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Project Management Terms Flashcards

1
Q

Project

A

A temporary endeavor that produces a unique product, service, or result

Temporary in nature and has a definite beginning and ending

Can be part of large program or portfolio

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2
Q

Project Management

A

Application of knowledge, skills, tools, and techniques to satisfy project requirements

Managing people to accomplish the scope of the project within the constraints of time and costs

Example:
- Preparing business care to justify investment
- Estimating resources and times
- Developing and implementing a management plan for the project
- leading and motivating the team
- monitoring progress against plan
- closing the project in a controlled fashion when appropriate

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3
Q

Program Management

A

Group of related projected managed in a coordinated way to obtain benefits and control not from managing them individually

  • must be value add in managing them together as a program
  • a project may or may not be part of a program but a program will always have projects
  • Focuses on the project interdependences to determining the optimal approach for managing them
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4
Q

Project Management Office

A

Organizational Structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools, and techniques

types
- supportive: supports the project manager such as providing templates, training, or lessons learned from other projects
- controlling: determines the framework or methodology and use of specific forms
-directive: controls the project, PM will be assigned and report to the PMO

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5
Q

Portfolio Management

A

A portfolio is a collection of project, programs, subsidiary portfolios, and operations managed as group to achieve strategic objectives

  • collections of projects, programs, subsidiary portfolios
  • achieve strategic long term objectives
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6
Q

Operations Management

A
  • Deals with the ongoing production of goods or services with no start and end date
  • Consider the acquisition, development, and utilization of resources that firms need to deliver g/s
  • Example: sales
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7
Q

Value of project

A
  • What will the value be for this project?
  • Why should we undertake this?
  • Money brand reputation, customer service, new or change product or service
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8
Q

Projects enable changes

A

Project can be a vehicle for change in an organization

Takes company from current to desired state

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9
Q

Phases

A

Phases - collection of logically related project activities that culminates in the completion of one or more deliverables
- the number of the phases depends on the industry type and size and the complexity of the project

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10
Q

Deliverables

A

Unique and verifiable product, service, or result
-tangible or intangible
- must be accepted by the customer or sponser for the phase

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11
Q

Project Life Cycle

A
  • A representation of phases that a project goes from start to finish
  • can be predictive or adaptive
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12
Q

Project Governance

A

Framework within which project decisions are made

3 pillars
- structure
- pillar
- information

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13
Q

Stakeholders

A

Individuals, group or org that may affect or be affected or perceive to be affected by the project

  • project manager
  • customer
  • project team
  • project sponsor
    -functional manager
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14
Q

Roles of a PM

A

Initiator: someone who takes the first step or proposes an idea or action

Negotiator: engages in discussion or formal negotiations to reach solutions or outcomes

Listener: someone who pays attention to other ideas concerns thoughts during conversations or discussions

Coach: guides or supports individuals or teams to achieve their goals to improve performance and enhance skills

Working member: refers to individual who participates as a member of a team or group

Facilitator: someone who manages group processes, discussions or meetings to ensure effective communication, collaboration, and decision making

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15
Q

Milestones

A

Significant event or achievement in a project that marks a key point or completion of a major deliverable

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16
Q

Task Duration

A

Amount of time it takes to complete specific task or activity within a project

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17
Q

Project Bosses

A

Sponsor
- internal/external
- project champion
- funding the projct
- make decisions

Program Manager
- senior to project manager
- maybe responsible for several projects executed at the same time
- maybe used to resolve conflicts in the project

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18
Q

Project Management

A
  • Focuses on the successful execution and delivery of specific projects within a defined scope, timeline, and budget
  • PM’s are responsible for planning, coordinating, and managing the activities required to achieve project goals
  • they ensure the project is completed on time within budgeting according to quality standards
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19
Q

Product Management

A

Encompasses strategic planning, development, and lifecycle management of a product or service

It involves understanding market needs, defining product strategy, gathering requirements, and overseeing the product’s development, launch, and ongoing optimization

product managers are responsible for the overall success of the product, aligning it with business objectives and customer demands

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20
Q

Product vs Project

A

Product managers work closely with project mangers to translate the product strategy and roadmap into actionable project plans

project managers oversee the execution of those plans, ensuring that the product is developed, tested, and delivered according to the defined specifications

while project management is a part of product development, it is just one component

