TWO - Project Management Framework Flashcards
What are the 7 project constraints?
Scope, schedule, cost, quality, risk, resources, and customer satisfaction
What is the definition of a project, and what are it’s characteristics?
A temporary endeavor - has a beginning and an end
It creates a unique product, service, or result;
Why do projects exist?
Projects are created to provide business value and deliver the benefits defined in the business case and the benefits management plan.
Projects are designed to bring positive change to org. usually to add or improve products or services, or to satisfy legal/regulatory requirements
What is the difference between operational and project work?
Operational work is ongoing work to support the business and systems of the organization, whereas project work ends when the project is closed.
What happens when a project is finished in terms of operation?
When a project is finished, the deliverables are transitioned to on-going business operations so the benefits of the project work can be incorporated into the organization.
What may a successful transition from project to operation require?
Employee training;
Adjustments to operational processes.
What does organizational governance refer to? What does it involve?
Refers to the overall structure of an organization, and it involves setting the policies and procedures for how work will be performed to meet high-level strategic goals. There are multiple levels of governance within an org
What is a board of directors responsible for?
For ensuring that work throughout the organization conforms to external (government or regulatory) and internal standards and requirements
What are internal requirements within an organization?
Include policies and procedures regarding portfolio, program, and project work which help ensure these endeavors are within the strategic plan of the org, and contribute to the delivery of specific benefits or value
What is a Portfolio?
A portfolio includes programs, individual projects, and other related operational work that is prioritized and implemented to achieve a specific strategic business goal. The programs and projects may not be related other than the fact that they are helping to achieve a common strategic goal.
What is the benefit of a portfolio?
Combining projects, programs, and operations into portfolios help to optimize the use of resources, enhances the benefits to the org., and reduces risk
When is a project included into a portfolio?
Based on potential return on investment, strategic benefits, alignment with corporate strategy, and other factors critical to organizational success.
What is Program Management?
Grouping related projects into a program (can also include other related operational work). By doing this, an organization can coordinate the management of these projects
What does the program approach focus on, and what are the benefits?
The program approach focuses on the inter-dependencies between the projects and may help decrease the risk, achieve economies of scale, and improve management
What efforts does Program Management include?
In addition to work required to complete each individual project, program also includes efforts such as the program manager’s coordination and management activities.
Why are projects combined into programs?
To provide coordinated control, support, and guidance
What does the program manager do?
Ensure projects and programs achieve the benefits for which they were initiated
What is Project Management?
Both an art and science
What is the science part of PM?
The science is a systematic process of managing work efficiently and effectively to deliver planned results. This includes tailoring efforts to meet the needs of the project and using the appropriate processes and tools to complete the work
What is the art component of PM?
Relates to how a project manager uses skills such as influencing, organizing, and strategizing, in addition to other interpersonal and team skills.
What are the project management process groups?
Initiating, Planning, Executing, Monitoring and Controlling, and Closing
What are the project management knowledge areas?
integration, scope, schedule, cost, quality, resource, communications, risk, procurement, and stakeholder management. The work of these process groups and knowledge areas within can occur simultaneously, and is iterated as the project progresses
What does effective use of project management ensure?
It ensures that the organization is focused on the most important work and, because of appropriately tailored planning, work is done correctly and in most time-and cost-effective manners. Ensures risks are identified and planned for before they occur, communication is managed effectively, and quality is achieved.
What does effective use of project management achieve?
Results in stakeholder satisfaction and the achievement of business objectives.