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PMI Portfolio Management > Glossary > Flashcards

Glossary Flashcards

1
Q

Def Authorization

A

Process of approving, funding and communicating for initiating work

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2
Q

Def authorize Portfolio

A

Process of allocating resources to execute portfolio components and to formally communicate

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3
Q

Def category

A

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

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4
Q

Def component

A

discrete element of a portfolio that is a program, a project or operations work to achieve the portfolio´s strategic objective

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5
Q

Def component proposal

A

a recommendation or plan, business case, or feasibility study, developed by stakeholders or sponsors, to introduce or change a portfolio component or components

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6
Q

Def Cost/ benefit Analysis

A

A technique that weights expected costs against expected financial and nonfinancial benefits (value) to determine the best (according to relevant criteria) course of action

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7
Q

Def Enterprise Environmental Factors

A

Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio

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8
Q

Def Evaluation

A

Process of scoring specific potential components using key indicators and their related weighted criteria for comparison purpose for further decision making

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9
Q

Def Goals

A

general statements that indicate what is to be achieved relative to an organization´s vision

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10
Q

Def Governance Decisions

A

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.

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11
Q

Def Governance Recommendations

A

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

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12
Q

Def Inventory of Work

A

a list of active work that may be potential portfolio components and a starting point to develop a portfolio

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13
Q

Def Key Criteria

A

Predetermined measures, values, or conditions used in a scoring model to measure alignment with strategic goals

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14
Q

Def Key Descriptors

A

A set of characteristics used to categorize and document a portfolio component for further decision making

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15
Q

Def Mission

A

The statement that explaines the overall approach for achieving an organization´s vision

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16
Q

Def Objectives

A

The outcomes developed from the strategic goals of an organization that are specific, measurable, and time bound

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17
Q

Def Operations

A

The business function responsible for for planning, coordinating, resourcing, and controlling the repeatable, usually cyclical, day-to-day activities of an organization

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18
Q

Def Organizational Capabilities

A

The ability of an organization through its people, processes, and systems to execute an entire portfolio of initiatives for delivering goods and services

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19
Q

Def Organizational Governance

A

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

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20
Q

Def Organizational Process Assets

A

Plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization

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21
Q

Def Organizational Project Management

A

A framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives

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22
Q

Def organizational Strategy and Objectives

A

An organizational document that contains the mission and vision statement as well as goals, objectives, and strategies intended to achieve the vision

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23
Q

Def Phase Gate

A

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

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24
Q

Def Portfolio

A

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives

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25
Q

Def Portfolio Audit

A

A process for reviewing compliance with the governance principles and practises as carried out by the portfolio, program, and project management team

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26
Q

Def Portfolio Authorization

A

The formal process to authorize portfolio components, allocate funding, and assign ressources

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27
Q

Def Portfolio Balancing

A

The process of optimizing the mix of portfolio components to further the strategic objectives of an organization

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28
Q

Def Portfolio Capacity and Capability Management Domain

A

A comprehensive framework to identify, allocate, and optimize resources for maximizing resource utilization and minimizing resource conflicts in portfolio execution

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29
Q

Def Portfolio Charter

A

A document issued by a sponsor that authorizes and specifies the portfolio structure and links the portfolio to an organization´s strategic objectives

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30
Q

Def Portfolio Communication Management

A

The Process required to develop the portfolio communication management plan and manage the dissemination of portfolio information

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31
Q

Def Portfolio Communication Management Plan

A

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

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32
Q

Def Portfolio Component Reports

A

Status reports from the portfolio´s program and project managers

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33
Q

Def Portfolio Governance Body (Portfolio Governance Board)

A

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.

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34
Q

Def Portfolio Governance Domain

A

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

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35
Q

Def Portfolio Life Cycle

A

The ongoing processes and functions that occur to a set of portfolios, programs, projects, and operations within a continous time frame

36
Q

Def Portfolio Management

A

The centralized management of one or more portfolios to achieve strategic objectives

37
Q

Def Portfolio Management Information System

A

Tools and techniques used to gather, integrate, visualize, preserve, and disseminate the outputs of organizational portfolio management

38
Q

Def Portfolio Management Office

A

An entity responsible for the centralized management and coordination of the portfolio(s) within its domain

39
Q

Def Portfolio Management Plan

A

A document that specifies how a portfolio will be organized, monitored and controlled

40
Q

Def Portfolio Manager

A

The person or group assigned by the performing organisation to establish, balance, monitor and control portfolio components in order to achieve strategic business objectives

