Essential Terms Flashcards
Project
A temporary endeavor (finite beginning and finite end) undertaken to
create a unique deliverable (product, service, or result).
Operations
Ongoing tasks - no specific start or end date.
Project Management
Brings together a set of tools and techniques—performed by people— to describe, organize, and monitor the work of project activities.
Deliverable
The objective of the project presented to the customer or stakeholder. created during the execution process group.
Phase
A phase is a division within a project where extra control assists the effective
management of one or more specific deliverables.
Baseline
(4) Original plan plus any approved changes. Used for Scope, Schedule, Cost,
Performance Measurement Baseline
Used to assess progress during project execution
Progressive Ellaboration
The process of providing or discovering greater levels of detail as the project
move
Historical Information
Records that have been kept from previous projects
Exam Tip: Assume you have a robust organizational archive.
Lessons learned (lessons learned register)
Lessons that were learned that should be shared with future projects
Based on two questions: What went well? What could we do differently?
Value of Projects
What value will this project bring to the company upon completion? Why should we undertake this project? Money, Brand Reputation, Customer Service
Programs
Collection of projects with a common goal. Managed by Program Managers
Portfolio
This is a collection of projects or programs that meet a specific business goal or objective
Project governance
An internal framework that is developed to determine if projects are to be completed or not
Project management office
(PMO)
Department that supports the PM in his/her role.
Defines best practices, defines standards, maintains Lessons Learned Provides training for PMs
Assists PM with approvals, resource gathering, and conflict resolution
Performing organization
The organization contracted to produce the project objective (in a
commercial environment) and that hires the Project Manager.
Regulations
Official documents that provided guidelines that must be followed
Standards
Document approved by a recognized body that provided guidelines.
Compliance with standards is not mandatory
System
Incorporates all formal procedures and tools put in place to manage
Life cycle
The series of phases/process groups the project passes through from its initiation
to its closure
A phase is a division within the project where extra control is needed to effectively manage the completion of one or more deliverables. Phases are generally concluded and formally closed with the acceptance of a deliverable
Predictive project methodology
(Traditional) Scope, Cost, and Schedule are determined early in the life cycle
Change-drive. Project methodology
Iterative – Scope defined early, schedule and cost estimates modified
Incremental – Scope refined by discovery within a fixed timeframe
Adaptive/Agile – Scope developed in shorter iterative cycles
Agile project methodology
Developed for Software projects, but it is a methodology that can be used on all Projects types