Project Management Midterm

Outcome

An end result or consequence of a process or project. Outcomes can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver.

Portfolio

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

Product

An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.

Program

Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.

Project

A temporary endeavor undertaken to create a unique product, service, or result. The temporary nature of projects indicates a beginning and an end to the project work or a phase of the project work. Projects can stand alone or be part of a program or portfolio.

Project management.

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project management refers to guiding the project work to deliver the intended outcomes. Project teams can achieve the outcomes using a broad range of approaches (e.g., predictive, hybrid, and adaptive).

Project manager

The person assigned by the performing organization to lead the project team that is responsible for achieving the project objectives. Project managers perform a variety of functions, such as facilitating the project team work to achieve the outcomes and managing the processes to deliver intended outcomes.

Project team

A set of individuals performing the work of the project to achieve its objectives

System for value delivery

A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization. Portfolios, programs, projects, products, and operations can all be part of an organization's system for value delivery.

Value

The worth, importance, or usefulness of something. Different stakeholders perceive value in different ways. Customers can define value as the ability to use specific features or functions of a product. Organizations can focus on business value as determined with financial metrics, such as the benefits less the cost of achieving those benefits. Societal value can include the contribution to groups of people, communities, or the environment.

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

Adaptive Approach

A development approach in which the requirements are subject to a high level of uncertainty and volatility and are likely to change throughout the project.

Affinity Diagram

A diagram that shows large numbers of ideas classified into groups for review and analysis.

Ambiguity

A state of being unclear, having difficulty in identifying the cause of events, or having multiple options from which to choose.

Analogous Estimating

A method for estimating the duration or cost of an activity or a project using historical data from a similar activity or project.

Assumption and Constraint Analysis

An assessment that ensures assumptions and constraints are integrated into the project plans and documents, and that there is consistency among them.

Backlog Refinement

Progressive elaboration of the content in the backlog and (re)prioritization of it to identify the work that can be accomplished in an upcoming iteration.

Basis of Estimates

Supporting documentation outlining the details used in establishing project estimates such as assumptions, constraints, level of detail, ranges, and confidence levels.

Benchmarking

The comparison of actual or planned products, processes, and practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance.

Benefits Management Plan

The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project or program.

Bid Documents

All documents used to solicit information, quotations, or proposals from prospective sellers.

Change Control Board (CCB)

A formally chartered group responsible for reviewing, evaluating, approving, delaying, or rejecting changes to the project, and for recording and communicating such decisions.