PM terms 2 Flashcards
What makes a project temporary?
Start and end date
What makes a project unique?
Unique to the customer, something they haven’t done before
What is progressive elaboration in the context of a project?
Discovering progressively greater levels of detail as the project moves towards completion (rolling wave planning) - e.g., estimates, schedules
What are the three characteristics of a project (vs operations)?
Unique, temporary, Progressive elaboration
What is the definition of PM?
Application of knowledge, skills, tools, and techniques TO MEET PROJECT REQUIREMENTS
What are the three approaches to manage a project?
Predictive (traditional waterfall), agile (adaptive - change-driven), hybrid
What is the role of the PM as it relates to business value?
Ensure that the project and deliverables are adding value to the business (tangible or intangible).
What defines operations management vs a project?
Deals with the ongoing production of goods or services.
What is the definition of a program?
Group of related projects managed in a coordinated way to obtain benefits and control not available from managing them independently.
Focuses on the interdependencies and helps determine optimal approach to manage them.
What is the relationship between a project and a program?
Project may or may not be part of a program, program will always have projects.
What is the definition of a portfolio?
Collection of projects, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives
What is the definition of a phase?
Collection of logically related project activities that culminates in the completion of one or more deliverables
What is the definition of a deliverable?
Unique and verifiable product, service, or result. Tangible or intangible, must be accepted by the sponsor.
What are the components of a process?
Inputs, tools and techniques, and outputs (ITTO)
Are processes linear?
Not necessarily - it’s the combo of the input, the things you do to then get to the output, and the output.
What are the five process groups that PMs may be doing?
Initiating. Planning. Executing. Monitoring and Controlling. Closing
What is the definition of a project life cycle?
Phases the project goes through from start to finish (predictive or adaptive or hybrid)
What defines a predictive life cycle?
Scope, cost, time are known early
What defines an adaptive (or iterative or incremental) life cycle?
Scope is known early but changes are welcome and incorporated - iterations of the project.
Define project governance?
Framework, functions, and processes that a company follows to complete a project (framework created by the business to accomplish the goals of a project)
What are the three types of PMO
Supportive, controlling, directive
Why is determining the organizational structure important for a PM?
Determines level of power and authority for PM and project needa
What is a functional org and how does it affect the PM?
Staff are grouped by expertise (e.g. construction) and report to functional manager. Limited PM control over resources.
What is an organic or simple organic and what is the PM role?
Role of PM doesn’t really exist - owner or operator owns budgets. Someone steps up to lead, shared resources.
