Value Delivery and Project Management Concepts

These flashcards cover key vocabulary and concepts related to value delivery and project management as discussed in the lecture.

Value Delivery System

A system comprising various components used to create value for organizations and their stakeholders.

Organizational Governance System

A framework that supports decision-making and managing issues within a value delivery system.

Components of Value Delivery

Portfolios, programs, projects, products, and operations that collectively contribute to value creation.

Internal Environment

Factors within the organization affecting project planning and execution.

External Environment

Factors outside the organization that can influence project outcomes.

Outcome

The end result or consequence of a process or project.

Benefit

Gains realized by the organization as a result of project outcomes.

Creating Value

The process of producing benefits that fulfill stakeholder needs through projects.

Portfolios

Collections of projects and programs managed collectively to achieve strategic objectives.

Programs

Groups of related projects organized to achieve specific benefits.

Projects

Temporary endeavors undertaken to create unique products or services.

Operations

Ongoing activities required to produce products or deliver services.

Feedback Loop

The process of sharing information and feedback among components of the value delivery system.

Oversight Function

The role of ensuring the project team achieves its objectives through planning and monitoring.

Facilitation

Encouraging active participation and collaboration within the project team.

Expertise Application

Providing specialized knowledge necessary for project success.

Business Direction

Guiding the project or product towards meeting business objectives.

Stakeholder

Individuals or groups with an interest in the outcome of a project.

Governance Documentation

Policies and processes that guide the compliance and activities of governance frameworks.

Project Management Office (PMO)

An organizational unit that standardizes project-related governance processes and facilitates sharing of resources.

Project Lifecycle Phases

Stages a project goes through from initiation to completion.

Product Management

The process of overseeing and improving products throughout their lifecycle.

Knowledge Assets

Collective lessons learned and expertise resident within an organization.

Cultural Norms

The values and beliefs that shape the behavior of individuals within an organization.

Geographic Distribution

The geographic locations of facilities and resources that impact project execution.

Regulatory Environment

Laws and regulations that govern organizational operations affecting projects.

Marketplace Conditions

Economic factors that influence competition and market dynamics.

Facilitating Change

Supporting individuals during transitions within project frameworks.

Project Oversight

Monitoring and supporting project progress towards achieving set outcomes.

Resource Availability

The accessibility of required materials and personnel for project tasks.

Value Delivery System

A system comprising various components used to create value for organizations and their stakeholders.

Organizational Governance System

A framework that supports decision-making and managing issues within a value delivery system.

Components of Value Delivery

Portfolios, programs, projects, products, and operations that collectively contribute to value creation.

Internal Environment

Factors within the organization affecting project planning and execution.

External Environment

Factors outside the organization that can influence project outcomes.

Outcome

The end result or consequence of a process or project.

Benefit

Gains realized by the organization as a result of project outcomes.

Creating Value

The process of producing benefits that fulfill stakeholder needs through projects.

Portfolios

Collections of projects and programs managed collectively to achieve strategic objectives.

Programs

Groups of related projects organized to achieve specific benefits.

Projects

Temporary endeavors undertaken to create unique products or services.

Operations

Ongoing activities required to produce products or deliver services.

Feedback Loop

The process of sharing information and feedback among components of the value delivery system.

Oversight Function

The role of ensuring the project team achieves its objectives through planning and monitoring.

Stakeholder

Individuals or groups with an interest in the outcome of a project.

Project Management Office (PMO)

An organizational unit that standardizes project-related governance processes and facilitates sharing of resources.