Foundational Concepts Flashcards
Project
Temporary endeavor to create a unique product, service or result
Has a start and end
Business Value
- Net return of benefits
- Time, $, goods or intangibles
- Starts with clear strategic goals
Why do projects start
REGULATIONS: Meet regulatory, legal or social requirements
STAKEHOLDERS: satisfy requests
IMPROVEMENTS
CHANGE: business strategies
Project Management
Application of knowledge,
skills, tools and techniques to project activities to meet the project requirements
Enables achievement of org goals & objectives
What are the process groups of project management
Initiating, Planning,
Executing, Monitoring &
Controlling ,Closing
Portfolio
Projects, programs, subsidiary portfolios and operations managed as a group to achieve objectives
Focus on doing the “right” programs and projects
When building a city you have to think about many projects (water, gas, etc) the components of each can be grouped together. Person overseeing them is managing a…. ?
A portfolio
Program
Related projects, subsidiary programs and program activities that are managed in a coordinated manner to obtain benefits not available from managing them separately
Focus on doing programs and project the “right” way
Program Management
Harmonizes program components and controls interdependencies so to realize specified benefits/ determine optimal approach
Operations Managment
Ongoing work being done that’s repetitive & outside of project scope
Cares about ongoing production of goods/services and ensures business operations continue efficiently
Organizational Project Management (OPM)
A framework in which portfolio, program and project management are integrated with organizational enablers so to achieve strategic goals
Portfolio Management
Aligns portfolios with org strategies by selecting the right programs & projects , prioritizing work & providing resources
Handling customer incidents through a software application that is recieved daily….. is an example of?
Operational work
Development a software application that will receive, record and prioritize the incidents received by customers.... is an example of?
A project
Development of the entertainment system of a car with following projects: Connection Manager, Display Screen … is an example of?
A program
Project Life Cycle
Series of phases that a project passes through from start to end
Low cost & staffing at start and (decreases as deliverables are met), risk greatest at project start, stakeholders have highest influence ability at project start
Project Management Office (PMO)
Department centralizes the management of projects in
an organization
What are the three different
types of PMO structures in
organizations?
SUPPORTIVE: Provides requested things for projects within orgs (low control)
CONTROLLING: Provides support and requires compliance (moderate control)
DIRECTIVE: PM’s take control by directly managing projects & responsible for results (high control)
Project Manager can report to?
- Functional Manager
- Program Manager
- Portfolio Manager
The most important
interpersonal skill for a
project manager is …
Communication
Phase Gate
Held at the end of a phase for review of business case, project chart, plan etc and determines the next move
Project Management Process
Systematic series of activities aimed to create end results where one or more inputs will be acted upon to create one or more outputs
Project Management Process Group
Logical grouping of project management processes to achieve specific objectives (inputs, tools & techniques)
Groups include:
- INITIATING, PLANNING, EXECUTING, MONITORING & CONTROLLING, CLOSING
- They are NOT project groups
Organizational Governance
Structured approach to provide direction & control through use of policies and processes so to meet strategic and operational goals
Usually through Board of Director
What does organizational governance do?
Enforces legal, regulatory standards and compliance requirements
Define operational, risk and legal policies
What are the project development life cycles
- Predictive
- Iterative
- Incremental
- Adaptive
- Hybrid
Predictive Life Cycle
Project scope, time and cost are determined at the start (a plan)
Iterative Life Cycle
Scope known early but time and cost change until goal is reached (a draft)
Incremental Life Cycle
Deliverable produces through series of iterations that adds functionality
Deliverable complete after final iteration (segmented)
Adaptive Life Cycle
Referred to as agile (change driven) life cycles
Respond to high levels of rapid change and ongoing stakeholder involvement. Scope defined before each iteration. Fixed time and cost constraints
Hybrid Life Cycle
Combo of predictive and adaptive life cycles
Elements well known/ fixed are predictive and ongoing/evolving are adaptive
Project Phase
Collection of related project activities that produce deliverable(s)
Attributes: measurable and unique to a specific phase. includes- name, number, duration, resource requirements, etc
Alternative names for Phase Gate
- Kill point
- Phase review
- Stage gate
- Phase entrance
- Phase exit
What are the different groupings of Project Management PRocess Groups?
- INITIATING
- PLANNING
- EXECUTING
- MONITORING & CONTROLLING
- CLOSING
Project Management Knowledge Areas
Identified area of project management defined by it’s knowledge requirements and described in terms of component processes, practices, inputs, outputs, tools and technique
-interrelated
Initiating Process Group
“To INITIATE a new project/new phase of project”
Processes performed to define a new project/new phase by obtaining authorization to start the project/phase
Planning Process Group
Processes required to establish scope, objectives and course of action
Executing Process Group
Processes performed to do the work
Monitoring & Controlling Process Group
Processes required to measure actual performance against the plan and initiate plan changes as needed
Closing Process Group
Processes required to close project, phase or contract
Business Case
Developed before projects are initiated and serve as outline for project objectives, required investment, financial and qualitative criteria
Provides basis to measure success and progress throughout the project life cycle by
Business document (referenced after project completed)
Benefits Management Plan
Describes how and when benefits of project take place and how to measure them
Developed before project is initiated
Business document (referenced after project completed)
May include:
- Target benefits
- Strategic alignment
- Timeframe
- Benefits owner
- Metrics
- Risks
Business Management Plan and Business Case are considered ______?
BUSINESS DOCUMENTS because both are referenced after a project is completed
May be inputs to some of the processes involved in managing the project (e.g. developing the project charter)
Characteristics of project life cycles?
Low cost & staffing at start and (decreases as deliverables are met)
Risk greatest at project start
Stakeholders have highest influence ability at project start
Project life cycles can be mapped to what structure?
Starting the project, organizing/preparing, carrying out the work, and ending the project
Enterprise Environmental Factor (EEF)
Conditions that influence project that ORIGINATE FROM ENVIRONMENT OUTSIDE OF PROJECT
INTERNAL or EXTERNAL:
- Internal: org culture & communications, org structure, resources
- External: political environment and organizational risk attitude
Organizational Process Assets (OPA)
The plans, policies, procedures and knowledge bases specific to/used by the organization that influence projects that are INTERNAL to the enterprise.
-templates, info from previous projects, etc
How the organization wants things to be done along with what’s been done
Business Documents
Documents made outside of the project and are used as inputs to the project
E.G. Business case and benefits management plan