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21
Q

Areas of a Project

A

Scope - work to be done
Schedule - Time to get the work done

Cost - budget o the work
Quality - Customer satisfaction of work

Resources - Managing people and material resources
Communications - All stakeholders get the correct information at the right time

Risk - Identifying and responding to risk over the lifecycles of the project

Procurement’s - Acquiring resources from outside the project team

Stakeholders engagement - keep stakeholders active and alert on the project

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22
Q

Predictive Approach

A

Predictive - Traditional or waterfall

Linear sequential process
- detailed planning and documentation, with predicting and defining scope objectives timelines and deliverables
- extensive upfront planning
- sequential execution
- emphasis on control and documentation
- limited flexibility, limited changes with a well defined change control process

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23
Q

Adaptive Approach

A

Flexibility, collaboration and iterative development

  • embraces changed throughout the project and emphasizes continuous feedback and improvement
  • iterative and incremental development
  • customer collaboration
  • emphasis on adaptability
  • self organizing teams
  • the adaptive approach are like Scrum or Kanban
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24
Q

Organizational Structures

A

Functional Org
- structure that groups staff members according to their area of expertise (S&M, construction)
- functional structures require project team members to report directly functional manager

Matrix - weak, balanced, and strong. Structures are reflective to PM’s authority in relation to functional managers authority

Project oriented orgs - structure where the PM has the greatest amount of authority. Project team is assigned to the project on a full time basis. When the project is complete, the team members moves on to other assignment within the organization

