Standards - CH1 - Introduction Flashcards
What is the purpose of the Standard for Project Management ?
The purpose is to provide a basis for understanding project management
and how it enables intended outcomes
regardless of industry, location, size or delivery approach (predictive, hybrid, adaptive).
Who is the Standard for Project Management for?
The standard provides a foundational reference for stakeholders participating in a project.
- Stakeholder - Individuals and organizations who are actively involved in the project, or whose interests may be positively or negatively affected as a result of project execution or successful project completion.
- Can include: sponsors, PJMs, project management offices (PMOs), executive leadership, project governance, program/portfolio managers, consultants, educators, students and vendors etc, anyone involved in the value delivery chain.
What does the Standard for Project Management describe? (1/4)
(G,F,E,C)
It describes the system within which projects operate
1- governance
2 - functions
3 - environment (internal, external)
4 - considerations
What are project managers expected to deliver?
PjMs are expected to deliver
projects that create VALUE for the organization and stakeholders
within the organization’s system for value delivery
Definition
Project Artifact
A project artifact is an output designed to
keep the project work aligned to project requirements and business goals.
The PMBOK® Guide – 7th edition defines a project artifact as: “a template, document, output, or project deliverable.”
Definition
What are some examples of Project Artifacts?
Artifacts are typically living documents and formally updated to reflect changes in scope.
Examples: project charter, business case, stakeholder analysis, risk register
The PMBOK® Guide – 7th edition defines a project artifact as: “a template, document, output, or project deliverable.”
Definition
Outcome
End result or consequence of a project.
- Outcomes can include outputs but have broader intent by focusing on the benefits and value that the project was undertaken to deliver.
- Outcomes become benefits (gains recognized by the org) which become value (worth, importance, usefulness)
Definition
Output vs Outcome
Output - the specific service (actions) or products (items) that contribute to achieving an outcome.
* Supplied 2,000-bed nets to families in rural India
Outcome - broad idea of what the organization wants to achieve.
* Lowered Malaria outbreaks, increasing life expectancy and quality of life for affected children
Definition
Portfolio
A collection of projects, programs, subsidiary portfolios, and operations
that is grouped together
to facilitate the effective management of that work
to meet strategic business objectives.
Definition
Product
An output that is produced by the project that is quantifiable.
- Can be an end item in itself or a component item.
- A product creates continuous value for customers and doesn’t necessarily have a set timeframe
Definition
Program
A group of related projects, subsidiary programs, and program activities
managed in a coordinated manner
to obtain benefits not available from managing them individually
Definition
Project
A temporary endeavor
that aims to achieve a unique product, service or result
by using specific objectives
within a defined timeframe, budget, and scope.
Definition
Project Management
The use of specific knowledge, skills, tools and techniques to “project” activities that deliver value.
- Refers to guiding project work to deliver intended outcomes
- Range of approaches include: predictive, hybrid, adaptive
Definition
Value Delivery System (VDS)
A collection of strategic business activities
aimed at building, sustaining and/or advancing
an organization.
The Standard for Project Management has a section on a value delivery system that looks at the integrated systems that organizations use to provide value for their stakeholders.
Definition
Value
The worth, importance or usefulness of something.
- A project’s value is defined by the value a project creates for its stakeholders.
- Stakeholders perceive value in different ways
- Customers - features or function of a product
- Organizations - benefits less the cost of achieving benefits
- Society - contribution to people, communities, environment