41
Q

Def Portfolio Optimization

A

The ongoing practise by which benefits, risks, and resources are balanced and optimized

42
Q

Def Portfolio Performance Management Plan

A

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

43
Q

Def Portfolio Periodic Reporting Review

A

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

44
Q

Def Portfolio Process Assets

A

Portfolio plans, processes, policies, procedures, and knowledge bases used by the portfolio manager and stakeholders

45
Q

Content of Portfolio Reports (4)

A

Reports that provide information on
- performance
- risks
- resources
- governance decisions

46
Q

Def Portfolio Risk

A

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

47
Q

Def Portfolio Risk Management

A

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

48
Q

Def Portfolio Risk Management Domain

A

The activities related to identifying and balancing risk factors to efficiently and effectively enable portfolio value delivered

49
Q

Def Portfolio Risk Management Framework

A

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

50
Q

Def Portfolio Risk Management Plan

A

A subsidiary plan or component of the portfolio management plan that describes how risk management activities will be structured and performed

51
Q

Def Portfolio Roadmap

A

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

52
Q

Def Portfolio Sponsor

A

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

53
Q

Def Stakeholder engagement domain

A

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

54
Q

Def portfolio strategic management domain

A

the management of intended and imergent initiatives identified by an organization´s executive management.

55
Q

Def portfolio strategic objectives

A

The desired portfolio outcomes derived from an organization´s strategic plan. The strategic objectives guide the development of the overall portfolio strategic management plan.

56
Q

Def Portfolio strategic plan

A

A formal, approved document that describes the portfolio vision, objectives, and goals to achieve organizational strategy and objectives

57
Q

Def portfolio value management domain

A

The activities related to ensuring the realization of the intended value of the portfolio through its components

58
Q

Def Program

A

Related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually

59
Q

Def program management

A

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.

60
Q

Def program manager

A

The person authorized by the performing organization to lead the team or teams responsible for achieving program objectives

61
Q

Def project

A

A temporary endeavor undertaken to create a unique product, service, or result

62
Q

def project management

A

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements

63
Q

def project manager

A

The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives

64
Q

Def Risk

A

A uncertain event or condition, that, if it occurs, has a positive or negative effect on one or more project objectives

65
Q

Def risk acceptance

A

A risk response strategy whereby the project team decides to acknowledge the risk and not take any action unless the risk occurs

66
Q

Def risk appetite

A

The degree of uncertainity an organization or individual is willing to accept in anticipation of a reward

67
Q

Def risk avoidance

A

A risk response strategy whereby the project team acts to eliminate the threat or protect the project from its impact

68
Q

Def risk transference

A

A risk response strategy whereby the project team shifts the impact of a threat to a third party, together with ownership of response.

69
Q

Def Sponsor

A

An individual, group, or organization that provides ressources and support for the project, program, or portfolio, and is accountable for enabling success

70
Q

Def Stakeholder

A

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

71
Q

Def Stakeholder Analysis

A

A technique to identify Stakeholders by individual or group and determine their concerns, interests, influence, expectations, and requirements

72
Q

Def Stakeholder Engagement

A

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

73
Q

Def strategic allignment

A

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.

74
Q

Def strategic change

A

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.

75
Q

Def strategic initiatives

A

Programs and projects implemented to achieve a defined future state.

76
Q

Def strategic plan

A

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.

77
Q

Def strategy and objectives

A

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.

78
Q

Def subsidiary Portfolio

A

A collection of components which includes programs, projects, and other work grouped together within a larger portfolio.

79
Q

Def supply and demand allocation

A

the effective utilization of organizational resources based on decision criteria in an efford to balance supply against portfolio demands.

80
Q

Def supply and demand analysis

A

the evaluation of human, financial, assets, and intellectual capital capacity and capability accessible in order to select, fund, and execute portfolio components.

81
Q

Def supply and demand management

A

The balancing of the portfolio components´need for ressources (demand) against the available resources (supply) such that neither exceeds the other

82
Q

Def supply and demand optimization

A

The ongoing measurement and monitoring of resources for needed course corrections and adjustments during portfolio execution.

83
Q

Def Value

A

The entire quantifiable and quantifiable benefits, worth, and usefulness of an organization - the total sum of all tangible and intangible elements.

84
Q

Def value management

A

Ensuring the realization of the intended value of the portfolio through its components in allignment with an organization´s strategy

85
Q

Def Vision

A

The description of where the organization sees itself as a result of the chosen strategy.

PMI Portfolio Management (10 decks)

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