1. Introduction Flashcards
Why do you do a project?
To fulfill objectives by producing deliverables
What is portfolio management?
Aligns portfolios with ✔organizational strategies by selecting the ✔right program or projects, ✔prioritizing the work, and providing the needed ✔resources.
What is program management?
Harmonizes program components and ✔controls interdependencies in order to ✔realize specified benefits
What is project management?
Enables achievements of ✔organizational goals and objectives
What is a project life cycle?
The ✔series of phases that a project passes through from its start to its completion. It provides the ✔basic framework for managing the project. The phases may be ✔sequential, ✔iterative or ✔overlapping.
What are project management processes?
A series of ✔project management activities that manages the project life cycle
How many knowledge areas are in the initiating process group?
2
Develop project charter
Identify stakeholders
How many knowledge areas are in the planning process group?
24
How many knowledge areas are in the executing process group?
10
How many knowledge areas are in the monitoring and controlling process group?
12
How many knowledge areas are in the closing process group?
1
close project or phase
How many knowledge areas are there total for all the project management process groups?
49
What is work performance data?
The ✔raw observations and measurements identified during activities performed to carry out the project work
What is work performance information?
The ✔performance data collected from various controlling processes, ✔analyzed in context and ✔integrated based on relationships across areas.
What is the project benefits management plan?
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.
What are the project benefits management plan key elements
1) Target benefits
2) Strategic alignment
3) Timeframe for realizing benefits
4) Benefits owner
5) Metrics
6) Assumptions
7) Risks
What are target benefits?
The expected ✔tangible and ✔intangible value to be gained by the implementation of the project; financial value is expressed as net present value
What are strategic benefits?
How well the project benefits align to the business ✔strategies of the organization
What are options for the timeframe for realizing benefits?
Example include:
1) benefits by phase
2) short term
3) long term
4) ongoing
Who is the benefits owner?
The accountable person to ✔monitor, ✔record and ✔report realized benefits throughout the timeframe established in the plan
What are metrics in the benefits management plan?
The measures to be used to ✔show the benefit realized, direct measures and indirect measures
What are assumptions in the benefits management plan?
Factors expected to be in place or to be in evidence
What are risks in the benefits management plan?
Risks for realization of benefits
