Project Management

Project

A temporary endeavor undertaken to create a unique product, service, or result. Temporary means it has a definite beginning and end, not that it is short.

Operations

ongoing and repetitive work that sustains the business, such as payroll each month.

Project life cycle

The series of phases a project passes through from start to finish, commonly initiating, planning, executing, monitoring and controlling, and closing. Monitoring and controlling runs alongside the other work rather than happening only once.

Triple constraint

Scope, time (schedule), and cost are linked, and changing one usually affects at least one other and the quality of the result. For example, adding scope without extra time or money tends to put quality at risk.

Program

a group of related projects managed together for benefits not available managing them separately. A portfolio is a collection of projects, programs, and operations managed to meet strategic objectives, and its parts need not be related.

Portfolio

a collection of projects, programs, and operations managed to meet strategic objectives, and its parts need not be related.

Project manager

the person assigned to lead the team in achieving the project objectives.

Project sponsor

provides resources and support for the project, often funding it and championing it to senior leadership.

Stakeholder

Any individual, group, or organization that may affect, be affected by, or perceive itself to be affected by the project.

Organizational structures

In a functional organization, functional managers hold most authority and the project manager has little. In a projectized organization, the project manager has high authority, and a matrix organization falls between them, ranging from weak to strong matrix.