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What is project management? The application of knowledge, skills, tools, and techniques to project activities to meet project requirements What is a program? A group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More What is a portfolio? projects, programs, subportfolios, and operations managed as a group to achieve strategic business objectives What is a PMO? An organizational structure that standardizes the project related governance and facilitates the sharing of resources, methodologies, tools, and techniques. What is a constraint? A limiting factor that affects the execution of a project, program, portfolio, or process. What is a stakeholder? An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. What is a project management system? The aggregation of the processes, tools, techniques, methodologies, resources, and procedures to manage a project What are the stages of a product life cycle? Concept, delivery, growth, maturity, retirement What is the benefit of portfolio management? Better alignment of projects and programs with organizational objectives, with the goal being to maximize the value of the entire portfolio What are the common characteristics of project life cycles? The phases are sequential in nature; they embrace the transfer of technical information from one phase to another as necessary; costs and staffing levels are usually low at the beginning, peak somewhere in the middle, drop off rapidly toward the end When does the life cycle of a product or service begin? At its conception, it ends with closure. This cycle can begin with an assessment of the product or service from a business perspective, continue with the hand off to operations, and end with discontinuation or completion of the product or service. What are some examples of project stakeholders? Customer or end user, sponsor, project management office, project manager, project team, functional managers, operations management, senior management, influences, performing organization What are some examples of organizational structures? Organic or simple, functional (centralized), multi divisional, matrix strong, weak, balanced, project oriented, hybrid, PMO What is another name for a functional organization? Traditional centralized How is a functional organization organized? In which staff is grouped by areas of specialization and the project manager has limited authority to assign work and apply resources. What are the organizational characteristics of a functional structure? PM authority: little or none, resource availability: little or none, budget controlled by: functional manager, role of the project manager: part time, project management admin staff: part time In a project oriented organizational structure, who does the project team report to? The project manager What are the organizational characteristics of a project oriented structure? PM authority: high or total, budget controlled by: PM, role of the project manager: full time, project management admin staff: full time What are three distinct forms of matrix structures identified by the PMI? Matrix - weak, matrix - balanced, matrix - strong What are the overall characteristics of matrix structures? Overall focus: operations and projects Authority: two bosses (functional and project manager) Manager focus: PM control of projects Employee focus: Split between projects and operations What are the characteristics of a weak matrix? Low PM authority, low resource availability, budget controlled by functional manager, part time PM, part time PM admin staff What is the chief advantage of a composite structure? The flexibility for management to adopt the approach to managing the projects in the organization according to the characteristics of the project Why is the composite organizational structure considered somewhat of a hybrid? In this structure, one project may be organized in a functional manner, another could be organized using a matrix or projectized type of structure. In additional, the composite structure could have a separate silo solely for project management work alongside resources from other silos who are also managing projects According to PMI what is a process? A systematic series of activities directed towards causing an end result such that one or more inputs will be acted upon to create one or more outputs. What are inputs? Any items, internal or external to the project that is required by a process before that process proceeds. May be outputs from predecessor processes What are tools and techniques? Actions applied to the inputs to create outputs; examples of tools and techniques are measuring, planning, applying a skill, templates, software, etc. What are outputs? Products, results, or services generated by a process. May be inputs to successor process. What is the difference between tools and inputs? Tools are tangible items used in the performance of an activity to product a result. Inputs are those items required by a process in order for that process to proceed.