Project Management Terms Flashcards
A temporary endeavor that
produces a unique product,
service, or result.
Project
Temporary in nature and has a
definite beginning and ending.
Project
Can be part of large Program or
Portfolio.
Project
The application of knowledge, skills, tools, and techniques to satisfy project requirements.
Project Management
Group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
Program Management
True/False?
A program must have some value add when managing projects together as a program
True
True/False?
A project may or may not be part of a program, but a program will always have projects.
True
True/False?
A Program focuses on the project interdependencies and helps to determine the optimal approach for managing them.
True
True/False?
A program does not require value add when managing projects together as a program.
False
True/False?
A program may exist without any projects, and projects within a program are optional.
False
True/False?
A program focuses solely on individual projects without considering interdependencies or optimal management strategies.
False
A collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Portfolio
True/False?
A portfolio achieves long-term strategic objectives?
True
Deals with the ongoing production of goods and/or Services.
Operations Management
Collections of Projects, Programs, subsidiarity Portfolios
Portfolio
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.
Project Phase
True/False?
The number of the phases depends on the industry type and size and the complexity of the project.
True
Any unique and verifiable product, service or result.
Project deliverable
A representation of the phases that a project typically goes through from start to finish.
Project Lifecycle
True/False?
A project lifecycle can be either predictive or adaptive.
True
True/False?
All project lifecycles are predictive.
False
True/False?
All project lifecycles are adaptive.
False
Framework within which project decisions are made.
Project Governance