project management basics

project management

designed to deliver work in an efficient, orderly manner

contingency reserve

calculated buffer of time and money that covers documented risks

management reserve

additional sum of time or money that covers the unknown unknowns

operational work

routine, predictable, and repetitive work

project work

accomplishes something new

-projects are unique, serve a specific purpose, and are temporary

functional organization

divides the organization into areas of specialization and expertise

projectized organization

the organization pools resources around projects as its main focus

matrix organization

includes both functional leaders and specialized roles

weak matrix organization

the functional manager retains the budget and staff management responsibilities

strong matrix organization

the project manager has substantial control over the project

project manager

responsible for planning, organizing, leading, and keeping your teams on track and within budget

program manager

individuals that leads programs or related groups of projects

project management office (PMO)

functional department for all project managers in a company

-3 types

supportive project management office

provides support when it is requested

controlling project management office

monitors project performance and coordinates resource selection while allocating project managers to projects

directive project management office

has full authority over projects, standards, and procedures

stakeholder

anyone with a vested interest in the project

senior management

highest level of leadership in an organization

sponsor

a single senior management member that reviews and validates initial business case

customers

parties who receive the benefits from the projects

end user

person will interact with the project’s final output

-sponsor, customer, and end user could be the same person in some instances

-udemy example: WGU is customer, I am end user

program

group of projects

-projects in a program are related to the same objective

portfolio

group of all projects and programs

-projects in a portfolio do not need to be related

enterprise portfolio

contains all programs and projects in an organization and is broken down into sub-portfolios at the division or branch level

portfolio management

offers strategic context and perspective that helps an organization to maintain a maximum number of projects and prioritze them into objectives or priorities