Project Management Overview

These flashcards cover key concepts and terminologies in project management to aid in exam preparation.

1919

Project Management

“Nineteen-nineteen, war made PM seen.”

→ (PM = Project Management, born from WWI organization)

1933

TVA

“In ’33, TVA set power free.”

→ (TVA = Tennessee Valley Authority)

1957

CPM

“Fifty-seven, Dupont’s CPM projects be steppin’.”

→ (CPM = Critical Path Method)

1958

PERT

“Fifty-eight, PERT helped estimate.”

→ (PERT = Program Evaluation and Review Technique)

1969

PMI

“Sixty-nine, PMI made goals align.”

→ (PMI = Project Management Institute)

1987

PMBOK

“Eighty-seven, PMBOK spread knowledge like heaven.”

→ (PMBOK = Project Management Body of Knowledge)

Project History

“War Taught Clever Planners Professional Mastery”

• War (WWI) – 1914–1919

• TVA – 1933

• CPM – 1957

• PERT – 1958

• PMI – 1969

• MBOK (PMBOK) – 1987

“’19 and ’33 built it; ’57 and ’58 timed it; ’69 and ’87 defined it.”

Strategy

• Strategy = roots

Imagine your organization as a tree 🌳

Projects vs Operations

Imagine Projects as Fireworks 🎆 (one-time, bright, goal-oriented) (tree branches in other example)
and Operations as the City Lights 🌃 (steady, always on)

P = Planned Briefly, O = Ongoing

Business Strategy

Business strategy = the plan

Business scenario = the story snapshot

• Business Strategy → 🎯 Coach writing the playbook.

  • Chooses the goals and tactics to win.

  • Always forward-looking.

  • Projects = the plays that carry out the plan.

Project

A project = activity (or group of activities) that generate a new, unique product, service, or result to support a program.

• Branches = Projects

• Leaves = Results (products, improvements, savings).

• Fireworks in other example (short, one time event)

⭐ “Strategy grows the tree, Projects grow the branches.”

Business Scenarios

Business Scenario → 📰 Reporter describing what’s happening.

• Talks about past, present, and future conditions.

• Helps the coach decide which play (project) fits best next.

💡 Think: Strategy makes plays. Scenario explains the game.

Project

Activity (or group of activities) that generate a new, unique product, service, or result to support a program.

🪓 Ex: A trail construction crew

Program

Group of related projects

🥾 Ex: One major trail system

Portfolio

Group of initiatives & related programs that support a

long-term company goal or objective.

🗺 Ex: The whole mountain range

Project Timelines

Short term = 1 year

Medium term = 3 years

Long term = 5 years

Relationship Between a Project, Program, & Portfolio

Think of it like one big mountain range.

Level	Mountain Metaphor	Description	Example
Portfolio	🗺 The whole mountain range	The highest level, containing all programs and projects that support a long-term company goal.	“Sustainability Portfolio” — includes every green initiative the company funds.
Program	🥾 One major trail system	A group of related projects that share a common theme or purpose.	“Renewable Energy Program” — combines several green power projects.
Project	🪓 A trail construction crew	A specific, temporary effort that creates one unique result to support the program.	“Solar Panel Installation Project” — builds one section of the trail.

Define Project Management

“Plan it, Lead it, Track it, Complete it.”

✅ It’s about applying what you know → in a structured way → to reach a defined goal.

Uses SMART objectives

Think of project management as being like a conductor leading an orchestra 🎻:

• The instruments = resources (people, time, money, tools)

• The sheet music = the project plan

• The conductor = the project manager, using knowledge, skills, tools, and techniques

• The goal = a successful performance (deliverable finished on time, in scope, and aligned with strategy)

4 Phases of the Project Life Cycle

Define, plan, execute, close

Define the dream,
Plan the scheme,
Execute the team,
Close the stream.

Think of it like building a bridge across a river 🌉 — from idea to completion.

Defining

🎯 #1 - Decide if the project should exist.

• Pick sponsor and project manager.

• Create the project charter

• If approved, start planning phase

📜 Charter = mini-contract → defines what, who, why, scope, and authority, stakeholders, objectives, deliverables, assumptions, milestones. But not super detailed. Basically a checkpoint.
✅ Ends when senior management says “Go.”

Planning

🎯 How to build it

• Work Breakdown Structure (WBS) – break the goal into small deliverables.

• Address technology, staffing, budget, testing, communication, and training.

• Also involves project requirements, scope, schedule, budget, cost, quality, etc.

💡 The more complex the project, the more detailed the plan.
📉 Poor planning = low chance of success.

