Project+ (PK0-005)

Processes

Activities that underlie the effective practice of project management; they include all phases of concept/discovery, initiation, planning, execution, and closing.

Project budget

Total financial sum available to pay for project's expenses. Includes cost estimates and additional reserves to cover issues

Concept or discovery phase

Occurs before project starts. Filters out unfeasible projects, saving time

Initiation Phase

Idea approved as project. outline project. Ensure everybody understands their role. Draft project goals and timeline

Planning Phase

Team will define activities they need to complete. PM will create ways to keep project on track.

Execution phase

Team delivers work. PM monitors progress and measures performance, find and solve problems, maintain records, create reports

Closing phase

Confirm project is thorough, update documentation, create accurate financial summary. Celebrate

Business case

A brief document that justifies the investments made for a project and describes how a particular investment is in accordance with the organization's policy.

Executive summary

A brief synopsis of the rest of the business case. Gives an overview of the main points in a few sentences.

Problem statement

Presents a more thorough analysis of the current situation and the business problem, opportunity, or unmet need. Describes something that will change due to this process

Problem Analysis

Provides more context about why the project should be a priority. Can include historical performance data, experimental assessment, or other evidence to support business case

Options

Describes several approaches to solving problems. At least three, no more than five. Compares solutions with pros and cons.

Project Definition

Includes additional relevant information about the proposed project: project scope, resources needed, milestones, timeline

Financial overview

Covers relevant economic impacts of the project. Contains cost-benefit analysis or return on investment (ROI)

Recommendation

Narrows down options to best solution. Justifies why this approach is best case.

Do nothing

Should always be included in Options to describe impact of not solving the problem

Benefit

Money generated or saved due to a project. Aka financial value or revenues

Cost

Represents money spent on the project.

Net profit

The difference between benefit and cost

Environmental factors

How the organization impacts the natural world.

Social factors

How the company develops relationships and treats people, including employees, people in the community, and groups impacted by the company's products and services

Governance factors

Describes how the company operates, including its policies, transparency, and structure.

Corporate identity

Includes the company's vision, mission statement, values, and brand.

Operational work

Routine, predictable, and repetitive

Project work

Type of work that accomplishes something new.

organizational structure

Affects the project management process and the PM role. Defines how work moves and how people form into teams in a company.

Functional organization

Divides organization by areas of expertise or specialization.

Projectized organization

Organization type that pools resources around projects. When the project ends, the team disbands and reforms around new projects.

Data warehouse

An extensive database used for reporting and analytics. Used to create dashboards for monitoring company performance

Run chart

tool for tracking results over a period of time; trends occurring in a project without using statistical analysis

Matrix Organization

Any organizational structure in which the project manager shares responsibility with the functional managers for assigning priorities and for directing the work of persons assigned to the project.

Weak Matrix Organization

Functional manager retains all budget and staff management responsibilities. PM has less control over project.

Strong Matrix Organization

PM has substantial control over project. May have management responsibilities for budget and staff.

Program

A group of related projects that have a common objective

Project manager

Plan, organize, and keep teams on track throughout project life cycle

Program manager

Coordinates with project managers, oversees related projects in a program to obtain maximum benefits, provides guidance and support to every individual project

Project management office

A centralized, ongoing administrative unit or department that serves to improve project management performance within an organization by providing oversight, support, tools, and helpful methodologies

Supportive PMO

PMO type, provides support when requested. Doesn't force adherence to standards, may not assign or evaluate projects.

Controlling PMO

PMO type, Actively monitors project performance. Coordinates resource selection, and allocate PMs to projects. Does not have full authority, influence is limited.

Directive PMO

Most controlling type of PMO. Sets rules for everybody and company. Prioritizes projects, and allocate PMs for all projects in company.

Stakeholder

Anybody with a vested interest in a project

Senior management

Refers to highest level of leader ship in an organization

Sponsor

Person accountable for a project. Often a senior management member. Secure funding and remove resource related barriers.

Customer

In project management, the party to receive the benefit from the projects

Internal customers

People who work inside the project organization. They do not purchase the projects outcome.

External customers

Includes everyone outside the organization

End user

The person who interacts with a Projects final output

Portfolio

A group of all projects and programs, they do not need to be related

DevOps

Not a project mgmt methodology. Controls software engineering process and offers op support, reducing friction and improving cross-functional collaboration.

