1 - Introduction Flashcards
(33 cards)
Project Definition
A project is a temporary endeavor undertaken to create a unique product, service, or result.
Why projects are undertaken
Unique product, service, or result. Projects are undertaken to fulfill objectives by producing deliverables. An objective is defined as an outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed. A deliverable is defined as any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project. Deliverables may be tangible or intangible.
Fulfillment of project objectives may produce one or more of the following deliverables:
- A unique product that can be either a component of another item, an enhancement or correction to an item, or a new end item in itself (e.g., the correction of a defect in an end item);
- A unique service or a capability to perform a service (e.g., a business function that supports production or distribution);
- A unique result, such as an outcome or document (e.g., a research project that develops knowledge that can be used to determine whether a trend exists or a new process will benefit society); and
- A unique combination of one or more products, services, or results (e.g., a software application, its associated documentation, and help desk services).
Temporary endeavor
The temporary nature of projects indicates that a project has a definite beginning and end. Temporary does not necessarily mean a project has a short duration. Projects are temporary, but their deliverables may exist beyond the end of the project. Projects may produce deliverables of a social, economic, material, or environmental nature.
Business Value definition
The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both. In business analysis, business value is considered the return, in the form of elements such as time, money, goods, or intangibles in return for something exchanged
Example of tangible business value
- Monetary assets
- Stockholder equity
- Utility
- Fixtures
- Tools
- Market Share
Examples of Intangible business value
- Goodwill
- Brand Recognition
- Public Benefit
- Trademarks
- Strategic alignment
- Reputation
Project initiation Context
Organizational leaders initiate projects in response to factors acting upon their organizations. There are four fundamental categories for these factors, which illustrate the context of a project:
- Meet regulatory, legal, or social requirements;
- Satisfy stakeholder requests or needs;
- Implement or change business or technological strategies; and
- Create, improve, or fix products, processes, or services.
Project management definition
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the project management processes identified for the project.
Project management enables orgs to?
- Tie project results to business goals,
- Compete more effectively in their markets,
- Sustain the organization, and
- Respond to the impact of business environment changes on projects by appropriately adjusting project management plans
Program Definition
A program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually. Programs are not large projects. A very large project may be referred to as a megaproject. As a guideline, megaprojects cost US$1billion or more, affect 1 million or more people, and run for years.
Portfolio definition
A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Project component
Refers to projects and other programs within a program.
Portfolio Management
Portfolio management is defined as the centralized management of one or more portfolios to achieve strategic objectives. The programs or projects of the portfolio may not necessarily be interdependent or directly related.
Aim of portfolio management
- Guide organizational investment decisions.
- Select the optimal mix of programs and projects to meet strategic objectives.
- Provide decision-making transparency.
- Prioritize team and physical resource allocation.
- Increase the likelihood of realizing the desired return on investment.
- Centralize the management of the aggregate risk profile of all components.
Operations management
Is concerned with the ongoing production of goods and/or services. It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).
Organizational project management (OPM).
OPM is defined as a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.
Project life cycle
is the series of phases that a project passes through from its start to its completion. It provides the basic framework for managing the project. This basic framework applies regardless of the specific project work involved.
Development life cycles
Within a project life cycle, there are generally one or more phases that are associated with the development of the product, service, or result. These are called a development life cycle. Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model
Predictive life cycle
the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred to as waterfall life cycles.
Iterative life cycle
The project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.
Incremental life cycle
the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.
Adaptive life cycle
are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life cycles.
hybrid life cycle
Is a combination of a predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle.
