Project Management Concepts Flashcards
What are the stages of a product life cycle?
Concept, Delivery, Growth, Maturity, Retirement
According to A Guide to the Project Management Body of Knowledge (PMBOK Guide) - 5th Edition, what is project management?
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. It is accomplished through the use of the five Process Groups (Initiating, Planning, Executing, Monitoring and Controlling, and Closing.)
What is a constraint?
A limiting factor that affects the execution of a project, program, portfolio, or process.
What is the benefit of portfolio management?
Better alignment of projects and programs with organizational objectives, with the goal being to maximize the value of the entire portfolio.
What are 4 types of organizational structures?
Functional (also called traditional), Matrix (weak, balanced, strong), Projectized, Composite.
What are the organizational characteristics of a projectized structure?
Project Manager Authority- high to almost total
Resource Availablity - high to almost total
Budget controlled by - Project Manager
Role of Project Manager - Full-time
Project Management Administrative Staff - Full-time
What is the composite organizational structure considered somewhat of a hybrid?
In this type of structure, one project may be organized in a functional manner; another project could be organized using a matrix or projectized type of structure. In addition, the composite structure could have a separate silo solely for project management working alongside resources from other silos who are also managing projects.
According to the PMBOK, what is a PMO (Project Management Office)?
An organizational structure that standardizes the project-related governance and facilitates the sharing of resources, methodologies tools and techniques.
What are examples of project stakeholders?
Customer or end user Sponsor PMO (Project Management Office) Project Manager Project Team Functional Manager Operations Management Senior Management Influencers Performing organization
In projectized organizational structures, who does the project team report to?
The project manager.
What are the differences in the characteristics of the 3 forms of matrix organizational style?
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According to the PMBOK, what is a program?
A group of related projects, subprograms, and program activities managed in coordinated way to obtain benefits not available from managing them individually.
What is a stakeholder?
An individual, group, or organization who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.
What are common characteristics of project life cycles?
The phases are sequential in nature.
They embrace the transfer of technical information from one phrase to another as necessary
Cost and staffing levels usually are low at the beginning, peak somewhere in the middle phase, drop off rapidly toward the end.
What is another name for a functional organization? How is it organized?
Traditional organization.
A functional organization is structured as a hierarchical organization where each employee has one clear superior, and staff are grouped by areas of specialization and are managed by a person with expertise in that area.
What are three distinct forms of matrix structures identified by the PMI?
Weak Matrix
Balanced Matrix
Strong Matrix
What is a chief advantage of a composite structure?
The flexibility of management to adapt the approach to managing projects in the organization according to the characteristics of the project.
When does the life cycle of a project or service begin?
At its conception; it ends with its closure. This cycle can begin with an assessment of the product or service from a business perspective (business need and benefit), continue with the hand off to operations, and end with the discontinuation or completion of the product or service.
What are the organizational characteristics of a functional structure?
Project manager authority: little or none
Resource availability: little or none
Budget controlled by: functional manager
Role of project manager; part-time
Project management admin staff: part-time
What are the overall characteristics of matrix structure?
Overall focus: operations and projects
Authority: two bosses; functional manager and project manager.
Manager focus: project manager: control of projects
Employee focus: split between projects and operations.
According to the PMBOK, what is a portfolio?
Projects, programs, sub portfolios, and operations managed as a group to achieve strategic objectives.
What is a project management system?
The aggregation of the processes, tools, techniques, methodologies, resources, and procedures to manage a project.
What is a project management system?
The aggregation of the processes, tools, techniques, methodologies, resources, and procedures to manage a project.
