01-Project Management Fundamental-Terms

Question 1

The PMI publication that defines widely accepted project management practices. The CAPM and the PMP exam are based on this book.

Answer 1

A Guide to the Project Management Body of Knowledge (PMBOK Guide)

Question 2

The areas of expertise, industry, or function where a project is centered. Examples include architecture, IT, health care, and manufacturing.

Answer 2

Application areas

Question 3

A quantifiable return on investment. The return can be tangible, such as equipment, money, or market share. The return can also be intangible, such as brand recognition, trademarks, and reputation.

Answer 3

Business value

Question 4

A person who has slightly less project management experience than a PMP, but who has qualified for and then passed this examination.

Answer 4

Certified Associate in Project Management (CAPM)

Question 5

Defines how a project affects people and how those people may affect the project. This includes the economic, educational, ethical, religious, demographic, and ethnic composition of the people affected by the project.

Answer 5

Cultural and social environment

Question 6

A product, service, or result created by a project. Projects can have multiple of these. .

Answer 6

Deliverable

Question 7

These include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.

Answer 7

General management skills

Question 8

The consideration of the local and international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress.

Answer 8

International and political environment

Question 9

The ability to interact, lead, motivate, and manage people.

Answer 9

Interpersonal skills

Question 10

A triangle with the characteristics of time, cost, and scope. Time, cost, and scope each constitute one side of the triangle; if any side of this triangle is not in balance with the other sides, the project will suffer. It is also known as the Triple Constraints of Project Management, as all projects are constrained by time, cost, and scope.

Answer 10

Iron Triangle of Project Management

Question 11

The physical structure and surroundings that affect a project’s work.

Answer 11

Physical environment

Question 13

A collection of related processes in project management. There are five groups and 49 project management processes. The five groups are Initiating, Planning, Executing, Monitoring and Controlling, and Closing.

Answer 13

Process groups

Question 14

A collection of related projects working in unison toward a common deliverable.

Answer 14

Program

Question 14

The process of gathering project details. This process uses deductive reasoning, logic, and a series of information-gathering techniques to identify details about a project, product, or solution.

Answer 14

Progressive elaboration

Question 15

A temporary endeavor to create a unique product, service, or result. The end result of a project is also called a deliverable

Answer 15

Project

Question 16

A documented created and maintained by the project sponsor and the project manager. It defines what benefits the project will create, when the benefits will be realized, and how the benefits will be measured.

Answer 16

Project benefits management plan

Question 17

Created and maintained by the project sponsor and shows the financial validity of why a project is chartered and launched within the organization. Typically, it is created before the launch of the project and may be used as a go/no-go decision point.

Answer 17

Project business case

Question 18

An organization of project management professionals from around the world, supporting and promoting the careers, values, and concerns of project managers.

Answer 18

Project Management Institute (PMI)

Question 19

The phases that make up the project. They are unique to the type of work being performed and are not universal to all projects.

Answer 19

Project life cycle

Question 20

A central office that oversees all projects within an organization or within a functional department. It supports the project manager through software, training, templates, policies, communication, dispute resolution, and other services.

Answer 20

Project management office (PMO)

Question 21

A person who has proven project management experience and has qualified for and then passed the PMP examination.

Answer 21

Project Management Professional (PMP)

Question 22

The management and selection of projects that support an organization’s vision and mission. It is the balance of project priority, risk, reward, and return on investment. This is a senior management process.

Answer 22

Project portfolio management

Question 23

A smaller project managed within a larger, parent project. These projects are often contracted work whose deliverable allows the larger project to progress.

Answer 23

Subprojects

Question 24

Also known as the Iron Triangle. This theory posits that time, cost, and scope are three constraints that every project has.

Answer 24

Triple Constraints of Project Management

Question 25

Raw data, observations, and measurements about project components. This data is gathered and stored in the project management information system.

Answer 25

Work performance data

Question 26

This is the processed and analyzed data that will help the project manager make project decisions.

Answer 26

Work performance information

Question 27

This report is the formatted communication of work performance information. This report communicates what’s happening in the project through status reports, memos, dashboards, or other modalities.

Answer 27

Work performance reports