1. Introduction

Answer 1

A standard is a document established by an authority, custom, or general consent as a model or example.

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Answer 2

the standard identifies the processes that are considered good practices on most projects, most of the time.

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Answer 3

The values that the global project management community defined as most important were responsibility, respect, fairness, and honesty.

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Answer 4

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

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Question 5

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

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Answer 5

A unique product, service, result, or combination.

Answer 6

project. Projects may produce deliverables of a social, economic, material, or environmental nature.

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Answer 7

Projects drive change in organizations.

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Answer 8

Before the project begins, the organization is commonly referred to as being in the current state. The desired result of the change driven by the project is described as the future state.

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Answer 9

Projects enable business value creation. PMI defines business value as 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 (see Business Analysis for Practitioners: A Practice Guide, p. 185 [7]).

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Answer 10

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

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Answer 11

Projects are a key way to create value and benefits in organizations.

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Answer 12

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.

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Answer 13

A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Figure 1-3 illustrates an example of how portfolios, programs, projects, and operations are related in a specific situation.

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Answer 14

Program and project management focus on doing programs and projects the “right” way; and Portfolio management focuses on doing the “right” programs and projects.

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Answer 15

Program management is defined as the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually.

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Answer 16

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

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Answer 17

The aim of portfolio management is to: 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.

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Answer 18

Operations management is concerned with the ongoing production of goods and/or services.

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Answer 19

Project life cycles can be predictive or adaptive.

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Answer 20

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.

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Answer 21

Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model:

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Answer 22

A project phase is a collection of logically related project activities that culminates in the completion of one or more deliverables.

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Answer 23

A phase gate, is held at the end of a phase.

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Question 24

The five process management groups: (IPE, MCC)

Answer 24

Initiating

Planning

Executing

Monitoring / Controlling

Closing

(IPE, MCC)

Question 25

The ten knowledge areas:

Answer 25

Integration, Scope, Schedule, Cost, Quality, Resource, Communications, Risk, Procurement, Stakeholders

Integration

Scope, Schedule

Cost, Quality, Risk

Resource, Procurement

Stakeholders, Communications

Answer 26

Project business case

A documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

Answer 27

Project benefits management plan

The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project.

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Question 28

These two documents are interdependent and iteratively developed and maintained throughout the life cycle of the project.

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Answer 28

Project business case and the project benefits management plan.

Answer 29

The project business case is a documented economic feasibility study used to establish the validity

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of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

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Answer 30

The business case may be used before the project initiation and may result in a go/no-go decision for the project.

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Answer 31

The project benefits management plan is the document that describes how and when the benefits of the project will be delivered, and describes the mechanisms that should be in place to measure those benefits. A project benefit is defined as an outcome of actions, behaviors, products, services, or results that provide value to the sponsoring organization as well as to the project’s intended beneficiaries.

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Answer 32

Developing the benefits management plan makes use of the data and information documented in the business case and needs assessment.

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Answer 33

Development and maintenance of the project benefits management plan is an iterative activity. This document complements the business case, project charter, and project management plan.

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Answer 34

The project charter is defined as a document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

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Answer 35

Three questions that the key stakeholders and the project manager should answer are: What does success look like for this project? How will success be measured? What factors may impact success?

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