PM 2500 Flashcards
(178 cards)
Operation Definition
- ongoing execution of activities
- same product / repetitive service
- standard processes or procedures
routine - never-ending projects
Project Definition
- Defined as a temporary endeavour undertaken to create a unique product, service or result
- a definite beginning and end.
- Projects are temporary but the product, service or result can exist beyond the duration of the project.
Examples of Projects
- Service - website, internet, banking
- Product - (tangible) construction, car, cell phone
- Result - (no tangible product or service) research
Examples of Operations
- Running routine reports on an organization’s dashboard
- Meeting every Mon, Wed, Fri with the clinical team
Operations Vs Projects
- Running a B & B vs. establishing a new B & B
- Assembly line producing existing models of cars vs. design of a new model of car
- Management of visiting a tourist destination (Whistler, Butchart Gardens) vs. creating a new tourist destination in Squamish.
Outcome
An end result or consequence of the process or project”. Outcomes can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver.
Product
An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.
Objectives of a project
- Outcomes or Products or a combination of both.
- Need to be determined at the beginning of the project.
- Documented in the project charter, must be clear and achievable.
Strategic alignment
- Should be in every project charter.
- project initiation should align with company’s strategic goals.
- More likely to be supported if they align.
Project Management definition
Application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
- Balancing constraints (scope, quality, schedule, budget, resources, HR management).
Portfolio
Collection of “projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
- large number of projects that may or may not be related.
Program
Group of “related projects, subsidiary programs, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.
- coordinated to maximize benefits and control
Project
Individual Projects that are either within or outside of a program are still considered part of a portfolio.
Projects are often used as a means for achieving the goals and objectives within an organization’s strategic plan.
Project Manager
- Responsible for ensuring project objectives are met.
- ## Person assigned to lead the project team.
Personal Effectiveness
Effective - doing the right thing at the right time.
Efficient - using the appropriate resources
Project Manager Functions
- Oversight and coordination
- Present objectives and feedback
- Facilitate and support
- Perform work and contribute insights
- Apply expertise
- Provide business direction and insight
- Provide resource and direction
- Maintain governance.
Oversight and coordination
lead, monitor, and control activities; also includes evaluation and analysis. Includes monitoring and working to improve overall well-being of project team members.
Present objectives and feedback
collaborate with customers and end users to provide perspectives and insight.
Customer
individual or group who has requested or is funding the project and the end user is the individual or group who will experience the direct user of the project deliverable
Facilitate and Support
People in this function encourage participation, collaboration and a shared sense of responsibility for outputs. Includes evaluation of performance and the provision of feedback for learning and growth.
Perform work and contribute insights
Provide the knowledge, skills, and experience necessary to product the products and realize the outcomes of the project.
Apply expertise
Subject matter experts and provide expertise in the project, offering advice and support and contribute to the project team’s learning process and work accuracy
Provide business direction and insight
Guide and clarify the direction of the project or product outcome. - Review requirements to prioritize
- Feedback allows for efficient interaction amongst stakeholders, customers and team.
Provide resource and direction
Promote the project and communicate the organizations’ vision, goals and expectations”, and are advocates. Useful for escalating issues/risks, this function pushes decisions outside the authority of the project team.