Important Terms and Concepts

Important Terms and Concepts 1 Project A project is a temporary endeavor undertaken to create a unique product or service 2 Similarities between Operations and Projects 1. Performed by people 2. Constrained by limited resources 3. Planned executed and controlled 3 Differences between Operations and Project 1. Operations do not have any timelines. Projects are temporary and have finite time duration. 2. Objective of Operations is to usually to sustain the business. Objective of a project is to attain the objective and close the project 4 Progressive Elaboration Progressive means "proceeding in steps, continuing steadily in increments," while elaborated means "worked out with care and detail; developed thoroughly". All projects are progressively elaborated. 5 Project Management Application of knowledge, skills, tools and techniques to project activities to meet project requirements. 6 Project Integration Management Describes the processes required to ensure that the various elements of the project are properly coordinated. It consists of project plan development, project plan execution, and integrated change control. 7 Project Scope Management Describes the processes required to ensure that the project includes all the work required and only the work required to complete the project successfully 8 Project Time Management Describes the processes required to ensure timely completion of the project. It consists of activity definition, activity sequencing, activity duration estimating, schedule development and schedule control. 9 Project Cost Management Describes the processes required to ensure that the project is completed within the approved budget. It consists of resource planning, cost estimating, cost budgeting, and cost control. 10 Project Quality Management Describes the processes required to ensure that the project will satisfy the needs for which it was undertaken. It consists of quality planning, quality assurance, and quality control. 11 Project human Resource Management Describes the processes required to make the most effective use of the people involved with the project. It consists of organizational planning, staff acquisition, and team development 12 Project Communications Management Describes the processes required to ensure timely and appropriate generation, collection, dissemination and ultimate disposition of project information. It consists of communications planning, information distribution, performance reporting, and administrative closure 13 Project Risk Management Describes the processes concerned with identifying, analyzing, and responding to project risk. It consists of risk management planning, risk identification, qualitative risk analysis, quantitative risk analysis, risk response planning, and risk monitoring and control. 14 Project Procurement Management Describes the processes required to acquire goods and services from outside the performing organization. It consists of procurement planning, solicitation planning, solicitation, source selection, contract administration, and contract closeout. 15 Program A program is a group of projects managed in a coordinated way to obtain benefits not available from managing them individually. Many programs also include elements of ongoing operations. 16 Subproject Projects are frequently divided into more manageable components or subprojects. Subprojects are often contracted to an external enterprise or another functional unit in the performing organization. 17 Project Portfolio Management Refers to the selection and support of projects or program investments. These investments in projects and programs are guided by the organizations strategic plan and available resources. 18 Project Life Cycle Organizations performing projects will usually divide each project into several project phases to improve management control and provide for links to the ongoing operations of the performing organization. Collectively, the project phases are referred to as the project life cycle 19 Deliverable A deliverable is a tangible, verifiable work product. Each project phase is marked by the completion of one or more deliverables 20 Phase exits, stage gates, kill points The conclusion of a project phase is marked by a review of both key deliverables and project performance to date to a) determine if the project should continue into its next phase and b) detect and correct errors cost effectively. These phase end reviews are often called phase exits, stage gates, or kill points. 21 Fast Tracking A subsequent phase of a project is sometimes begun prior to approval of the previous phase deliverables when the risks involved are deemed acceptable. This practice of overlapping phases is often called fast tracking 22 Project Stakeholders Individuals or organizations that are actively involved in the project, or whose interests may be positively or negatively affected as a result of the project execution or project completion; they may also exert influence over the project and its results. 23 Functional organization A functional organization is a hierarchy where each employee as one clear superior. Staff members are grouped by specialty. Functional organizations may still have projects, but the perceived scope of the project is limited to the boundaries of the function. 24 Projectized organization In a projectized organization, most of the organizations resources are involved in project work, and the project managers have a great deal of independence and authority. 25 Matrix organizations They are a blend of functional and projectized characteristics. Weak matrices maintain many of the characteristics of a functional organization, and the project manager role is more that of a coordinator or expediter than that of a manager. In similar fashion, strong matrices have many of the characteristics of the projectized organization - full-time project managers with considerable authority and full-time project administrative staff. 26 Standard A document approved by a recognized body, that provides, for common and repeated use, rules, guidelines or characteristics for products, processes or services with which compliance is not mandatory. 27 Regulation A regulation is a document, which lays down product, process or service characteristics, including the applicable administrative provisions with which compliance is mandatory