WGU C722 Project Management
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
...
wgu c722 project management 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 act
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WGU C722 Project Management
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WGU C722 Project Management
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
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