1. PM Fundamental Terms

Question 1

Application areas

Answer 1

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

Question 2

Business value

Answer 2

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.

Question 3

Certified Associate in Project Management (CAPM)

Answer 3

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

Question 4

Cultural and social environment

Answer 4

Defines how a project affects people and how those people may affect the project. Cultural and social environments include the economic, educational, ethical, religious, demographic, and ethnic composition of the people affected by the project.

Question 5

Deliverable

Answer 5

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

Question 6

General management skills

Answer 6

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

Question 7

International and political environment

Answer 7

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.

Question 8

Interpersonal skills

Answer 8

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

Question 9

Iron Triangle of PM

Triple Constraints of PM

Answer 9

Time, Cost, and Scope.
If any side of the I T is not in balance with the other sides, the project will suffer. ( Quality)
The I T is also known as the Triple Constraints, as all projects are constrained by time, cost, and scope.

Question 10

Physical environment

Answer 10

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

Question 11

Process groups

Answer 11

A collection of related processes in PM. There are 5 process groups and 49 PM processes. The f5 process groups are 1.Initiating,

2. Planning,
3. Executing, 4.Monitoring and 5.Controlling, and Closing.

Question 12

Program

Answer 12

A collection of related Ps working in the unison toward a common goal. It can have many derivables

Question 13

Progressive elaboration

Answer 13

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.

Question 14

Project

Answer 14

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

Question 15

Project benefits management plan

Answer 15

A documented created and maintained by the P SPONSOR and the P MANAGER. The PBM plan defines WHAT benefits the project will Create, WHEN the benefits will be Realized, and HOW the benefits will be Measured.

Question 16

Project business case

Answer 16

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

Question 17

Project environment

Answer 17

The location and culture of the environment where the P work will reside. The P environment includes:

1. the social,
2. economic, and
3. environmental variables the project must work with or around.

Question 18

Project life cycle

Answer 18

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

Question 19

Project management office (PMO)

Answer 19

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

Question 20

Project portfolio management

Answer 20

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

Question 21

Subprojects

Answer 21

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

Question 22

1.Work performance data

Answer 22

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

Question 23

2.Work performance information

Answer 23

Work performance information is the processed and analyzed data that will help the project manager make project decisions.

Question 24

3. Work performance reports

Answer 24

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