Glossary Flashcards
Def Authorization
Process of approving, funding and communicating for initiating work
Def authorize Portfolio
Process of allocating resources to execute portfolio components and to formally communicate
Def category
predetermined key description used to group potential and authorized components to faciliate further decision making. Categories are linked to components with a common set of strategic goals
Def component
discrete element of a portfolio that is a program, a project or operations work to achieve the portfolio´s strategic objective
Def component proposal
a recommendation or plan, business case, or feasibility study, developed by stakeholders or sponsors, to introduce or change a portfolio component or components
Def Cost/ benefit Analysis
A technique that weights expected costs against expected financial and nonfinancial benefits (value) to determine the best (according to relevant criteria) course of action
Def Enterprise Environmental Factors
Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio
Def Evaluation
Process of scoring specific potential components using key indicators and their related weighted criteria for comparison purpose for further decision making
Def Goals
general statements that indicate what is to be achieved relative to an organization´s vision
Def Governance Decisions
Portfolio - governing body decisions based on portfolio performance, component proposals, and risks as well as capacity and capability of resources, funding allocations, and future investment requirements.
Def Governance Recommendations
Portfolio- governing body recommendations based on portfolio performance, component proposal and risks as well as capability and capacity of resources, funding allocations, and future investment requirements
Def Inventory of Work
a list of active work that may be potential portfolio components and a starting point to develop a portfolio
Def Key Criteria
Predetermined measures, values, or conditions used in a scoring model to measure alignment with strategic goals
Def Key Descriptors
A set of characteristics used to categorize and document a portfolio component for further decision making
Def Mission
The statement that explaines the overall approach for achieving an organization´s vision
Def Objectives
The outcomes developed from the strategic goals of an organization that are specific, measurable, and time bound
Def Operations
The business function responsible for for planning, coordinating, resourcing, and controlling the repeatable, usually cyclical, day-to-day activities of an organization
Def Organizational Capabilities
The ability of an organization through its people, processes, and systems to execute an entire portfolio of initiatives for delivering goods and services
Def Organizational Governance
Process by which an organization directs and controls its operational and strategic activities, and by which the organization responds to the legitimate rights, expectations, and desires of its stakeholders
Def Organizational Process Assets
Plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization
Def Organizational Project Management
A framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives
Def organizational Strategy and Objectives
An organizational document that contains the mission and vision statement as well as goals, objectives, and strategies intended to achieve the vision
Def Phase Gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program
Def Portfolio
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
Def Portfolio Audit
A process for reviewing compliance with the governance principles and practises as carried out by the portfolio, program, and project management team
Def Portfolio Authorization
The formal process to authorize portfolio components, allocate funding, and assign ressources
Def Portfolio Balancing
The process of optimizing the mix of portfolio components to further the strategic objectives of an organization
Def Portfolio Capacity and Capability Management Domain
A comprehensive framework to identify, allocate, and optimize resources for maximizing resource utilization and minimizing resource conflicts in portfolio execution
Def Portfolio Charter
A document issued by a sponsor that authorizes and specifies the portfolio structure and links the portfolio to an organization´s strategic objectives
Def Portfolio Communication Management
The Process required to develop the portfolio communication management plan and manage the dissemination of portfolio information
Def Portfolio Communication Management Plan
A subsidiary plan or component of the portfolio management plan that defines all communication needs, establishes communication requirements, specifies frequency, and identifies recipients for information associated with the portfolio management process
Def Portfolio Component Reports
Status reports from the portfolio´s program and project managers
Def Portfolio Governance Body (Portfolio Governance Board)
The group authorized by an organization to establish the portfolio framework, funktions, and processes to guide portfolio management activities and make decisions about investments and priorities for the portfolio. It provides leadership, oversight, and decision-making support for portfolio management.
