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PRINCE2 Foundation Definitions
Terms in this set (65)
A risk response to a threat where a conscious and deliberate decision is taken to retain the threat , having discerned that it is more economical to do so than to attempt a risk response action
The formal act of acknowledging that the project has met agreed acceptance criteria and thereby met the requirements of its stakeholders
A prioritised list of criteria that the project product must meet before the customer will accept it, measurable definitions of the attributes required for the set of products to be acceptable by the stakeholders
A process, function or task that occurs over time, has recognisable results and is managed. Part of a process
The person or group who is identified as qualified and authorised to approve a management or specialist product as being complete and fit for purpose
A statement that is taken as being true for the purposes of planning, but which could change later. An assumption is made where some facts are not yet known or decided, and is usually reserved for such significance that, if they change or turn out not to be true, there will need to be considerable re-planning
All the systematic actions necessary to provide confidence that the target ( project, product output, deliverable etc) is appropriate. Regarding the subjectivity or objectivity of appropriateness the implication is that assurance will have a level of independence from that which is being assured
The right to allocate resources and make decisions ( applies to project, stage and team levels)
The point at which an authority is granted
A risk response to a threat where the threat either can no longer have an impact or can no longer happen.
Reference levels against which an entity is monitored and controlled
Baseline management product
A type of management product that defines aspects of the project and once approved, is subject to change control
The measurable improvement resulting from an outcome perceived as an advantage by one or more stakeholders
Benefit Review Plan
A plan that defines how and when a measurement of the achievement of the project's benefits can be made.
The permissible deviation in the expected benefit that is allowed before the deviation needs to be escalated to the next level of management. Benefits tolerance is documented in the Business Case.
The justification for an organisational activity (project), which typically contains costs, benefits, risks and timescales, and against which continuing viability is tested.
Centre of excellence
A corporate coordinating function for portfolios, programmes and projects providing standards, consistency of methods and processes, knowledge management, assurance and training.
A person or group to which the Project Board may delegate responsibility for the consideration of requests for change or off-specifications. The Change Authority may be given a change budget and can approve changes within that budget
The money allocated to the Change Authority available to be spent on authorised requests for change.
The procedure that ensures that all changes that may affect the project's agreed objectives are identified, assessed and either approved, rejected or deferred.
A team-level, time driven review of progress
A progress report of the information gathered at a checkpoint, which is given by a team to the Project Manager and which provides reporting data as defined in the Work Package
Advice from the Project Board to inform all stakeholders and the host sites that the project resources can be disbanded and support services, such as space, equipment and access, demobilised. It should indicate a closure date for costs to be charged to the project
A recommendation prepared by the Project Manager for the Project Board to send as a project closure notification when the board is satisfied that the project can be closed
Communication Management Strategy
A description of the means and frequency of communication between the peoject and the project stakehokders
An off-specification that is accepted by the Project Board without corrective action
An entity that is subject to configuration management. The entity maybe a component of a product, a product, or a set of products in a release.
Configuration Item Record
A record that describes the status, version and variant of a configuration item, and any details of important relationships between them.
Technical and administrative activities concerned with the creation, maintenance and controlled change of configuration throughout the life of a product
Configuration Management Strategy
A description of how and by whom the project's products will be controlled and protected
Configuration management system
The set of processes, tools and databases that are used to manage configuration data. Typically, a project will use the configuration management system of either the customer or the supplier organisation
The restrictions or limitations that the project is bound by.
Something that is held in reserve typically to handle time and cost variances, or risks. PRINCE2 does not advocate the use of contingency because estimating variances are managed by setting tolerances, and risks are managed through appropriate risk responses
Corporate or programme standards
These are over-arching standards that the project must adhere to. They will influence the four project strategies ( Communication Man., Configuration Man., Quality Man., and Risk Man. ) and the Project controls
A set of actions to resolve a threat to a plan's tolerances or a defect in a product
The permissible deviation in a plan's cost that is allowed before the deviation needs to be escalated to the next level of management. Cost tolerance is documented in the respective plan.
The person or group who commissioned the work and will benefit from the end results
Customer's quality expectations
A statement about the quality expected from the project product, captured in the Project Product Description
Used to record problems/concerns that can be handled by the Project Manager informally
A specialist product that is handed over to a user. = output. Note that management products are not outputs but our created solely for the purpose of managing the project.
The relationship between products or activities. e.g.: product C can't be developed until Prod A and B have been completed. Dependencies can be internal or external.
Are those under the control of the project manager.
An outcome that is perceived as negative by one it more stakeholders. It is an actual consequence of an activity whereas, by definition, a risk has some uncertainty about whether it will materialise
An Agile project delivery framework developed and owned by the DSDM consortium. Atern uses a time-boxed and iterative approach to product development and is compatible with PRINCE2
What an organisation needs to do to adopt PRINCE2 as its corporate project management method.
End Project Report
A report given by the project manager to the Project Board, that confirms the handover of all products and provides an updated Business Case and an assessment of how well the project has done against the original Project Initiation Document
End stage assessment
The review by the Project Board and Project Manager of the End Stage Report to decide whether to approve next Stage Plan.
Enhance (risk response )
A risk response to an opportunity where proactive actions are taken to enhance both the probability of the event occurring and the impact of the event should it occur
A control that takes place when a specific event occurs. This could be e.g. the end of a stage, the completion of the Project Initiation Documentation, or the creation of an Exception Report.
A situation where it can be forecast that there will be a deviation beyond the tolerance level agreed between the PM or the PB or PB and Corporate Management
This is a review by the PB to approve or reject an Exception Plan
This is a plan that often follows the exception report. For a Stage Plan exception, it covers the period from the present to the end of the current stage. If the exception were at Project level, the project Plan would be replaced
A description of the exception situation, its impact, options, recommendation and impact of the recommendation. This report is prepared by the PM for the PB
The single individual with overall responsibility for ensuring that a project meets its objectives and delivers the projected benefits. This individual should ensure that the project maintains its business focus, it has clear authority and that the work, including risks, is actively managed
Exploit ( risk response )
A risk response to an opportunity by seizing the opportunity to ensure that it will happen and that the impact will be realised
Fallback ( risk response )
A risk response to a threat by putting in place a fallback plan for the actions that will be taken to reduce the impact of the threat should the risk occur
Follow-on action recommendations
Recommended actions related to unfinished work, ongoing issues and risks, and any other activities needed to take a product to the next phase of its life
Governance ( corporate )
The ongoing activity of maintaining a sound system of internal control by which the directors and officers of an org. ensure that effective management systems, inc. financial monitoring and control system have been put in place to protect assets, earning capacity and the reputation of the org.
Governance ( project )
Those areas of corporate governance that are specifically related to project activities. Effective governance of project management ensures that an organisation's project portfolio is aligned to the organisation's objectives, is delivered efficiently and is sustainable
The transfer of ownership of a set of products to the respective user. The set of product is known as a release. There maybe more than one handover in the life of a project ( phased delivery ). The final handover takes place in the Closing a Project process
A time-driven report from the PM to the PB on stage progress
A site where project work is being undertaken
Impact ( of risk )
The result of a particular threat or opportunity actually occurring, or the anticipation of such a result
The exposure arising from a specific risk before any action has been taken to manage it
The period from when the PB authorises initiation to when they Authorise the project or decide not to go ahead with the project. The detailed planning and the establishment of the project management infrastructure is covered by the Initiating a Project process
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