Foundational elements Flashcards
(Definition) is a temporary endeavor undertaken to create a unique product, service, or result.
Project
Fulfillment of project objectives may produce…….
- A unique product
- A unique service
- A unique result
- A unique combination of one or more products, services, or results
Examples of projects
- Developing a new pharmaceutical compound for market
- Expanding a tour guide service
- Merging two organizations
- Improving a business process within an organization
- Acquiring and installing a new computer hardware system for use in an organization
- Exploring for oil in a region
The end of the project is reached when…
- The project’s objectives have been achieved
- The objectives will not or cannot be met
- Funding is exhausted or no longer available for allocation to the project
- The need for the project no longer exists
- The human or physical resources are no longer available
- The project is terminated for legal cause or convenience
Before the project begins, the organization is commonly referred to as being in the (……)
current state
The desired result of the change driven by the project is described as the (……)
future state
Business value in projects refers to…
the benefit that the results of a specific project provide to its stakeholders
The benefit from projects may be tangible, intangible, or both.
Provide examples of tangible elements.
- Monetary assets
- Stockholder equity
- Utility
- Fixtures
- Tools
- Market share
Provide examples of intangible elements
- Goodwill
- Brand recognition
- Public benefit
- Trademarks
- Strategic alignment
- Reputation
Organizational leaders initiate projects in response to factors acting upon their organizations. There are four fundamental categories for these factors. (Project initiation context)
- Meet regulatory, legal, or social requirements
- Satisfy stakeholder requests or needs
- Implement or change business or technological strategies
Create, improve, or fix products, processes, or services
(Definition) the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project management
Effective project management helps individuals, groups, and public and private organizations to —>
- Meet business objectives
- Satisfy stakeholder expectations
- Be more predictable
- Increase chances of success
- Deliver the right products at the right time
- Resolve problems and issues
- Respond to risks in a timely manner
- Optimize the use of organizational resources
- Identify, recover, or terminate failing projects
- Manage constraints
- Balance the influence of constraints on the project
- Manage change in a better manner
Poorly managed projects or the absence of project management may result in —>
- Missed deadlines
- Cost overruns
- Poor quality
- Rework
- Uncontrolled expansion of the project
- Loss of reputation for the organization
- Unsatisfied stakeholders
- Failure in achieving the objectives for which the project was undertaken
In today’s business environment, organizational leaders need to be able to manage with..
- Tighter budgets
- Shorter timelines
- Scarcity of resources
- Rapidly changing technology.
Effective and efficient project management should be considered a strategic competency within organizations. It enables organizations to..
- Tie project results to business goals
- Compete more effectively in their markets
- Sustain the organization
- Respond to the impact of business environment changes on projects by appropriately adjusting project management plans
A project may be managed in three separate scenarios:
- As a stand-alone project (outside of a portfolio or program)
- Within a program
- Within a portfolio
Multiple projects may be needed to accomplish a set of goals and objectives for an organization. In those situations, projects may be grouped together into a (…..)
Program
Define a program
A program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.
