Terms Flashcards
What is a Project?
A temporary endeavor that produces a unique product, service or result.
- Temporary in nature,
- has definite beginning and end
(UNIQUE, TEMPORARY, PROGRESSIVELY ELABORATE)
What is Project Management?
Application of knowledge, skills, tools and techniques to satisfy project requirements
What is Operations Management
Deals with ongoing production or goods/services..
Ongoing/ permanent..
(projects are temporary)
Portfolio Management
- Collection of programs, projects, subsidiary portfolios
- To achieve strategic long-term goals
- “Portfolio Manager” manages Proj.M and Prog.M
Phase and Deliverable
Phase: logically related project activities that results in completion of a deliverable.. Phase is done when Deliverable is accepted..
Deliverable: unique verifiable product, service, result (must be accepted by sponsor or customer)
Phase —> Deliverables —> Project Output
Program Management
Managing a group of interrelated/interdependent projects..
Projects are grouped in program which give some benefit to manage them..
Project Life Cycle: Predictive
Predictive: (plan driven, traditional)
Gather all info, set scope, set schedule, build product entirely. During development little communication between stakeholders
Project Life Cycle: Adaptive
Change driven
Iterative, Incremental, Adaptive (all are same) This is “agile”
Get requirements, build product, customer gives more inputs.. incrementally build product
Product Life Cycle: Hybrid
Organization uses predictive AND adaptive to their advantage
Life cycle is unique to project
Project Governance
- Framework, functions, processes which guide proj mgmt to create unique product, service, result
- Should be tailored to business
- Thodkyat “Processes” to complete project
Stakeholders
Individuals, group or organizations that may be affected by project
Not just customer.. also project team, customer, sponsor, general public
Stakeholders mhanje sagle.. anyone!
Proj.M, Customer, Proj.Team, Proj.Sponsor (resources, support denare) Funtional Manager (Dept. Head, Vice President, etc. Maybe considered your enemy because of conflict in resource planning)
Project Roles
Proj.M: lead the project, make decisions, responsible for project success/failure, team reports to PM
Proj. Coordinator:Weaker than PM, MAY BE authorized to take decisions
Proj.Expeditor: weakest role, limited decision authority
Project Management Office (PMO)
- Department responsible for STANDARDIZING processes, methodology, tools, techniques..
- Helps the Proj.M with templates, certain approvals, getting resources
Types of Project Management Office (PMO)
Supportive: SUPPORTS Proj.M with templates, trainings, lessons learnt, etc.
- Just help Proj.M
Controlling: Determines framework or methodology, gives directions.. Proj.M does not report to this PMO
Directive: gives definite Directions.. DO this DO that.. directs to use certain forms/templates
Proj.M reports to them. Proj.M’s “Boss”
Organizational Structures
- decide who has the power/control over the project resources.. is it the functional manager or is it the PM?
- 4 types of organizational structures - Functional organizations, Matrix organizations, Projectized organizations, and Hybrid organizations
Functional organizations
- organizations where staff members are grouped acc to area of expertise (sales, marketing, IT, etc.)
- resources report to functional managers
- PM has very little power over resources
- budget is controlled by functional manager
- PM could be part time
Projectized (project oriented) organizations
- PM has the greatest amount of power
- team is assigned to the project full time and it reports to the PM
- no real functional manager
- on project completion, team members move on to other assignments or may be fired. (Eg. Consulting business)
- PM works full time and has control over budgets as well
Matrix organizations
- lie in between functional and Projectized organizations
- 3 types: weak, balanced, and strong depending on the level of power given to the PM
- WEAK MATRIX: PM has little more power than in a functional organization but resources still report to functional manager and budget is controlled by functional manager
BALANCED MATRIX: equal power between functional manager and project manager
STRONG MATRIX: more power to a PM than functional manager. Budget and resources are controlled by PM, PM works full time on the project. Functional manager still exists and resources should be taken from him. - in the exam if nothing is mentioned, assume the organizational structure to be strong matrix.
49 processes
- organized into 5 process groups and 10 knowledge areas
5 process groups
- Initiation - 2
- Planning - 24
- Execution - 10
- Monitor & control - 12
- Closing - 1
Number at the end represents no. of processes in the group. You should know this by heart
10 knowledge areas
- Integration management - 7 (summary)
- Scope management - 6
- Schedule management - 6
- Cost management - 4
- Project quality management - 3
- Resources management - 6
- Communications management - 3
- Risk management - 7
- Procurement management - 3 (vendors/sellers)
- Stakeholder management - 4
Remember the order and no. of processes 7664363734
ISS CQRC RPS
Constraints
- something that limits the project
- 6 constraints: Scope, schedule, cost, risk, quality, and resources
Processes
- inputs, outputs and tools/techniques (ITTO) combined to execute a specific purpose on the project
- input: starting point of the process
- tools and techniques: actions/methods used to transform inputs(raw materials) into output
- output: end result of the process.
- 49 processes to be learnt!
