Module 2: Projects and Project Management Flashcards
(28 cards)
What is a project?
A temporary endeavor undertaken to create a unique product, service or result
Define ‘endeavor’ in the context of projects.
Something that delivers value as a product, service or result
What does ‘temporary’ refer to in a project?
Having a beginning and an ending
What are the key aspects of project management?
Protect financial and human resources, assist in staying on budget, and assisting in creating a timeline
What is business analysis?
The practice of enabling change in an organizational context by defining needs and recommending solutions that deliver value to stakeholders
List potential components of a business case.
Potential business opportunities, Potential revenue, Approximate cost, Customer base, Risks, and Timeline
What steps are involved in justifying a project?
Investing time and effort to ask questions, Conducting research and analyze results, Building a business case, and Making a decision: yes or no
What are some benefits of a project?
Financial profitability, Business growth, New advertising opportunities, and Happier customers
Who are project sponsors?
Individuals or groups that authorize the project and are accountable for enabling success
What is the role of a project manager?
Help formalize or refine the vision into a project vision statement
What is a project charter document?
The project vision and formally authorizes the existence of a project
What does a business analyst provide?
Provides information the project manager or team needs to start planning and working
Fill in the blank: A project vision statement is a high-level description of the project that states the project’s _______.
[purposes and inspires the team]
What is the project charter?
Document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities
Define ‘stakeholder’.
Individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity or outcome of a project, program, or portfolio
What does a business case identify?
Business needs, benefits and value, feasibility study, cost/benefit analysis, and measurable strategic objectives
What is project management?
Application of knowledge, skills, tools, and techniques to project activities to meet the project requirements
List some applications of project management.
Conducting business analysis, Eliciting requirements, Estimating costs, Communicating, Motivating the team, Guiding the Work, Planning, Organizing, Controlling
What are the ranges of approaches in project management?
Planned from the beginning, Planned as the project progresses, and A combination/hybrid of the above two
What are some benefits of effective project management?
Success, Satisfaction, Efficiency, Optimization, Focus, and Risk management
What defines operations in contrast to projects?
Ongoing execution of activities that follows an organization’s procedures to produce the same result or a repetitive service
How are projects characterized in terms of time?
A beginning and an end
What is produced by operations?
The same result every time
What is the authority structure in project management?
Project manager, with authority varying from weak to strong
