Module 2 - Projects and Project Management Flashcards
Project
A temporary endeavor undertaken to create a unique product, service or result
Project Manager
A person assigned by a performing organization to lead the project team that is responsible for achieving the project objectives
Project Management
The application of knowledge, tools, skills and techniques to project activities to meet project requirements.
Operations
Day to day functions of an organization that are repetitive and produce a standard deliverable product or service on an ongoing basis, often at large scale or volume
Project based operations
Operations segmented into separately managed modules or tasks that can be individually sequenced, tracked and measured to achieve reliable but customized outcomes through applying the principles of project management.
Project Portfolio
A collection of projects or programs an other work that are grouped together to facilitate effective management to meet strategic business objectives.
Program
Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits that are not available when managing them separately.
Creating Value
Ensuring that an organizations investment in projects is fully materialized. Different stakeholders perceive value in different ways. Customers can define value as the ability to use specific features or functions of a product. Organizations may focus on business value as determined using financial metrics, such as the benefits minus the cost of achieving those benefits.
Project Management Process Groups
One of five distinct groups into which management processes are categorized: Initiating, Planning, Executing, Monitoring, Controlling and Closing
Issues
A question, current condition or situation that may have an impact on a project and that therefore requires some sort of research and resolution. Also, a risk that has been materialized.
Risks
An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more of the project objectives. Negative risks are called threat and positive risks are called opportunities.
Assumptions
A fact about a project or its requirements that creates special conditions around which the project must be planned and executed
Constraints
A project boundary of limit of time, cost, scope or quality
Business Analysis
A set of requirements discovery, requirements creation, and communication management activities, performed to support the delivery of solutions that align with the business objectives and provide continues value to an organization.
Adaptive Project Management
An environment or framework for constantly communicating with the stakeholder fora backlog of key requirements are that are important to the customers and them quickly demonstrating working features that pertain to those requirements.
