Introduction to Project Management Flashcards
PMBOK (Project Management Body of Knowledge)
Defined by PMI as a term that describes the knowledge within the profession of project management
Standard of Project Management
Developed using a process based on the concepts of consensus, openness, due process and balance
Code of Ethics and Professional Conduct
To instill confidence and to help make wise decisions. Includes both aspirational standards and mandatory standards
Projects
A temporary endeavor undertaken to create a unique product, service, or result
Business Value
Net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both
- In projects, this refers to the benefit that the results of a specific project provide to its stakeholders.
Project Initiation Fundamental Categories
- 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.
Project Management
Application of knowledge, skills, tools and techniques to project activities to meet the project requirements.
Program
Group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
Portfolio
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
Program Management
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
Program Component
Projects and other programs within a program
Portfolio Management
Centralized management of one or more portfolios to achieve strategic objectives.
Operations Management
Area that is outside the scope of formal project management concerned with the ongoing production of goods and/or services.
Organizational Project Management (OPM) and Strategies
- Portfolio Management aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources
- Program Management harmonizes its program components and controls interdependencies in order to realize specified benefits
- Project Management enables the achievement of organizational goals and objectives
Organizational Project Management
Framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.
Project Life Cycle
Series of phases that a project passes through from its start to its completion
Project Phase
A collection of logically related project activities that culminates in the completion of one or more deliverables
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 program or project.
A.K.A. phase review, stage gate, kill point, phase entrance or phase exit
Project Management Processes
A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs
Project Management Process Groups
A logical grouping of project management inputs, tools and technique, and outputs (ITTOs)
InitIating, Planning, Executing, Monitoring and Controlling, and Closing
Project Management Knowledge Area
Identified Area of Project Management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools and techniques
Development Life Cycles
One or more phases associated with a development of the product, service or result within a project life cycle.
Development Life Cycle Models
- Predictive Life Cycle
- Iterative Life Cycle
- Incremental Life Cycle
- Adaptive Life Cycle
- Hybrid Life Cycle
Predictive Life Cycle
Project scope, time and cost are determined in the early phases of the life cycle
Iterative Life Cycle
Project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases
Incremental Life Cycle
The deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame
Adaptive Life Cycle
Agile, iterative or incremental. Detailed scope is defined and approved before the start of an iteration. A.K.A. Agile or change-driven life cycle
Hybrid Life Cycle
Combination of predictive and adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle
Process Categories
- Process used once or at predefined points in the project (ex. Develop Project Charter)
- Processes that are performed periodically as needed (ex. Acquire Resources Process)
- Processes that are performed continuously throughout the project (ex. Define Activities Process)
Initiating Process Group
Processes performed to define a new project or phase of an existing project by obtaining authorization to start the project or phase
Planning Process Group
Processes required to establish the scope of the project, refine objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve
Executing Process Group
Processes performed to complete the work defined in the project management plan to satisfy the project requirements
Monitoring and Controlling Process Group
Processes required to track, review, and regulate the progress and performance of the project; identify any areas in which change to the plan are required; and initiate corresponding changes
Closing Process Group
Processes performed to formally complete or close the project phase or contract
Knowledge Area
Identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools and techniques
Project Data
Collected as a result of various processes and are shared within the project
Work Performance Data
Raw observations and measurements identified during activities performed to carry out the project work
Work Performance Information
Performance data collected from various controlling processes, analyzed in context and integrated based on relationships across areas
Work Performance Reports
The physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions or awareness
Project Management Information System
Where project data are usually recorded
Tailoring Project Management to the Project
Selection of appropriate project management processes, inputs, tools, techniques, outputs, and life cycle phases.
Project Business Case
Documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.
Project Benefits Management Plan
- Documented explanation defining the processes by creating, maximizing, and sustaining the benefits provided by a project.
- Describes how and when the benefits of a project will be delivered and describes the mechanisms that should be in place to measure the benefits.
- Outlines the target benefits of the project
Project Sponsor
Generally accountable for the development and maintenance of the project business case document.
Project Benefits
Outcome of actions, behaviors, products, services, or results that provide a value to the sponsoring organization as well as the project’s intended beneficiaries
Benefits Key Elements
- Target Benefits (tangible and intangible value to be gained)
- Strategic Alignment (project benefits align to business strategies)
- Timeframe for realizing benefits (by phase, short or long term, or ongoing)
- Benefits Owner (accountable person to document benefits)
- Metrics (direct measures or indirect)
- Assumptions (factors expected to in place)
- Risks (risks for realization of benefits)
Project Success Measures
- Time
- Cost
- Scope
- Quality
- (more recently) Achievement of Project Objectives
Two Major Categories of Influence
- Enterprise Environmental Factors (EEFs)
- Organizational Process Assets (OPAs)
Enterprise Environmental Factors (EEFs)
- Originate from the environment outside of the project and often outside of the enterprise.
- Conditions, not under the control of the project team, that influence, constrain, or direct a project
Organizational Process Assets (OPAs)
- Internal to the organization (plans, processes, policies, procedures, and knowledge bases) specific to and used by the performing organization.
- Any artifact, practice, or knowledge from any or all of the performing organizations involved in the project that can be used to execute or govern the project
Organizational System
The interaction of multiple factors within an individual organization creates a unique system that impacts the project operating in that system.
- Determines the power, influence, interests, competence, and political capabilities of the people who are able to act within the system
Organization System Factors
- Management Elements
- Governance Frameworks
- Organizational Structure Types
System
Collection of various components that together can produce results not obtainable by the individual components alone.
Component
Identifiable element within the project or organization that provides a particular function or group related function.
System Principles
- Systems are dynamic
- Systems can be optimized
- System Components can be optimized
- Systems and their Components cannot be optimized at the same time
- Systems are non-linear in responsiveness (a change in input doesn’t produce a predictable change in the output)
Governance
Organizational or structural arrangements at all levels of an organization designed to determine and influence the behavior of the organization’s members
Project Governance
Framework, functions and processes that guide project management activities in order to create a unique product, service or result to meet organizational, strategic and operational goals
Management Elements
Components that comprise the key functions or principles of general management in the organization
Organizational Structure Types
- Organic or simple
- Functional (centralized)
- Multi-divisional (may replicate functions for each division with little centralization)
- Matrix - strong
- Matrix - weak
- Matrix - balanced
- Project-oriented (composite, hybrid)
- Virtual
- Hybrid
- PMO
Project Management Office (PMO)
Organizational structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools and techniques
PMO Degree of Control and Influence
- Supportive (consultative role)
- Controlling (provide support and require compliance)
- Directive (take control of projects by directly managing the projects)
