Project Management Insights

These flashcards cover essential vocabulary and concepts discussed in the lecture, focusing on project management, risk management, change management, governance, and compliance.

Risk Appetite

The amount and type of risk that an organization or individual is willing to take in pursuit of their objectives.

Risk Threshold

The level of risk exposure that is acceptable to an organization, beyond which action must be taken.

Risk Tolerance

The degree to which an organization is willing to tolerate risk before it triggers a response.

ADKAR

A change management model that outlines five key stages: Awareness, Desire, Knowledge, Ability, and Reinforcement.

Change Management Framework

A structured approach to transitioning individuals, teams, and organizations from a current state to a desired future state.

Stakeholder Engagement

The process of involving individuals or groups who may be affected by or can affect a project.

Phase Gate Review

A checkpoint at the end of a project phase to decide whether to continue, modify, or close the project.

Project Governance

The framework, functions, and processes that guide project management activities to meet organizational goals.

Minimum Viable Product (MVP)

The smallest version of a product that can be released to meet customer needs and gather feedback.

RACI Matrix

A matrix that defines roles and responsibilities in a project, clarifying who is Responsible, Accountable, Consulted, and Informed.

Compliance Audit

A systematic review of an organization's adherence to regulatory guidelines and internal policies.

Organizational Culture

The shared values, beliefs, and practices that shape how work is done in an organization.

Transformation Compass

A structured framework used to guide organizations through complex transformations.

Value Delivery System

The system through which an organization delivers value to its stakeholders by managing resources and activities.