Study Guide Flashcards
Projects
A project is a temporary endeavor with a specified start and end date.
Operations
Operations are the ongoing, daily activities of an organization that produce revenue and expense.
Business Strategy
A business’s strategy consists of the activities, methods, and tactics that will be employed to meet the business’s goals.
Program
A program is a group of projects that support the goals and objectives of the company; it may be established and is a group of related projects.
Portfolio
A portfolio is a group of related programs that support a long-term company goal or objective.
Charter
The charter is a document that, like a contract, is agreed upon by the sponsor and key stakeholders.
Business Case
The project justification is a statement explaining the business need for the project. This is sometimes referred to as the business case.
Project Life Cycle Phases
Defining - Planning - Executing - Closing
Defining
During the project defining phase, the idea for the project is formalized into a project proposal and the decision on whether the project will be selected for implementation is made.
Planning
The project planning phase is when detailed planning occurs.
Executing
The project executing phase is when the bulk of the work to complete the project outcomes occurs. Based on the plans created during the project planning phase, the project team completes the required work activities.
Closing
The project closing phase is when the project outcomes are delivered to the customer or sponsor.
SMART Goals
Specific
Exactly what are you attempting to achieve?
Measurable
Can you assign a number? Is the result quantifiable?
Attainable (or Achievable)
Is this possible with resources (including financial) and technology available?
Relevant
Does it make sense? Does it fit with the organization’s strategic goals?
Time-based (or Timely)
Is there a date when it needs to be completed?