Executing

🎯 Manage the team and work toward deliverables.

• Assign tasks, track progress, maintain quality.

• Manage changes and conflicts (this phase can get chaotic).

⚡ This is where most resources are used.

Closing

• Deliver results to customer.

• Gather lessons learned.

• Celebrate success and release resources.

💬 “Closing” doesn’t just mean it’s over — it means you’ve transferred what you learned.

SMART

Specific, Measurable, Achievable, Relevant, Timed

I picked a ‘specific’ car after I ‘measured’ out the ‘achieved miles’. All wheel drive is ‘relevant’ in the winter ‘time’.

SpecMeaChiev RelTim

Challenges of Project Management

A triangle 🔺 with:

• Scope at the base (what’s being built),

• Cost on one side (resources),

• Time on the other (schedule).

💬 If one side stretches, the triangle’s shape changes — it never stays balanced.

Key Motivators to Adopt Project Management

Control costs

Improve productivity

Achieve results

Delete

Delete

Stakeholder

Anyone who impacts the project or is impacted by it:

• The sponsor (funds the show)

• The project team (actors and crew)

• Customers or end users (audience)

• Suppliers, regulators, community members (critics or outside voices)

Role of a Project Manager

The Project Manager is the “Captain of the Ship” 🚢

⭐ “Given the charter as their compass, the PM plans the course, gathers the crew/supplies, steers the ship, keeps everyone talking, and checks the waters until the project docks.”

ChartPlanPrint ResouCommRisk Maint

Triple Constraints

Picture a triangle 🔺 with each side holding one vital force:
if one stretches, the others shift too, and will affect quality.

• SCOPE = Specifies Clear Outcomes, Parameters, and Expectations (planning phase, more detailed than charter)

• COST 

• SCHEDULE/TIME

Communication Plans

• Written reports, email, etc

• Meetings

• Visual tools (charts, timelines, Kanban boards)

• Collaborative software (Teams, Asana, Trello, Slack)

Think of a communication plan like a train schedule 🚆 —
everyone needs to know when, where, and what information is coming so the project keeps moving on track.

Reports

Think of a project report like a dashboard on a car 🚗 —
it tells you where you are, what’s ahead, and what needs attention right now.

Communication Tools and Methods

Gantt Chart - 📊 Bars on a timeline

Microsoft Project - 💻 Project timeline interface

ProjectLibre - 🪶 Lightweight alternative for Gantt and scheduling

Gantt Chart

Timeline chart showing each task’s start, finish, and overlap.

📊 Bars on a timeline

Microsoft Project

Commercial software for planning, scheduling, and tracking.

ProjectLibre

Free/open-source version of MS Project for Gantt charts and scheduling.

🪶 Lightweight alternative for Gantt and scheduling

Collaboration Tools

These tools help team members share, discuss, and update information in real time.

• Project management suites 

• Messaging 

• Email & threaded discussions 

• Tracking & schedule tools 

• Cloud collaboration 

💬 Collaboration tools = “the radios” of your control tower.

Project Management Suites

Centralize tasks & progress

Microsoft Project, Asana, Trello

Messaging

Instant communication & quick check-ins.

Teams, Slack

Email & Threaded Discussions

Formal updates & documentation.

Outlook, Gmail

Tracking & Schedule Tools

Monitor deliverables and issues.

Jira, ClickUp

Cloud Collaboration

Share documents & edits live.

Google Drive, SharePoint

Communication Methods in Virtual Teams

• _{Shared Threaded Discussions}

• _{Google Drive (Cloud Collaboration)}

• _{Online Meetings (Skype, GoToMeeting, WebEx)}

• _{Work Breakdown Structure (WBS)}

• _{8/80 Rule (Check-ins)}

Shared Threaded Discussions

Keeps ongoing conversations organized — no lost messages.

💬 Message bubbles linked by lines.

Google Drive (Cloud Collaboration)

Store, edit, and share files in real time. Everyone sees the latest version.

☁ Shared document icon.

Online Meetings (Skype, GoToMeeting, WebEx)

Real-time voice, video, and screen sharing. Keeps personal connection alive.

🎥 Video call screens.

Work Breakdown Structure (WBS)

Defines who does what and when so everyone knows their role and deliverables.

Hierarchical chart (tasks → subtasks).

⭐ The boy’s telescope was delivered in multiple small parts. The package was verified to have stakes to anchor it. It came with a star dictionary to write in.

8/80 Rule (Check-ins)

Review progress every 2 weeks to catch issues early and maintain accountability.

⏰ Calendar marked “every 2 weeks.”

