Project Management Fundamentals Flashcards
Guide to Project Management Body of Knowledge (PMBOK Guide)
PMI publication that defined widely accepted project management practices. CAPM and PMP are based on this.
Application areas
The areas of expertise, industry, or function where a project is centered. Examples include IT, architecture, health care, manufacturing.
Business value
Quantifiable return on investment.
- Can be tangible (equipment, money, market share)
- Can be intangible (reputation, brand recognition, trademarks)
Certified Associate in Project Management (CAPM)
Person with slightly less PM experience than a PMP, but qualified and passed CAPM exam.
Cultural and social environment
Defines how project affects people and how those people might affect a project.
C and S environments include economic, educational, ethical, religious, demographic, ethnic composition of the people affected by a project.
Deliverable
A product, service, or result created by a project. Projects can have multiple deliverables.
General management skills
Include:
- application of accounting
- procurement
- sales and marketing
- contracting,
- Manufacturing,
- logistics
- strategic planning
- human resource management
- standards and regulatons,
- information technology
International and political environment
Considerations of local/international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress
Interpersonal skills
The ability to interact, lead, motivate, and manage people
Iron triangle of PM
Time, cost and scope
If any side is not in balance, the project will suffer.
aka the triple constraints of PM
Physical environment
Physical structure and surroundings that affect a project’s work
Process groups
Collection of related processes in project management.
5 process groups (IPECC):
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
49 processes within the process groups
Program
A collection of related projects working in unison towards a common deliverable.
Progressive elaboration
Process of gather project details.
Uses deductive reasoning, logic, and series of information-gathering techniques to identify details about a project, product, or solution.
Project
A temporary endeavor to create a unique product, service, or result. End product is called a deliverable.
Project benefits management plan
Document created and maintained by project sponsor and PM
Defines what benefits the project will create, when the benefits will be realized, and how benefits will be measured.
Project business case
Created and maintained by project sponsor.
Shows financial validity of why a project is chartered and launched within the organization.
Typically, project business case is created before the launch of the project and may be used as a go/no-go decision point.
Project environment
Location and culture of the environment where project work will reside.
Includes social, economic, and environmental variables that project must work with or around.
PMI
Organization of PM professionals from around the world, supporting and promoting the careers, values, and concerns of PMs
Project life cycle
Phases that make up the project.
Unique to the type of work being performed and not universal.
e.g. foundation, framing, etc.
PMO - PM Office
Central office that oversees all project within an organization or within a functional department.
PMO supports PM through software, training, templates, policies, communication, dispute resolution, others,
PMP
Person with proven PM experience and qualified/passed PMP exam
Project portfolio management
Management and selection of projects that support organizations vision and mission.
Balance of project priority, risk, reward, RoI. Senior management process.
Subprojects
Smaller project managed within larger parent project.
Often contracted work whose deliverables allow larger project to progress.
Triple constraints of PM
AKA iron triangle
Cost
Time
Scope
Every project has these constraints.
Work performance data
Raw data, observations, and measurements about projects components.
Gathered and stored in PM information system.
Performance data -> performance info -> performance reports
Work performance information
The actual processed and analyzed data that will help PM make project decisions.
Performance data -> performance info -> performance reports
Work performance reports
Formatted communication of work performance information.
Communicates project through status reports, memos, dashboards, etc.
Performance data -> performance info -> performance reports
