CAPM Terminology Flashcards
Business Documents
1 - Business case
2 - Project Charger
3 - Project Management Plan
4 - Benefits Management Plan
Needed for looking at Project Performance
Business case
Biz Doc
An economic feasibility study about validity of benefits that the project will create
- Happens BEFORE project begins
- SPONSOR manages and develops throughout the project
- Project Manager provides recommendations
Questions it answers:
- Why should we do the project, return on investment, tangible and intangible benefits?
- What is the root cause behind doing the project?
- Defines opportunity to be addressed including value
- Stakeholder identification
- Identify Scope
Includes: Organizational strategies, goals and objectives Critical success factors Known risks Decision criteria
Project Charter
Biz Doc
Gives the authority to the Project Manager
Includes:
- project purpose/justification
- project objectives
- high-level requirements and project description
- overall project risks
- milestone schedule
- preapproved financial resources
- stakeholder list
- project approval requirements
- assigned PM, responsibility and authority
- name and authority of sponsor
Project Management Plan
Biz Doc
Defines how will we do the selected process (how to get from current state to desired state)
Benefits Management Plan
Biz Doc
How will benefits be realized, when will they come into existence and thus when can we get a return on investment?
Defines how your project will give value to the org. or end use
- What are the benefits
- How to maximize benefits
- Sustain benefits
** Part of Proj Mgmt Plan **
Key Things the B. Mgmt Plan nails down: 1 Target Benefits 2 Strategic Alignment 3 Timeframe for the Benefits 4 Metrics 5 Assumptions 6 Risks
Phase Gate
What we see at the end of a phase (e.g. a review at the end of the project phase)
Review actual performance compared to business documents
We can then make decisions
- continue to next phase
- continue to the next phase with modification
- end project
- remain in the phase
- repeat the phase or elements in it
Work Performance Data
Raw data and facts about the project work
e.g. status of project work assignments (% complete, in progress, etc.), cost of activities, # of change requests, defects, durations
Work Performance Information
Data is analyzed to become information
Allows PM to make informed decisions about the project. Status to actionable results
Work Performance Reports
Package the work performance information into communicable formatting (e.g. dashboards, reports, memos)
Helps stakeholders make decisions!
Analysis of a Situation
Pare down requirements
1 - Required
to be fulfilled to address the problem or opportunity
2 - Desired
to address the problem or opportunity
3 - Optional
not essential
Recommendation for a Project
Part of the business case
1 - Do Nothing (business as usual) option
2 - Do the minimum work possible
3 - Do more than the minimum work possible
Organizational Governance Frameworks
1 - Governance defines what you can and cannot do in an organization
2 - How you operate within a system
3 - Framework is the organizational structure
Governance Framework
Rules and organization policies
Procedures for activities (how to get things done in your environment)
Cultural Norms
Systems and Processes
Framework influences how:
- objectives are set and achieved
- risk is monitored and assessed
- performance is optimized (how much authority do you have)
Organizational Structures
Structures that describe how organization is aligned
Affect how much authority the PM has
Organic or Simple Structure
- work groups are flexible
- people work together on proj. regardless of role in org
- PM has little to no authority
- resources dedicated to project are low
- owner of org. in charge of budget
- unlikely to have admin staff
