Definitions Flashcards
a temporary organisation that is created for the purpose of delivering one or more business products according to an agreed business case
Project
a temporary, flexible organisation structure created to coordinate, direct, and oversee the implementation of a set of related projects and activities in order to deliver outcomes and benefits related to the organisation’s strategic objectives. Likely to have a life that spans several years
Programme
the totality of an organisation’s investment (or segment thereof) in the changes required to achieve its strategic objectives.
Portfolio
the section of a project that the PM is managing on behalf of the project board at any one time, at the end of which the project board will wish to review progress to date, the state of the project plan, the business case and risks, and the next plan, in order to decide whether to continue with the project.
Management Stage
an input or output, whether tangible or intangible, that can be described in advance, created, and tested.
Product
adapting a method or process to suit the situation in which it will be used.
Tailoring
the act of making something an integral part of a bigger whole. What an organisation needs to do to adopt PRINCE2 as its corporate project management method and encourage its widespread use.
Embedding
any individual, group, or organisation that can affect, be affected by, or perceive itself to be affected by, an initiative (i.e. a programme, project, activity, or risk)
Stakeholder
the degree to which a set of inherent characteristics of a product, service, process, person, organisation, system, or resource fulfils requirements
Quality
the coordinated activities to direct and control an organisation with regard to quality.
Quality management
a statement about the quality expected from the project product, captured in the project product description
Customer’s quality expectations
a prioritised list of criteria that the project product must meet before the customer will accept it (i.e. measurable definitions of the attributes required for the set of products to be acceptable to key stakeholders)
Acceptance criteria
a description of the quality specification that the product must meet, and the quality measurements that will be applied by those inspecting the finished product
Quality criteria
a detailed proposal for doing or achieving something which specifies the what, when, how, and by whom it will be achieved.
Plan
a high-level plan showing the major products of the project, when they will be delivered, and at what cost. It is a major control document for the project board to measure actual progress against expectations.
Project plan
a detailed plan used as the basis for project management control throughout a management stage
Stage plan
a plan that often follows an exception report
Exception plan
the set of information relevant to the creation of one or more products. It will contain a description of the work, the product description(s), details of any constraints on production, and confirmation of the agreement between the PM and the person or team manager that the work can be done within the constraints
Work package
an optional level of plan used as the basis for team management control when expecting work packages
Team plan
one activity is dependent on another. Can be internal or external.
Dependency
an uncertain event or set of events that, should it occur, will have an effect on the achievement of objectives.
Risk
the systematic application of principles, approaches, and processes to the tasks of identifying and assessing risks, planning and implementing risk responses, and communicating risk management activities with stakeholders.
Risk management
the extent of risk borne by the organisation at the time.
Risk exposure
an organisation’s unique attitude towards risk-taking that in turn dictates the amount of risk that it considers acceptable.
Risk appetite
the threshold levels of risk exposure that, with appropriate approvals, can be exceeded, but which when exceeded will trigger some form of response (e.g. reporting the situation to senior management for action).
Risk tolerance
reference levels against which an entity is monitored and controlled.
Baseline
a record that describes the status, version, and variant of an item, and any details of important relationships between them
Configuration item record
a report on the status of products. The required products can be specified by identifier or the part of the project in which they were developed.
Product status account
PRINCE2 has two types of products:
management products and specialist products.
In PRINCE2 there are only the following types of plan:
project plan, stage plan, and exception plan
one between two project activities - in these circumstances, the project team has control
Internal dependency
one between a project activity and a non-project activity, where non-project activities are undertaken by people who are not part of the project team - in these circumstances, the project team does not have complete control
External dependency
Risk measured by a combination of:
the probability of a perceived threat or opportunity occurring, and the magnitude of its impact on objectives.
