MSYS 141G IT Project Management Module 1 Part 1 – Portfolio, Program, and Project Management Concepts

Vocabulary flashcards covering key terms and definitions from the lecture notes on project, program, portfolio management, governance, PMBOK/PRINCE2/ISO standards, and related concepts.

Project

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

Project Management

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements and achieve objectives within targets for time, cost, quality, scope, benefits, and risk.

Program

A group of related projects managed in a coordinated manner to achieve strategic objectives and realize benefits not available from managing them individually.

Portfolio

A collection of projects, programs, and operations managed together to achieve strategic objectives.

PMO (Project Management Office)

A centralized function that standardizes and oversees project, program, and portfolio management, providing governance, methodologies, and reporting.

Governance

The framework, functions, and processes to provide guidance, direction, and decision making for portfolios, programs, and projects to align with strategy and ensure benefits realization.

Portfolio Management

Centralized management of projects, programs, and operations to achieve strategic objectives, including strategic alignment, component prioritization, resource optimization, and continuous assessment.

Program Management

The process of managing a group of related projects to achieve strategic objectives, deliver benefits, and manage change across multiple projects.

PMI

Project Management Institute, the global standards body for project management.

PMBOK Guide

A guide by PMI to the Project Management Body of Knowledge; outlines standard knowledge areas and process groups; available in Sixth and Seventh Editions.

Knowledge Area

A category of project management knowledge (e.g., Integration, Scope, Schedule, Cost, Quality, Resources, Communications, Risk, Procurement, Stakeholders).

Process Group

A set of related project management processes: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.

PRINCE2

A structured project management method with defined processes and governance, emphasizing stages and clear roles.

ISO 21500

An international guidance standard for project management.

MoR

Management of Risk; a framework for identifying, assessing, and managing risk across the organization.

Benefits Realization

The process of ensuring that realized benefits meet expectations and are delivered from programs and projects.

Strategic Alignment

Ensuring that all components (projects, programs, portfolios) align with organizational strategy and goals.

Resource Management

Planning, acquiring, developing, and managing the resources needed to deliver projects, programs, and portfolios.

Stakeholder Management

Identifying stakeholders, understanding their needs, and engaging them to ensure project success.

Integration Management

Coordinating all elements of a project to ensure unity of effort and project cohesion.

Scope Management

Defining and controlling what is included in the project or program.

Time (Schedule) Management

Planning, estimating, and controlling the project timeline to meet deadlines.

Cost Management

Estimating, budgeting, and controlling costs to ensure the project stays within budget.

Quality Management

Ensuring deliverables meet requirements and quality standards.

Procurement Management

Acquiring goods and services from outside the performing organization.

Communications Management

Planning, distributing, and managing information to stakeholders.

Risk Management

Identifying, analyzing, planning responses to, and monitoring project risks.

Benefits Management

Managing and tracking the realization of benefits from programs and projects.

Organizational Project Management (OPM)

A holistic approach to align portfolios, programs, and projects with organizational strategy and operations.