Terminology

Question 1

What is the definition of a project?

Answer 1

• A temporary endeavor that produces a unique product, service, or result.
• Has a definite beginning and ending. (not operational)
• Can be part of a large program or portfolio.

Projects enable change (current state → desired state) and provide value.Change is necessary in all organizations.

Question 2

What does the term Progressively Elaborated mean?

Answer 2

Progressive elaboration involves continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available.

As we progress further into the project / time goes on, we learn more and can elaborate on cost, time, and project information with more detail.

Question 3

What is the definition of project management.

Answer 3

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

Note: As a project manager we are not actually doing the project work.

Question 4

What are examples of project management activities.

Answer 4

Examples of Project Mgt Activities
* Preparing a business case to justify the investment.
* Estimating resources and time.
Developing and implementing a management plan for the project.
Leading and motivating the project delivery team.
Managing the risks, issues and changes on the project.
Monitoring progress against a plan.
Closing the project in a controlled fashion.

Question 5

What is the definition of program management?

Answer 5

A group of related projects, managed in a coordinated way to obtain benefits and control not available from managing them individually.
* There must be some value added 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 interdependencies and helps to determine the optimal approach for managing them.

Question 6

What is a project management office?

Answer 6

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

Question 7

What are types of PMO offices?

Answer 7

• 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.

There is a lot of knowledge to share in larger organizations and you don’t want decentralization where everyone is doing their own thing.

Question 8

What is the definition of Portfolio Management

Answer 8

A collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Question 9

What is the definition of Operations Management

Answer 9

Ongoing production of goods and services.

Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services.

Question 10

What are common examples of project value

Answer 10

• Money
• Increase Revenue
• Decrease Expenses
• Saved Time = Saved Money
• Brand Reputation
• Customer Service
• Customer Loyalty
• Helps meet Organizational Objectives

Every time you purchase something, it’s because you see value in it.

Question 11

What is the definition of a project phase?

Answer 11

A phase is a collection of logically related project activities that culminates in the completion of one or more deliverables.

Question 12

What is the definition of a project deliverable?

Answer 12

Any unique and verifiable product, service or result.

• May be tangible or intangible.
• Must be accepted by the customer or sponsor for the phase.
• Phases build to the overall project result.