Project, programme And Portfolio Management Flashcards
what is a project?
Projects are unique, transient endeavours, undertaken to bring about change and achieve planned objectives.
How is a project deemed successful ?
A project is usually deemed to be a success if it achieves the objectives according to its acceptance criteria, normally within an agreed timescale and budge
why do project normally use capital expenditure?
Projects normally use capital expenditure to acquire, upgrade and maintain assets, services, products and capability.”
why is the project delivery environment always considered constrained?
That is, to obtain the value required from delivering the project it has to be delivered within a certain time and for the required budget, and it must deliver the specification, quality and performance characteristics that will be sufficient for those who are going to use the output of the project to gain the benefits required
What does the term project management mean ?
Project management is the application of processes, methods, skills, knowledge and experience to achieve specific project objectives for change according to the project acceptance criteria within agreed parameters
WHAT distinguishes project management from management?
A key factor that distinguishes project management from just ‘management’ is that it has this final deliverable and a constrained timespan, unlike management, which is an ongoing process
what is the foundation of project management?
A structured approach to change is more likely to mean that the change is successful and the business gains only a positive effect from the change
what is programme management?
Programmes can be defined as unique, transient, strategic endeavours undertaken to achieve beneficial change, and they incorporate a group of related projects and business-as-usual (steady-state) activities
what are programmes combined with and what do they use??
Programmes typically combine new deployment with some elements of business-as-usual. Consequently, they use capital expenditure to acquire assets, services, products and capability,
How is success deemed when using programme management ?
“overall measure of success is determined by the actual realisation of the expected benefits, which frequently involves the use of capabilities or facilities created by the programme in an ongoing, business-as-usual manner
What are portfolios used for ?
Portfolios are used to select, prioritise and control an organisation’s programmes and projects, in line with its strategic objectives and capacity to deliver.
What is the goal of portfolios?
Their goal is to balance the implementation of change initiatives and the maintenance of business-as-usual, while optimising return on investment
What are portfolios concerned about and in terms of programmes what are they concerned about?
Portfolios are particularly concerned with the interdependencies between projects and programmes in terms of:
• scarce or limited resources
• balance within the portfolio (e.g. between risks and returns)
• alignment with the strategic intent and main priorities
• timing
• capacity bottlenecks (where a number of projects need access to a scarce resource at the same time)
