framework Flashcards
5 PROGRAM LIFECYCLE PHASES
- Pre-Program Prep
- Initiation
- Setup
- Delivery
- Closure
ANALYZE PORTFOLIO RISKS
The process of prioritizing risks based on probability of occurrence, effect on portfolio goals, organizational and stakeholder risk tolerance, and other factors.
AUTHORITY
The agreed upon ability to assign resources, makes decisions, and spend funding for programs or projects
AUTHORIZATION
Approval to begin work on a component of the balanced portfolio; can include activities associated with funding and communication of work associated with the portfolio.
AUTHORIZE COMPONENTS
The process of authorizing the commencement of work for components of the balanced portfolio; can include activities asscociated with funding and communication of work associated with the portfolio.
BALANCE PORTFOLIO
The process of organizing prioritized components of a portfilio in the most efficient and effective way.
BENEFIT
Improvement to organizational management; e.g., new forms of business, more sales, reduced inefficiency, or reduced operations costs
BENEFITS MANAGEMENT
Administration and supervision of activities that define, create, maximize, and sustain benefits as a result of implemented programs
BENEFITS REALIZATION PLAN
Component of the program management plan that details program benefits and the manner in which they will be completed
BUSINESS CASE
A memorialized economic feasibility study that explores the confirmation of component benefits; fequently used as the premise to authorize program or project management activities
BUSINESS CASE
Document that helps analyze components of a portfolio for approval and funding.
BUSINESS OUTCOME
Monetary result of implementing the organization?s strategic plan; e.g., maximizing revenue or opportunity, saving costs, eliminating wst, or maximizing employee efficiency
CAPACITY
Resources (financing, physical, people, etc) that a copany assigns to portfolio management to approve, pay for, and execute the components.
CATEGORIZE COMPONENTS
The process of grouping together various components to help with decision-making.
CATEGORY
Description of components that make up a portfolio; categorization of the components helps to determine that they align strategically.
CLASS
Descriptor that groups a potential component as a business case, portfolio, project, program, or other type of work such as operations
CLOSING PROCESSES
Activities associated with the formal completion ofr termination of the work of a phase or program; can include transferring the product, service, or result to parties that will sustain it or canceling a closed program.
CO-LOCATION
a team-building technique in which team members are located together or as close to each other as possible
COMMUNICATE PORTFOLIO ADJUSTMENT
The process of conveying portfolio changes to stakeholders; the portfolio management team must convey the changes in a manner that ensures an unambiguous understanding of the changes and their impact.
COMPONENT
Piece of a portfolio such as a program, project, business case, or other item that fits the definition of component.
CONTROL
Activities associated with comparing baseline to actual performance; can include variance and trend analysis, process improvements, altenratives to current solutions, and recommended corrective and preventitive action as applicable
CONTROL
Activities associated with comparing baseline to actual performance; can include variance and trend analysis, proces improvements, alternatives to current solutions, and recommended corrective and preventitive action as applicable.
COST BENEFIT ANALYSIS
A financial assessment instrument utilitzed to determine viability by comparing beneits to costs.
CRITERIA
standards to which project variables are compared for acceptability
CUSTOMER
The entity that utilizes the benfits, products, services, or results of the program
DEVELOP PORTFOLIO RISK RESPONSES
The process of evolving responses to portfolio risks, both opportunities and threats, and assigning resonsiblity for the risks
EFFECT
An event or condition that might occur in the future and, if it did occur, would affect a portfolio?s goal.
ENTERPRISE
A company, business, or other formal structure that encompasses a business function
ENTERPRISE ENVIRONMENTAL FACTORS
Any internal or external organization vairables that can influence the success of the program or project; variables could include company culture, the busines market, technology, personnel, etc.
EVALUATE COMPONENTS
The process of scoring and assessing proposed components for further decision-making using key criteria and associated weights.
EXECUTING PROCESSES
Activities associated with execution of the program management plan to achieve the goals of the program as they are defined in the scope statement
FEASIBILITY STUDY
A financial assessment instrument utilized when considering the viability of a proposed program or project.
FUNCTIONAL MANAGER
a manager of a department or unit in a functional organization. Responsible for the resources performing the work.
