Key Concepts Review Flashcards
Review of Key Concepts Material
Define a project (what elements must it have).
Unique
Temporary
Specific, tangible outcome
Creates new value
What 4 things does a portfolio contain?
Projects
Programs
Subsidiary portfolios
Operations
How does a program differ from a project?
A program is a collection of related projects.
Define “subsidiary portfolios”
Portfolios that focus on a specific business unit/area
T/F: SMART Goals can be used to define project characteristics
T
Programs are ____, projects are _____
Strategic, tactical
What are some portfolio benefits?
Aligns projects w/ strategy
Streamlines resources
Provides ease of governance & management
How is operations different from projects?
Operations is:
Repetitive
Ongoing
Involves systems & processes that already exist
Known & predictable costs
Less risky than projects
Characteristics of predictive project management:
Better for projects with clearly defined goals, stable requirements and low uncertainty
Sequential phases
Linear approach
Traditional PM model
Info flowing throughout projects lifecycle
What are the steps in Predictive Project Management?
Requirements gathering
Design
Implementation
Testing
Delivery
Maintenance
What are some of the challenges for Predictive project management?
Minimal tolerance for unexpected change
Stakeholder feedback only sought at the beginning & end of project
Testing scheduled for end of project, so there’s limited opportunity for change
What are the characteristics of adaptive project management?
Change actively integrated into project structure
Flexible to change
Client focuses
Data centric
What criteria should be considered when deciding between predictive project management and adaptive?
Stakeholder involvement
Expected outcomes
Time & budget factors
Assess if project requirements are well defined
What are the org benefits due to a project?
Better use of resources
Brings org closer to achieving goals
Influence org culture
