1 - Introduction

Question 1

Project Definition

Answer 1

A project is a temporary endeavor undertaken to create a unique product, service, or result.

Question 2

Why projects are undertaken

Answer 2

Unique product, service, or result. Projects are undertaken to fulfill objectives by producing deliverables. An objective is defined as an outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed. A deliverable is defined as any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project. Deliverables may be tangible or intangible.

Question 3

Fulfillment of project objectives may produce one or more of the following deliverables:

Answer 3

• A unique product that can be either a component of another item, an enhancement or correction to an item, or a new end item in itself (e.g., the correction of a defect in an end item);
• A unique service or a capability to perform a service (e.g., a business function that supports production or distribution);
• A unique result, such as an outcome or document (e.g., a research project that develops knowledge that can be used to determine whether a trend exists or a new process will benefit society); and
• A unique combination of one or more products, services, or results (e.g., a software application, its associated documentation, and help desk services).

Question 4

Temporary endeavor

Answer 4

The temporary nature of projects indicates that a project has a definite beginning and end. Temporary does not necessarily mean a project has a short duration. Projects are temporary, but their deliverables may exist beyond the end of the project. Projects may produce deliverables of a social, economic, material, or environmental nature.

Question 5

Business Value definition

Answer 5

The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both. In business analysis, business value is considered the return, in the form of elements such as time, money, goods, or intangibles in return for something exchanged

Question 6

Example of tangible business value

Answer 6

• Monetary assets
• Stockholder equity
• Utility
• Fixtures
• Tools
• Market Share

Question 7

Examples of Intangible business value

Answer 7

• Goodwill
• Brand Recognition
• Public Benefit
• Trademarks
• Strategic alignment
• Reputation

Question 8

Project initiation Context

Answer 8

Organizational leaders initiate projects in response to factors acting upon their organizations. There are four fundamental categories for these factors, which illustrate the context of a project:

• Meet regulatory, legal, or social requirements;
• Satisfy stakeholder requests or needs;
• Implement or change business or technological strategies; and
• Create, improve, or fix products, processes, or services.

Question 9

Project management definition

Answer 9

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the project management processes identified for the project.

Question 10

Project management enables orgs to?

Answer 10

• Tie project results to business goals,
• Compete more effectively in their markets,
• Sustain the organization, and
• Respond to the impact of business environment changes on projects by appropriately adjusting project management plans

Question 11

Program Definition

Answer 11

A program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually. Programs are not large projects. A very large project may be referred to as a megaproject. As a guideline, megaprojects cost US$1billion or more, affect 1 million or more people, and run for years.

Question 12

Portfolio definition

Answer 12

A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Question 13

Project component

Answer 13

Refers to projects and other programs within a program.

Question 14

Portfolio Management

Answer 14

Portfolio management is defined as the centralized management of one or more portfolios to achieve strategic objectives. The programs or projects of the portfolio may not necessarily be interdependent or directly related.

Question 15

Aim of portfolio management

Answer 15

• Guide organizational investment decisions.
• Select the optimal mix of programs and projects to meet strategic objectives.
• Provide decision-making transparency.
• Prioritize team and physical resource allocation.
• Increase the likelihood of realizing the desired return on investment.
• Centralize the management of the aggregate risk profile of all components.

Question 16

Operations management

Answer 16

Is concerned with the ongoing production of goods and/or services. It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).

Question 17

Organizational project management (OPM).

Answer 17

OPM is defined as a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.

Question 18

Project life cycle

Answer 18

is the series of phases that a project passes through from its start to its completion. It provides the basic framework for managing the project. This basic framework applies regardless of the specific project work involved.

Question 19

Development life cycles

Answer 19

Within a project life cycle, there are generally one or more phases that are associated with the development of the product, service, or result. These are called a development life cycle. Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model

Question 20

Predictive life cycle

Answer 20

the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred to as waterfall life cycles.

Question 21

Iterative life cycle

Answer 21

The project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.

Question 22

Incremental life cycle

Answer 22

the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.

Question 23

Adaptive life cycle

Answer 23

are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life cycles.

Question 24

hybrid life cycle

Answer 24

Is a combination of a predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle.

Question 25

Life cycle flexibility may be accomplished by:

Answer 25

• Identifying the process or processes needed to be performed in each phase,
• Performing the process or processes identified in the appropriate phase,
• Adjusting the various attributes of a phase (e.g., name, duration, exit criteria, and entrance criteria).

Question 26

Product life cycle

Answer 26

is the series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.

Question 27

Project phase

Answer 27

is a collection of logically related project activities that culminates in the completion of one or more deliverables. The phases in a life cycle can be described by a variety of attributes. Attributes may be measurable and unique to a specific phase.

Question 28

Project phase attribute examples

Answer 28

• Name (e.g., Phase A, Phase B, Phase 1, Phase 2, proposal phase),
• Number (e.g., three phases in the project, five phases in the project),
• Duration (e.g., 1 week, 1 month, 1 quarter),
• Resource requirements (e.g., people, buildings, equipment),
• Entrance criteria for a project to move into that phase (e.g., specified approvals documented, specified documents completed), and
• Exit criteria for a project to complete a phase (e.g., documented approvals, completed documents, completed deliverables).

Question 29

Phase Gate

Answer 29

A phase gate, is held at the end of a phase. The project’s performance and progress are compared to project and business documents including but not limited to:

• Project business case
• Project charter
• uuProject management plan and
• Benefits management plan

Question 30

project management processes

Answer 30

A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs.

Question 31

Project Management Process Group Definition

Answer 31

a logical grouping of project management processes to achieve specific project objectives. Process Groups are independent of project phases.

Question 32

Project Management Process Groups

Answer 32

• Initiating Process Group - Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.
• Planning Process Group - Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.
• Executing Process Group - Those processes performed to complete the work defined in the project management plan to satisfy the project requirements.
• Monitoring and Controlling Process Group - Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes.
• Closing Process Group - Those processes performed to formally complete or close the project, phase, or contract.