009 Project management terminology

CONSTRUCTION MANAGEMENT

6 Apr 202106:08

Summary

TLDRThis video script introduces essential project management terminology, including the Project Management Office (PMO), which coordinates and consults on project-related work. It explains the varying roles and importance of a PMO in different organizational structures. The script also revisits key concepts such as project teams, stakeholders, program management, and project portfolio management, emphasizing their interplay in the successful execution of projects and programs.

Takeaways

📚 The Project Management Office (PMO) is a department that oversees project-related work, including coordination and consulting, and can vary in size and structure across different companies.
🔍 PMOs are especially important in dynamic organizations that require governance over project work, while some companies, like those with standardized operations, may not need a PMO.
👥 The PMO can have strategic roles, such as project selection and portfolio management, or execution-focused roles, assisting in project management and adherence to standards.
💼 A project team consists of experts from various departments and can include external employees or vendors, often forming joint teams to leverage broader expertise.
🔄 Joint teams are created to combine employees from different companies, ensuring a project has a diverse skill set to handle complexity.
👥 Project stakeholders are individuals or organizations that can influence or are influenced by the project, including management, customers, and even society in the case of public projects.
👁 Stakeholders can affect a project without being directly involved, highlighting the broad reach of a project's impact.
🔑 Program management involves the coordinated management of multiple similar projects to realize efficiencies and synergies.
🗂️ Project portfolio management is the coordinated oversight of multiple programs and projects, crucial for organizations with extensive research or development efforts.
🚀 The script provides a foundational understanding of project management terminology and concepts, setting the stage for deeper exploration of the project life cycle in subsequent lessons.
📈 The importance of understanding the roles of PMO, project teams, stakeholders, and the concepts of program and portfolio management is emphasized for effective project execution.

Q & A

What is the primary role of a Project Management Office (PMO)?
-A PMO is responsible for managing, coordinating, and consulting on project-related work within an organization. It includes project and program managers, project coordinators, analysts, and more, ensuring that projects are properly managed.
How does the structure and size of a PMO vary across different companies?
-The structure and size of a PMO can vary greatly from one company to another. It depends on the organization's needs, with some companies not having a PMO at all, especially those that are more dynamic and changing. Companies that work predominantly with projects often have a well-structured PMO to easily form teams.
Why might an industrial company like a steel producer not need to maintain a PMO unit?
-An industrial company producing standardized products like steel may not need to maintain a PMO unit because their operations are well standardized and do not require the dynamic project team formations that are typical in project-oriented organizations.
What are the different roles a PMO can have within an organization?
-A PMO can have a strategic role, such as being responsible for project selection and project portfolio management, or it can have a more execution-focused role, leading the project management and assisting by reporting on project progress and ensuring adherence to established standards.
What constitutes a project team in the context of project management?
-A project team consists of experts responsible for the execution of the work on a project. This can include developers on a software project, managers, coordinators, construction workers, supervisors, and can also involve external employees, companies, and vendors.
How can joint teams enhance a project's expertise and capabilities?
-Joint teams, which often connect employees from more than one company, can enhance a project's expertise and capabilities by combining broader knowledge and skills, allowing for the successful delivery of more complex projects.
Who are considered project stakeholders and why are they important?
-Project stakeholders are all individuals or organizations that can participate in, influence, or be influenced by the project work and results. They are important because they can affect the project even without being directly involved, and their interests need to be considered for the project's success.
Can stakeholders influence a project without being part of the project team?
-Yes, stakeholders can influence a project without being part of the project team. For example, in public infrastructure projects, the local community can influence the project through their reactions or media attention.
What is the difference between program management and project portfolio management?
-Program management involves the coordinated management of multiple projects with similarities, such as shared goals or resources, to realize efficiencies and synergies. Project portfolio management, on the other hand, refers to the coordinated management of multiple programs and projects, often used by large corporations to oversee a vast array of projects and resources.
Why would a company choose to manage similar projects as a program rather than individual projects?
-A company might choose to manage similar projects as a program to gain advantages such as efficiency, resource sharing, and synergies among projects. This approach is particularly useful when implementing similar initiatives across different locations or departments.
What is the significance of discussing the life cycle of a project in the next lesson?
-Discussing the life cycle of a project in the next lesson is significant as it provides a framework for understanding the various stages a project goes through from initiation to closure. This knowledge is crucial for effective project planning and management.

Outlines

00:00

📚 Introduction to Project Management Terminology

This paragraph introduces the concept of a Project Management Office (PMO), which is the department in charge of overseeing project-related activities within an organization. It explains the various roles found within a PMO, such as project managers, program managers, coordinators, and analysts. The paragraph also discusses the importance of a PMO in dynamic organizations and contrasts it with the needs of industrial companies. It highlights the strategic and execution-focused roles of a PMO, emphasizing its function in project selection, portfolio management, and maintaining project standards.

05:02

👥 Understanding Project Teams and Stakeholders

This section delves into the composition and function of project teams, which are groups of experts responsible for executing project tasks. It mentions the inclusion of internal and external members, such as consultants and vendors, and the creation of joint teams to enhance expertise. The paragraph also explains the concept of project stakeholders, which includes anyone who can influence or be influenced by the project's outcome. It underscores the importance of recognizing stakeholders' potential impact on the project, even if they are not directly involved, and acknowledges the project manager and team as stakeholders themselves.

