IT Project Management Lesson 2

Adaptive Project Management

An environment or a framework for constantly communicating with the stakeholder for a backlog of key requirements that are important to the customer and then quickly demonstrating working features that pertain to those requirements.

Assumption

A fact about a project or its requirements that create special conditions around which the project must be planned and executed.

Constraint

A project boundary or limit on time, cost, or scope.

Creating Value

Ensuring that an organization’s investment in projects is fully materialized. Different stakeholders perceive value in different ways. Customers can define value as the ability to use specific features or functions of a product. Organizations may focus on business value as determined using financial metrics, such as the benefits minus the cost of achieving those benefits.

Issue

A question, current condition, or situation that may have an impact on a project and that therefore requires some sort of research and resolution. Also, a risk that has materialized.

Operations

Day-to-day functions of an organization that are repetitive and produce a standard deliverable product or service on an ongoing basis, often at large scale or volume.

Program

Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits that are not available when managing them individually.

Project

A temporary endeavor undertaken to create a unique product, service, or result.

Project management

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Project Management Process Group

One of five distinct groups into which management processes are categorized: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.

Project Manager

A person assigned by a performing organization to lead the project team that is responsible for achieving the project objectives.

Project Portfolio

A collection of projects or programs and other work that are grouped together to facilitate effective management to meet strategic business objectives.

Project-based Operations

Operations segmented into separately managed modules or tasks that can be individually sequenced, tracked, and measured to achieve reliable but customized outcomes through applying the principles of project management.

Risk

An uncertain event or condition that, if it occurs, has a positive or negative effect on one or more of the project objectives. Negative risks are called threats, and positive risks are called opportunities.