15 terms

PMBOK 5th Edition, Chapter 1

PMP exam preparation flash cards specific to the project management framework
A project is a temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates a definite beginning and end
Project Management
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements
Project Management Process Groups
1. Initiating
2. Planning
3. Executing
4. Monitoring and Controlling
5. Closing
Progressive Elaboration
Continuially improving and detailing a plan as more detailed and specific information and more acurate estimates become available. Uses the iterative process of continually re-looking at and refining the plan to make it accurate.
A collection of programs and other work that are grouped together to facilitate effective management of that work to facilitate strategic business objectives. Think Disney which owns ABC and ESPN.
Portfolio Management
• The central management of one or more portfolios. Includes identifying, prioritizing, authorizing, managing and controlling projects, programs and other related work, to achieve specific strategic business objectives
• Project portfolio management refers to the selection and support of projects or program investments.
• These investments in projects and programs are guided by the organization`s strategic plan and available resources.
A group of related projects managed in a coordinated way to obtain benefits and control. Includes related work outside the scope of the discrete projects in the program. A project may or may not be part of a program; a program will always have projects. Think the Space Program.
Program Management
The centralized coordinated management of a program to achieve the programs strategic objectives and benefits. Projects within a program are related through the common outcome or collective capability. Focuses on the project interdependencies and helps to determine the optimal approach for managing them
Strategic considerations that typically authorize a project
• Market Demand;
• Strategic opportunity / business need;
• Social Need
-Environmental Consideration
-Customer Request
• Technological advancement;
• Legal requirements;
Project Management Office. A management structure that standardizes the project-related governance processes and ficilitates the sharing of resources, methodologies, tools and techniques. Can be supportive (conlultative), controlling (monitoring and auditing), or directive (takes charge of projects).
How can a PMO support project managers?
• Managing shared resources across all projects administered by the PMO;
• Identifying and developing project management methodology, best practices, and standards;
• Coaching, mentoring, training, and oversight;
• Monitoring compliance with project management standards, policies, procedures, and templates via project audits;
• Developing and managing project policies, procedures, templates, and other shared documentation (organizational process assets); and
• Coordinating communication across projects
Business Value
The entire value of the business; the total sum of all tangible and intangible elements. PM can assist by effectively managing projects and delivering quality products.
Project Manager
The person assigned by the performing organization to achieve the project objectives
Characteristics of a project manager
• Knowledge of project management;
• Performance: what the project manager is able to do or accomplish whilst applying the project management knowledge;
• Personal: how the project manager behave - encompasses attitude and leadership
Project Management Body of Knowledge. A standard of managing most projects most of the times across many industries; Describes the project management processes, tools, and techniques used to manage a project;