🔍 Exploring Program and Portfolio Management

The final paragraph discusses program management as the coordinated oversight of multiple related projects, which can lead to efficiencies and synergies. It uses the example of implementing software across European branches to illustrate the benefits of managing similar projects as a program. The paragraph also introduces project portfolio management, which involves the strategic handling of multiple programs and projects, as seen in large corporations like pharmaceutical companies. It concludes with an anticipation of the upcoming discussion on the project life cycle in the next lesson.

Mindmap

Keywords

💡Project Management Office (PMO)

The Project Management Office (PMO) is a department within an organization that oversees the management, coordination, and consulting of project-related work. It is a central hub for project and program managers, project coordinators, analysts, and other professionals who ensure the proper management of the organization's projects. The PMO's role and size can vary significantly from one company to another, depending on the organization's structure and the nature of its work. For instance, consulting companies often operate almost entirely as a PMO, as they need to form project teams for various clients, whereas industrial companies with standardized operations may not require a large PMO unit. The PMO is integral to the script's theme as it exemplifies the organizational structure supporting project execution.

💡Project Team

A project team consists of experts responsible for the execution of the work within a project. This includes a diverse group of individuals such as developers on a software project, construction workers, and supervisors in larger projects. Team members can come from different departments within the company or even from external entities like consultants or vendors. The project team is vital to the script's narrative as it highlights the collective effort required to deliver a project's objectives, often through joint teams that combine expertise from multiple organizations.

💡Stakeholders

Stakeholders in a project are individuals or organizations that can either influence or be influenced by the project's work and outcomes. This broad group can include management, customers, competitors, vendors, clients, and even society at large in the case of public infrastructure projects. The script uses the example of a new underground line construction affecting nearby residents, who become stakeholders due to their influence and being influenced by the project. Stakeholders are a key concept in the video, emphasizing the wide-ranging impact and interest a project can have.

💡Program Management

Program management refers to the coordinated management of multiple projects that share similarities, such as having a common goal or utilizing similar resources. By treating these projects as a program, an organization can achieve efficiencies and synergies. The script illustrates this with the example of a company implementing similar software across its European branches, where managing the projects collectively would allow for shared support and resource optimization among project managers.

💡Project Portfolio Management

Project portfolio management is the coordinated oversight of multiple programs and projects, often used by large corporations with extensive research or development activities, such as pharmaceutical companies. This management approach is crucial for tracking and allocating resources across a vast array of projects, ensuring strategic alignment and prioritization. The script uses the pharmaceutical company example to demonstrate the complexity of managing thousands of research projects, underscoring the importance of robust portfolio management.

💡Project Life Cycle

Although not explicitly defined in the script, the project life cycle is an implied concept that refers to the series of phases that a project goes through from its initiation to completion. The script suggests that the next lesson will delve into the life cycle of a project, indicating its significance in understanding the process and stages involved in project management.

💡Project Manager

A project manager is a professional responsible for the planning, execution, and closure of a project. The script mentions the role of the project manager in the context of the PMO, where they work alongside other project management professionals to ensure projects are properly managed. The project manager's role is central to the script's theme, showcasing the leadership and organizational skills required to guide a project from conception to completion.

💡Project Coordinator

A project coordinator is a role within the project team that is often responsible for coordinating tasks and ensuring that project activities are carried out efficiently. While the script does not provide a detailed description, the role is implied as part of the various professionals working within the PMO to support project management.

💡Project Selection

Project selection is the process of choosing which projects an organization will undertake, often involving strategic decision-making and resource allocation. The script mentions the PMO's potential strategic role in project selection and portfolio management, indicating the importance of this process in determining the direction and focus of an organization's project work.

💡Strategic Role

A strategic role, in the context of the PMO, refers to the PMO's involvement in high-level decision-making processes such as project selection and portfolio management. The script highlights the strategic importance of the PMO in guiding the organization's project direction and ensuring alignment with broader organizational goals.

💡Execution-Focused Role

An execution-focused role, particularly for the PMO, is when the PMO is responsible for leading project management and ensuring that projects are carried out according to established standards and guidelines. The script contrasts this with the strategic role, emphasizing the PMO's flexibility in supporting projects at different levels, from strategic planning to day-to-day execution.

Highlights

Introduction to project management terminology and its importance for understanding project execution.

Explanation of the Project Management Office (PMO) and its role in managing and coordinating project-related work.

Variation in PMO size and structure depending on the company's operational needs.

Differentiation between organizations that require a PMO for dynamic project work and those with standardized operations.

The strategic and execution-focused roles of a PMO in project selection and management.

The composition of a project team, including various experts and external entities involved in project execution.

The concept of joint teams combining employees from multiple companies for broader expertise.

Definition and importance of project stakeholders, including their potential influence on project work.

The impact of stakeholders on project work, even without direct involvement in the project.

Program management as the coordinated management of multiple similar projects for efficiency and synergies.

Project portfolio management as the coordinated management of multiple programs and projects within an organization.

The necessity of strong portfolio management in large corporations with numerous ongoing projects.

The upcoming discussion on the life cycle of a project as a significant part of project management.

Importance of understanding the project life cycle for effective project management.

The significance of the PMO in the context of the project life cycle and its strategic planning.

The role of the project team within the project life cycle and their contribution to project outcomes.

The importance of engaging stakeholders throughout the project life cycle for successful project execution.