Definitions 211-240 Flashcards
What is Portfolio Management?
The centralized management of one or more portfolios to achieve strategic objectives.
Define Percision.
Within the quality management systems, precision is an assessment of exactness.
What is Predictive Approach?
A development approach in which the project scope, time, and cost are determined in the early phases of the life cycle.
What is a Prioritization Matrix?
A scatter diagram that plots effort against value so as to classify items by priority.
What is a Prioritization Schema?
Methods used to prioritize portfolio, program, or project components, as well as requirements, risks, features, or other product information.
What is a Probabilistic Estimating?
A method used to develop a range of estimates along with the associated probabilities within that range.
What is a Probability and Impact Matrix?
A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.
What is a Procurement and Impact Plan?
A component of the project or program management plan that describes how a project team will acquire goods and services from outside of the performing organization.
Define Product.
An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.
What is a Product Breakdown Structure?
A hierarchical structure reflecting a product’s components and deliverables.
What is a Product Life Cycle?
A series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.
What is Product Management?
The integration of people, data, processes, and business systems to create, maintain, and evolve a product or service through its lifecycle.
What is a Product Owner?
A person responsible for maximizing the value of the product and accountable for the end product.
What is Product Scope?
The feature and functions that characterize a product, service, or result.
Define Program.
Related project, subsidiary program, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.