Project Management terms Flashcards
learn basic terms
A temporary endeavour that produces a unique product service or result. Temporary in nature and definite beginning and ending. Can be a part of large program or portfolio.
Project
3 main Project characteristics
Unique, Temporary and Progressively Elaborated
Application of knowledge, tools and techniques to satisfy project requirements
Project management
Group of related projects managed in a coordinated way to obtrain benefits and control not available from managing them individually
Program management
Organizastional structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools and techniques
Project management office
Project management office types
Supportive, controlling and Directive
A collection of projects, programs, subsidiaries, and operations managed as a group to achieve strategic objectives.
Portfolio
- Deals with the ongoing production of goods and/or Services
- Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services
Operations Management
A collection of logically related project activities that culminates in the completion of one or more deliverables
Phase
any unique and verifiable
product, service or result
- May be tangible or intangible
- Must be accepted by the customer or sponsor for the phase
Deliverable
A representation of the phases that a project typically goes through from start to finish, Can be either predictive or adaptive
Project Life cycle
Framework within which
project decisions are made
Project Governance
Three pillars of Project governance
Structure, People, Information
Individuals, group, or organization that may affect, be affected, or perceive to be affected by the project.
Stakeholders
Key Stakeholders for a project
- Project Manager - manages the project
- Customer - uses the project deliverable
- Project team - the collection of individuals completing the project work
- Project Sponsor – Provides resources and support
- Functional Manager - Departmental Manager, i.e Manager of Engineering, Vice President of Marketing, Director of IT. Generally controls resources
Roles of Project manager
Initiator, Negotiator, Listener, coach, working member, Facilitator
a significant event or achievement in a project that marks a key point or completion of a major deliverable.
Milestone
the amount of time it takes to complete a specific task or activity within a project
Task Duration
Organizational Structures
Functional Organizations, Matrix Organizations, Project Oriented Organizations (Projectized), Hybrid
Structure that groups staff members according to their area of expertise (sales, marketing,
construction, etc.). Require the project team members to report directly to the functional manager
Functional Structure
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.
Project Oriented Organizations, (Projectized)
Matrix Organizations PM authority
There are three matrix structures: weak, balanced, and strong. The different structures are reflective of the project manager’s authority in relation to the functional manager’s authority.
Project bosses types
Sponsor, Program manager
potential events or situations that may occur in the future and have an impact on the project’s success.
Risks
problems or challenges that arise during the course of a project. They are typically negative events or circumstances that can hinder progress or impact project objectives
Issues
statements or beliefs that are considered to be true or valid for the purpose of planning and
decision-making
Assumptions
limitations or restrictions that affect project planning and execution
Constraints
6 project constraints
Scope
Schedule
Cost
Risk
Quality
Resources
5 Areas of a Project
- Resources - Managing the people and material resources
- Communications - All stakeholders get the correct information at the right time
- Risk - Identifying and responding to risk over the lifecycle of the project
- Procurements - Acquiring resources from outside the project team
- Stakeholders’ engagement - Keeping all stakeholders active and alert on the project
Project Management Approaches
Predictive (waterfall) and adaptive (agile)
