Definitions Flashcards
Project
Temporary endeavor that produces a unique product, service, or result
- has a definite start and end date
- must be temporary
- unique output
- progressively elaborated
- produces service, product or result
Progressively elaborated
As time progresses, things become more elaborated, you get more information, estimates become more precise
Project management
Application of knowledge, skills, tools, and techniques to satisfy project requirements
Value of projects
Answers “why should we undertake this project?”
- no project should happen if no value is added
- value can be money, brand reputation, improve product or service, etc
Operations management
Deals with ongoing production of goods and services
-operations are ongoing
- different than a project which is temporary
- ex) sales
Portfolio management
A collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
- working to accomplish outcomes and overall strategies of the business
Phase
A phase is a collection of logically-related project activities that culminate in completion of deliverable
Phasegate
Meeting at the end of phase to determine if you move on to next phase or if the project is over
Deliverable
Any unique and verified product, service, or result if a phase
- can be tangible or intangible
- must be accepted by customer or sponsor
Program management
Group of related projects in a coordinated way to obtain benefits and control not available from managing them individually
Program
Group of related projects
- a program ALWAY has projects
- interdependency of these projects within a program
Project lifecycle
Representation of phases that project typically goes through from start to finish
Predictive lifecycle
Also referred to as traditional or waterfall
- set scope and plan from the beginning with no changes, and little or no interaction with customers
Change driven lifecycle
Includes iterative, incremental, and adaptive
- customer gives feedback and changes are made throughout the project
Hybrid lifecycle
Uses both predictive and adaptive principles
Project governance
Frameworks, functions, and processes that guides project management activities in order to make a unique product, service or result to meet company goals
Stakeholders
Individuals, groups, or organizations that may affect, be affected, or perceive to be affected by a project
Key stakeholders: PM, customer, project team, project sponsor, functional manager
Functional manager
Department manager or director that generally controls resources
Ex) IT director
Project manager
Leads project, authorized to make decisions, responsible for success or failure of project, responsible for processes and resources
Project coordinator
Weaker than the PM
May be authorized to make some
Decisions
Project expeditor
Weakest role of PM world
Very limited decision making authority
Project management office (PMO)
Organizational structure that standardized the processes and facilitated sharing of resources, methodologies, tools and techniques
- PMO is there to help— the PM should turn to PMO when issues arise
Supportive Project Management Office (PMO)
Supports project manager by providing templates, trainings, lessons learned
Controlling PMO
The PMO Determines framework or methods, makes the PM use specific forms