Chapter 1: An Introduction to Project, Program, and Portfolio Management

Fundamentals of Project Management Course

Agile

ability to create and respond to change

Agile or adaptive project management

approach where the project scope cannot be defined upfront, incremental releases are desired and changes are expected

Artifact

template, document, output or project deliverable

Best practice

optimal way recognized by industry to achieve a stated goal or objective

Ethics

set of principles that guide our decision making based on personal values of what is “right” or “wrong”

Hybrid project management

mixture or combination of predictive and agile approaches to managing projects

Leader

person who focuses on long-term goals and big-picture objectives, while inspiring people to reach those goals

Manager

person who deals with the day-to-day details of meeting specific goals

Megaproject

very large project that typically costs over US $1 billion, affects over one million people, and lasts several years

Method

means for achieving an outcomes, output, results, or project deliverable

Model

thinking strategy to explain a process, framework, or phenomenon

Net promoter scale

number that represents the customer’s willingness to recommend a product or service to others

Principles

foundational guidelines for strategy, decision making, and problem solving

Portfolio

collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives

Program

group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually

Program manager

person who provides leadership and direction for the project managers heading the projects within the program

Project

temporary endeavour undertaken to create a unique product, service, or result

Project management

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

Project management process groups

initiative, planning, executing, monitoring and controlling, and closing

Project manager

person responsible for working with the project sponsor, the project team, and the other people involved in a project to meet project goals

Project Management Institute (PMI)

international professional society for project managers

Project management knowledge areas

project integration management, scope, schedule, cost, quality, human resource, communications, risk, procurement, and stakeholder management

Project Management Professional (PMP)

certification provided by PMI that requires documenting project experience, agreeing to follow the PMI code of ethics, and passing a comprehensive exam

Project management tools and techniques

methods available to assist project managers and their teams in carrying out work in all areas; some popular tools in the time management knowledge area include Gantt charts, network diagrams, critical path analysis, and project management software

Project performance domain

group of related activities that are critical for the effective delivery of project outcomes

Project portfolio management

grouping and managing of projects and programs as a portfolio of investments to maximize business value

Project sponsor

person who provides the direction and funding for a project

Scrum

lightweight framework that helps people, teams and organizations generate value through adaptive solutions for complex problems

Stakeholders

people involved in or affected of something

Triple constraint

balancing scope, schedule and cost goals

Value

worth, importance, or usefulness of something

Waterfall, predictive, or traditional project management

terms used to describe an approach where most of the project planning is done upfront, there is a single final product, service, or result delivered at the end of the project, change is constrained, costs and risks are controlled, and stakeholders are involved at specific milestone

Tailoring

deliberate adaptation of the project management approach, governance, and processes to make them more suitable for the given environment and the work at hand

Integration management

overarching function that coordinates the work of all other knowledge areas; affects and in affected by all other knowledge areas

Scope management

working with all appropriate stakeholders to define, gain written agreement for, and manage all the work required to complete the project successfully

Schedule management

estimating how long it will take to complete the work, developing an acceptable project schedule given cost-effective use of available resources, an ensuring timely completion of the project

Cost management

preparing and managing the budget for the project

Quality management

project will satisfy the stated or implied needs for which is was undertaken

Resource management

making effective use of the people and physical resources needed for the project

Communications management

generating, collecting, disseminating, and strong project information

Risk management

identifying, analyzing, and responding to risks related to the project

Procurement management

acquiring or procuring goods and services for a project from outside the performing organization

Stakeholder management

identifying project stakeholders, understanding their needs and expectations, and engaging them appropriately throughout the project