WGU C722 Project Management Terminology Rated 100% Correct!!

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. Return on Investment (ROI) (NET PROFIT / COST OF INVESTMENT) * 100 Pg 32 Competitive Necessity Model A process of selecting a project based upon whether implementing the project will ensure the viability of the company in the competitive market. Operating Necessity Model A process of selecting a project based upon if it will ensure ongoing operations. Sacred Cow Projects are suggested by senior leadership or a powerful constituent of the company often created to satisfy the expectations of the leader with little regard for the project's viability or contribution to strategic or operational needs. Pg 32 Checklist Model This method uses a series of questions to evaluate each potential project. Each project would be analyzed using the same set of questions, and then the answers to the questions would be compared to determine whether a project is accepted or rejected. weighted factor scoring This scoring models requires senior management to assign a weight to each criterion, which places some emphasis on selected criteria when calculating the total project score. Pg 34 time value of money Money is worth more to an organization now than in the future. Pg 35 payback period Calculates the amount of time required to earn back the cost of doing the project. Pg 36 Internal rate of return (IRR) To calculate future cash flows using time and interest rate; evaluates potential projects as if they were financial investments. Pg 37 net present value (NPV) To calculate whether revenue tomorrow is greater than costs today; A financial measure of the total future benefits of a project minus the costs of the project. Pg 38 future net cash flows Amount a company expects to realize from a project before that project begins. Pg 38 Project Process Groups Initiating, Planning/Executing/Monitoring and Controlling, Closing Project Phases Defining, Planning, Executing, and Closing Work Breakdown Structure a key document that will be used for cost estimates, time estimates, risk identification, and resource assignment. Pg 45 collecting customer requirements The process of gathering information from the customer and stakeholders in order to define the high level project outcomes Pg 48 specifications used to describe customer requirements that identify precise and measurable characteristics of the project outcome Pg 48 project sponsor The person in the project organization who has authority to expend resources for projects. Pg 48 Integration Management Plan Documents how the various processes and planning areas will be kept in sync throughout the project life cycle. Pg 49 Types of Project Management Plans Integration, Scope, Risk, Procurement, Communications, Human Resources, Stakeholder, Quality, Cost, Time, Configuration, Change, Process Improvement, Requirements Stakeholder Management Plan Explains how stakeholders will be identified along with their level of interest in the project and influence over the project. This is closely tied to the communications plan since stakeholders will need varying levels and frequency of information. Pg 49 Configuration Management Plan Documents how the project team and stakeholders will keep track of the versions of project documents to ensure that the most up-to-date document is in use. Pg 49 Requirements Management Plan Documents how the customer and stakeholder requirements will be identified, integrated to the project scope, tracked throughout the project, and verified at closure. Pg 49 Iterative Process A process for arriving at a decision or a desired result through different stages of a project. Each stage will provide a deliverable that will help the business determine whether or not they will keep going with the overall plan.