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PRINCE2 > PRINCE2 Definitions > Flashcards

PRINCE2 Definitions Flashcards

1
Q

Project

A

A temporary organization that is created for the purpose of delivering one or more business products according to an agreed business case.

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2
Q

Project Management

A

Project management is the application of methods, tools, techniques, and competencies to enable the project to meet its objectives.

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3
Q

Performance Target

A

The project’s performance target sets the expected success level against which the management of the project will be judged. PRINCE2 includes performance targets for benefits, cost, time, quality, scope, sustainability, and risk.

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4
Q

Business

A

The organization that provides the project mandate and the structure within which the project is governed.

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5
Q

User

A

The organization that will use the project products to enable it to gain the expected benefits. They may be internal or external to the business organization.

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6
Q

Supplier

A

The organization that provides the expertise, people, and resources required to deliver the products required by the project. They may be internal or external to the business organization.

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7
Q

Customer

A

Where there is a commercial relationship between the business and the supplier, the business is regarded as the customer.

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8
Q

PRINCE2 Principles

A

The PRINCE2 principles are the guiding obligations that determine whether the project is genuinely being managed using PRINCE2 and ensure effective application and tailoring of PRINCE2 to any project.

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9
Q

Stage

A

The section of a project that the project manager is managing on behalf of the project board at any one time.

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10
Q

Tolerance

A

The permissible deviation above and below the plan’s target for benefits, cost, time, quality, scope, sustainability, and risk without needing to escalate the deviation to the next level of management. Tolerance is applied at project, stage, and team levels.

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11
Q

Management Products

A

Documents or information needed to support the management of the project, such as a business case or a plan.

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12
Q

Product

A

An input or output, whether tangible or intangible, that can be described in advance, created, and tested.

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13
Q

Specialist Products

A

Products that are needed by the user to realize the benefits required of the project.

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14
Q

Project Product

A

Total output from the project as defined in the project product description.

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15
Q

External Products

A

Products developed or provided outside of the project’s control but which the project is dependent on, for example, the publication of a new standard.

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16
Q

Organizational Ecosystem

A

Internal elements of an organization (including staff, board, owners, and other stakeholders) together with the organization’s external relationships such as customers, partners, suppliers, regulators, and competitors.

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17
Q

Project Ecosystem

A

Elements of the business involved in or directly impacted by the project and the associated users and suppliers.

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18
Q

Change Management

A

Change management is the means by which an organization transitions from the current state to the target state.

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19
Q

Stakeholder

A

Any individual, group, or organization that can affect or be affected by (or perceives itself to be affected by) the project.

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20
Q

Culture

A

Culture is the set of shared attitudes, values, goals, and ways of working that characterize a group of people.

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21
Q

Collaboration

A

People from across the project ecosystem working together to achieve the project’s objectives.

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22
Q

Co-creation

A

A specific form of collaboration involving users and key influencers in the design of products and agreed ways of working to ensure they are adopted by the project and organizational ecosystems

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23
Q

Leadership

A

Motivating people to achieve a project’s objectives. On projects, this is best done through collaboration across the project ecosystem, persuading, influencing, and co-creating with a focus on managing key relationships and seeking regular feedback to ensure team members remain aligned to the project’s objectives and agree to joint ways of working.

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24
Q

Management

A

Instructing the execution of tasks in line with agreed ways of working. Co-creating ways of working with project team members (and stakeholders) significantly improves people’s willingness to be managed in line with them.

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25
Q

Practice

A

An aspect of project management that must be applied consistently and throughout the project life-cycle. The practices require specific treatment of that aspect of project management for the PRINCE2 processes to be effective.

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26
Q

Output

A

The tangible or intangible deliverable of an activity. In PRINCE2, outputs are the specialist products that will be used to enable change.

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27
Q

Capability

A

The completed set of project outputs required to deliver an outcome.

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28
Q

Outcome

A

The result of change, normally affecting real-world behaviour and circumstances. Changes are implemented to achieve outcomes, which are achieved as a result of the activities undertaken to facilitate the change.

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29
Q

Benefit

A

The measurable improvement resulting from an outcome that is perceived as an advantage by the investing organization and contributes towards one or more business objectives.

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30
Q

Dis-benefit

A

The measurable decline resulting from an outcome perceived as negative by the investing organization and which detracts from one or more business objectives.