Hybrid - blended type

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25
Risk
potential events or situations that may occur in the future that have an impact on projects success can be positive or negative
26
Assumptions
Statements or beliefs that are considered to be true or valid for the purpose of planning and decision making
27
Issues
refer to problems or challenges that arise during the course of a project typically negative events or circumstances that can hinder progress or impact project objectives
28
Constraints
limitations or restrictions that affect project planning and execution
29
Project constraints
Scope Schedule Cost Risk Quality Resources
30
Emotional Intelligence
ability to recognize understand and manage emotions, both in oneself and in others it involves being aware of ones own emotions, effectively handling them, empathizing with others, and using emotions to guide thinking and behavior relationship building, communication and conflict management, motivation and influence, leadership and decision making, stakeholder management
31
Leadership
-Focuses on inspiring and influences others - involves setting direction motivating and empowering individuals -inspire and influence others -encourage collaboration, trust, and empowerment
32
Management
Focuses on tasks processes and operations to ensure efficient execution - involves planning, organizing, coordinating, and controlling resources - managers have formal authority and responsibility within the org - maintain stability control and order, ensuring established processes and procedures are followed - focus on coordinating and directing tasks resources and process to achieve predetermined objectives - ensure work is completed efficiently - focuses on immediate goals and ops efficiency - maintain stability implement process and procedures to minimize risk - achieve efficiency and optimize resources
33
Quality
-Meeting acceptance for deliverables -Satisfying stakeholder expectations and fulfilling project and product requirements - performance, conformity, reliability, resilience, satisfaction, efficiency, sustainability
34
Complexity
Outcome of the human behavior, system interactions, uncertainty, and ambiguity, Introduced by events and conditions Cannot forecast because its a result of many conditions and events Human behavior, system behavior, uncertainty and ambiguity, technological innovation
35
Risk
uncertain event or condition that can have a positive or negative impact on the one or more of the objectives maximize positive risks (opportunities) and decrease risk to negative risks (threats) changes throughout the project orgs risk attitude appetite and threshold influence how risk is addressed
36
Adaptability and Resiliency
Adaptability is to respond to changing conditions Resiliency is ability to absorb impacts and to recover quickly from a setback or failure A focus on outcomes rather than outputs facilitates adaptability Project rarely goes as planned - influenced by internal or external factors, new requirements, issues, stakeholder influences, which exist in a system of interactions.
37
Change
Prepare for those impacted for the acceptance to go from current state to the intended future state created by the project output such as through a structured approach Change will originate from internal influences or external sources stakeholder engagement and motivational approaches assist in change adoption too much change at once can lead to fatigue or resistance
38
Embrace adaptability and resiliency
- open feedback continuous - short feedback loops - regular inspection and adaptation - small scale protoypes and experiments - open transparent planning that engages stakeholders - open organizational conversations - diverse project teams with broad skills sets - understanding from past learning
39
Progressive Elaboration
Things get more detailed as the project moves towards completion "rolling wave planning"
40
Phase
Division within the project where extra control is needed to manage the completion of one or more deliverables Five process groups: initiating, planning, executing, monitoring and controlling, and closing
41
Deliverable
Part of a product that is presented to the customer or stakeholders for acceptance
42
Knowledge Areas
Certain set of processes that are defined by the knowledge needed in order to manage that area 10 Areas: Integration, scope, schedule, cost, quality, resources, communications, risk, procurement, and stakeholders
43
Initiation
Project charter and stakeholder register Authorize project to get started Set authority forPM Identify stakeholders Why is the project needed Identify high level estimates for time and cost Determine risks and constraints assumptions
44
Planning
Create the PM's plan Planning has 24 processes across all 10 knowledge areas Create 3 baselines scope, time, costs Collect requirements from stakeholders Identify risk and create correct response to it Determine what components need to be obtained from outside sellers Meet quality requirements Obtain approval of the plan from stakeholders
45
Executing
Getting the project work done 10 processes but carries the most weight Satisfy projects specifications Implement all change requests Select and acquire the project team Develop and manage the project team Manage and resolve conflicts Conduct quality assurance Communicate status with stakeholders Select went and award contract Engage stakeholders implement the responses to any risk Document lessons learned
46
Monitoring and Controlling
12 processes that makes sure the project stays on plan Measuring, inspecting, monitoring, verifying, reviewing, and comparing the actual to plan Check if project is with the scope time and on budget Ensure quality requirements are met Control risk to ensure it does not derail the project Vendors are completing work based on contract Manage changes
47
Closing
One process Lessons learned are documented Contract closures Archive project records Document reasons why project have been terminated before completion Update templates and knowledge bases Transition deliverables to customers or sponsors Create a final report
48
665 ITTO's
239 inputs 245 tools and techniques 181 outputs
49
Enterprise Environmental Factor (common input)
- Org culture, structure, and governance - government or industry standards such as regulations or quality standards -infrastructure -personnel and the way company manages them stakeholder risk tolerances company authorization systems info tech software to manage project to help PM manage budget schedule, etc
50
Organization Process Assets (OPA) - common input
Help to manage project more easily - previous projects plans - templates - historical info - lessons learned - knowledge bases - software tools - org process and policies - project management databases - project files from previous projects
51
Project Documents (common input)
Additional documents that are created and used through the 49 processes that are not part of the PM plan 33 documents Refer to book for them
52
PM Plan (common input)
18 components
53
Expert Judgment (common tools)
hiring a SME to help plan a process or conduct a process
54
Data Gathering (common tools)
Brainstorming Interviews Focus Groups Checklist Questionaires and Surveys
55
Data Analysis (common tools)
Alternative Analysis (looking at different options or ways to accomplish something) Root Cause Analysis - identify the main event for example if there were defects in a deliverable Variance Analysis Trend Analysis
56
Data Representation (Common Tools)
Charts, matrixes, and different diagrams
57
Decision Making (common Tools)
Voting Multi-criteria Decision Analysis Autocratic decision making
58
Interpersonal and Team Skills (common tools)
active listening conflict management facilitation meeting management
59
Project Management IS (common tools)
computer system to manage projects
60
Meetings (common tools)
on topic, agenda, attendees have input, minutes, timed
61
Change request (common output)
executing, monitoring, and controlling closing
62
work performance data (common output)
raw data, status of the work the was done but does not have any analysis applied to it
63
work performance information (common output)
actual status of the deliverables raw data analyzed against the project plan
64
work performance report (output)
overall status report of the actual project and it takes the work and puts it together in one comprehensive document
65
Leadership styles
Laissez-Faire - hands off Transactional - goals and reward Servant leader - removing obstacles mostly used in agile projects Transformational - empower the team and motivate inspire them Charismatic - high energy, enthusiastic , and influential Interactional (charismatic & transactional)
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