Module 2: Projects and Project Management Flashcards
Projects and Project Management
Defn: Project
a temporary endeavor under taken to create a unique product, service or result.
What are the 3 primary words in the defn of a project?
temporary, endeavor and unique.
Defn: Business Analysis
Process of determining the feasibility of a project.
The practice of enabling change in an organizational context by defining the needs and recommend solutions that deliver value to stakeholders.
Who authorizes a project?
Sponsors, stakeholders, PMs
What 6 things are needed to initiate a project?
- Project Vision Statement
- Project Charter
- Project Sponsor
- Stakeholders
- Business Case
- Measurable Strategic Objectives
Defn: Project Vision Statement
A high level description of a project that states its purpose and inspires contribution.
Defn: Project Charter
A document from the project initiator/sponsor that formally authorizes project and gives authority to PM to apply resources.
Defn: Project Sponsor
Individual/Group that provides resources and support for Project/Program/Portfolio and is accountable for its success.
Defn: Stakeholders
Those affected by the decisions/outcomes of a project.
Defn: Business Case
Identifies that needs of the project, including costs vs value and feasibility.
Defn: Measurable Strategic Objectives
Obj that can be quantified - EX: KPIs
Defn: Project Management
Application of knowledge, skills, tools, techniques to project activities to meet the project requirements.
Breakdown project management definition to highlight the key words
Application - such as conducting business analysis, communicating or motivating the team.
Guiding work - project planning, organizing
Use Range of Approaches
Three range of approaches / project life cycles
Predictive - planned entirely
Adaptive - plan as you go
Hybrid of the two.
Defn: Operations
Ongoing execution of activities that follows an organizations procedures to produce the same result or repetitive service.
