Project Management Terms Flashcards
What is Program Management?
A coordinated approach to manage a group of related projects to obtain benefits and control not available from managing them individually, focusing on project interdependencies.
What is the role of a Program Manager?
A Program Manager oversees individual project managers, managing the coordination of subprojects and ensuring that the overall program achieves its goals.
What are the benefits of Program Management?
Management of groups of people, clearer role definitions, and value added by managing related projects together.
What defines a Project?
A unique endeavor that is temporary, with a definite beginning and end, producing a product, service, or result.
What does “Progressively Elaborated” mean in project management?
As the project progresses, details such as budget estimates and timelines become more precise.
What are some examples of Projects?
PRODUCT: Samsung’s project for a new smartphone.
SERVICE: Development of a new bookkeeping system.
RESULT: Testing a theory, such as a drug’s effectiveness.
What is Project Management?
The application of knowledge, skills, tools, and techniques to satisfy project requirements, including risk and change management.
What are key components of Project Management?
Preparing a business case
Estimating time and resources
Developing and implementing a management plan
Leading and motivating a project team
Managing risks, issues, and changes
Closing the project in a controlled manner
What are the types of PMO?
Supportive: Provides support and resources to project managers.
Controlling: Determines frameworks and methodologies for projects.
Directive: Directly controls projects, assigning project managers.
What is a Project Management Office (PMO)?
A structure that standardizes processes, facilitates resource sharing, and provides support to project managers, found in medium to large organizations.
What is Portfolio Management?
The management of a collection of projects and programs to achieve strategic business objectives, typically over a three to five-year timeframe.
What is Operations Management?
Ongoing production of goods and services, including resource acquisition and utilization necessary for delivering those goods/services.
What is the value of a project?
The potential benefits upon completion, including revenue generation, cost reduction, brand reputation enhancement, and improved customer service.
How do projects enable changes?
They help transition from a current state to a desired state, such as updating products or improving revenue through various strategies.
What defines a Deliverable?
A unique and verifiable product, service, or result that must be accepted by the customer or sponsor for a specific project phase.
What are Phases and Deliverables in project management?
Phases are stages of related project activities culminating in deliverables, which are unique, verifiable products, services, or results.
What is the Project Life Cycle?
The phases a project goes through from start to finish, which can be predictive (traditional), adaptive (Agile), or a hybrid of both.
What are the three pillars of Project Governance?
Structure: Method for making project decisions.
People: Effective management of team members.
Information: Accurate information is essential for decision-making.
What is Project Governance?
A framework within which project decisions are made, consisting of three pillars: Structure, People, and Information.
Who are the key stakeholders in a project?
Project Manager: Manages the project.
Customer: Uses the project deliverables.
Project Team: Individuals completing the project work.
Project Sponsor: Provides resources and support.
Functional Manager: Controls departmental resources.
What are Stakeholders in project management?
Individuals, groups, or organizations that may affect or be affected by the project, which can be positively or negatively impacted.
What is a Milestone in project management?
A significant event or achievement that marks a key point or completion of a major deliverable in a project (e.g., getting a permit, passing a software testing).
Why are Milestones important in project management?
They help track progress and ensure that major achievements are implemented throughout the project schedule.
What does Task Duration refer to?
The amount of time it takes to complete a specific task or activity within a project.
