The Standard for Project Management Flashcards
(20 cards)
What does the Standard for Project Management provide?
1) Understanding of project management
2) Enables intended outcomes
3) Foundational reference for stakeholders in project
What does the Standard for Project Management apply to?
EVERYTHING
(applies regardless of industry, location, size, or delivery approach - i.e. predictive, adaptive, hybrid)
What systems do projects operate in?
1) Governance
2) Possible Functions
3) Project Environment
4) Project mgmt v. Product mgmt relationship
Outcome
End result or consequence of process project
Can include outputs and artifacts
Focuses on benefits and value project will deliver
Portfolio
Projects, programs, subsidiary portfolios, and operations managed as group to achieve strategic objectives
Product
Artifact produced, quantified, and can be an end or component item
Program
Related projects, subsidiary programs, program activities managed in coordinated manner to obtain benefits not achieved if managed independently
Project
-Temporary endeavor taken on to create unique product, service or result.
-Include outcomes, outputs, and artifacts
-Temporary nature indicates clear beginning and end of project work or phase of project
-Projects can stand alone or be part of program or portfolio
Project management
-Application of knowledge, skills, tools, and techniques to project activities to meet project requirements
-Guiding project work to deliver intended outcomes
-Project teams achieve outcomes using range of approaches (predictive, hybrid, and adaptive)
Project manager
-Person assigned by performing organization to lead project team responsible for achieving project objectives.
-Perform variety of functions:
1) Facilitating project team work to achieve outcomes
2) Managing processes to deliver intended outcomes
*Deliver projects with value to organization & stakeholders
Project team
Group of individuals performing project work to achieve objectives
System for value delivery
Collection of strategic business activities to build, sustain, and/or advance an organization
Parts of organization’s system for value delivery:
1) Portfolios
2) Programs
3) Projects
4) Products
5) Operations
Contained within Internal Environment -> Internal Environment contained within External Environment
Value
-Worth, importance, or usefulness of something
-Perception of value (different depending on audience):
1) Customer: feature and function of product
2) Organization: financial metrics, cost savings, business outcomes
3) Society: contribution to people, communities, or environment
Examples of Stakeholders
Project Practitioners
Consultants
Educators
Students
Sponsors
Stakeholders
Vendors
Stakeholder involvement in Standard for Project Management
-Responsible or accountable for delivering outcomes
-Work on projects full or part time
-Work in portfolio, program, or project mgmt offices (PMOs)
-Sponsor, own, manage, lead, or govern projects or products
-Involved in portfolio or program mgmt
-Provide resources for project work
-Focus on value delivery for portfolios, programs, projects
-Teach or study proj mgmt
-Involved in any aspect of project value delivery chain
Organization
Term used by standard to refer to larger systems such as:
-Gov. agencies
-Enterprises
-Contractual arrangements
-Joint ventures
-Other arrangements
Create value for stakeholders
Ways that projects produce value
1) Creating new product, service, or result meeting need of customer/end-user
2) Creating positive social or environmental impact
3) Improving efficiency, productivity, effectiveness or responsiveness
4) Enabling changes to facilitation organizational transition to desired future state
5) Sustaining benefits provided by previous program, project, or business operation
Operations
Can support or influence portfolios, programs, projects, or business functions
Internal Environment
Subject to policies, procedures, methodologies, frameworks, governance structures, etc.
Exists within larger external environment
External Environment
Economy, the competitive environment, legislative constraints
