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16 Cards in this Set
- Front
- Back
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What is a Project
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A temporary endeavor undertaken to create a unique product or service. (p. 4) PMBOK
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Process
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A ongoing, day to day activities in which an organization engages while producing goods or serbices
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Project Importance
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Shortened Life Cycles, Narrow product launch Windows, Increasingly Complex & TECHNICAL Products, Emergence of global markets, An economic period marked by low inflation
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Project Lifecycle
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Stages in a Projects Development
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Life Cycles Stages 1
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Conceptualization: development of the initial goal and TECHNICAL specifications for a Project. Scope of work is determined, necessary resources (people, money, physical plant identified, and important organizational contributions or stakeholders signed on.
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Life Cycles Stages 2
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Planning: detailed specifications, schematics, schedules. Individual pieces of the project called work packages are broken down, individual assignments made, and the process for completion clearly delineated.
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Life Cycles Stages 3
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Execution: Actual Work is done, and project cost ramp up rapidly during this stage.
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Life Cycle Stage 4
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Termination: occurs when completed project is transferred to the customer, it's resources reassigned, & project formally closed out. As subactivities are completed the scope and cost decline.
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Project Success #1
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Time: Project should come in on or before it's established schedule.
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Project Success #2
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Cost: Project must be completed within budget.
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Project Success #3
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Performance/Quality Check: The finished product to performs according to specifications.
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Project Success #4
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Client Acceptance
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Deliverables
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Goals that define the nature of the project and that of its team
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Project Management Maturity Models
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Instruments used to allow organizations to benchmark the best practices of successful project management firms.
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Stakeholders
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All groups that are affected by a Project
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Benchmarking
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A measurement of the quality of an organizations policies, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of its peers. The objectives of benchmarking are (1) TO DETERMINE WHAT& WHERE IMPROVEMENTS are CALLED FOR, (2) TO ANALYZE HOW OTHER ORGANIZATIONS ACHIEVE THEIR HIGH LEVEL OF PERFORMANCE, and (3) TO USE THIS INFORMATION TO IMPROVE PERFORMANCE
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