Project Status Meetings

Think of each status meeting like checking the traffic signals 🚦 for your project’s journey — you don’t want to drive blind.

_{Red Light} 🚨 – Immediate Danger

Yellow Light ⚠ – Potential Trouble Ahead

Green Light ✅ – On Track

Red Light

Immediate Danger

• Meaning: Major issues already affecting the project’s success.

• Examples: missed milestones, critical system failures, lost funding.

• PM’s Job: Stop, address immediately, and create an action plan.

💬 “Red = stop and fix before moving forward.”

_{Yellow Light}

Potential Trouble Ahead

• Meaning: Issues that might cause problems soon if not managed.

• Examples: upcoming resource shortages, schedule delays, risk flags.

• PM’s Job: Slow down, monitor closely, and plan mitigation.

💬 “Yellow = proceed with caution.”

_{Green Light}

On Track

• Meaning: Everything’s running according to plan.

• Examples: milestones met, risks managed, communication smooth.

• PM’s Job: Keep momentum and stay proactive.

💬 “Green = go — but stay alert.”

Change requests for changes in scope, schedule, funding. Meetings are regular and timely.

Project Management Institute (PMI)

Think of PMI as the “global headquarters” 🌍 of project management —
it sets the rules, language, and best practices that everyone follows.

Foundational & practice standards

·       💬 Foundation = structure. Practice = tools.

·       PMI = writes the book,  PMBOK = BOK is the book

Foundational Standards

Frameworks and processes for how projects, programs, and portfolios are managed.

Program Management, Project Management, Portfolio Management.

Visual - 🧱 Building foundation or structure

Practice Standards

Specific guides for specialized topics within project management.

Risk Management, Scheduling, Estimating, Quality.

Visual - 🛠 Toolbox of methods

Association for Project Management (APM)

💬 APM = “Europe’s PMI.” Professional standards and certifications. 

🏛 UK-based, Europe’s largest professional body for project managers.

• Known For: Establishing Chartered Project Professional (ChPP) status — like earning a “license” to practice at a professional level.

My weird way to remember: Jane Goodall (from Europe) studied Apes and Chimps

International Project Management Association (IPMA)

💬 IPMA = “The Original Global PM Trailblazer.” Strict International Collaboration and Certification. More recognized.

🌎 World’s first project management association — founded 1965.

• Focus: Competence-based project, program, and portfolio management (PPPM).

• Known For: Promoting international collaboration and skill-based certification models.

• Reach: Over 70+ member associations worldwide.

• Claim to Fame: Paved the way for PMI and others — the original pioneer of project management standards.

Don’t confuse with IAMP! IAMP = Easy online PM certification

AXELOS Ltd.

(AXEL)OS runs the royal crew —
ITIL, PRINCE2, and MSP too.

Think of AXELOS as the keeper of the UK’s “royal standards”🏰 for project management —
it manages the most widely used frameworks for running IT and business projects successfully.

Formed to manage and grow a number of standards and associated certifications developed by the Cabinet Office including:

 

- ITIL (Information Technology Infrastructure Library)

- PRINCE2

- Managing Successful Programs (MSP).

ITIL (Information Technology Infrastructure Library)

Standard for delivering consistent, high-quality IT services.

Focus - IT service management

AXELOS runs the royal crew —
ITIL, PRINCE2, and MSP too.

PRINCE2 (Projects IN Controlled Environments)

Prince Manages Processes (to remember)

Structured, process-driven approach widely used in the UK & Europe.

Focus - Project management methodology

AXELOS runs the royal crew —
ITIL, PRINCE2, and MSP too.

MSP (Managing Successful Programs)

Framework for coordinating multiple related projects.

Focus - Program management

AXELOS runs the royal crew —
ITIL, PRINCE2, and MSP too.

Certifications

Think of certifications as “passports” 🛂 for project managers —
they show where you’re trained, what standards you follow, and which regions recognize your credentials.

·       👑 PRINCE2 = Process (UK)

·       🌍 PMP = Global Tools/Knowledge

·       🏛 APM = Chartered Professional (Europe)

·       🤝 IAPM = International Connector

Acronym	Easy Phrase	Focus / Region
PMP	Proper Managers Plan	PMI – Global
PRINCE2	Prince Manages Processes	UK / AXELOS
APM	A Professional Manager	UK / Chartered
IAPM	I Am a Project Manager	International

IAPM 

IAPM (International Association of Project Managers): Offers international certification options.

Don’t confuse with IPMA!

