WGU C722 Project Management Terminology

portfolio - a group of related programs that support a long-term company goal or objective Pg 13 program - a group of related projects Pg 13 project - an activity or group of activities to generate a new, unique product, service, or results to support that program Pg 13 charter - a document that, like a contract, is agreed upon by the sponsor and key stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities, and scope for the project Pg 13 Specific, measurable, attainable, relevant, timely - Criteria of specific objectives that are unique to a project are referred to as SMART which stands for what Pg 15 triple constraint - cost (budget), schedule (time), and scope (deliverables) Pg 17 stakeholder analysis - analysis to define the relevant stakeholders, their interests, and their communication needs Pg 19 Change Control Board (CCB) - a group of people who track changes in a project and can be used as a governance tool Pg 19 Work Breakdown Structures (WBS) - a key tool so that people understand what is expected of them and how they will be held accountable Pg 21 Project Management Institute (PMI) - Founded in 1969, it's headquartered in Newton, PA, and has member chapters on every continent (except Antarctica). Publishes foundational and practice standards and is the largest in the world. Pg 22 Association for Project Management (APM) - A UK-based charter organization that is the largest professional body of its kind in Europe. Formed in 1972, it's membership is primarily limited to the United Kingdom. Pg 22 International Project Management Association (IPMA) - the world's first project management association, founded in 1965. The leading authority on competent project, programme, and portfolio management (PPPM) Pg 22 AXELOS, Ltd - a joint venture between the government of the United Kingdom and Captia PLC. It was formed to manage and grow a number of standards and associated certifications developed by the Cabinet office, including ITIL (Information Technology Infrastructure Library), PRINCE2, and Managing Successful Programs (MSP). Pg 22 Functional (Departmentalized) Organization pros/cons - Pros: Lines of authority are clear; work is easily prioritized by identified departmental authority Cons: Utilizing resources across functions can be difficult; project is not managed holistically Projectized Organization pros and cons - Pros: Clear lines of authority; project is managed holistically; gain historical data from prior projects. Cons: Approach is expensive because of the duplication of personnel; SME assigned may not have the most appropriate knowledge or expertise for the project Matrix Organization pros and cons - Pros: Central focus is the project; issues are responded to quickly. Cons: Requires cooperation and coordination between and among functional departments and project managers; resource balancing between projects can lead to friction. project management office (PMO) - A process for determining if the level of documentation and best practices followed in project execution. Pg 26 Project Management Maturity Level - Determined by the comprehensiveness of written procedures to accomplish tasks in each of the process areas identified by PMI. Pg 26 alignment - Term used to describe connecting project outcomes to company goals. Pg 30 Realistic - Model is appropriate to the level of resources available, the operating environment, and capabilities of the company. Pg 31 Capable - The model is able to apply the pertinent factors of the evaluation, including time, risk, cost, and internal and external environment. Pg 31 Flexible - Model should provide accurate measures across a reasonable range of changing conditions. Pg 31 Easy to use - The model is not difficult to learn and understand in a relatively short time; provides results readily understandable to the user.. Pg 31 Low Cost - Cost to run the model is economical relative to scale (budget) of project Pg 31 Comparable - The model should be usable across a multitude of projects, and not be project specific. Pg 31 Non-numeric project selection models - A process of selecting projects; not limited to traditional numeric performance measures; includes Competitive Necessity, Operating Necessity, Sacred Cow, and Checklist.