Def Portfolio Governance Domain
A set of practises, functions, and processes within a framework based on a set of principles that are fundamental norms, rules, or values that guide portfolio management activities in order to optimize investments and meet organizational strategic and operational goals
Def Portfolio Life Cycle
The ongoing processes and functions that occur to a set of portfolios, programs, projects, and operations within a continous time frame
Def Portfolio Management
The centralized management of one or more portfolios to achieve strategic objectives
Def Portfolio Management Information System
Tools and techniques used to gather, integrate, visualize, preserve, and disseminate the outputs of organizational portfolio management
Def Portfolio Management Office
An entity responsible for the centralized management and coordination of the portfolio(s) within its domain
Def Portfolio Management Plan
A document that specifies how a portfolio will be organized, monitored and controlled
Def Portfolio Manager
The person or group assigned by the performing organisation to establish, balance, monitor and control portfolio components in order to achieve strategic business objectives
Def Portfolio Optimization
The ongoing practise by which benefits, risks, and resources are balanced and optimized
Def Portfolio Performance Management Plan
A subsidiary plan or component of the portfolio management plan that describes performance measures, reporting (on scope, cost, schedule, and resources), resource optimization, and benefits realisation
Def Portfolio Periodic Reporting Review
The process of reporting on the portfolio components as a whole using key indicators and reviewing the performance of the component mix by comparing actual with anticipated evolution, value, risk level, spending, and strategic alignment
Def Portfolio Process Assets
Portfolio plans, processes, policies, procedures, and knowledge bases used by the portfolio manager and stakeholders
Content of Portfolio Reports (4)
Reports that provide information on
- performance
- risks
- resources
- governance decisions
Def Portfolio Risk
An uncertain event, set of events, or conditions that, if they occur, have one or more effects, either positive or negative, on at least one strategic business objective of the portfolio
Def Portfolio Risk Management
The utilization of a structured risk planning and response effort that enables rapid and effective decision making to pursue opportunities and minimize the threats to the portfolio
Def Portfolio Risk Management Domain
The activities related to identifying and balancing risk factors to efficiently and effectively enable portfolio value delivered
Def Portfolio Risk Management Framework
The defined process by which the portfolio manager plans, identifies, analyzes, and responds to risks. It is often defined as a part of the portfolio governance framework
Def Portfolio Risk Management Plan
A subsidiary plan or component of the portfolio management plan that describes how risk management activities will be structured and performed
Def Portfolio Roadmap
A visual, high-level artifact that details how the portfolio and its relevant components are tied to the strategic goals of an organisation. It provides the portfolio information in a chronological fashion and ensures dependencies within the portfolioare established and evaluated
Def Portfolio Sponsor
The role that champions the application of organizational resources and supports portfolio management to help meet the portfolio`s goals and objectives and realize its intended value contribution
Def Stakeholder engagement domain
The activities related to the direct and indirect communication between the stakeholders and portfolio management to gain and maintain stakeholder buy-in for the portfolio`s goals, objectives and strategy
Def portfolio strategic management domain
the management of intended and imergent initiatives identified by an organization´s executive management.
Def portfolio strategic objectives
The desired portfolio outcomes derived from an organization´s strategic plan. The strategic objectives guide the development of the overall portfolio strategic management plan.
Def Portfolio strategic plan
A formal, approved document that describes the portfolio vision, objectives, and goals to achieve organizational strategy and objectives
Def portfolio value management domain
The activities related to ensuring the realization of the intended value of the portfolio through its components
Def Program
Related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
Def program management
The application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually.
Def program manager
The person authorized by the performing organization to lead the team or teams responsible for achieving program objectives
Def project
A temporary endeavor undertaken to create a unique product, service, or result
def project management
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements
def project manager
The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives
Def Risk
A uncertain event or condition, that, if it occurs, has a positive or negative effect on one or more project objectives
Def risk acceptance
A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs
Def risk appetite
The degree of uncertainity an organization or individual is willing to accept in anticipation of a reward
Def risk avoidance
A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact
Def risk transference
A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of response.
Def Sponsor
An individual, group, or organization that provides ressources and support for the project, program, or portfolio, and is accountable for enabling success
Def Stakeholder
An individual, group or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program or portfolio
Def Stakeholder Analysis
A technique to identify Stakeholders by individual or group and determine their concerns, interests, influence, expectations, and requirements
Def Stakeholder Engagement
The means by which the portfolio manager supports the achievement of excellence in executing defined strategies through transparency, responsibility, accountability and fairness when interacting with stakeholders
Def strategic allignment
The process of evaluating new or changing strategic objectives and goals to determine where, if any, gaps may exist in the portfolio and adjusting accordingly.
Def strategic change
Any change in the strategic intentions and plans of an organization that can impact the contents of component definition, categories, filters, key indicators, and other decision- making parameters used for portfolio management.
Def strategic initiatives
Programs and projects implemented to achieve a defined future state.
Def strategic plan
A high- level- document that explains an organization´s vision and mission, plus the approach that will be adopted to achieve this mission and vision, including the specific goals and objectives to be achieved during the period covered by the document.
Def strategy and objectives
The definition of an organization´s intended achievements in terms of business results interpreted from various perspectives - financial, customer, infrastructure, products and service, or by cultural outcomes that are measurable.
Def subsidiary Portfolio
A collection of components which includes programs, projects, and other work grouped together within a larger portfolio.
Def supply and demand allocation
the effective utilization of organizational resources based on decision criteria in an efford to balance supply against portfolio demands.
Def supply and demand analysis
the evaluation of human, financial, assets, and intellectual capital capacity and capability accessible in order to select, fund, and execute portfolio components.
Def supply and demand management
The balancing of the portfolio components´need for ressources (demand) against the available resources (supply) such that neither exceeds the other
Def supply and demand optimization
The ongoing measurement and monitoring of resources for needed course corrections and adjustments during portfolio execution.
Def Value
The entire quantifiable and quantifiable benefits, worth, and usefulness of an organization - the total sum of all tangible and intangible elements.
Def value management
Ensuring the realization of the intended value of the portfolio through its components in allignment with an organization´s strategy
Def Vision
The description of where the organization sees itself as a result of the chosen strategy.
