Project Management Key Terms and Concepts
A temporary endeavor undertaken to create a unique product, service, or result.
What is a project?
The benefits (over investment) gained from achieving the goals of the portfolio, project, or program.
What is value?
These enable the practical application of the Project Management Principles and include: Governance, Scope (incl. quality), Schedule, Finance, Stakeholders, Resources, and Risk
What are Performance Domains?
Develop a detailed or high-level description of the project, product, and value expected to be delivered.
What is "Define Scope"?
When a wedding planner (PM) meets with their client to discuss the details of the wedding, including all the tasks the wedding planner is responsible for.
What is gathering requirements?
This person is responsible for planning, coordinating, managing, monitoring, and controlling a project.
Who is the project manager?
A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.
What is a System for Value Delivery?
This principle helps the project team focus on intended benefits. It involves continually evaluating and adjusting project alignment to business objectives, intended benefits, and value.
What is "focus on value"?
This focuses on creating a structured approach to decision-making and oversight, helping to ensure project activities are aligned with project objectives and the value proposition of the project.
What is Project Governance?
Bob the Builder meets with his team to brainstorm and create a list of tasks needed to complete the Wilson's bathroom renovation project.
What is create the WBS?
The PM is constantly working to ensure these are in balance.
What are the triple constraints: Scope, Schedule, Cost?
Any 3 of the 5 project management team competencies.
What are: 1. Social responsibility; (2) Power skills; (3) Business Acumen; (4) Ways of working; (5) Results
Being responsible and taking ownership of the project’s business objectives. Guiding the team with integrity, making responsible decisions, and fostering a culture of trust and responsibility.
What is "Be an accountable leader"?
Define and document the stakeholders’ needs associated with the project's required features and functions, ensuring quality and value will be delivered to stakeholders.
What is "Elicit and Analyze Requirements"?
Before beginning work on a new augmented reality implant, Barry researches the ethical and legal consequences of such a device.
What are external environmental factors?
The Project Management Focus Areas (process groups).
What are initiating, planning, executing, monitoring and control, and closing?
What is the internal project environment?
Considering people, the planet, society, and value while performing project-related activities.
What is "Integrate sustainability within all project areas"?
A deliverable-oriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives.
What is the Work Breakdown Structure (WBS)?
The project delivered on time and withinbudget, but failed to deliver strategic benefits. Which principle was missed?
What is "focus on value"?
This person authorizes the start and funding for a project, and the use of resources to accomplish the project's objectives.
Who is the project sponsor?
Competitors, social issues, and regulatory requirements (laws, licenses, permits) are examples of...
What is the external project environment?
Involves understanding and managing projects by considering all the components and their interdependencies as part of a larger system.
What is "Adopt a holistic view"?
An ordered list of work to be done, often written as user stories, and prioritized by the business to manage and organize an agile project’s work.
What is a Backlog (Agile)?
During a team meeting, Sally realizes that her test team is falling behind and assigns a developer to assist with testing instead of starting a new coding task. What process is Sally performing?
What is monitoring and control?