documentation (OPA’s) 6. Coordinating communication across projects
Project Management Office primary function
- PM focuses on the specific project objectives, PMO manages major scope changes which may be seen as potential opportunies to better achieve business objectives. 2. PM controls the assigned project resources to best meet project objectives while the PMO optimizes the use of shared organizational resources across all projects. 3. PM manages the constraints of individual projects while the PMO manages the methodologies, standards, and overall risk opportunity & interdependencies among projects at the enterprise level.
Differences between role of PM and PMO
Organizational function performing the ongoing execution of activities that produce the same product or provide a repetitive service.
Operations
- Closeout phase. 2. When developing a new product, upgrading a product, or expanding outputs. 3. Improvement of operations or the product development process. 4. Until the divestment of the operations at the end of the product life cycle.
Projects intersect with operations
The person assigned by the performing organization to achieve the project objectives.
Project Manager
Someone with management authority over an organizational unit within a functional organization. The manager of any group that actually makes a product or performs a service. Sometimes called a line manager.
Functional Manager
