IT Project Management - Lecture 1 Introduction

Vocabulary flashcards covering the fundamental definitions, competencies, and organizational structures of IT Project Management based on Lecture 1.

Project

A temporary endeavor undertaken to create a unique product, service, or result, characterized by having a definite beginning and end.

Portfolio

A collection of projects, (sub)programs, and operations managed as a group to achieve strategic objectives, linked to the organization's strategic plan.

Project Management

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

Project Management Process Groups

The five categories through which project management is accomplished: Initiating, Planning, Executing, Monitoring, and Closing.

Knowledge (PM Competency)

What the project manager understands and can apply regarding the tools, techniques, and the industry area in which the project is located.

Performance (PM Competency)

What the project manager can do or accomplish while applying their project management knowledge.

Personal skills (PM Competency)

How the project manager behaves when performing the project or related activity, requiring a balance of ethical, interpersonal, and conceptual skills.

Business Value

The total sum of all tangible and intangible elements, pursued by organizations to meet strategic objectives.

Tangible elements (Business Value)

Physical or financial assets including monetary assets, fixtures, and utilities.

Intangible elements (Business Value)

Non-physical assets including goodwill, brand recognition, and trademarks.

Project Management Office (PMO)

A management structure that standardizes project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

Supportive PMO

A structure that provides a consulting role by supplying templates, best practices, training, and information from other projects.

Controlling PMO

A structure that provides support and requires compliance through the adoption of specific frameworks, methodologies, templates, or governance.

Directive PMO

A structure that takes control of projects by managing them directly.

Project-based organizations (PBOs)

Organizational forms that create temporary systems for work where success is measured by the final result rather than by position or politics.

Project Success Measurement

Criteria including product quality, timeliness, budget compliance, and the degree of customer satisfaction.