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Study Cards on project, projects, pmo

Why is the scope of the portfolio review board at a higher level than regular projects and programs?

The endeavors selected by the portfolio review board must fall within the strategic objectives of a company. A portfolio describes the collection of investments in the form of projects and programs in which the organization invests capital.

How are investments being monitored? And how can an organization observe a positive return of investment?

Investments are being monitored by the portfolio review board through communications with the project and program managers. Return of investment can be seen through profits, performance improvements, reduction in waste or other key performance indicators.

What are characteristics of a portfolio?

A portfolio is often a mix of projects and programs
A portfolio could be within one line of business, be based on strategies within an organization or could follow the guidance of one director within an organization
There is often a balance of risk in the program and projects selection

What is the definition of program management?

It is the management of multiple individual projects all working in a union/ alignment towards a common goal. Programs can be temporary but also endless.

How are project and program different?

Programs have larger scope
Program plan are more high level and less detailed than project plans
Programs allow change to happen (where projects are more resistant to change)

What define a successful program?

Their abilities to meet requirements, meet performance objectives, and benefit delivery.

What could be reasons for a 'Subproject Implementation?'

When projects are large enough, it might not be needed to create a full-blown program, but a seperate subproject could be beneficial
When certain areas of the project could be outsourced to vendors.

What are key characteristics of a sub-project?

It follows it's own schedule of completion
They may be outsourced, assigned to other project managers or managed by the current project manager with a different project team
Often areas of a project that are outsourced to vendors
The deliverable is included in the overall project plan, whereas the actual work done is not in the plan.
They follow the same quality guidelines and expectations as the overall project.

What is the role of a PMO?

A project management office organizes and manages control over all projects within an organization.
Provides a uniform approach to project management
Provides support to project management

What types of PMO are there? And what is the PMO control level for each

Directive PMO - manages and controls all projects -high
Controlling PMO - defines project governance - moderate
Supportive PMO - provides a consulting role - low

What is the advantage of PMO over decentralized project management

central communication and risk management.
A PMO can centrally track and monitor all risks within all projects and take advantage of this by carefully planning.
A PMO can centrally manage communication with all stakeholders which puts less demand on project managers

What is the key factor that differentiates a project from ongoing operations?

A project has an end-date and it's unique from other activities within the organization. These are short-term endeavors that fall outside of the normal day-to-day operations an organization offers.
Operations are the day-to-day work that goes on in the organization. (e.g. manufacturing, research and development, sales and marketing). Operations are the heart of organizations.

What are common factors across projects and operations?

Both involve employees.
Both typically have limited resources: people, money, both.
Both are designed, executed and managed by someone in charge.

Who is the most important person in any project? Why?

The customer. The project is created for and to suit the customer. The customer will most often also provide budget for the project.

What is the key relation between projects and business value?

All projects and programs (for profit or for non-profit organizations) must support the strategic objectives and vision of the company or they are a waste of resources. All have a direct influence on business value.