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APM V6 New terms
Some of the new terms we have found in APM V6
| Term | Definition |
|---|---|
| Actual progress | A measure of the work that has been completed for comparison with the baseline. |
| Balance | A phase in the portfolio life cycle where the component projects and programmes are balanced in terms of risk, resource usage, cash flow and impact across the business. |
| Categorise | A phase in the portfolio life cycle where the component projects and programmes may be grouped according to shared characteristics. |
| Change request | A request to obtain formal approval for changes to the scope of work. |
| Collaborative negotiation | Negotiation that seeks to create a ‘winwin’ scenario where all parties involved get part or all of what they were looking for from the negotiation. |
| Competence | The combined knowledge, skill and behaviour that a person needs to perform properly in a job or work role. |
| Competence framework | A set of competences and competencies that may be used to define a role. |
| Competency | A personal attribute of an individual. |
| Complexity | Complexity relates to the degree of interaction of all the elements that comprise P3 management and is dependent on such factors as the level of risk, range of stakeholders and degree of innovation. |
| Control | Tracking performance against agreed plans and taking the corrective action required to meet defined objectives. |
| Critical chain | A networking technique that identifies paths through a project based on resource dependencies, as well as technical dependencies. |
| Cyberbetic control | The form of control that deals with routine progress tracking and corrective action using a feedback loop. |
| Define | The phase of a portfolio life cycle where the projects, programmes and change to business-as-usual required to meet strategic objectives are identified and evaluated. |
| Defined | The third level of a typical maturity model where processes are documented and standardised. |
| Disbenefit | A consequence of change perceived as negative by one or more stakeholders. |
| Enterprise project management office | An organisation that is responsible for the governance infrastructure of P3 management. |
| Ethics framework | Sets recognised standards of conduct and behaviour within the P3 profession. |
| Financial management | Financial management of estimating and justifying costs in order to secure funds, controlling expenditure and evaluating the outcomes. |
| Finish-to-finish | A dependency in an activity-on-node network. It indicates that one activity cannot finish until another activity has finished. |
| Finish-to-start | A dependency in an activity-on-node network. It indicates that one activity cannot start until another activity has finished. |
| Host organisation | The organisation that provides the strategic direction of the project, programme or portfolio and will be the primary recipient of the benefits. |
| Influencing | The act of affecting the behaviours and actions of others. |
| Infrastructure | Provides support for projects, programmes and portfolios, and is the focal point for the development and maintenance of P3 management within an organisation. |
| Initial | The first level of a typical maturity model where processes are typically ad hoc and occasionally chaotic. |
| Integrative management | The application of management processes that integrate some or all fundamental components of scope, schedule, cost, risk, quality and resources. |
| Interpersonal skills | The means by which people relate to, and interact with, other people. |
| Knowledge management | The systematic management of information and learning. It turns personal information and experience into collective knowledge that can be widely shared throughout an organisation and a profession. |
| Managed | The fourth level of a typical capability maturity model where metrics are gathered on process performance and used to control future performance. |
| Management plan | A plan that sets out the policies and principles that will be applied to the management of some aspects of a project, programme or portfolio. Examples include a Risk Management Plan, a Communication Management Plan and a Quality Management Plan. |
| Maturity model | An organisational model that describes a number of evolutionary stages through which an organisation improves its management processes. |
| Operations management | The management of those activities that create the core services or products provided by an organisation. |
| P3 assurance | The process of providing confidence to stakeholders that projects, programmes and portfolios will achieve their scope, time, cost and quality objectives, and realise their benefits. |
| P3 management | The collective term for project, programme and portfolio management. |
| P3 management team | A collective term for those involved in the sponsorship and day-to-day management of a project, programme or portfolio. |
| Prioritise | The phase of a portfolio life cycle where priorities are set by strategic objective, return on investment or any other chosen metric. |
| Provider selection and management | The processes of identifying and selecting management providers through the P3 life cycle. |
| Quality management | A discipline for ensuring the outputs, benefits and the processes by which they are delivered, meet stakeholder requirements and are fit for purpose. |
| Reject | A response to an opportunity where no action is taken. |
| Repeatable | The second level of a typical maturity model where basic processes are established and the necessary discipline is in place to repeat earlier successes. |
| Risk appetitie | The tendency of an individual or group to take risk in a given situation. |
| Risk attitude | The response of an individual or group to a given uncertain situation. |
| Risk context | Describes the institutional and individual environment, attitudes and behaviours that affect the way risk arises and the way it should be managed. |
| Risk efficiency | The principle of risk-taking to achieve the minimum level of exposure to risk for a given level of expected return. |
| Risk techniques | Used to identify, assess and plan responses to individual risks and overall risk. |
| Schedule management | The process of developing, maintaining and communicating schedules for time and resource. |
| Setting | The relationship of the project, programme or portfolio with its host organisation. |
| Solutions development | The process of determining the best way of satisfying requirements. |
| Time chainage | A form of graphical schedule that shows activity in relation to physical location as well as time. |
| Time scheduling | A collection of techniques used to develop and present schedules that show when work will be performed. |
| V life cycle | A graphical representation of a life cycle where horizontal lines connect related front and back-end phases. |
| Value tree | A graphical representation of the relationship between different factors that drive value. |
Created by:
lworsley
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