Chapter 1-3 Flashcards
(50 cards)
A temporary endeavor undertaken to create a unique product, service, or result to fulfill objectives by producing deliverables.
Projects
The states that drive product change
current state to future state
The net quantifiable benefit derived from a business endeavor. Can be tangible or intangible or both.
Business value
In business analysis, the business value is considered the return in the form of 4 elements in return for something exchanged. The elements are….
time, money, goods, intangibles
Project initiation- Four fundamental categories for the factors that influence an organization’s ongoing operations and business strategies and link strategic objectives of the organization and the business value of each project.
- Meet regulatory, legal, or social requirements.
- Satisfy stakeholders requests or needs
- implement or change business or technological strategies
- Create, improve, or fix products, processes, or services.
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
Project management
A key way to create value and benefits in the organization.
Projects
Project management’s 3 separate scenarios:
1) Stand-alone project (outside of portfolio or program)
2) Within a program
3) Within a portfolio
A group of related projects, subsidiary programs, and program activities managed in coordinated manner to obtain benefits not available from managing them individually. Not large projects.
Program
Very large project costing US $1 billion or more, affecting 1 million or more people, and run for years.
Mega project
Used to manage several programs and projects underway at any given time. Senior management activity.
Portfolio
Program and project management focus differs from portfolio management by….
- Program and project focus on the “right” way of doing things.
- Portfolio management focuses on doing the “right” programs and projects.
Refers to the combined objective and requirements needed to complete a project.
Scope
The framework in which a portfolio program, and project management are integrated with organizational enablers in order to achieve the strategic objective.
Organizational project Management (OPM)
The series of phases that a project passes through from start to completion that is the framework for managing the project.
Project life cycle
Aim of portfolio management:
- Guide- investment decisions.
- Select- optimal mix of programs and projects for strategic objective.
- 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.
Sequential, iterative, or overlapping. Can be predictive or adaptive.
Project life cycles
The development life cycles that are within the product life cycle.
Predictive, iterative, incremental, adaptive, hybrid.
a collection of logically related project activities that culminates in the competition of one or more deliverables.
project phase
Held at the end of a phase to compare performance and progress to project and business documents.
Phase gate
Project Management Processes
Produces one or more outputs from one or more inputs by using appropriate management tools & techniques. logically linked by the outputs they produce. Activities can be overlapping.
Project Management Process groups
Initiating, Planning, Executing, Monitoring, Closing
Ten Knowledge Areas
1) Integration
2) Scope
3) Schedule
4) Cost
5) Quality
6) Resources
7) Communication
8) Risk
9) Procurement
10) Stakeholder
A documented economic feasibility study used to establish the validity of benefits realized and used as a basis for authorization of further project management activities.
Project business case