FUNCTIONAL ORGANIZATIONAL STRUCTURE
A structure within a company where people are grouped by similar skill sets; e.g., accounting, marketing, enginerring
PURPOSE OF HIGH-LEVEL FINANCIAL AND NON-FINANCIAL BENEFITS REGARDING FUNDING
You must do show benefits to receive initial funding, but also during the program to maintain funding for the program and components
IDENTIFY COMPONENTS
The process of documenting all components, current and proposed, as potential components for categorization.
IDENTIFY PORTFOLIO RISKS
Process of identifying and documenting risks to the portfolio
IMPACT
A metric associated with the effect of risk
INFLUENCER
a person or organization that is not necessarily directly related to the project but can influence the project positively or negatively
INITIATING PROCESSES
Activities asscoiated with the authorization of new work of a phase or program or the continuance of a stopped or delayed program
INPUT
Any item associated with the program or project that is required for the process to continue; can be an output from a different process.
INVENTORY
All components, current and propsoed, properly documented for use in portfolio management decision making.
KEY CRITERIA
Metrics used to evaluate alignment with strategic goals.
KEY DESCRIPTOR
Characteristic used to classify components for further decision-making; e.g., scope, schedule, budget, actual performance, priority
KEY INDICATOR
Variable that makes it possible to observe how a component of the portfolio measures against baseline performance
MANAGEMENT BY PROJECTS
performing day-to-day operations using a project management approach
MATRIX ORG STRUCTURE
a structure within a company where people are organized by and report to a combination of project and functional managers
MATURE PMO SIGNS
- Forma Program Selection Process
- Portfolio review board or Exec Steering Group issue program mandate (defines strat objectives and expected benefits)
- Mandate confirms commitment
MECHANISM
Method to perform a process associated with portfolios, programs, or pojrects; can be considered or associated with a too or technique
METHODOLOGY
a set of procedures used in project management
MONITOR AND CONTROL PORTFOLIO RISKS
The process of tracking and regulating risks to the portfolio using such techniques as variance and trend analysis; risks, assumptions, ris management policiies and procedures and contingency reserves are all considered
MONITORING & CONTROLLING PROCESSES
Activities associated with measuring progress and adjusting the program management plan via corrective action to ensure tha tprogram objectives are completed successfully
MULTI-PROJECT MANAGEMENT
Those aspects of program management associated with initiating and coordinating the activities of multiple projects and the management of project managers.
NEW COMPONENT
Component, such as a program or proje ct, that is integrated into an existing portfolio
OPERATIONAL MANAGEMENT
The ongoing organizational activities associated with supporting function elements, as opposed to project elements. Operational management also includes support of products that the organizational has created through project activity
OPERATIONS
the day-to-day repeatable activities that a company performs
ORGANIZATION
a group of people formed for the purpose of perforing work wihtin a company or enterprise
ORGANIZATIONAL GOVERNANCE
Methods an organization uses to iplement its strategic goals through operations and to ensure that there is no infringement of its stakeholders’ rights
OTHER WORK
Work that meets an organization’s definition of a component, yet cannot be clssified as a business case, portfolio, program, or project
OUTPUT
Result of a process, program or project, typically a product, service, result, or benefit; can also be an input to other processes
PERFORMING ORGANIZATION
Entity (company, division, group) that has people direclty involved in the work of the portfolio, program, or project
PHASE GATE REVIEW
Activity of reviewing a phase of a program at the end of the phase to decide if it should continue, be adjusted, or be cancelled; the review is typcally authorized by a steering committee or governance board
- Review planned vs actual benefits
- Reasons for deviations
- Recommendations on how to bridge gaps
Program & Projects align with org strategy
PHASE GATES
Process decision points, specifically: continue, continue with change, or stop. A review process at the end of a program phase where an oversight group, such as a program board or steering committee, decides to continue, continue with modification, or stop a program
PLANNING PROCESSES
Activities that involve defining the program scope, developing the program management plan, and identifying and scheduling the work that occurs in the program
PORTFOLIO
Group of programs where the projects are related only by common funding, technology, stakeholders, or resources, client, seller
PORTFOLIO MANAGEMENT
Aligns portfolio of programs & projects to strategic objectives. All approved components must support business objectives.
PORTFOLIO MANAGEMENT COMMUNICATION PLAN
Plan that specifies needs, requirements, frequency, and recipients of informational communication associated with the portfolio management process
PORTFOLIO MANAGEMENT PLAN
The document that describes the approach to organizing, monitoring, and controlling a portfolio; considers governance precepts and the aligning process
PORTFOLIO RISK
An event or condition that might occur in the future and, if it did occur, would affect a portfolio?s goal.
