An Introduction to Project, Program, and Portfolio Management

Vocabulary flashcards covering the introductory concepts of project, program, and portfolio management, including constraints, knowledge areas, and agile methodologies.

Project

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

Operations

Work done to sustain the business.

Project Management

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

Project Sponsor

The individual who usually provides the direction and funding for the project.

Project Managers

Individuals who work with project sponsors, the project team, and other people involved in a project to define, communicate, and meet project goals.

Triple Constraint

The limitation of meeting scope, time, and cost goals for a project.

Scope (Constraint)

Determines what work will be done as part of the project and what unique product, service, or result the customer or sponsor expects.

Time (Constraint)

Refers to the timeline and how long it should take to complete the project.

Cost (Constraint)

Refers to the project’s budget and what resources are needed to complete the project.

Stakeholders

People involved in or affected by project activities.

Project Integration Management

An overarching function that coordinates the work of all other knowledge areas.

Project Scope Management

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

Project Time Management

Includes estimating how long it will take to complete the work, developing an acceptable project schedule, and ensuring timely completion of the project.

Project Cost Management

Consists of preparing and managing the budget for the project.

Project Quality Management

Ensures that the project will satisfy the stated or implied needs for which it was undertaken.

Project Resource Management

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

Project Communications Management

Involves generating, collecting, disseminating, and storing project information.

Project Risk Management

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

Project Procurement Management

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

Project Stakeholder Management

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

Value

The worth, importance, or usefulness of something.

Net Promoter Score

A 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.

Project Performance Domain

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

Tailoring

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

Model

A thinking strategy to explain a process, framework, or phenomenon.

Method

The means for achieving an outcome, output, result, or project deliverable.

Artifact

A template, document, output, or project deliverable such as a project charter, product backlog, or contract.

Program

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

Megaproject

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

Portfolio

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Project Portfolio Management

The continuous selection and management of the optimum set of projects and programs to deliver maximum business value, focusing on strategic goals.

Agile

The ability to create and respond to change, or a mindset of values and principles as set forth in the Agile Manifesto.

Scrum

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

Agile Project Management

An approach, also called adaptive project management, used where the project scope cannot be well-defined upfront, incremental releases are desired, and changes are expected.

Predictive Project Management

An approach, also called waterfall or traditional, where most planning is done upfront, there is a single final product at the end, and change is constrained.

Hybrid Project Management

A mixture or combination of predictive and agile approaches.

Best Practice

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

PMP®

Project Management Professional certification provided by PMI for those who have documented sufficient experience, follow a code of ethics, and passed an exam.

CAPM

Certified Associate in Project Management credential from PMI.

PRINCE2

Projects in Controlled Environments; a process-based method for effective project management.

Ethics

A set of principles that guide our decision making based on personal values of what is right and wrong.