IPMA = Formal, experience-based PM certification

Organizational Structures

• Functional

• Projectized

• Matrix

Functional

Departments by specialty; PM has little authority

Advantage - Clear roles, expertise

Disadvantage - Slow, siloed, PM weak

Visual (kingdom) - Like stone castle towers with different floors, staff reports to the lord of each floor. Project Messenger doesn’t command, only requests help. 

Projectized

Team reports fully to PM for project

Advantage - Fast, focused, PM strong

Disadvantage - Resource duplication, no stability

Visual (kingdom) - Battle camps are quick to set up, soldiers gather to be led by one general (PM) for a single campaign. Teams from every trade (builders, planners, etc.) report to the general until victory. When the war (project ends) they return home.

Matrix

Dual reporting: PM + functional manager

Advantage - Resource sharing, flexibility

Disadvantage - Confusion, conflict over authority

Visual (kingdom) - Mixed, where people serve two masters: the floor lord and project general. Communication up and across.  Depending on the strength of the general:

• 🕸 Weak Matrix: The lords still rule.

• ⚖ Balanced Matrix: Equal power — cooperation is key.

• 💪 Strong Matrix: The general commands, but keeps ties to the lords.

Matrix Types

Subtype	PM Power	Description
Weak	Low	Functional manager leads; PM = coordinator
Balanced	Medium	Shared control between PM & manager
Strong	High	PM nearly full authority (like projectized)

Balanced Matrix

PM Power - medium

Shared control between PM & manager

Weak Matrix

PM Power - low

Functional manager leads

Strong Matrix

PM Power - high

PM nearly full authority (like projectized)

Project Management Office (PMO)

Picture the PMO as the control tower at a busy airport:
each project is a plane 🛫 taking off, landing, or taxiing — and the PMO keeps everything safe, efficient, and aligned with the flight plan (corporate strategy). Uses OPM3.

Throughout the flight, the pilot reviews the flight plan, monitors resources like fuel, checks in with air traffic control to adjust and land safely. Once on the ground, the pilot completes reports, reviews the flight for lessons learned, and uses that insight to better monitor and control future flights.

Project Management Maturity Levels (OPM3)

Think of it like your organization’s “Project Management Evolution.”
Imagine your organization as a player starting out and improving their project management skill tree over time

I S O M O = Initial → Structured → Organizational → Managed → Optimizing

✔ OPM3 = map for strategic project alignment

Opm3 - InitStruc OrgManOpt evolution

Capability Maturity Model (CMM)

CMM = Improving software development processes.

Use these five maturity levels (initial, managed, defined, Quantitatively managed, optimizing) to evaluate how structured and optimized your processes are.

→ old, software-focused

Capability Maturity Model Implementation (CMMI)

CMMI = Updated version (of CMM) integrating multiple disciplines — applies to any development project.

Use these five maturity levels to evaluate how structured and optimized your processes are.

→ improved version, all systems/services

CMM & CMMI – Combined Overview

Level 1 — Ad Hoc / Initial

Level 2 — Planned / Managed

Level 3 — Defined

Level 4 — Quantitatively Managed

Level 5 — Optimizing / Sustained

What is a model?

A model is just a rule or system that helps a company decide which project is worth doing — kind of like how you pick a toy based on what you want most.

Let’s say you have 3 toys:

Now imagine each toy = a project.
How do you decide which one to play with?
You make a model — a way to compare them.

Types of “Decision Models”

Profit-based, ROI (Return on Investment), Time-based, Market share, Non-numeric models

Think of PRoTMaN like a friendly robot who helps pick the right project 🤖

Each letter = a type of model:
P → Profit
R → ROI (Return on Investment)
T → Time
Ma → Market share
N → Non-numeric

💡PRoTMaN helps you “pick projects properly”

Model Selection Criteria

RealComCap-LowEaseFlex

Comparable, Capable, Realistic, Cost (Low Cost), Easy to Use, Flexible

Model Selection Criteria = CCRCEF using the mnemonic 🧲
(“Cancer Can Regrettably Cause Early Fatality” — helps you remember the order!)

Non-numeric Selection Criteria

These are ways to pick projects when money isn’t the only thing that matters.
Instead of “How much profit will it make?” it asks, “Will this keep us alive, strong, or respected?”

These models care about survival, necessity, and influence — not just dollars.

• Competitive Necessity

• Operating Necessity

• Sacred Cow

🐮 “Cows Often Survive.”

Because “cow” reminds you of Sacred Cow, and the phrase “often survive” ties to the idea that these models are about staying alive — keeping the company competitive and operational.

Competitive Necessity

If we don’t do it, we’ll fall behind our competitors.
📈 It’s about staying relevant in the market.

