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.
A very large project may be referred to as a (….)
Megaproject
Megaprojects cost (……), affect (…..) people, and run for (…..).
US$1billion or more, 1 million or more, years.
Some organizations may employ the use of a (……) to effectively manage multiple programs and projects that are underway at any given time.
Project portfolio
Define a portfolio
A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Organizational and portfolio planning impact the components by means of prioritization based on —>
risk, funding, and other considerations.
What is the difference between project, program, and portfolio management from an organizational perspective?
- Program and project management focus on doing programs and projects the “right” way
- Portfolio management focuses on doing the “right” programs and projects
Projects have defined objectives. Scope is progressively elaborated throughout the project life cycle.
Projects have defined objectives. Scope is progressively elaborated throughout the project life cycle.
What is the scope of programs?
Programs have a scope that encompasses the scopes of its program components. Programs produce benefits to an organization byensuring that the outputs and outcomes of program components are delivered in a coordinated and complementary manner
What is the scope of portfolios?
Portfolios have an organizational scope that changes with the strategic objectives of the organization.
Change is projects.
Project managers expect change and implement processes to keep change managed and controlled.
Change in programs.
Programs are managed in a manner that accepts and adapts to change as necessary to optimize the delivery of benefits as the program’s components deliver outcomes and/or outputs
Change in portfolios.
Portfolio managers continuously monitor changes in the broader internal and external environments.
Planning in projects.
Project managers progressively elaborate high-level information into detailed plans throughout the project life cycle.
Planning in programs.
Programs are managed using high-level plans that track the interdependencies and progress of program components. Program plans are also used to guide planning at the component level.
Planning in portfolios.
Portfolio managers create and maintain necessary processes and communication relative to the aggregate portfolio.
Management in projects.
Project managers manage the project team to meet the project objectives.
Management in programs.
Programs are managed by program managers who ensure that program benefits are delivered as expected, by coordinating the activities of a program’s components.
Management in portfolios.
Portfolio managers may manage or coordinate portfolio management staff, or program and project staff that may have reporting responsibilities into the aggregate portfolio.
Monitoring in projects.
Project managers monitor and control the work of producing the products, services, or results that the project was undertaken to produce.
Monitoring in programs.
Program managers monitor the progress of program components to ensure the overall goals, schedules, budget, and benefits of the program will be met.
Monitoring in portfolios.
Portfolio managers monitor strategic changes and aggregate resource allocation, performance results, and risk of the portfolio.
Success in projects.
Success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction.
Success in programs.
A program’s success is measured by the program’s ability to deliver its intended benefits to an organization, and by the program’s efficiency and effectiveness in delivering those benefits.
Success in portfolios.
Success is measured in terms of the aggregate investment performance and benefit realization of the portfolio.
What are the five project/development life cycles ?
- predictive life cycle
- iterative life cycle
- incremental life cycle
- Adaptive life cycles
- hybrid life cycle
(Definition) a collection of logically related project activities that culminates in the completion of one or more deliverables.
Project phase
The phases in a life cycle can be described by a variety of attributes. Attributes may include:
- Name (e.g., Phase A, Phase B, Phase 1, Phase 2, proposal phase)
- Number (e.g., three phases in the project, five phases in the project)
- Duration (e.g., 1 week, 1 month, 1 quarter)
- Resource requirements (e.g., people, buildings, equipment)
- Entrance criteria for a project to move into that phase (e.g., specified approvals documented, specified documents completed)
- Exit criteria for a project to complete a phase (e.g., documented approvals, completed documents, completed deliverables).
