Understand Priject Management And Operating Environment Flashcards
What is a project?
A unique, transient endeavour undertaken to bring about change and to achieve planned objectives.
Example
State the differences between a project and BAU?
- Project is temporary with a defined end date whereas BAU is never ending.
- People may be temporarily seconded into a project from BAU and released again at the end of the project whereas BAU relies upon existing organisational structures.
- A project will have a unique product or service to deliver whereas BAU is repetitive, non-unique.
What is project management?
Application of processes, methods, skills, knowledge and experience to achieve specific objectives according to the project acceptance criteria within agreed parameters. Project management has final deliverables that are constrained by the budget and timescales.
What is the key purpose of project management?
Bring about change and enable organisations to adapt, improve and grow. Project work represents intentional investment in development, enhancement and improvement
What is a programme?
A unique, transient strategic endeavour undertaken to achieve beneficial change and incorporating a group of related projects and BAU activities.
What is programme management?
The coordinated management of projects and BAU activities to achieve beneficial change. E.g use products developed in BAU
What is a portfolio?
Collection of projects and/or programmes used to structure and manage investments at an organisational or functional level to optimise strategic benefits or operational efficiency
What is portfolio management?
Used to select, prioritise and control and organisations programmes and projects in line with its strategic objectives and capacity to deliver. Their goal is to balance the implementation of change initiatives and the maintenance. To optimise strategic benefits or operational efficiency
Why would PESTLE be used by a project manager?
To analyse project context by considering the Political, Economic, Sociological, Technical, Legal and Environmental factors.
What are the differences between project management, portfolio management and programme management?
Project management focuses on the management of a specific project whereas program management focuses on the management of multiple projects.
Project management deals with the execution of specific projects whereas program management deals a group of interdependent projects as a cohesive program. Portfolio management ensures that programs and projects are aligned with strategic objectives.
Project management deals with meeting specific project objectives, program management deals with strategic coordination and integration of these projects, portfolio management with optimising resource allocation in line with strategic objectives.
Describe situations where programme management may be appropriate?
- When there are multiple projects and you need an overall vision to move the organisation nearer to its strategic vision and avoid inconsistencies.
- Maximises efficiency by having a PMO with oversight of the projects that can move money and resource around to different projects as required.
- Where there are concerns about benefits realisation. A programme manager can ensure that benefits are maximised as projects can often be too narrow.
Describe situations where portfolio management may be appropriate?
- Where there is a need to manage risks. Portfolio management ensures that there is strong risk management across a range of programs and projects with sufficient strategic oversight to avoid dis benefits from materialising.
- Decision making and governance - ensures there is strategic buy in with senior leaders making key decisions to support project and program managers.
- Portfolio management ensures that ongoing performance can be monitored at a strategic level.
What is PESTLE?
It is a framework to strategically analyse and assess external factors that may impact on project delivery.
Political
Economic
Social
Technology
Legal
Environmental
What is SWOT?
Strengths, weaknesses, opportunities and threats. Helps support decision making and early identification of benefits and risks.
What is VUCA?
Volatility, Uncertainty, Complexity, and Ambiguity. It is a concept that originated in the military and has been adopted in various fields, including business and project management, to describe the nature of the modern world and its impact on decision-making and strategy.
- Volatility: rapid and unpredictable changes that occur in the business environment.
- Uncertainty: lack of predictability and the presence of unknown factors in the business environment.
- Complexity: It suggests that there are multiple factors, relationships, and variables that influence decision-making and outcomes, making it difficult to understand and manage.
- Ambiguity: existence of multiple interpretations, meanings, or perspectives in the business environment. It implies that there is a lack of clarity or certainty, causing confusion and making it challenging to make informed decisions.