POTENTIAL COMPONENT
Work that qualifies to be a component, but has not yet been authorized to be part of the portfolio
PRIORITIZE COMPONENTS
The process of ranking components within a portfolio according to their evaluation scores and other criteria that management deems relevant
PROCESS
A set or series of actions conducted to some end, such as to create a specific product, service or result.
PRODUCT
the measurable, definable work of the project
PRODUCT LIFE CYCLE
the generally sequential phases of a product
PRODUCT LIFECYCLE PHASES
- Conception
- Design
- Manufacturing
- Service
- Divestment
PROGRAM
Collection of proejcts of similar work; can include activities or elements that lie outside the scope of the individual projects but are releated in some way to the objectives of the program.
PROGRAM CHARTER
The foundational document which states the main details of the program; typically includes - Scope, Constraints & Assumptions, time and cost goals, justification for the program, description of the PgM authority
PROGRAM MANAGEMENT
The centralized coordinated management of a program to achieve the program’s strategic objectives and benefits.
Administration of program component and acitvities in a coordinate way to achieve results superior than those attained through separate component management
PROGRAM MANAGEMENT OFFICE
Centralized coordination and supervision of programs or porects to facilitate th sharing of resources, methodologies, tools and techniques, etc.
PROGRAM MANAGEMENT PLAN
All documents required to manage the program; includes documents such as the financial plan, the transition plan, the resource plan, the audit plan, and the benefits realization plan. The program management plan is distinct and separate from the project management plans required to manage the individual projects within the program
PROGRAM MANAGEMENT PROCESS GROUP
Group of processes that complete a program; Initiating, Planning, Executing, Monitoring and Controlling, and Closing
PROGRAM MANAGEMENT PROCESSES
Activities associated with management of programs via inputs, outputs, tools and techniques, and control mechanisms ensure desired results
PROGRAM STAKEHOLDER
People and groups who are involved in programs and are generally impacted, either positively or negatively, y the work of a program
PROGRESSIVE ELABORATION
the process of beginning a project and, as more information is discovered, adjusting the plan to reflect the new information and progress
PROJECT
a temporary undertaking to creat a unique product, service, or result
PROJECT CHARTER
the foundational document which incorporates the main details of the project; the document typically includes the scope of the project, any constraints and assumptions including time and cost goals, the justification for the project, and the description of project manager authority
PROJECT CLOSING PROCESSES
activities during which formal acceptnace is attained and completion procedures are undertaken to close either a phase or the project itself
PROJECT CUSTOMER
The individual, group, or company that will own the work of the project when it is complete
PROJECT EXECUTING PROCESSES
The coordination of personnel and additional resources to implement the project management plan and create the deliverables of the project
PROJECT INITIATING PROCESSES
the beginning processes in a project which occur prior to planning
PROJECT INITIATION
the process that can result in the authorization of a project
PROJECT LIFE CYCLE
the process of completing work on the project which typically coexists with the project management life cycle; note that it is not the projct management of the work, but the work process iself e.g., the building process of creating a house or developing a computer program
PROJECT MANAGEMENT
an approach to meeting project objectives by utilizing defined methodology which includes knowledge, skills, tools, and techniques
PROJECT MANAGEMENT BODY OF KNOWLEDGE
knowledge wihtin the profession of project management
PROJECT MANAGEMENT OFFICE
centralized project management for a company; can be a centralized group of project managers or the office that standardizes policy or procedures
PROJECT MANAGEMENT PROCESS GROUP
the classification of the project management processes into the initiating, planning, executing, monitoring and controlling, or closing process groups
PROJECT MANAGEMENT SYSTEM
the elements needed to manage a project; processes, tools, methods, etc
PROJECT MANAGER
the person responsible for ensuring the project objectives are met
PROJECT MONITORING AND CONTROLLING PROCESSES
Actions to make sure the project objectives are completed successfully
PROJECT PHASE
a group of project activities making up a piece of the project that interrelates with other pieces; together project phases make up the project
PROJECT SPONSOR
the person or group providing the financial resources for the project
PROJECTIZED ORGANIZATION
an org which authorizes the project manager to assign resources to the project, extablish priorities, and direct the work of the project
REVIEW AND REPORT PORTFOLIO PERFORMANCE
the process of analyzing and disclosing portfolio performance information to ensure strategic alignment and adequate utilization of resources
ROADMAP
OUTPUT of Initiate Program Process.
