Section 1.2 Key Terms and Concepts - Vocabulary

Question 1

Outcome

Answer 1

An end result or consequence of a process or project.

Can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver.

Question 2

Artifact

Answer 2

A template, document, output, or project deliverable.

Question 3

Deliverable

Answer 3

A product, service, or result.

Question 4

Portfolio

Answer 4

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Question 5

Product

Answer 5

An artifact that is produced, is quantifiable and can be either an end item in itself or a component item.

Question 6

Program

Answer 6

Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.

Question 7

Project

Answer 7

A temporary endeavor undertaken to create a unique product, service, or result (aka deliverable)

The temporary nature of projects indicates a beginning and an end to the project work or a phase of the project work.

Can stand alone or be part of a program or portfolio.

Question 8

Project Management

Answer 8

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Refers to guiding the project work to deliver the intended outcomes.

Question 9

Project Manager

Answer 9

The person assigned by the performing organization to lead the project team that is responsible for achieving the project objectives.

Performs a variety of functions, such as facilitating the project team work to achieve the outcomes and managing the processes to deliver intended outcomes.

Question 10

Project Team

Answer 10

A set of individuals performing the work of the project to achieve its objectives.

Can achieve the outcomes using a broad range of approaches,
i.e. predictive, hybrid, and adaptive.

Question 11

System for Value Delivery

Answer 11

A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.

i.e. Portfolios, programs, projects, products, and operations

Question 12

Value

Answer 12

The worth, importance, or usefulness of something.

Different stakeholders perceive value in different ways.

ie.
–Customers can define value as the ability to use specific features or functions of a product.
–Organizations can focus on business value as determined with financial metrics, such as the benefits less the cost of achieving those benefits.
–Societal value can include the contribution to groups of people, communities, or the environment.