Project Lifecycle Flashcards
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What is Project Management?
Practice of initiating, planning, executing, controlling, and closing a team’s work to achieve specific goals and meet specific success criteria within a specified timeframe.
What is a Project?
Temporary organization created for the purpose of delivering one or more business products according to an agreed-upon business case.
They are temporary in nature and must have a defined beginning and end.
What is Business as Usual?
Standard and typical business operations.
What are the 5 general phases of work?
- Discovery Phase (Occurs Before Project Starts)
- Initiation Phase
3.Planning Phase
4.Execution Phase
5.Closing Phase
What mindset does Project management require you to have?
Where adaptability, discipline, and personal relationships hold the same value.
Project Management needs a fair amount of what?
Critical thinking, analysis, and problem - solving.
Project team members have or develop excellent what?
Collaboration, leadership, and influence skills.
What are the benefits of Project Management?
- Designed to deliver work in an efficient, orderly manner.
- Conducting good project management can save money and optimize the results for an organization.
- Contingency Rerserve (Calculated buffer of time and money that covers documented risks)
-Management Reserve (Additional sum of time or money that covers “unknown unknowns”
-Saving money, optimizing results, and preventing costly errors.
What has an effect on communication, team dynamics and reporting relationships?
The roles, type of work, and organizational structure
What are the 2 main categories of Project Work?
Operational Work : Routine, predictable, and repetitive work.
Project Work: Accomplishes something new
What 3 criteria must a project meet to be considered a project?
-It is unique
- It has a specific purpose
- It is temporary
What are the 3 Main Organizational Structures?
- Functional: Divides the organization into areas of specialization and expertise.
- Projectized: The organization pools resources around projects as its main focus
- Matrix: Includes both functional leaders and specialized roles.
What are the 2 categories of Matrix Organization?
- Weak Matrix Organization: The functional manager retains budget and staff management responsibilities.
- Strong Matrix Organization: The project manager has substantial control over the project.
What are the roles and responsibilities for a project manager?
Project managers are there to deliver projects on time, within budget, and within scope.
What are the roles and responsibilities for a Program Manager?
A PROGRAM manager operates at a more strategic level and oversees multiple projects in a program.
What are the roles and responsibilities for Project Management Office (PMO)?
Functional department for all project managers in a company. Manages the flow of projects and provides administrative support, such as maintaining archives, best practices, and project management tools.
What are the 3 PMO Types?
- Supportive Project Management Office: Provides support when it is requested
- Controlling Project Management Office: Monitors project performance and coordinates resource selection while allocating project managers to projects
- Directive Project Management Office: Has FULL authority over projects, standards, and procedures.
The PMO is motivated to ensure projects perform well, and every project lists the PMO as a what?
stakeholder.
What is a stakeholder?
- Anyone with a vested interest in the project.
- Stakeholders are not built-in supporters.
What is Senior Management?
- Highest level of leadership in an organization.
What is a sponsor?
- A single senior management member that reviews and validates initial business case.
What is a customer?
- Parties who receive the benefits from the projects
What are internal customers?
- They are inside the organization and they are more accessible to provide feedback during and after the project.
What are external customers?
- They are outside the organization and they may fund the project’s results.
What is an end user?
- A person who will interact with the project’s final output
- The sponsor, customer, and end-user could be the same person in some instances.
Programs and Portfolios
- Each project has a single objective that explains what it intends to accomplish
-Program stakeholders and program staff are stakeholders you will need to consider when assessing impacts.
Program
Group of related projects.
Portfolio
- Group of all projects and programs
- Projects in a program are related to the same objective, but projects in a portfolio do NOT need to be related.
Enterprise Portfolio
Contains all programs and projects in an organization and is broken down into sub-portfolios at the division or branch level
Portfolio Management
Offers strategic context and perspective that helps an organization to maintain a maximum number of projects and prioritize them into objectives or priorities.
Discovery Phase
- Is the project even worth doing
- Return Of Investment ROI
-Preparing the business case - Seeing what vendors or contracts we already have in place that we could utilize
Initiation of Project
-Formal Authorization of project to begin
- Identifying Stakeholders
- Reviewing Existing Artifacts
-Developing the Project Charter
Planning Phase
- Identifying units of work
- Determining the budget
- Assigning Resources
- Developing a schedule
Execution
-Tracking and reporting on project work
-managing changes
-updating the plan
-managing conflict
Closing
-Handing off to operations
-documenting lessons learned
ROI
(NET PROFIT / Cost) x 100
NET PROFIT
Revenue - COST
Product Scope
The features and functions of the product being created
- Focus on WHAT the product does