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31
Q

Business objective

A

The measurable outcomes that demonstrate progress in relation to the organization’s strategy and to which the project should contribute.

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32
Q

Benefits tolerance

A

The permissible deviation in the benefit performance targets that is allowed before the deviation needs to be escalated to the next level of management. Benefits tolerance is documented in the business case.

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33
Q

Sustainability tolerance

A

The permissible deviation in the sustainability performance targets that is allowed before the deviation needs to be escalated to the next level of management. Sustainability tolerance is documented in the business case.

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34
Q

Role

A

The function assigned to a group or individual in a particular project. It is not the same as the position or job of a person outside of that project.

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35
Q

Project Board

A

Accountable to the business for the success of the project and has the authority to direct the project within the remit set by the business.

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36
Q

Project management team structure

A

The project management team structure is composed of the project board, project manager, team managers, and project assurance and project support roles.

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37
Q

Project team

A

PRINCE2 uses the term project team to cover all people required to allocate their time to the project.

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38
Q

Work breakdown structure

A

A hierarchy of all work to be done during a project that forms a link between the product breakdown structure and the work packages.

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39
Q

Delivery model

A

The organizational and commercial arrangements to be deployed to meet the project objectives given the project constraints and capabilities of the user, business, and supplier organizations. It isdescribed in the commercial management approach and reflected in the project management team structure.

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40
Q

Plan

A

A proposal that outlines the what, where, when, how, and who of the project as a whole (or a subset of its activities). In PRINCE2, there are the following types of plan: project plan, stage plan, team plan, and exception plan.

41
Q

Scope

A

The sum of the product, delivery, and management activities represented by an approved plan and its product descriptions and work package descriptions.

42
Q

Project plan

A

A high-level plan showing the major products of the project and when, how, and at what cost they will be delivered.

43
Q

Stage plan

A

A detailed plan used as the basis for project management control throughout a stage.

44
Q

Team Plan

A

A plan used as the basis for organizing and controlling the work of a team when executing a work package. Team plans are optional in PRINCE2.

45
Q

Exception Plan

A

A plan that follows an exception report and explains how the project will respond to the exception within the stage.

46
Q

Time Tolerance

A

The permissible deviation in a plan’s time that is allowed before the deviation needs to be escalated to the next level of management.

47
Q

Cost Tolerance

A

The permissible deviation in a plan’s cost that is allowed before it needs to be escalated to the next level of management.

48
Q

Scope Tolerance

A

The permissible deviation in a plan’s scope that is allowed before it needs to be escalated to the next level of management.

49
Q

Product-based Planning

A

The PRINCE2 technique leads to a plan based on the creation and delivery of the required products.

50
Q

Project Product Description

A

A description of the project’s major products or outcomes, including the user’s quality expectations, together with the acceptance criteria and acceptance methods for the project.

51
Q

Product Breakdown Structure

A

A hierarchy of all the products to be produced during a plan.

52
Q

Product Flow Diagram

A

A diagram showing the sequence of production and inter-dependencies of the products listed in a product breakdown structure.

53
Q

Dependency

A

A dependency means that one product is dependent on another. There are at least two types of dependency relevant to a project: internal and external.

54
Q

Internal dependency

A

An internal dependency is one between two products of a project. In these circumstances, the project team has control over the dependency.

55
Q

External dependency

A

An external dependency is one between a project product and a product or activity outside the scope of the project. In these circumstances, the project team does not have complete control over the dependency.

56
Q

Schedule

A

A graphical representation of a plan (such as a Gantt chart), typically describing a sequence of tasks together with resource allocations, which collectively deliver the plan.

57
Q

Resource

A

The goods, services, equipment, materials, facilities, and funding required to complete a plan.

58
Q

Quality

A

The degree to which a set of inherent characteristics of a product, service, process, person, organization, system, or resource fulfils its requirements.

59
Q

User’s quality expectations

A

A statement about the quality expected from the project product, captured in the project product description.

60
Q

Requirement

A

A need or expectation that is documented in an approved management product.

61
Q

Acceptance criteria

A

A prioritized list of criteria that the project product must meet before the user will accept it. For example, measurable definitions of the attributes required for the set of products to be acceptable to key stakeholders.

62
Q

Quality specifications

A

A description of the quality measures that will be applied by those performing quality control and the levels that a finished product must meet.

63
Q

Quality planning

A

The capturing of quality specifications for the project products and generating the associated product descriptions and quality management approach.