SDLC

A software development framework that improves process through continual improvement. Users incorporate best practices and lessons learned into framework to be more efficient every subsequent cycle

Scaled Agile Framework (SAFe)

Popular agile-at-scale framework that incorporates multiple agile practices and frameworks. Visualizes prominent roles, practices, events, and artifacts on interactive Big Picture

Extreme Programming (XP)

An agile software development framework that emphasizes software engineering practices and design to create higher quality of life for developers

PRojects IN Controlled Environments (PRINCE2)

Aims to control project management processes by creating clear project phases, clearly defining roles and responsibilities, predefining tasks to manage the project life cycle, and is the project management standard for the UK

Scrum

Lightweight, customer centric framework and is arguably the most common agile framework as it delivers iterative an adaptive value while intentionally covering only the barest requirements

Kanban

An agile development methodology, is relatively new and is used to control work in progress (WIP) levels and manage workflows in software and other business processes

Planned Value (PV)

What you should have spent at this point in the schedule

Budget at Completion (BAC)

How much the project should cost

Earned Value (EV)

How much of the project schedule is actually completed

Actual Cost (AC)

How much the project has cost so far

Cost Variance (CV)

How above or below budget the project is

Cost Performance Index (CPI)

Whether the project is within budget

Schedule Variance (SV)

How far behind schedule the project is

Schedule Performance Index (SPI)

Whether the project is ahead of or behind schedule

Estimate to Complete (ETC)

The cost needed to finish the remaining work

Estimate at Completion (EAC)

What the total project will probably cost

Variance at Completion (VAC)

How much the total project will be above or below budget

CV = EV - AC

cost variance formula

CPI = EV / AC

cost performance index formula.

SV = EV - PV

schedule variance formula.

SPI = EV / PV

schedule performance index formula.

EAC = AC + ETC or BAC/CPI

estimate at completion formula.

VAC = BAC - EAC

variance at completion formula

Project Scope Statement

Expands on the scope provided in project charter. Includes detailed descriptions of multiple elements

Project Charter

A brief, formal document, created in project initiation phase; outlines project parameters. Helps team, stakeholders, sponsor, and PM agree on why project matters and what needs to happen

solution design

Characterizes a conceptual plan representing how something must work and integrate. Aims to optimize product in given environment. Captures architecture and design requirements, including testing requirements, technical risks, and analysis of tradeoffs

Product Owner

Works with agile team. Identifies how to improve product and is accountable for creating most valuable product possible

Automated Testing

More expedient than other testing models, allows developer to run more tests frequently. Enables practices like continuous integration. Increases user's confidence in software's quality

Manual Testing

Creates severe capacity limit on software development. Adaptable because people can detect slight changes in software's appearance and work around it.

Slide Deck

Often serve as a backdrop to a conversation or presentation. Created by presentation software.

OCM plan

A strategy to support users in adapting to change. PM regularly updates it to assist team in creating plan for simplifying change and reducing resistance

Smoke test

Ensures that core functions work. Runs after engineer compiles code into build before deploying and releasing it.

Operational training

Education developers provide to entities and users to prepare them for working, maintaining, and improving a product on a long-term basis

Statement of Work (SOW)

Involves working together. Focuses on deliverables

terms of reference (TOR)

Consists of work to be delivered. Focuses on relationships

Diagramming tools

Allows users to create visual representations of processes, systems, objects, structures, ideas, and information. Outputs are diagrams, charts, and graphs.

Operational Expense

Regular expenses such as salaries, taxes, and recurring costs like subscriptions, rentals, and utilities.

Capital Expenses

Permanent assets such as data centers, vehicles, and equipment.

Project Sign-Off

Documented communication from project stakeholders that they agree to close the project. stakeholder indicates they agree that completed work meets agreed-upon requirements.

Project closure meeting

Final send-off of project and last working meeting. Team gathers one last time to discuss project and reflect on accomplishments and failures.

Project closure report

Final project summary and official project sign-off request

Success criteria

The measurable targets a project must meet before it can be considered successful.

Key performance indicators (KPIs)

Measures the most crucial indicators regularly to estimate a system's overall health. Should measure both leading and lagging indicators

market research

A vendor analysis process in which the organization researches a product or service and the vendors that deliver it

Quality Assurance

Includes all processes and procedures, aims to prevent quality issues. Encompasses quality control

Quality control

Part of quality assurance that involves inspecting finished work before it reaches customers

Quality objectives

Within a quality assurance plan by creating a list of measurable quality targets

Communication, simplicity, feedback, respect, and courage

Five values of extreme programming

lagging indicators

KPI reflective measures that describe actual success of a project or process

leading indicators

KPI predictive measures

Level

WBS layer where an element resides