38931971
Description
Flashcards by Usman Mudasser, updated 9 months ago
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Created by Usman Mudasser
9 months ago
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| Question | Answer |
| What is Project? | unique product, service or result output of some temporary endeavor which has begin and end date and is progressively elaborated-meaning as time progress on-going details become more known. Projects can be part of Program or Portfolio and enable changes in the organization. |
| What is project management? | Application of knowledge, skills, tools and techniques that satisfy project requirements. |
| What is Program Management? | Large scale projects are broken down into sub projects with designated project managers.Program manager manages PMs and focuses on inter-dependencies and helps with optimal approach for managing them. You gain more benefits under program then individually managing such projects. |
| What is Project Management Office? | Its an organizational department or structure that standardizes project management processes (e.g. different projects in org. can reuse standard documents/templates for charter, planning, estimations etc.) and facilitates organizations in sharing of resources between projects, methodology (how works is done), tools and techniques to be use in projects. |
| Types of PMO | Supportive: PMO acts as go to person for the PM to ask how to make things smooth for project. Controlling: PMO enforces project methodology, tools and techniques to be used by PM in order to run the project. PM works on its on afterwards. Directive: Here PM works as a resource of PMO for the project. All management and responsibilities are with PMO office. PMO has all the power running the project. |
| Benefits of PMO | Improved Project Management. Knowledge Management. Enhanced governance. Reporting standardizes. Strategic Alignment. Quality Assurance. Increased Efficiency. |
| What is Portfolio Management? | Collections of projects, programs, subsidiary portfolios, operations managed as group to achieve strategic goals or objectives (long term usually 3 to 5 years goals). |
| What is Operations management? | Meaning day to day activities that are required for the operation of organization to run smoothly. It has no start or end date like project. E.g. new product is launched by organization and no sales staff work is operation to sell it, support staff work to resolve production issue is operations and soon. Production line should continue smoothly for car or mobile phone company is also another example of operations. |
| What is the value of project? | Stakeholder look for value for their investment in a project. Whenever we do project it must add some value. Examples of values that a projects can add on are: 1. Increase in revenue 2. Decrease expenses 3. Brand reputation improvement 4. customer satisfaction 5. new or change of product/service |
| Purpose of doing Projects | It enable changes in the organization to move from Current state to Desire state to meet strategic goals. If organization is earning 10M revenue and strategic goal is to increase revenue then company has to go for change. |
| Phases | Phases are logical collection of activities that are completed in one cycle of project. It produces deliverables. Number of phases depends on industry, complexity and size of project and are created/decided by Project manager. |
| Deliverables | Deliverables are outcome of phases of project. It is unique verifiable product, service or result. It can be tangible or intangible and must be accepted by customer or sponsor in order to be considered as deliverable. |
| Project Life cycle | All phases involved in project from beginning to end is project life cycle that is from its initiation to closing. It can be predictive/plan driven or adaptive/change driven or it can be hybrid. |
| Project Governance | Governance is what we do to manage things or set of rules or structure made in the organization that are to be followed. Its a framework/structure in organization used to beneficial decisions. |
| Benefits of Governance | Good Governance frameworks allows you to make right decisions for the projects in organization. example Projects to do or not, whether to make more investments in product or close it, whether to have acquire new products or have them build internally. |
| Pillars of Governance | Structure People Information |
| Stakeholders |
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