Introduction to Project Management

Vocabulary flashcards covering core project management definitions, organisational context, stakeholders, and process groups based on the lecture slides.

Project

A temporary endeavour 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.

Standard

Established by consensus and approved by a recognized body that provides for common and repeated use, rules, guidelines or characteristics for activities or their results aimed at the achievement of the optimum degree of order in a given context.

Regulations

A government imposed requirement, which specifies product, process or service characteristics, including the applicable administrative provisions, with which compliance is mandatory.

Portfolio

Collection of Projects or Programs grouped together to facilitate effective management.

Program

Group of related projects managed in a coordinated way in order to obtain benefits not available from managing individually.

Sub-Project

Projects in their own right, but form part of a larger overall project.

Project Management Office (PMO)

An enterprise entity typical of a large event management company or MNC, often concerned with support and reporting functions like centralised reporting, standard policies, and training.

Fast-tracking

Commencement of the next phase before completion of the preceding phase, which carries increased risk.

Kill Point

An off-ramp review point concluding a project phase where a decision to terminate or abandon the project can be made.

Principle of Irrational Escalation

The tendency for stakeholders to continue a project even when abandonment is pragmatic, driven by personal investment, emotion, ego, non-recoverable money, or delivery deadlines.

Project Stakeholders

Individuals or organisations that are actively involved in the project, or whose interests may be affected as a result of the project execution or completion.

Positive Stakeholders

Stakeholders who will benefit from the successful outcome of the project and whose interests are best served by helping the project to succeed.

Negative Stakeholders

Stakeholders who will see negative outcomes from the project's success and whose interests are best served by impeding project progress.

Customer/user

The person or organization that will use the project's product or service.

Performing organization

The enterprise whose employees are most directly involved in doing the work of the project.

Sponsor or Funders

The person or group that provides the financial resources, in cash or in kind, for the project.

Influencers

People or groups that are not directly related to the acquisition or use of the project's product, but due to an individual's position in the customer or performing organization, can influence the course of the project.

Organisational Process Assets

The organisational infrastructure and systems (such as financial, reporting, procurement, IT, and communications systems) required to support projects.

Project-based organisations

Organisations whose operations consist primarily of projects, either deriving revenue primarily from performing projects for others under contract or adopting Management by Projects.

Initiating Process Group

Consists of the processes that facilitate the formal authorisation to start a new project or phase.

Planning Process Group

Process group used to develop the PM Plan, which identifies, defines, and matures the project scope, cost, and schedule.

Executing Process Group

Consists of processes used to complete the work defined in the project management plan by coordinating people and resources.

Monitoring and Controlling Process Group

Consists of processes used to observe project execution, identify potential problems, track corrective actions, and control overall project execution.

Closing Process Group

Includes processes used to formally terminate all activities of a project or project phase and verify that all defined processes are completed.

Identify Stakeholders

The process of identifying all people or organisations impacted by the project and documenting relevant information regarding their interests, involvement, and impact on project success.