PPT1 - CH1 Flashcards
is a temporary endeavor undertaken to create a unique product, service, or result
Project
has a defined lifespan with a beginning and an end
- Temporary
established objectives
- Product, service, or result
an attempt to achieve an objective or a goal, usually, the involvement of several departments and professionals
- Endeavor
The end of the project is reached when one or more of the following is true (6):
- The project’s objectives have been achieved;
- The objectives will not or cannot be met;
- Funding is exhausted or no longer available for allocation to the project;
- The need for the project no longer exists (e.g., the customer no longer wants the project completed, a change in strategy or priority ends the project, the organizational management provides direction to end the project);
- The human or physical resources are no longer available; or
- The project is terminated for legal cause or convenience.
refers to the benefit that the results of a specific project provide to its stakeholders. It may be tangible, intangible, or both.
- Business Value
Tangible elements of business value
- Monetary Assets
- Stockholder equity
- Utility
- Fixtures
- Tools
- Market Share
Intangible Elements of business value
- Goodwill
- Brand recognition
- Public benefit
- Trademarks
- Strategic alignment
- Reputation
Factors that lead to the Creation of Projects (4)
- Meet regulatory, legal, or social requirements
- Implement or change business or technological strategies
- Create, improve, or fix products, processes, or services
- Satisfy stakeholder requests or needs
Specific Factors that Lead to the Creation of Projects (13)
- New technology
- Competitive forces
- Material issues
- Political changes
- Market demand
- Economic changes
- Customer request
- Stakeholder demands
- Legal requirement
- Business process improvements
- Strategic opportunity or business need
- Social need
- Environmental Considerations
is the series of phases that a project passes through from its start to its completion. It is the basic framework for managing projects.
project life cycle
- Within a project life cycle are one or more phases that are associated with the development of the product, service, or result
development life cycle
- A development life cycle can be
predictive, iterative, incremental, adaptive, or a hybrid.
(life cycle) the project scope, time, and cost are determined in the early phases of the life cycle
- In a predictive life cycle ,
(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.
- In an iterative life cycle ,
(approach) to build the overall solution/product and then refine some of the areas that require improvement.
An iterative approach would be
(life cycle) the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.
- In an incremental life cycle ,
(approach) involves building and releasing one feature at a time depending on priorities defined by the customer.
Using an incremental approach
(life cycle) are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. When the project scope and/or technology is not fully known, things become much less predictable and plan-driven methods suffer.
- Adaptive life cycles
(life cycle) is a combination of a predictive and an adaptive life cycle
- A hybrid life cycle
is a collection of logically related project activities that culminates in the completion of one or more deliverables.
project phase
is held at the end of the phase, and the performance measured and compared against project documents and plans.
phase gate
starts after the project is given a go-ahead. Specifications are defined; objectives established; teams formed; major responsibilities assigned.
- Defining Stage / Starting a Project
Plans are developed; schedules formed; quality level determined; and budget decided.
- Planning Stage / Organizing and Preparing
