Principles Flashcards
Portfolio Management
A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. * Collections of Projects, Programs, subsidiarity Portfolios* Achieve strategic (long term) objectives
Program Management
Group of related projects managed in a coordinated way to obtain benefits and control not available from
managing them individually
* Must be some value add in managing them together as a program
* A project may or may not be part of a program, but a program will always have projects
* Focuses on the project interdependencies and helps to determine the optimal approach for managing them
Project Governance
Framework within which project decisions are made
Three pillars:
* Structure
* People
* Information
Key Stakeholders (5 types)
-PM, manages project
-Customer, uses deliverable
-Project Team, does work
-Project Sponsor, provides resources/support
-Functional Manager, controls resources
Project Manager Role (6)
-Initiator
-Negotiator
-Listener
-Coach
-Working Member
-Facilitator
Project Expeditor
Weakest role of the PM world (below coordinator)
* Very limited decision ability
Types of PMOs
-Supportive (supports PM with resources)
-Controlling (determines framework/methods)
-Directive (controls, pm reports to PMO)
Functional Organizations
Structure that groups staff members according to their area of expertise (sales, marketing,
construction, etc.). Functional structures require the project team members to report directly to the functional manager
Matrix Organizations
3 types: weak, balanced, strong. relfective of PM’s authority in relation to FM’s authority
Project Oriented Organizations, (Projectized)
Structure where the PM has the greatest amount of authority. The project team is assigned to the project on a full-time basis. When the project is complete, the project team members moves on to other assignments within the organization.
Hybrid Organization
any blend of functional, matrix, projectized
Project Constraints (6)
-Scope
Schedule
Cost
Risk
Quality
Resources
Predictive Approach
The predictive approach follows a linear and sequential process. Upfront planning focused on scope/objectives/timeline/deliverables
Focus on control. Formal change control processes
Adaptive approach
Focuses on flexibility, collaboration, and iterative development. Embraces change. Iterative and incremental development. Customer collaboration. Adaptability. Self-organizing teams
Product Management
Encompasses the strategic planning, development, and lifecycle management of a product or service. It involves understanding market needs throughout lifecycle. Responsible for the overall success of the product, aligning it with business objectives and customer demands.