64
Q

Quality tolerance

A

The permissible deviation in a product’s quality that is allowed before the deviation needs to be escalated to the next level of management.

65
Q

Product description

A

A description of a product’s purpose, format, composition, where it is derived from, quality specifications, and development responsibilities.

66
Q

Product register

A

A component of the project log that identifies the products to be delivered by the project and records their acceptance.

67
Q

Quality control

A

The procedures to monitor the specific products of a project and their development or delivery activities to determine whether they comply with relevant standards and of identifying ways to minimize causes of unsatisfactory performance.

68
Q

Quality register

A

A component of the project log that identifies all the quality control activities that are planned or have occurred and provides information for end stage reports and the end project report.

69
Q

Quality assurance

A

A planned and systematic activity that provides confidence that products will meet their defined quality specifications when tested under quality control. Quality assurance activities are typically performed by the business ensuring they are independent of the project team.

70
Q

Risk

A

An uncertain event or set of events that, should they occur, will affect the achievement of objectives. A risk is measured by a combination of the probability of a perceived threat or opportunity occurring and the magnitude of its impact on objectives.

71
Q

Risk owner

A

The person who is assigned to take responsibility for responding to a risk.

72
Q

Risk action owner

A

The person who is the nominated owner of agreed actions to respond to a risk. This role is also known as the risk actionee.

73
Q

Risk probability

A

The estimated chance that a risk will occur. Probability is often estimated by considering the likelihood or frequency of occurrence of a risk.

74
Q

Risk impact

A

The estimated effect on objectives should a risk occur.

75
Q

Risk proximity

A

How near in time a risk might occur.

76
Q

Risk velocity

A

How quickly a risk would have an impact on objectives should it occur.

77
Q

Risk exposure

A

The degree to which a particular objective is ‘at risk’. Risk exposure is a neutral concept as exposure can be positive or negative.

78
Q

Risk appetite

A

The amount and type of risk that the business is willing to take in pursuit of its objectives.

79
Q

Risk budget

A

A sum of money to fund specific management responses to the project’s threats and opportunities (for example, to cover the costs of any contingent plans should a risk materialize)

80
Q

Risk tolerance

A

A measurable threshold to represent the tolerable range of outcomes for each objective ‘at risk’ using the same units as for measuring performance for that objective.

81
Q

Issue

A

An event relevant to the project that requires project management consideration.

82
Q

Change

A

A change is defined as a modification to any of the approved products that constitute the project baseline.

83
Q

Project Baseline

A

The current approved versions of the management products and project products that are subject to change control.

84
Q

Problem

A

An issue with an immediate and negative impact.

85
Q

Business opportunity

A

An issue that represents unanticipated positive consequences for the project or user organization.

85
Q

Concern

A

An issue whose timeliness and impact need to be assessed.

86
Q

Change control

A

The process by which changes that may affect the project baseline are identified, assessed, and then approved, rejected, or deferred.

87
Q

Request for change

A

A proposal for a change to a baseline.

88
Q

Off-specification

A

A product that will not meet its quality specifications.

89
Q

Concession

A

An off-specification that is accepted by the project board without corrective action.

90
Q

Change budget

A

The money or authorized constraints set aside in a plan to cover changes. It is allocated by those with delegated authority to deliver authorized changes.

91
Q

Progress

A

The measure of the achievement of the objectives of a plan.

92
Q

Forecast

A

A prediction made by studying historical data and past patterns.

93
Q

Exception

A

A situation where it can be forecast that there will be a deviation beyond the tolerance levels agreed between the project manager and the project board (or between the project board and business layer).

94
Q

Event-driven control

A

A control that occurs when a specific event occurs. For example, this could be the end of a stage, the completion of the project initiation documentation, or the creation of an exception report. It could also include organizational events that may affect the project, such as the end of the financial year.

95
Q

Time-driven control

A

A management control that occurs at predefined periodic intervals. For example, this could be producing highlight reports for the project board or checkpoint reports showing the progress of a work package.

96
Q

Lesson

A

A lesson is information to facilitate the future of the project or other projects and actively promote learning from experience. The experience may be positive, as in a successful test or outcome, or negative, as in a mishap or failure.

97
Q

Process

A

A structured set of activities that define the sequence of actions and their inputs and outputs to achieve a specific objective.

PRINCE2 (2 decks)

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