Digital Transformation: Project Portfolio and Management

These vocabulary flashcards cover the selection, prioritization, and management of project portfolios, as well as various project management methodologies, skills, and tools identified in Learning Unit 5.

Strategic Alignment

Ensuring that resources are used effectively and that projects contribute directly to long-term business success and organizational goals.

Weighted Scoring Model

A structured prioritization model used to improve objectivity in project selection.

Cost-Benefit Analysis

A structured prioritization model used to evaluate the economic feasibility and selection of projects.

Risk-Reward Matrix

A prioritization tool used to assess projects based on their potential risks and the rewards they offer.

Project Interdependencies

The relationship where some projects depend on others for success, requiring correct sequencing to avoid bottlenecks.

Ongoing Follow-up

The continuous monitoring and evaluation of a project while it is still in progress to assess performance according to schedule, budget, and quality.

Post-Completion Follow-up

The process of assessing the achievement of objectives, measuring financial benefits, and conducting lessons learned reviews after a project is finished.

Waterfall Methodology

A linear and sequential approach where each phase must be completed before the next begins, suitable for projects with stable requirements.

Agile Methodology

An iterative and flexible methodology that emphasizes continuous improvement, collaboration, and customer feedback.

Lean Project Management

A methodology that focuses on maximizing value while minimizing waste to improve efficiency and productivity.

PRINCE2

Stands for Projects in Controlled Environments; a highly structured methodology emphasizing governance, control, and documentation.

Project Initiation

The first phase of the project lifecycle where the project idea is defined and evaluated using tools like business cases and feasibility studies.

Project Planning

The phase involving creating a roadmap for achieving project objectives using tools like Work Breakdown Structure and Gantt Charts.

Project Execution

The phase that involves implementing the project plan, managing the team, and producing deliverables.

Monitoring and Controlling

A continuous process during execution that uses Key Performance Indicators (KPIs) and Earned Value Management (EVM) to track progress.

Leadership Skills

The ability to guide and motivate a project team toward achieving project goals.

Communication Skills

The skills required to ensure that information is shared clearly among stakeholders.

Organizational Skills

The ability to coordinate tasks, resources, and schedules efficiently.

Time Management Skills

The process of planning and controlling how time is used during a project.

Problem-solving Skills

Skills used to minimize disruptions and maintain project progress when issues arise.

Risk Management Skills

The ability to identify, analyze, and respond to project risks.

Decision-making Skills

The ability to make choices that ensure projects remain aligned with organizational goals.

Conflict Resolution Skills

The ability of a project manager to resolve disagreements professionally.

Gantt Charts

A visual timeline tool showing project tasks and schedules.

Work Breakdown Structure (WBS)

A tool that divides a project into smaller, manageable tasks.

Critical Path Method (CPM)

A tool that identifies the sequence of tasks that directly affect project completion time.

Risk Register

A document that records identified risks, their potential impacts, probability, and mitigation strategies.

Performance Dashboards

Visual tools that provide real-time project information.