Key Terms in Project Management

Key Terms in Project Management

• Outcomes are the benefits and value a project seeks to achieve
• Portfolios are strategic collections of projects, programs, and operations aligned with big-picture goals
• Products are tangible deliverables, either final results or components of something larger
• Programs are coordinated projects and activities delivering benefits beyond individual project capabilities
• Projects are temporary, unique endeavors with defined starts and ends, potentially part of a program or portfolio
• Project management uses tools, techniques, and skills to guide a project towards intended outcomes
• Project managers guide project teams, manage processes, and balance teamwork and execution
• Project teams collaborate to realize the project's vision
• Systems for Value Delivery combine portfolios, programs, projects, and operations to grow businesses
• Value is core, varying across stakeholders from customers and organizations to communities

Creating Value through Project Management

• Organizations create value for stakeholders through projects that drive innovation and improve efficiency
• Value is achieved via interconnected components aligned with the organization's overall strategy
• A value delivery system operates as an internal framework shaped by policies and governance
• This system drives the creation of deliverables that lead to impactful outcomes
• Outcomes generate benefits, delivering tangible gains and value that contributes to organizational success

Governance in Project Management

• Governance systems enable smooth operations, smart decision-making, and effective problem-solving
• Governance promotes progress, assesses change, manages risks, and delivers value and aligns objectives with organizational goals
• Project governance is critical regardless of the project's placement in a program, portfolio, or as a standalone endeavor
• Project Management Offices align portfolios and programs with a broader organizational strategy

People in Project Management

• Dedicated individuals working in teams or across roles drive successful projects
• Team coordination, whether decentralized or centrally led by a project manager, determines success
• Open Communication, led by project managers, is key to smooth operations
• Project roles are unique and adapt depending on goals, industry and context
• Oversight includes pre-project evaluations, team well-being, and performance
• Coordination is about boosting performance, meeting customer needs, and advancing business goals
• Customer and end-user guidance is invaluable for project success and ensure deliverables meet evolving needs

Facilitation and Collaboration

• Facilitation focuses on collaboration, participation, shared ownership, and conflict resolution
• Facilitators help teams reach consensus, address obstacles, and adapt to change with feedback

Expertise and Skills

• Expertise brings the skills to achieve project outcomes
• Team members offer diverse perspectives and act as change agents
• Specialized experts provide guidance and precision, enhancing accuracy and driving learning

Direction and Alignment

• Business direction prioritizes requirements based on value, risks, and dependencies, steering projects for maximum impact
• Resources provide alignment with organizational goals, addressing roadblocks and identifying opportunities
• Management bridges senior leadership and project teams and may monitor results post-completion
• Governance involves aligning decisions with objectives, tracking progress, and adapting to changes, which provides a foundation for lasting project results

Project Environment

• Projects operate within internal and external environments that affect value delivery
• Internal includes artifacts, practices, and knowledge shaped by portfolio, programs, and other projects
• Process assets are tools, methodologies, and templates, including PMO resources
• Governance documentation are policies and processes in place
• Data assets are metrics and artifacts from past projects
• Knowledge assets can be tacit knowledge from team members and subject matter experts
• Security and safety involves facility access, data protection and confidentiality
• Organizational culture, structure, and governance includes vision, mission, and values
• Geographic distribution accounts for work locations, virtual teams, and shared systems
• Infrastructure involves IT hardware like telecommunications
• Information technology software includes scheduling and online systems
• Resource availability accounts for constrains on people, materials and timelines
• Employee capability relies on the expertise and skills of people within the organization

External Project Environment

• External factors shape project outcomes, either assisting or presenting challenges
• Marketplace affects market share, brand reputation and technology trends
• Social factors are traditions, ethics and public holidays
• Regulatory includes laws and business practices
• Commercial databases are studies to guide decisions
• Academic research are insights from publications
• Industry standards define the quality and production standards
• Financial affects taxes and exchange rates
• Physical relies on conditions that require planning

Product Management in Project Management

• Product management seeks to creates and enhances sustained products from development to end of life
• Manages the product across life cycles to maximizes profits
• Program management coordinates projects and programs to deliver products
• Project management develops refined capabilities to deliver unique needs and outcomes
• Managing product life cycle ensures subsidiary programs achieve specific outcome goals
• Success utilizes tools, practices and methods from all domains

