Section 4: Project Management Terms Flashcards
Project Management Terms
Definition:
Project
A temporary endeavor that produces a unique product, service, or result.
Product - New model of Corolla
Service - New service to offer customers
Result - Does this method of massage fix this shoulder issue?
Temporary in nature and has a definite beginning and end.
Can be a part of a large program or portfolio.
Unique - Temporary - Progressively Elaborated
What is Progressive Elaboration?
I want to accomplish X…
You’re not sure in beginning and estimates are not accurate.
Estimates become more precise over time.
What is a Project?
It is temporary, unique output as a part of a product, service, or result.
What is Project Management?
Use knowledge, skills, tools, and techniques to make sure the project is complete and satisfy requirements.
-Justify investment via business case/estimate roi
-Estimate resources and time
-Develop Management Plan
-Leading and motivating delivery team
-Identify and managing risks, issues, and changes
-Monitoring progress against plan.
-Closing the project in a controlled fashion when appropriate.
Project should be called…
“People Management”
Don’t general do the work itself, but manage the people that do the work.
What is PROGRAM MANAGEMENT?
Group of related projects coordinated to obtain benefits and control not available from managing them individually.
Must be some value add in managing them together as a program.
A project mayor may not be part of a program, but a program will always have projects.
Focuses on the project interdependencies and helps to determine the optimal approach for managing them
Program managers manage the overall program that contains project managers who manage projects within the program.
Program Project 1 > Project 2 > Project 3
Project Management Office
Organizational Structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools, and techniques.
Mid-to-large orgs have PMO
What are the types of Project Management Office or PMO?
Supportive:
Supports the project manager, such as providing templates, training, or lessons learned from other projects.
Controlling:
Determines the framework or methodology and use of specific forms.
Directive:
Controls the project. PM will be assigned and report to the PMO.
What is PORTFOLIO MANAGEMENT?
A Portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
-Collections of projects, programs, and subsidiary portfolios.
-Achieve strategic (long term) objectives.
What does a Portfolio Manager do?
They work with executives of programs and subsidiary portfolios and operations to achieve strategic objectives. Can sometimes be the CEO.
The board can say “HERE IS OUR GOAL” the portfolio manager can say “Okay, here are the programs we are going to implement in order to achieve that goal.”
What is OPERATIONS MANAGEMENT?
Deals with the ongoing production of goods and/or services.
Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services.
Where projects have a start and end date, operations are the opposite because they do not have a start and end date.
What is the value of the project?
What value will this project bring to the company upon completion?
Why should we undertake this project?
Money, Brand Reputation, Customer Service, New or Change product or service.
Every time the company spends money, there needs to be an ROI.
What changes do projects enable?
Projects can be a vehicle for change in an organization.
Takes a company from a current state to desired state.
Example:
We want to go from A to B, run project to make the change.
We want to go from the current state to desired state.
What is a Phase?
A phase is a collection of logically related project activities that culminates in the completion of one or more deliverables.
-The number of the phases depends on the industry type and size and the complexity of the project.
Phases are created by the Project Manager.
What is a Deliverable?
A deliverable is any unique and verifiable product, service, or result.
May be tangible or intangible.
Must be accepted by the customer or sponsor for the phase.
What is a phase vs deliverable?
A PROJECT outputs a DELIVERABLE…
Phases allow me to create deliverables.
Example: Software Development Project
Phases:
-Gather Requirements
-Design Software
-Code Software
-Test Software
-Install Software
Deliverables are the output of the phases. The point of project management is to build deliverables.
What is the Project Lifecycle?
A representation of the phases that a project typically goes through from start to finish.
Can be either predictive or adaptive.
Plan-Driven/Predictive/Traditional
Change - Driven (iterative, incremental, adaptive)
Hybrid
What are predictive/plan/traditional project lifecycles?
The scope has been done before.
We know what the scope is, we don’t want to change the scope.
You make your plan and you never want to change it.
What is a Change-Driven Project Lifecycle?
The scope changes throughout the project which falls under the “AGILE” umbrella.
Which will use iterative or incremental development.
What is the Hybrid Project Lifecycle?
Combination of planned and change-driven project lifecycles.
What is Project Governance?
Set of rules that must be followed by all members.
A framework within which project decisions are made.
Three pillars:
1. Structure
2. People
3. Information
Every business different.
What are the ROLES of a PROJECT MANAGER
- The Initiator - Someone who takes the first step or proposes an idea or action
- Negotaitor - Someone who engages in discussions or formal negotations to reach mutually agreeable solutions or outcomes.
- Listener - Someone who pays attention to anothers’ ideas, thoughts, concerns during conversations or discussions.
- Coach - Someone who guides and supports individuals or teams in achieving their goals, improving performance, and enhancing their skills.
- Working member - Someone who actively participates as a member of a team or group.
- Facilitator - Someone who manages group processes, discussions, or meetings to ensure effective communication, collaboration, and decision-making.
What are Milestones?
Milestone:
A significant event or achievement in a project that marks a key point or completion of a major deliverable.
Task Duration:
Task duration refers to the amount of time it takes to complete a specific task or activity within a project.
A task with a 0 duration typically is a milestone. A milestone is an accomplishment.
What are Project Bosses?
Sponsor:
Someone generally internal or external
Project Champion
Funding the project
Make decisions
*Send recap/NOTE TO THE SPONSOR
Program Manager:
-Senior to the Project Manager
-Maybe responsible for several projects executed at the same time.
Maybe used to resolve conflicts in the project.
In agile, a product owner.