Example: Adding a convenience store to your gas station so customers don’t go elsewhere.
🧠 Memory Hook: “Compete or get beat.”

Operating Necessity

If we don’t do it, the business literally can’t operate.
🏭 It’s about stopping a breakdown before it happens.

Example: Building a levee to stop flooding at your warehouse.
🧠 Memory Hook: “Operate or evaporate.”

Sacred Cow

A project exists because someone powerful wants it — not because it makes sense.
💼 Often tied to executive ego, politics, or personal interest.

Example: The CEO wants a golf course named after him — no one questions it.
🧠 Memory Hook: “The boss’s wish is law.”

Profit-based

Choose what makes the most money.

Example - “Which toy could I sell for the most candy later?”

ROI (Return on Investment)

Choose what gives back the most compared to what you put in.

Example - “Which toy gives the most fun for the time I spend setting it up?”

Market share

Choose what helps the company be more popular.

Example - “Which toy makes me the coolest kid so others want to play with me?”

Non-numeric models

Choose based on feelings, fairness, or mission values.

“Which toy helps me learn kindness or teamwork?” ❤

Checklists

A series of questions used to evaluate projects based on what matters most to the company.

It’s non-numeric, meaning it doesn’t calculate scores or money directly — it helps think through each project’s fit.

Numeric Selection Criteria & Scoring Models

These models use numbers — not opinions — to decide which projects are worth doing.

Two types: 💵 Profit / Profitability-Based Models & 📊 Scoring Models

“Which project gives us the best bang for our buck?”

Weighted Scoring Model

• Adds priority by multiplying each score by its weight.

• Weighted Project Score = Σ (Score × Weight)

• Ensures critical factors (like strategy fit or ROI) have a bigger impact.

The Time Value of Money

A dollar now = less later. Example = inflation.

The Payback Period

The amount of time required to earn back the cost of doing the project. Need project cost and amount of future revenue generated.

Internal Rate of Return

Treats each project like an investment and finds its earning rate.
It’s the interest rate where a project’s cost = future cash flows.

• Shows how efficiently a project turns investment into profit.

• The higher the IRR, the better the project.

• Used to compare projects on equal footing.

Net Present Value

Shows how much a project is worth today after subtracting its costs from all future benefits (converted to present value).

• Add up all expected income and expenses.

• Convert future money to today’s value.

• Future benefits − Project costs = NPV

Positive NPV → project adds value → good investment.

Higher NPV → greater overall benefit.

“Now Proves Value.”

Profit / Profitability-Based Models

• Focus on how much money the project earns or saves.

• Common measures include:

  • Payback Period – How long until we get our money back?

  • NPV (Net Present Value) – How much is it worth today after accounting for time and interest?

  • IRR (Internal Rate of Return) – What’s the project’s percentage return rate?

• Goal: Pick the project that gives the best financial return.

🧠 Mini phrase: “Show me the money — and how fast it comes back.”

Scoring Models

• Assign numeric weights to important factors (like cost, risk, strategic fit).

• Each project is rated and gets a total score.

• Scale: Usually 1–10 (1 = weakest, 10 = strongest).

• Combines both quantitative (numbers) and qualitative (judgment) factors.

Project Life Cycle

Define > Plan > Execute > Close

PMBOK (Project Managers Book of Knowledge) 10 Major Planning Areas

🌱 Visual: The Project Garden 

• Integration = gardener managing it all

• Scope = farmer’s almanac

• Risk = weather forecast

• Procurement = seed supplier

• Communications = watering system

• HR = field workers

• Stakeholders = visitors and owners

• Quality = harvest inspection

• Cost = tool shed and resource control

• Time = growth calendar

• Configuration = plant labels/row markers

• Change = pruning process/replanting

• Process Improvement = composting 

• Requirements = soil testing

IntegScopeSched - CostQualResourComm - RiskProcureStake

Traditional Project Management

A linear, step-by-step path from start to finish.
Follow the sequence:

DEFINE ➜ PLAN ➜ EXECUTE ➜ CLOSE

• Common in structured project organizations

• Focuses on predictability and control

• Works like a straight road — you move through one stage before starting the next

🌈 Visual cue: Think of a train route — strong, structured, predictable, but rigid.

Agile

Used primarily in Technology projects, where the end goal isn’t fully known yet — like software or product development.
Work happens in small, usable chunks instead of one big final delivery.

🌈 Imagine a line of stepping stones across a river:

• Each stone = a sprint, a usable piece of progress.

• The customer waits on the other side giving feedback as you step closer.

• After each step, the team looks back (retrospective) before jumping to the next.