Term
| Why do Businesses initiate Projects? |
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Definition
| Because projects enable Business Value Creation |
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Term
| What are the tangible Business Values that an organization can potentially gain from initiating a project? |
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Definition
| Monetary Assets Stock Holder Equity Mixers and Tools Market Share |
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Term
| What are the intangible Business Values that an organization can gain from initiating a project? |
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Definition
- Goodwill and Reputation
- Brand Recognition
- Public Benefit
- Trademark
- Strategic Alignment
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Term
| What are the different types of Project initiation Contexts (different reasons why a project is initiated)? |
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Definition
- The regulatory, legal or social requirement
- Stakeholder (customers, other departments) request
- Technological advancements
- Create, improve, or fix processes, products or services.
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Term
| What is Project Management? |
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Definition
Application of
- Knowledge
- Skills
- Tools
- Techniques
To meet project requirements |
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Term
What is Progressive Elaboration? |
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Definition
Being able to elaborate/guestimate more clearly as more information becomes available |
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Term
| What is portfolio management |
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Definition
| Management of group of programs and projects is called portfolio management |
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Term
| Portfolio Management and Program Management differ with project management in what ways? |
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Definition
| In Life Cycles, Activities, Objectives, Focus and Benefits |
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Term
| Portfolio, Program, Operations, and Project share the same _________ and__________ |
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Definition
| Stakeholders and Resources |
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Term
What is the Project Management Office? |
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Definition
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A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.
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Term
| What are the 3 types of Project Management Offices? |
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Definition
- Supportive
- Controlling
- Directive
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Term
| The similarity between Projects and Operations |
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Definition
- Both Involve employees
- Both have limited resources
- Both are designed executed and managed
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Term
| What does is Project Definition as explained by acronym MACD |
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Definition
| Moving, Adding, Changing and Deleting. |
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Term
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Definition
| Organizational Project Management. |
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Term
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Definition
- It is a way to coordinate, manage and control projects, programs, and portfolio management in a uniform and consistent manner
- Consistently deliver better results.
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Term
| In an organization what are the executives responsible for? |
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Definition
| Why? (Vision, Mission and Goals) |
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Term
| In an organization what are the middle management responsible for? |
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Definition
What?
(Strategy and Tactics) |
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Term
| In an organization what are the Operations/individual contributors responsible for? |
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Definition
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Term
| What are the Physical environmental factors to consider while planning projects? |
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Definition
- Location of Work
- Working Conditions
- Weather
- Constraints
- External Enterprise environment factors
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Term
| What are the social and cultural influences we need to consider for Project Management? |
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Definition
- Political climate
- Codes of Conduct
- Ethics
- Perceptions
- Values
- External enterprise enviornmental factors
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Term
| Triple Constraints of Project Management |
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Definition
| Also known as the Iron Triangle. This theory posits that time, cost, and scope are three constraints that every project has. |
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Term
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Definition
| Raw data, observations, and measurements about project components. Work performance data is gathered and stored in the project management information system. |
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Term
| Work performance information |
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Definition
| Work performance information is the processed and analyzed data that will help the project manager make project decisions. |
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Term
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Definition
| Work performance reports is the formatted communication of work performance information. Work performance reports communicate what’s happening in the project through status reports, memos, dashboards, or other modalities |
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Term
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Definition
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 a program or project. |
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Term
| What is a Project business case? |
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Definition
A documented economic feasibility study used to establish the validity of the project and that is used as a basis for the authorization of further project management activities. |
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Term
| Who is responsible for the development and maintenance of Project Business case document |
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Definition
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Term
| What is the Role of Project Manager in Project Business Case |
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Definition
The project manager is responsible for providing recommendations and oversight to keep the project
business case, project management plan, project charter, and project benefits management plan success measures in
alignment with one another and with the goals and objectives of the organization. |
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Term
| What is a project Benefit Management Plan? |
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Definition
| It is a document that describes how and when the benefits of the project will be delivered and describe the mechanisms that should be in place to measure those benefits |
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Term
| What is a project Benefit? |
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Definition
| A "project benefit" is defined as an outcome of a project that provides value to the sponsoring organization as well as to the project’s intended beneficiaries |
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Term
| What data does a project Benefit Plan include? |
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Definition
- Target benefits (e.g., the expected tangible and intangible value to be gained by the implementation of the project; financial value is expressed as net present value)
- Strategic alignment (e.g., how well the project benefits align with the business strategies of the organization)
- Timeframe for realizing benefits (e.g., benefits by phase, short-term, long-term, and ongoing)
- Benefits owner (e.g., the accountable person to monitor, record, and report realized benefits throughout the timeframe established in the plan)
- Metrics (e.g., the measures to be used to show benefits realized, direct measures, and indirect measures)
- Assumptions (e.g., factors expected to be in place or to be in evidence); and
- Risks (e.g., risks for the realization of benefits)
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