RECOGNIZE CORE

TERMINOLOGY
UNIT 1
Basic
Definitions
Define a project, product, program,
portfolio, etc.
 What is a project?
A temporary endeavor undertaken to create a unique product, service or
result.
• This means that projects are unique activities with a beginning and end
date.

What is a product?
A component of another item, an improve or correction to an item, or a final
new item itself.

Basic Definitions
 What is a program?
A group of related projects, subsidiary programs and program activities,
whose management is carried out in a coordinated way to have benefits that
would not be had if they were managed individually.

What is a portfolio?
A collection of projects, programs, subsidiary portfolios and operations
managed as a group to achieve strategic objectives.

Basic Definitions
 What is a project management?

The application of knowledge, skills, tools and techniques to project activities to

meet the project requirement.
• The thing you strive for in any project is to achieve all project goals within
your given deadlines.

What is a business case?

The business case is a document that mentions the business need and the cost-
benefit analysis that justify the project.

Basic Definitions
 What is a project scope?
The scope of a project is everything that is used to get the project done.

What is a deliverable?
It is any unique and verifiable product, result, or ability to perform a service that
produces to complete a process, phase, or project.

Basic Definitions
 What is a task?
An action to be performed in a project, a single step to complete the project´s
activities.

What is a milestone?
Significant point or event within a project, program or portfolio. It not have a
specific time.

Basic Definitions
Component
List
List of components of a project
and a business case.
 Components of a Project
Every project include major components. These components have been broken
down into categories below.
• Scope and major deliverables
Examples: Desired results, milestones, documents and products.
• Schedule
Examples: Start and end dates.
• Resources
Examples: Money, people and equipment.

• Project management process

Examples: Process, activities, tasks.

Component List
 Components of a Project
Every project include major components. These components have been broken
down into categories below.
• Project´s culture
It is the personality and is comprised of assumptions, beliefs, values, norms and
tangibles signs or organization members and their behaviors.
• Project life cycle
The series of phases that a project passes thought from it is start to it is completion.

• Product life cycle

The series of phases that represent the evolution of a product from concept through
delivery, growth, maturity and the retirement.

Component List
 Components of a Business case
• Business Needs:
Why do you need to begin your project?
• Analysis:
Write out a more detailed account of the problem an why it needs to occur.
• Possible solutions:
Brainstorm some ideas to be considered for how you might address the
problem.
• Recommendation:
Which solution will you use?
• Evaluation:
Evaluate your solution to determine if it worked.

Component List
Basic
Definitions
Define an issue, risk, assumptions
and limitations.
 What is an issue?
A current condition or situation that may have an impact on the project
objectives.

What is a risk?
An uncertain event or condition that, if it occurs, has a positive or negative
effect on one or more of the objectives of a project.

Basic Definitions
 What is an assumption?
A factor from planning process that is considered true or real, without some
proof or demonstration.

What is a constraint?
A Limiting factor that affects the execution of a project, program, portfolio
or process.

Basic Definitions
Identify
Elements
Identify the characteristics of
traditional plan-based delivery
and agile delivery; and the ethics
of project management
 Characteristics of Traditional
plan-based delivery
Requirements are defined in advance before development begins.
• Delivery of plans for the eventual deliverable. Subsequently, delivery of only
one final product at the end of the project schedule
• The change is restricted as much as possible.
• Key stakeholders are involved in specific milestones.
• Risk and costs are controlled through detailed planning of widely known
considerations.

Identify elements
Characteristics of Agile delivery
Requirements are developed frequently during delivery.
• Delivery frequently occurs with subsets of the overall product valued by the
customer.
• The change is incorporated in real time during delivery.
• Key stakeholders are continuously involved.
• Risk and costs are controlled as requirements and limitations arrive.

Identify elements
 The Ethics of Project management
The values that the global project management community defined as most
important are responsibility, respect, fairness and honesty.

The Code of Ethics and Professional Conduct includes desirable and mandatory
standards.
• Desirable standards
They describe the conduct that professionals who are members, certification
holders or volunteers of PMI strive to maintain.

• Mandatory standards
They establish firm requirements and, in some cases, limit or prohibit the behavior
of professionals.

Identify elements