Part 1 Flashcards
What is a project?
A project is a temporary endeavour undertaken to create a unique product, service, or result. It drives
changes (from current to future state) and creates business value.
Why might a project be initiated?
Project initiation context – projects may be started in response to
- regulatory, legal or social requirements
- satisfy stakeholder requirements
- create, improve or fix processes
- implement or change business or tech strategies
What’s the difference between a project, programme, portfolio and operations?
From an org perspective, programs and projects focus on doing those things the ‘right way,’ with portfolio
mgmt. focused on doing the ‘right thing.’
Program management is defined as 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.
Portfolio management is defined as the centralized management of one or more portfolios to achieve
strategic objectives. The programs or projects of the portfolio may not necessarily be interdependent or
directly related.
Operations management is concerned with the ongoing processes. Projects and operations intersect – changes
in a business process may be the focus of a project, or improving/creating new products, at the end of a
product life cycle and project closeout. At each point, deliverables and knowledge are handed over to
operations.
What is a project life cycle?
A project life cycle is the series of phases that a project passes through from its start to its completion. It
provides the basic framework for managing the project. Can be predictive or adaptive.
In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the
life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred
to as waterfall life cycles.
In an iterative life cycle, the 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. Iterations develop the product through a series of repeated cycles, while
increments successively add to the functionality of the product.
In an incremental life cycle, the deliverable is produced through a series of iterations that
successively add functionality within a predetermined time frame.
Adaptive life cycles are agile, iterative, or incremental. The detailed scope is defined and approved
before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life
cycles.
A hybrid life cycle is a combination of a predictive and an 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.
What is a project phase?
A project phase is a collection of logically related project activities that culminates in the completion of one or
more deliverables. Examples include concept development, feasibility study, customer requirements, design,
prototype, build, test etc.
What is a project phase gate?
A phase gate is held at the end of a phase, and compares the project’s performance and progress to business
documents – such as the project’s business case / charter / management plan / benefits management plan. A
decision is made to continue /continue with modification /end/remain in this phase/repeat the phase or parts
of it.
What are the process groups?
A Project Management Process Group is a logical grouping of project management processes to
achieve specific project objectives.
- Initiating process group
- planning process group
- executing process group
- monitoring and controlling process group
- closing process group
What are the Knowledge Groups?
In addition to Process Groups, processes are also categorized by Knowledge Areas. A Knowledge Area is an
identified area of project management defined by its knowledge requirements and described in terms of its
component processes, practices, inputs, outputs, tools, and techniques. The ten Knowledge Areas identified in
this guide are used in most projects most of the time.
In addition to Process Groups, processes are also categorized by Knowledge Areas. A Knowledge Area is an
identified area of project management defined by its knowledge requirements and described in terms of its
component processes, practices, inputs, outputs, tools, and techniques. The ten Knowledge Areas identified in
this guide are used in most projects most of the time.
What is work performance data?
Work performance data. The raw observations and measurements identified during activities performed
to carry out the project work.
What is a work performance report?
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. Examples include status reports, memos, justifications, information notes, electronic dashboards,
recommendations, and updates.
What is tailoring?
The appropriate project management processes, inputs, tools, techniques, outputs, and life
cycle phases should be selected to manage a project. This selection activity is known as tailoring project
management to the project.
This is necessary because every project is unique, there are competing constraints of scope, schedule,
resource, cost and risk. The varying levels of governance should be considered.
What is a business case?
The project business case is a 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. The business case lists the objectives and reasons for project
initiation. It helps measure the project success at the end of the project against the project objectives. The
business case is a project business document that is used throughout the project life cycle.
What is a project benefits management plan?
The project benefits management plan is the document that describes how and when the benefits of
the project will be delivered, and describes the mechanisms that should be in place to measure those
benefits.
A project benefit is defined as an outcome of actions, behaviors, products, services, or results that
provide value to the sponsoring organization as well as to the project’s intended beneficiaries.
Developing the benefits management plan makes use of the data and information documented in the business
case and needs assessment. For example, the cost-benefit analyses recorded in the documents illustrate
the estimate of costs compared to the value of the benefits realized by the project. The benefits
management plan and the project management plan include a description of how the business value
resulting from the project becomes part of the organization’s ongoing operations, including the metrics
to be used. The metrics provide verification of the business value and validation of the project’s success.
What are project success measures?
Project success measures – one of the most common challenges is in determining whether a project has been
successful. The key stakeholders and project manager should agree on the following:
- what does success look like for the project?
- how will success be measured?
- what factors may impact success?
Project success may include additional criteria – linking the benefits management plan, NPV/ROI/IRR, payback
period, satisfaction and adoption metrics and others.
