Module 3 Flashcards
Dedicated Project Teams
Operates separate from parent organization with a full-time project manager
Projectitis
Become overly focused on projects, often a detriment to overall strategic goals and operational efficiency
Matrix Structure
Blends functional and project based structures. Used where project work is prominent.
Weak Matrix
Similar to a functional approach, except there is a formally designated project manager
Balanced Matrix
Project manager is focused on establishing a plan for the project, functional managers are focused on how it will be accomplished
Strong Matrix
Project manager controls most aspects of the project. Functional managers are called on as needed.
Project Management Office (PMO)
A centralized unit within an organization or a department that oversees and supports the execution of projects
Organizational Culture
Reflects the “personality” of the organization. Shared norms, beliefs, values, and assumptions that binds people together.
Projectized Organization
Organizational structure in which projects are the primary focus of the company’s operations
Project Scope
The result or mission of your project and defines the results to be achieved.
Scope Statements (Statements of Work)
A summary of key elements of the scope, followed by extended documentation of each component.
Project Charter
Documentation authorizing the project manager to initiate and lead the project.
Scope Creep
The tendency for the project scope to expand over time.
Gold Plating
Additions not requested by clients/stakeholders and often go beyond the original project requirements
Three major trade-offs for a project manager
- Cost (Budget)
- Time (Schedule)
- Performance (Scope)
A project manager manages trade-offs by
Constrain (Performance) – The original parameter is fixed
Enhance (Time) – a criterion should be optimized
Accept (Cost) – a criterion is tolerable to not meet the original parameter
Work Breakdown Structure
Hierarchical decomposition of a project into smaller, more manageable components.
Work Packages
The lowest level of the work breakdown structure. A short-duration task that consumes resources and represents cost
Organization Breakdown Structure (OBS)
A way to visualize the organization of a project. It shows who is involved in the project and what their roles are.
Work Breakdown Structure (WBS) Dictionary
Provides detailed information about each element in the WBS
Process Breakdown Structure (PBS)
Is used for process-oriented projects
Product Scope Description
The specific features, functionalities, and requirements of a product. What will and will not be included.
Acceptance Criteria
A set of conditions that a product or feature must meet to be accepted by stakeholders
Responsibility Matrix (RM)
Lists all the project activities and the participants responsible for each activity
Priority Matrix
Divides tasks into four quadrants based on urgency and importance:
* Urgent and Important (Critical deadline)
* Not Urgent but Important (Strategic planning, skill development)
* Urgent but Not Important (Routine reports)
* Not Urgent and Not Important (Unproductive activities)
Risk
An uncertain event or condition that, if it occurs, has a positive or negative effect on project objectives
Risk Breakdown Structure (RBS)
Hierarchical framework that categorizes and organizes potential risks associated with a project.
Scenario Analysis
Assesses the significance of each risk event in terms of probability and impact
Risk Severity Matrix
Prioritizes which risks to address
Mitigating Risk
Reducing the likelihood that the event will occur and impact that the adverse event would have on the project
Avoiding Risk
Changing the project plan to eliminate the risk or condition
Transferring Risk
Passing risk to another party (Examples: Fixed-price contracts, insurance)
Escalating Risk
Notifying the appropriate people within the organization of the threat
Retaining Risk
Making a conscious decision to accept the risk of an event occurring
Contingency Plan
An alternative plan that will be used if a possible foreseen risk event becomes a reality.
Opportunity
An event that can have a positive impact on project objectives
Contingency reserves
Specifically allocated to cover risks that are identified during the project planning phase but are uncertain in terms of their occurrence and impact.
Management reserve
Designed to address risks that are unknown at the time of planning, providing a financial buffer for unforeseen issues.
Time Buffers
Amounts of time used to cushion against potential delays in the project
Risk Register
Details about risks, their potential impact, and the strategies in place to manage them.
Risk Control
Processes and strategies implemented to mitigate, monitor, and manage risks identified in a project or organization.
Change Management Systems
Structured approaches designed to manage and facilitate organizational change effectively.
