Week 1 Definitions Flashcards
(41 cards)
Standard
Document established by an authority, custom, or general consent as a model or example
Generally Recognized
Knowledge & practices described are applicable to most projects most of the time and there is a general consensus about their value/usefulness
Good Practice
General agreement that the application of the knowledge, skills, tools & techniques to PM processes can enhance the chance of success over many projects in delivering expected business values & results
Methodology
System of practices, techniques, procedures, and rules used by those who work in the discipline
Project
Temporary endeavor undertaken to create a unique product, service, or result
Objective
Outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced or a service to be performed
Deliverable
Any unique & verifiable product, result, or capacity to perform a service that is required to be produced to complete a process, phase, or project. May be tangible or intangible.
Business Value
Net quantifiable benefit derived from a business endeavor
Program
Group of related projects managed in a coordinated manner to obtain benefits not available from managing individually
Mega Project
Costs >1B, affects >1M people and runs for years
Portfolio
Project, programs, subsidiary portfolios and operations managed as a group to achieve strategic objectives
Program management
Application of knowledge, skills, and principles to a program to achieve program objectives and to obtain benefits & control not available by managing program components individually
Program Components
Projects and other programs within a program
Portfolio Management
centralized management of one or more portfolios to achieve strategic objectives (do not need to be interdependent)
Operational Project Management
Framework in which portfolio, program, & project management are integrated with organizational enablers in order to achieve strategic objectives
Project life cycle
Series of phases that a project passes through from its start to completion
Project Phase
A collection of logically related project activities that culminates in the completion of 1 or more deliverables
Phase Gate
A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification or to end the program/project
Project Management Processes (General Definition)
A systematic series of activities directed toward causing an end result were ≥1 inputs will be acted upon to create ≥1 outputs
Project Management Process Group
A logical grouping of project management inputs, tools & techniques & outputs. Process groups do not equal project phases
Project management knowledge area
An identified area of PM defined by its knowledge requirements & described in terms of its components processes, practices, inputs, outputs, tools & techniques
Development life cycle
One or more phases within a project life cycle that are associated with the development of the product, service, or result
Product Life Cycle
Series of phases that represent the evolution of a product from concept through delivery, growth, maturity & retirement
Knowledge Area
Identified area of PM defined by its knowledge requirements & described in terms of its component processes, practices, inputs/outputs, T&T
