PMBOK - PMP Flashcards
Business Value Creation
Net quantifiable benefit derived from a business endeavor.
In Business Analysis, this is considered the return, in the form of elements such as time, money, goods, or intangibles in return for something exchanged
Tangible Elements:
Monetary assets
Stockholder equity, Utility
Fixtures
Tools
Market share
Intangible Elements:
Goodwill
Brand Recognition
Public benefit
Trademark
Reputation
Project Initiation Context
- Meet regulatory, legal, or social requirements;
- Satisfy stakeholder requests or needs
- Implement or change business or technological strategies
- Create, improve, or fix products, processes, or services.
Effective project management helps individuals, groups, and public and private organizations to:
- Meet business objectives;
- Satisfy stakeholder expectations;
- Be more predictable;
- Increase chances of success;
- Deliver the right products at the right time;
- Resolve problems and issues;
- Respond to risks in a timely manner;
- Optimize the use of organizational resources;
- Identify, recover, or terminate failing projects;
- Manage constraints (e.g., scope, quality, schedule, costs, resources);
- Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and
- Manage change in a better manner.
Project management enables organizations to
- Tie project results to business goals
- Compete more effectively in their markets
- Sustain the organization
- Respond to the impact of business environment changes on projects by appropriately adjusting project management plans
Program
group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
Portfolio
projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Significance of Portfolio View
Facilitates the effective governance and management of the work that helps to achieve organizational strategies and priorities.
allows organizations to see how the strategic goals are reflected in the portfolio.
enables the implementation and coordination of appropriate portfolio, program, and project governance. This coordinated governance allows authorized allocation of human, financial, and physical resources based on expected performance and benefits.
Program management
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
Actions related to these program and project-level interdependencies may include:
Aligning with the organizational or strategic direction that affects program and project goals and objectives
Allocating the program scope into program components
Managing interdependencies among the components of the program to best serve the program
Managing program risks that may impact multiple projects in the program
Resolving constraints and conflicts that affect multiple projects within the program
Resolving issues between component projects and the program level
Managing change requests within a shared governance framework
Allocating budgets across multiple projects within the program; and
Assuring benefits realization from the program and component projects.
Portfolio management
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.
The aim of portfolio management
Guide organizational investment decisions
Select the optimal mix of programs and projects to meet strategic objectives
Provide decision-making transparency
Prioritize team and physical resource allocation
Increase the likelihood of realizing the desired return on investment
Centralize the management of the aggregate risk profile of all components.
Operations management
concerned with the ongoing production of goods and/or services.
It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).
Projects can intersect with operations at various points during the product life cycle, such as;
When developing a new product, upgrading a product, or expanding outputs
While improving operations or the product development process
At the end of the product life cycle; and
At each closeout phase.
OPM
framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.
Purpose of OPM
ensure that the organization undertakes the right projects and allocates critical resources appropriately.
helps to ensure that all levels in the organization understand the strategic vision, the initiatives that support the vision, the objectives, and the deliverables
Project Life Cycle
The series of phases that a project passes through from its start to its completion.
Project Phase
A collection of logically related project activities that culminates in the completion of one or more deliverables.
Phase gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a program or project.
Project management processes
A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs.
Project Management Process Group
A logical grouping of project management inputs, tools and techniques, and outputs. The Project Management Process Groups include Initiating, Planning, Executing, Monitoring and Controlling, and Closing. Project Management Process Groups are not project phases.
Project Management Knowledge Area
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.
Project Life Cycle
series of phases that a project passes through from its start to its completion.
It provides the basic framework for managing the project. This basic framework applies regardless of the specific project work involved. The phases may be sequential, iterative, or overlapping
Can be predictive or adaptive
Developmental life cycles
can be predictive, iterative, incremental, adaptive, or a hybrid model
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.
Can also be referred to as waterfall life cycles
