Ch. 1 Intro Flashcards
(33 cards)
Project
A TEMPORARY ENDEAVOR undertaken to create a unique product, service, or result.
Definite beginning or end to fulfill objectives by producing deliverables (tangible or intangible)
End of a project is reached when…
objectives achieved
objectives cannot be met
funding exhausted or not available
need for project no longer exists
resources not available
terminated for legal cause or convenience
4 Qualities of projects
- Create UNIQUE product/service/result
- Temporary Endeavor
- Drive Change (moves from current to future state)
- Enables Bus. value creation (benefit that result provides to stakeholders)
4 factors that cause project to start
- Regulatory/legal/social (guidelines for handling toxic materials)
- Stakeholder request (stakeholder wants new output)
- Implement/Change business/tech strategy (lower price from competitor means lower cost to remain competitive)
- Create/improve/fix product/process/service (create a new course to increase revenue)
Project Management
Application of knowledge, skills, tools and techniques to project activities to meet project requirements
Accomplished thru appropriate application of PM processes as they pertain to a project
Effective Project Management helps…
Meet bus objectives satisfy stakeholder expectations predictable increase success deliver project on time resolve problems respond to risk quickly optimize resources identify/recover/terminate failing projects manage constraints (scope/quality/schedule/cost/resources) balance influence of constraints manage change
INeffective Project Management may result in…
missed deadlines cost overruns poor quality rework uncontrolled expansion loss of reputation unsatisfied stakeholders failure in achieving objectives
List PM Knowledge Areas
(10)
Integration
Scope
Schedule
Cost
Quality
Resources
Communication
Risk
Procurement
Stakeholders
List Process Groups
(5) Initiating Planning Executing Monitoring and Controlling Closing
Define “Process Groups”
Logical grouping of PM processes (inputs, tools and techniques, outputs) to achieve specific project deliverables
Process Groups ARE DIFFERENT than Project Phases
Define “Project Phase”
Collection of logically related project activities that culminate in the completion of +1 deliverable (phase review; stage gate; kill point; phase exit)
List Project Phases
(4) Starting the project Organizing and preparing Carrying out work Ending the project
Define “Phase Gate”
A review at the end of a phase. Decision to continue to next phase, continue with modification or END program/project
Define “PM Processes”
A systematic series of activities directed toward causing an end result where 1+ inputs are acted upon by tools/techniques to create outputs
processes are linked by outputs they produce and may contain overlapping activities
output of 1 process = input to another process or deliverable
Program Management
Application of knowledge, skills, and principles to a program to achieve program objectives & obtain benefits & control not available by managing program components individually.
Focus on interdependence between projects to determine optimal approach
Problem DOES NOT = a large project
Ex) New communications satellite system with projects for the DESIGN of the satellite, LAUNCH of the satellite, and the INTEGRATION of the system.
Define Portfolio
Projects/programs/subsidiary portfolios/operations managed as a group to achieve strategic objectives
Define Portfolio Management
Centralized mgmt of 1 or more portfolios to achieve strategic objectives. Programs/projects of the portfolio may NOT be interdependent or directly related
Initiating Process Group
Processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase
Planning Process Group
Processes required to ESTABLISH SCOPE of the project, REFINE OBJECTIVES, and DEFINE THE COURSE of action required to attain the objectives that the project was undertaken to achieve
Executing Process Group
Processes performed to COMPLETE THE WORK defined in the PM Plan to satisfy project requirements
Monitoring and Controlling Process Group
Processes required to:
- TRACK, REVIEW, & REGULATE the progress and performance of the project;
- Identify any areas in which CHANGES TO THE PLAN are required
- INITIATE corresponding CHANGE
Closing Process Group
Processes performed to FORMALLY COMPLETE or close project/phase/contract
Define PM Knowledge Area
Identified area of PM define by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools and techniques.
Project Integration Management
Processes and activities to IDENTIFY, DEFINE, COMBINE, UNIFY & COORDINATE the various processes and PM activities within the PM Process groups