Project+ Extra 6 Flashcards
??? defined as a process of increasing the level of detail in a project management plan as more and more info and accurate estimates become available.
Progressive Elaboration :
??? work to be accomplished in near term is planned in detail, whereas future work is planned w/much less detail. As time progresses the wave rolls forward so near-term work is always planned in more detail.
Rolling Wave Planning :
??? determines whether project should be done and does it align with company’s strategic goals. Serves as checkpoint and requires project objectives and strategic priorities be clearly defined and communicated by senior leadership; can be influenced by unpredictable market events.
Strategic Relevance :
??? responsibility that requires project objectives and operational priorities be clearly defined and communicated by tactical management and decides if project should be taken up.
*** In strong matrix org.’s the balance of power rests w/PM, in weak matrix org. the balance of power rests w/the functional manager.
Operational Relevance :
??? define why project is being conducted, and every project must satisfy a business need or it should not be pursued. Projects address pressing organizational needs or market stimuli that drive decision makers to sponsor projects and prioritize competing projects.
Business Requirements :
??? refer to what the project will accomplish. These requirements detail desired functionality, capacity, or capability expected from project.
Functional Requirements :
??? detail how project will meet business and functional requirements, including technical needs that are crucial for a project.
Technical Requirements :
??? standards and measurements an org. uses to select/prioritize projects. Any project selected should be clearly linked to 1 or more strategic goals. Other selection criteria may be qualitative (dealing w/projects suitability w/org.’s capabilities) or quantitative (criteria that may specify financial targets that project must meet).
Project Selection Criteria :
??? systematic approaches that decision makers use to analyze the value of proposed project. Evaluations may be formal/detailed or informal guesstimates depending on org. and its needs. Project selection methods should take into account org.’s strategic objectives and historical info about past successes and failures.
Project Selection : act of choosing project from among competing proposals.
Project Selection Methods :
??? analyze predicted value of completed projects in different ways. They may present value in terms of forecasted revenue, ROI, predicted consumer demand in marketplace, or IRR.
Decision Model Type : Benefit Measurement Models
