Ed. 7, STD Chp 1 / Introduction Flashcards
What is the PURPOSE of the Standard for project management?
[1.1. Purpose]
To provide a BASIS for understanding project management and how ENABLES intended outcomes
What is an OUTCOME ?
[1.2. Key Terms + Concepts]
An END RESULT or CONSEQUENCE of a PROCESS or PROJECT
What is the broader INTENT of an outcome ?
[1.2. Key Terms + Concepts]
To focus on the BENEFITS and VALUE that the project was undertaken to deliver
What is a PORTFOLIO ?
[1.2. Key Terms + Concepts]
- Projects +
- Programs +
- Subsidiary portfolios +
- Operations
managed as a group to achieve STRATEGIC OBJECTIVES
What is a PRODUCT ?
[1.2. Key Terms + Concepts]
An:
- ARTIFACT that is produced
- is QUANTIFIABLE
- can be either an END ITEM or COMPONENT ITEM
What is a PROGRAM ?
[1.2. Key Terms + Concepts]
Related:
- PROJECTS +
- SUBSIDIARY PROGRAMS +
- PROGRAM ACTIVITIES
that are managed in a COODINATED MANNER to obtain BENEFITS not available from managing them individually
What is a PROJECT ?
[1.2. Key Terms + Concepts]
A TEMPORARY ENDEAVOR undertaken to create a UNIQUE
- PRODUCT,
- SERVICE, OR
- RESULT
The temporary nature indicates a beginning and an end to the project work or a phase of project work.
Projects can stand alone, or be part of a program or portfolio.
What is PROJECT MANAGEMENT ?
[1.2. Key Terms + Concepts]
The application of
- KNOWLEDGE,
- SKILLS,
- TOOLS, +
- TECHNIQUES
to project ACTIVITIES to meet project REQUIREMENTS
PROJECT MANAGEMENT refers to GUIDING the project work to deliver _____ ?
[1.2. Key Terms + Concepts]
the intended outcomes
Project TEAMS can achieve project outcomes using _______ ?
[1.2. Key Terms + Concepts]
a broad range of approaches (e.g. predictive, hybrid, and adaptive)
What is a PROJECT MANAGER ?
[1.2. Key Terms + Concepts]
The person assigned by the performing organization to LEAD the project team that is RESPONSIBLE FOR ACHIEVING THE PROJECT OBJECTIVES
What functions do PMs perform ?
[1.2. Key Terms + Concepts]
PMs perform a variety of functions such as:
- FACILITATE project TEAM work to ACHIEVE OUTCOMES
- MANAGE the PROCESSES to DELIVER the intended OUTCOMES
(additional functions are ID’ed in 2.3)
Organizations expect projects to deliver _____ ?
[1.2. Key Terms + Concepts]
- outcomes, in addition to
- outputs +
- artifacts
PMs are expected to DELIVER PROJECTS that ________ ?
[1.2. Key Terms + Concepts]
CREATE VALUE for the organization + stakeholder within the organization’s SYSTEM FOR VALUE DELIVERY
What is a PROJECT TEAM ?
[1.2. Key Terms + Concepts]
A set of individuals performing work of the project to achieve its objectives
What is a SYSTEM FOR VALUE DELIVERY ?
[1.2. Key Terms + Concepts]
A collection of STRATEGIC BUSINESS ACTIVITIES aimed at:
-building,
sustaining, +/or
advancing
an ORGANIZATION
What can be part of an organization’s SYSTEM FOR VALUE DELIVERY ?
[1.2. Key Terms + Concepts]
- Portfolios
- Programs
- Projects
- Products
- Operations
What are some differences between program vs portfolio management ?
[1.2. Key Terms + Concepts related – from internet]
Program:
- mgmt of a program
- manages similar projects
- smaller scope / objectives
Portfolio:
- mgmt of each and every project in an organization
- bring all programs together
- manage dissimilar projects
- bigger scope / objectives
- includs future projects + organizational goals
What is VALUE ?
[1.2. Key Terms + Concepts]
The
- worth,
- importance, or
- usefulness
of something.
Different stakeholders can perceive values in different ways
How might the following shareholders perceive / define value ?
- Customers
- Organizations
- Society
[1.2. Key Terms + Concepts]
- Customers: specific FEATURES or FUNCTIONS of a PRODUCT
- Organizations: business value, FINANCIAL METRICS (e.g. the BENEFITS MINUS COST of achieving those benefits)
- Societal: Contributions to people, environment