Project Management

• Project management utilizes skill, techniques and planning to meet goals
• Managing goals includes definition, addressing stakeholder needs and communication
• Balancing resource, scope and budget is key

Elements of Project Management

• Projects are unique endeavors with a clear start and end
• Programs contain related projects managed together
• Program management delivers value separate projects cannont
• Portfolios contains projects and operational alignment for strategic measures
• Projects exists independently and contribute to strategic goals
• Operations focus on efficiency and focus on transforming goods and services to meet customer demands

Project Lifecycle

• The life cycle is a temporary event designed to provide deliverables through objectives
• Objectives can be product and milestone driven
• Lifecycle is designed to be temporary with a clear end
• Projects can end because of lack of funds, resources or changed priorities
• Project Initiation provides change and addresses goals

Programs and Program Management

• Group Subsidiary programs and projects
• Program Management applies knowledge
• Portfolios are subsidiaries managed together to achieves goals

Project Relationships

• Projects managed independent or as part of a program
• Projects specific task drives result

OPM

• Projects can deliver better performance and consistently meet goals

Project Components

• Elements delivers interconnected success
• The life cycle process takes a project from start to completion
• Each phase contains logically related activities
• Gates are used to manage phase for decision making
• Management is systematic and organized with action based on outputs
• Project phases involves initiating, planning, executing and monitoring not project specific

Project Life Cycle

• All projects need a foundation
• Phases can overlap and need to be flexible
• Predictive method has well defined set goals and is easier to manage
• Adaptive allow plans to be set at the beginning and adjust
• Iterative sets the scope and works through cycles as information is learnt
• Resources are built through incremental
• Hybrid used both techniques
• Projects should be tailored to fit individual goals

Project Phases

• Project Management need the following
  • Name, Number, Duration and Resources
• Improve Project Organization through phases
• Customized steps help measure progress
• Gate help assess progress and utilize key documentation
• Gates help inform stakeholders
• Project need a focused structure

Project Management Components

• Success requires roadmap through manageable phase

Project Management Influence

• Success depends on Enterprise, environmental factors and organizational process
• Environmental factors includes external influence
• Marketplace condition is competitors
• Social is climates
• Legals is restrictions
• Commercial databases and academic reserach

Organizational Process

• Process tools that guide support over repositories and time
• Plans, Processes and Templates for PMO
• Organizational updated financial data and metrics
• OPAS improves helping each initiative
• Leveraging EPA and OPAs is key for success

Project Thrive

• Governance and Organizational Structure is not One Size fit all
• Organal Governance needs direction and ensure organizational control
• Requires Accountability, fairness and transparency for stakeholders
• Needs to enforce legal and environment compliances
• Project Government provide lifeforce to projects
• Oversight adherence to policy and decision marking through out projects and stakeholder

Management Elements

• Need specialized skills and direction with authority
• Includes discipline and respect
• Aligned goals and priorities
• Fair Comphensations
• Maximized Resources
• Communication Safely and Fairness
• All levels contribute to success and operations
• Organizational Structures require balancing
• Must reflect need and be designed to succeed

Requirements for Organizational Structures

• Needs to be in alignment with objectives
• Enable effectiveness
• Needs to enable Expertise and communication
• Decision making and Streamline
• Cost Efficiency
• Adaptability
• Communication

PMO

• PMOs support structure and is based on need and control
• Supportive - guidance
• Contribute - provide direction and compliance
• Directive - provide manages

PMO Align

• Projects and Align through communication and standards
• Must conduct audits and ensure Compliance
• PMOs need templates and tools
• Communication alignment and can be flexible to needs

Role of Project Managers

• Managers drive and are involved early
• Assists will analyze and align needs
• Managers consistently change and adapt

Project Manager role

• Guides Team
• Manages Function
• Ensured Efficient Operations
• The Team
• Stakeholder support

The Project Manager

• Teams needs to collaborate to archive
• Manager is accountable and needs vision
• Communication and motivates
• Skills and Principles
• Guides
• They influence
• Adaptability

PMI Talent Triangle

• Tools
• Business Acumen
• Communication
• Power Skills

Qualities of Leader

• Is visionary
• Is positive
• Promotes collaboration
• Manages conflict
• Listens Activity
• Commemorate
• Balance