A chronological representation of a program’s intention for achieving the goals; includes strategic reasons for the work, key milestones, key decision points, and the key dependencies of major milestones, challenges and risks.
CREATED: During Initiation Phase and part of the Charter
USED as a baseline for program definition, planning, and execution.
ROLE
a specific function performed by a member of a project team with defined behaviors and activities
SCORING MODEL
Metrics (such as weighted criteria and key indicators) used in prioritizing components within a portfolio
SELECT COMPONENTS
The process of moving components from evaluation to prioritization according to evaluation scores
SERVICE
work performed which does not result in a physical product
SKILL
the ability to execute project-related activities based on individual subject matter expertiese and capabilities
SPONSOR
Individual or business unit that pays for the program or project and typically owns the results when the work is done
STAKEHOLDER
the person or entity whose interests are positively or negatively affected by the project or whose influence can positively or negatively affect the project
STANDARD
an established norm or requirements
STEERING COMMITTEE
Group that ensures program goals are attained and that supports the program in areas such as risks and issues; also called a Program Governance Board
STRATEGIC DIRECTIVE
A document that formally expresses the organization?s concept, vision, and mission for the program and its expected benefits. It may be written either at a high level or detailed. Formally expresses org: concept, vision, mission, intended benefits
STRATEGIC GOAL
Intended achievement (business and cultural) within a specific time frame, usually with reference to specific metrics
STRATEGIC PLAN
Document that explains the mission and vision, plus the plan for achieving them; also includes goals and objectives for the time period specified in the document
STRATEGIC PLANNING
Long-term planning by a company (usually 3-5 years in the future)
STRATEGIC PROGRAM MGMT (DEFINING PROGRAMS) KEY TASKS (10)
- Define Objectives, requirements, risks & ensure aligns with org strategy
- Create High-level roadmap with milestones and prelim estimates for Exec Sponsor approval (in Bus Case)
- Define roadmap/framework (in Bus Case)
- Define mission statement by understanding stakeholder concerns & expectations. Set direction to address those. (in Bus Case)
- Determine if Org is capable of being successful - is it ready?
- ID Benefits via market analysis, CBA, etc to develop prelim scope & benefits realization plan (for charter)
- Est high level financial and non-financial benefits to obtain/maintain funding authorization and prioritize projects
- Eval objectives: regulatory/ legal constraints, social impacts, sustainability, cultural considerations, political climate, and ethical concerns to ensure stakeholder alignment with deliverables
- Obtain approval of Charter
- ID & Eval integration opportunities to benefits desires across the orgs
- Exploit strategic opportunities in order to maximize benefits
SUBPHASE
a division of a phase or project
SUBPROJECT
a smaller piece of the project created through the decomposition process
SUSTAINMENT
Action or agreement undertaken to ensure that customers continue to receive benefits from products, services, or results of a program
TANGIBLE COST OR BENEFIT
Easily measurable cost or benefit of a program or project; measured in dollars
TECHNIQUE
a procedure executed by a resource to complete the activities on the project
TEMPLATE
A partially filled-out document that can serve as a shell for the completion of program or project documents
TIGHT MATRIX
a phrase that describes a war room or close environment for the team; can also be uses as a noise answer on org related questions
TOLERANCE USER
the person, division, or cmpany that will be the user or owner of the product when the project is complete
TOOL
Utensil, device, application, or instrument used to create a product, service, or result; e.g., document templates, application programming interfaces, table saws, drafting software
TREND ANALYSIS
An approach that attempts to forecast future results based on historical information
VARIANCE ANALYSIS
An approach for measuring the variance associated with the scope, time, or cost of the program or project.
WAR ROOM
a room shared by project personnel that can be used for planning, conducting meetins, and displaying charts, graphs, and various other project information.
WEIGHT
Multiplication factor that indicates the importance of key criteria used in a scoring model; e.g., higher number equals higher level of importance
FOCUS GROUPS
Used in Requirements Analysis to assemble stakeholders and ask quetions about attitudes to products, service, concepts.
PROGRAM SELECTION KEY FACTORS TO CONSIDER (IN ORDER OF IMPORTANCE)
- Strategic Objectives Alignment
- Expected Benefits
- Key Resource needs
- Prelim Budget Estimate
