What is a project?
A temp endeavor undertaken to create a unique product, service, or result
What makes a project temporary?
It has a defined beginning and end. Does not last indefinitely.
What is a program?
Answer:
A group of related projects managed in a coordinated way to obtain benefits not available if managed independently.
Who manages a program?
A Program Manager.
(Project Managers manage projects within the program.)
What is a portfolio?
A collection of projects, programs, and operations grouped together to achieve strategic business objectives.
What aligns with strategic objectives
A Portfolio aligns directly with organizational strategy.
What is unviersal to all projects?
The Project Management Lifecycle (Initiating, Planning, Executing, Monitoring & Controlling, Closing).
What is unique per project??
The Project Lifecycle (the phases specific to that type of project, such as construction or software development).
Predictive V Adaptive
Predictive = Plan-driven, detailed upfront planning, change controlled.
Adaptive = Iterative, incremental, flexible, embraces change.
Examples of predictive V adaptive
PREDICTIVE:Construction of a building or bridge (detailed blueprints and structured sequence).
ADAPTIVE: Software development using Scrum, XP, or Kanban (iterative development with feedback loops).
What are KPIs used for?
KPIs (Key Performance Indicators) measure project performance, typically in cost, schedule, scope/quality, milestones, or customer satisfaction.
What is the desired future state in a project?
The defined outcome or vision the project aims to achieve, documented in the project scope statement.
What’s a ROI?
Return on Investment — the expected business value gained from the project.
What’s does SCOPE equate into performance measurement?
Scope equates to quality (ensuring deliverables meet defined requirements).
What are advantages and disadvantages of managing projects within programs?
[+] Improved coordination, efficiency, and realization of interdependent benefits.
[-] High complexity, increased coordination needs, and increased risk over time.
What are the disadvantages of portfolio?
Changing organizational priorities can disrupt alignment and funding allocation.
What’s happens when a project within a program has an issue?
The Project Manager may escalate to the Program Manager.
What is a key advantage of projects?
Flexibility and focus on specific, defined goals.
What are operations?
Ongoing, repetitive activities that sustain the business and do not have a defined end.
Projects V Operations
Projects are temporary and unique.
Operations are ongoing and repetitive.
What signals the end of a project?
Achievement of the defined goal or business value.
What is a predictive project?
A plan-driven approach where scope, schedule, and cost are defined upfront.
ASSUMING The future can be reasonably predicted from past experience.
What is an adaptive/ agile project?
An iterative approach that embraces change and plans in short increments.
ASSUMING The future is uncertain and will change.
What is a sprint?
A timeboxed iteration (usually 2–4 weeks) where work is completed in adaptive projects.
