Week 2: Modern Project Management

Vocabulary flashcards derived from the Week 2 Modern Project Management lecture at Lyceum of the Philippines University Cavite Campus.

Project

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

Routine Operations

Everyday, repetitive, ongoing work required to maintain daily business operations, such as daily sales, inventory management, or server monitoring.

Program

A group of related projects designed to accomplish a common goal over an extended period of time.

Program Management

The process of managing a group of ongoing, interdependent, related projects in a coordinated way to achieve strategic objectives.

Defining Stage

The initial stage of the project life cycle where project specifications are defined, objectives are established, teams are formed, and major responsibilities are assigned.

Planning Stage

The second stage of the project life cycle where level of effort increases and plans are developed to determine schedules, beneficiaries, quality levels, and budgets.

Executing Stage

The third stage of the project life cycle where the major physical and mental work takes place to produce the product, using time, cost, and specification measures for control.

Closing Stage

The final stage of the project life cycle comprising product delivery to the customer, resource redeployment, and post-project review.

Compression of Product Life Cycle

A driver of project management resulting from shortening product life cycles, such as high-tech product life cycles averaging six months to three years.

Knowledge Explosion

A driver of project management where growth in new knowledge increases project complexity in materials, specifications, codes, aesthetics, equipment, and required specialists.

Triple Bottom Line

A driver of project management focusing on People, Planet, and Profit, brought to the forefront by global warming and the demand for sustainable business practices.

Increased Customer Focus

A driver of project management where heightened competition leads customers to demand customized products and services tailored to their specific needs.

Project Governance

Applying a set of knowledge, skills, tools, and techniques to a collection of projects to move the organization toward its strategic goals.

Socio-Technical Approach

A multidimensional project management process where the technical dimension represents the science and the socio-cultural dimension represents the art.

Technical Dimension

The formal, disciplined, and purely logical part of project management that includes planning, scheduling, and controlling projects.

Socio-Cultural Dimension

The implementation aspect of project management that involves managing the project team and external environment.