Project Portfolio Management Glossary of Terms
Project: A temporary endeavor undertaken to create a unique product, service, or result.
Portfolio: A collection of projects, programs and other work that is grouped together to facilitate the effective management of that work to meet strategic business objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related.
Portfolio Management: The centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, in order to achieve specific strategic business objectives.
(Above definitions from Project Management Institute – PMI)
Project Classifications at NAU:
- Single Team/Department Projects: A project where all resources needed to complete the project report up through a single ITS Director. This is primarily used as an internal ITS project distinction. It is at the discretion of the ITS Director whether or not these projects are reported through the ITS Project Center site. A project request form is NOT required by the PPMO. SPRRC approval NOT required.
- Cross-Departmental Projects: A project where resources needed to complete the project report up through more than one ITS Director. Resourcing those projects requires working with other director areas with coordination provided by the ITS PPMO and requires a project request form be completed. This is primarily used as an internal ITS project distinction. SPRRC approval NOT required.
- Cross-Divisional Projects: A project where resources needed to complete the project report up through more than on Vice President/C-Level organization at the university. Resourcing those projects requires working with other VP areas and require submission to the SPRRC committee for review, prioritization, and resourcing discussions. ITS teams are required to submit a project request form for these projects.
- PMI: Project Management Institute
- PPMO: Project Portfolio Management Office
- SPRRC: Strategic Project Review and Resourcing Committee or SPRRC is made up of representatives from each major VP division on campus charged with reviewing all new cross-divisional project requests for strategic alignment, priority and resourcing.