Framework Flashcards
(26 cards)
What is the definition of a project?
Temporary endeavor - with a beginning and an end. Creates a unique product, service, or result
Who are stakeholders?
Anyone people or organizations whose interests may be positively or negatively impacted by the project or the product of the project.
What is the difference between a program and a portfolio?
A program is a group of related projects, managed in a coordinated way while a portfolio is a group of programs, individual projects, & other related operational work that are prioritized and implemented to achieve a specific strategic business goal.
Name the three approaches to project management
Predictive
Agile
Hybrid
What is organizational project management (OPM)?
A framework that guides portfolio, program, and project management to achieve the organization’s strategic goals.
What are three possible forms of a PMO?
Supportive
Controlling
Directive
What is operational work?
Ongoing work to support the business and systems of the organization
What is governance?
Governance is designed to support the specific culture and attributes of the organization. Organizational governance refers to the overall structure of an organization. Project governance must be determined so that the project is in agreement with organizational governance.
Define the three primary forms of organizational structure.
Functional: The organization is grouped by areas of specialization (e.g. accounting and marketing)
Project-oriented: The company is organized by project; the team has no department to go to at project end; the project manager has control of the project
Matrix: Attempts to maximize the strengths of both the functional and project-oriented structures; team members report to two managers and do project work in addition to normal departmental work
What is the difference between a strong matrix and a weak matrix?
In a strong matrix, the balance of power rests with the project manager while in a weak matrix, power rests with the functional manager and the project manager serves as a coordinator or expediter
What are organizational process assets (OPAs)?
Company processes, procedures, and politics
Organizational knowledge repositories (historical information, lessons learned)
What can historical information include?
Historical information can include:
Activities, WBS, Benchmarks, Reports, Risks and risk response plans, Estimates, Resources used, Project management plans, Project documents, Baselines, Correspondence.
Records of the current project that will become part of organizational process assets.
List project constraints that may occur throughout the life of a project.
Schedule, Cost, Risk, Scope, Quality, Resources, Customer satisfaction
What are enterprise environmental factors (EEFs) ?
EEFs provide context within which to plan the project; these factors can be either internal or external.
They are generally outside the control of the project team.
What is an assumption log?
A repository of both assumptions and constraints
What is a project management information system (PMIS) ?
The PMIS may include automated tools such as scheduling software, a configuration management system, shared workspaces for file storage or distribution, work authorization software, time tracking software, and procurement management software
Describe the functions of work performance data, work performance information, and work performance reports.
Work performance data: Measurements and details about activities gathered during the Direct and Manage project work process.
Work performance information: Work performance data that is analyzed to make sure it conforms to the project management plan and to assess what it means for the project as a whole.
Work performance reports: Work performance information that is organized and distributed to stakeholders.
Name some frequently used project management tools and techniques.
Data gathering, data analysis, data representation, decision-making, communication, interpersonal and team skills, estimating, project management information systems (PMIS), expert judgement, meetings.
What is the purpose of expert judgement?
To gain knowledge and to consult experts
When is a meeting most useful?
When getting input or feedback from group of people
Name some economic measures for project selection.
return on investment, present value, net present value, internal rate of return, payback period, cost-benefit analysis
What is the difference between present value and net present value?
Present value is the value today of future cash flows; net present value is the present value of the total benefits (income or revenue) minus the costs over many time periods
Describe the role of a project manager in a predictive environment and in a change-driven environment
Predictive environment: The project manager is accountable for managing the project to meet project objectives and deliver its value and benefits to the organization.
Change driven environment: The project manager may perform similarly to an agile coach (also known as a scrum master or team lead) who manages the processes and facilitates work for the team.
What is the role of the sponsor/ initiator?
In a predictive environment, a sponsor is typically someone in management who provides the financial resources for the project and supports the project and protects it from unnecessary changes.
In an agile environment, the product owner’s role is in some ways analogous to that of a sponsor, being responsible for ensuring the project delivers value and benefits.
