Strategy, Objectives, and Project Selection
This type of objective links a project directly to the organization’s long-term goals, such as increasing market share or improving community impact
What is a strategic objective?
This document authorizes a project and grants the project manager authority
What is the Project Charter?
This is the main difference between a functional and projectized organization
What is the Authority level of PM?
This term refers to the total approved funds needed to deliver a project, covering all necessary expenses.
What is the project budget?
An uncertain event with positive/negative impact
What’s a risk?
A written justification that outlines needs, feasibility, and benefits of a proposed project
What is a business case?
Executive with the authority to assign resources
Who is the project sponsor?
It standardizes project governance
What is the Project Management Office?
NGOs often rely on this type of estimation, which uses expert knowledge or comparisons with similar past projects.
What is analogous estimation?
Good sponsor, good team, and good place
What are the three key factors identified by the Standish Group to improve project performance?
The process of comparing project proposals to ensure they align with strategic goals and deliver the highest value is called this
What is project selection?
Three key items are included in a project charter
What are objectives, stakeholders, budget?
The three types of PMOs
What are Supportive, Controlling, and Directive?
This estimation method starts at the work package or activity level and then rolls the numbers upward to form the total budget.
What is bottom-up estimation?
Uncontrolled expansion of scope
What is scope creep?
The “go/no-go” decision that determines whether a project moves into initiation is usually based on this key factor
What is alignment with strategy and feasibility of the business case?
These are "believed true" and "limitations" of your project
What are assumptions and constrains?
The organizational structure type gives project managers the least authority
What is functional?
This is the term for an approximation of project costs, time, or resources, based on available information, used to plan and make decisions.
What is an estimate?
Three factors responsible for project failure
What are poor communication, unrealistic goals, and toxic culture?
Projects can be chosen using different methods. One group relies on numbers and formulas (like cost–benefit analysis or scoring models), while the other relies on expert judgment or organizational priorities. What are these two types of selection methods?
What are mathematical (quantitative) and non-mathematical (qualitative) methods?
The two main processes of the initiation stage
What are "developing a charter" and "identifying stakeholders"?
Informal subsystem in organizational structures
What culture, norms, and relationships?
Underestimating a project budget can lead to these two common negative outcomes.
What are project delays and scope reduction?
19%
Standish Group (CHAOS Report) found what % of projects fail?