009 Project management terminology
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
📚 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.
👥 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)
💡Project Team
💡Stakeholders
💡Program Management
💡Project Portfolio Management
💡Project Life Cycle
💡Project Manager
💡Project Coordinator
💡Project Selection
💡Strategic Role
💡Execution-Focused Role
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.
Transcripts
right
so we've already covered what a project
is why they are executed
what a project manager does and the
skills they have
plus a little history lesson just for
fun
now it's an appropriate time to go
through some terminology
five terms in fact we have mentioned
most of these already but a little more
detail never hurt anyone
unless we're talking about tattoos
and given that as of next lesson we're
diving straight into the life cycle of a
project it'd be best to reacquaint
ourselves with some of these
okay one term we haven't mentioned yet
is the project management office pmo
this is the name of the department
responsible for managing
coordinating and consulting project
related work
in the pmo you will find project and
program managers
project coordinators analysts and more
all working to ensure the projects of
the organization are properly managed
the types of pmo will vary in size and
structure from company to company
some don't even have a pmo it's usually
the organizations that are more dynamic
and changing which require a pmo to
govern project work
companies that work predominantly with
projects are structured in a way they
can easily form teams to execute
projects
while industrial companies really need
to maintain a significant pmo unit
for example consulting companies are
organized almost entirely as a pmo
they need to be able to easily form
project teams that are working for
different clients
on the other hand an industrial company
producing steel for example will have
well standardized operations and would
not need to maintain a pmo unit
the role and importance of a pmo unit
can also be diverse
a pmo will have a strategic role if they
are responsible for project selection
and project portfolio management
or it can have a more execution-focused
role when given the responsibility to
lead the project management
the role is to assist whether pmo
employees help by reporting on project
progress and keeping the project work
within established standards
now these other terms we've mentioned
but to recap
and expand every project
has a project team the project team
are the experts responsible for the
execution of the work
for example developers on a software
project or
designated managers coordinators in case
of bigger projects
for example construction workers and the
responsible supervisor
in other words everyone who is directly
working on the project
these can be from different departments
and can also include external employees
or companies and vendors
for example consultants coaching
professionals hardware and equipment
vendors
etc
actually joint teams are created often
connecting employees from more than one
company
this is one way to ensure the project
team has broader expertise and the
capabilities to deliver a more complex
project
in an insurance software project for
example the it
experts would likely be put in a joint
team with some insurance professionals
from the client organization
to work together and ensure the end
result is met
both from i.t and from the insurance
perspective
great next are project stakeholders
all individuals or organizations who
participate
in a project can influence or are
influenced by the project work and
results
these can be management customers
competitors vendors
clients and in some cases society for
things like
public infrastructure projects for
example
if a new underground line is being
constructed next to your apartment
you will be a stakeholder you are
influenced by the work
and in case there are big delays you and
your neighbours could attract media
attention to the problem
in this way you could also influence the
project work
it's important to remember that
stakeholders could influence the project
work
even without being involved in the
project itself
and yes the project manager and project
team are definitely stakeholders too
program management is the coordinated
management of multiple projects which
have similarities
similar goal similar resources etc
by managing them as a program the
organization gains advantages by
realizing efficiencies and synergies
for example if your company wants to
implement a similar software in
european branches and each country needs
a separate project
it would be efficient to manage it in a
program
the project managers can be helping each
other
and finally project portfolio management
this is the term that refers to the
coordinated management of multiple
programs and projects think of a
pharmaceutical company
in any minute there are hundreds if not
thousands of separate research projects
for new drugs
such corporations need strong portfolio
management to follow this huge work
and resources awesome
thanks for watching so far we are about
to get to the really good stuff
really soon we'll be discussing the life
cycle of a project next
see you there
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