Chapter 2: PM with PRINCE2 Flashcards
What is a project
A temporary organisation created to deliver a business product
- projects are the means by which we introduce change in a business
What 5 characteristics of project work distinguishes it from ‘Business and usual’
- Change
- Temporary
- Cross-functional - projects often cross normal functions
Divisions within an organisation/ sometimes span entirely different organisations - Unique - every project is unique
- Uncertainty - projects introduce threats and opportunities
What is project management
Planning, delegating, monitoring and control of all aspects of the project to achieve project objectives
Within expected performance targets for time, cost, quality, scope, benefits and risks
What are the 6 variables involved in any project
- Cost
- Timescale
- Quality
- Scope
- Benefits
- Risks
What is the job of the PM
Monitor how well the work in progress matches the plan
Plan —> Delegate —> Monitor —> Control
What is a programme
Temporary structure designed to lead multiple interrelated projects & other work in order to progressively achieve an outcome
A project may be part of a programme
What is a portfolio
The totality of an organisations investment
Read info on projects in a commercial environment
In a commercial environment, there may be hierarchies of commercial relationships. Rather than a simple customer/ supplier relationship involving 2 organisations
Projects often involve multiple organisations constrained by multiple contracts
There may be one primary commissioning organisation (or one prime contractor)
What is a project initiation document (PID)
Document that PMs create before they begin a project
- includes key project information
Read info on commissioning organisation standards
An organisation typically has its own principles, policies and values.
If the project is commissioned by a customer outside the project organisation, the mandate may require the use of some of the customer’s standards
The PM may have to tailor the project to meet standards
This will be recorded in the PID
What’s the best way to summarise the project success
Identify the Key Performance Indications (KPIs)
When designing KPIs, a balance should be struck between qualitative & quantitative measures, leading and lagging indicators, project inputs & outputs
What is a lagging indicator
Measure performance that follows events, and check how well actual performance matches that which was expected
E.g. number of unexpected errors after a software release
What is a leading indicator
Measure progress towards events & track whether it’s on course to achieve expected performance
E.g. persistent failure of a supplier to meet quality requirements early in the project
