Basics

Question 1

Project

Answer 1

Temporary endeavor undertaken to create a unique product, service or result.

Question 2

Program

Answer 2

Group of related projects, activities, managed in a coordinated manner to obtain the benefits not obtained by managing them individually.

Question 3

Portfolio

Answer 3

Projects and programs and operations manager together to obtain a strategic objective.

Question 4

Portfolio management

Answer 4

Centralized management of portfolios to achieve strategic objectives.

Question 5

Describe/draw figure for organizational environment

Answer 5

Look at photos

Question 6

Enterprise environmental factors

EEFs have a major influence on projects

Answer 6

Forces that impact project that we have no control over.

Location
Virtual teams
Infrastructure
Equipment IT capabilities
Human Resources available

Question 7

Why is a project terminated?

Answer 7

A) Objectives are met
B) objectives cannot be met
C) funding not available or was spent
D) project no longer needed
E) project terminated for legal cause or convenience

Question 8

Define progressive elaboration. What does it improve

Answer 8

Determining the characteristics and features of different car models. The characteristics of the product , service, result are determined incrementally and are continually refined and worked out in detail as the project progresses.

It improves the project teams ability to manage greater levels of detail and allows for inevitable change throughout a projects life cycle.

Question 9

When is progressive elaboration most often used?

Answer 9

When creating a project or product scope, developing requirements, determining Human Resources, scheduling and defining risks and their mitigation plans.

Question 10

Stakeholders all have what in common

Answer 10

Something to gain or lose as a result of the project

Question 11

Definition of project management

Answer 11

Applying tools, techniques, skills and knowledge to project activities to bring about successful results and meet project management requirements.

Question 12

Project management office purpose

Answer 12

Establish and maintain procedures and standards for project management methodologies and to manage resources assigned to the projects.

Question 13

List threes types of PMO office

Answer 13

Supportive (low level of control)
Controlling (moderate control)
Directive ( high control)

Question 14

What is PMI Talent Triangle

Answer 14

Technical project management skills,
Leadership skills,
Strategic and business management skills

Question 15

Disadvantages of functional organizations

Answer 15

PM have little to no formal authority

Multiple projects compete for limited resources and priority

Project team members are loyal to the functional manager

Question 16

Primary competing constraints

Answer 16

Scope
Cost
Quality
Risk
Resources
Schedule

Question 17

Name four categories of development life cycles and two categories of project life cycles

Answer 17

Dev life cycles: predictive, iterative, incremental, hybrid

Project life cycles: predictive, adaptive

Question 18

Tailoring

Answer 18

When PM and team are responsible for determining which processes within each process group are appropriate for the project

Question 19

Examples of tool and techniques

Answer 19

Usually an action

Measuring, planning, etc

Question 20

Output

Answer 20

Form of deliverable

Question 21

Outputs from one process

Answer 21

Are an input for another process

Question 22

Assumptions

Answer 22

Factors that are considered true, real or certain without proof or demonstration.

Question 23

Give examples of environmental enterprise factors

Answer 23

Org culture
Org structure
Internal/ext political climate
Existing Human Resources
Available capital resources
Regulatory environment

Question 24

What are project phases?

Answer 24

Describe how work required to product product of project will be completed

Question 25

Define project management process groups

Answer 25

Organize and describe how project activities will be completed in order to meet goals of the project.

Question 26

Define agile project management

Answer 26

Managing projects in small incremental portions easily assigned, managed and completed in a short time called a sprint.

Question 27

Skills a pM should have

Answer 27

Communication
Organization
Problem solving
Negotiation and influencing
Leading
Team building
Technical
BUSINESS knowledge

Question 28

Skills in PMI talent triangle

Answer 28

Technical Pm
Leadership
Business management

Question 29

Another name for benefit cost ratio and it’s purpose

Answer 29

Cost-benefit analysis

Benefit measurement method.

Question 30

Who select the project to be completed?

Answer 30

Project sponsor, customer, subject matter expert

Question 31

Formula for future value

Answer 31

FV = PV(1+ i)3

Question 32

Formula for present value

Answer 32

PV= FV/(1+I) n

Question 33

IRR and three facts I need to know

Answer 33

INternal rate of return

Discount rate when the present value of the cash inflows equals the original investment

3 facts:
IRR is the discount rate when NPV equals 0
IRR assumes that cash inflows are reinvested at the IRR value
You should choose projects with the highest IRR value.

Question 34

External EEFS

Answer 34

Marketplace conditions
Social and cultural influences and issues
Legal restrictions
Commercial databases
Academic research
Govt or industry standards
Financial considerations
Physical environmental elements

Question 35

Categories of opas

Answer 35

Policies guidelines processes procedures

Organizational knowledge bases

Question 36

Inputs for charter

Answer 36

Business dox
Agreements
eEFS
OPAs

Question 37

Purpose of benefits management plan

Answer 37

Is the investment worthwhile?
Economic feasibility study
Benefit-cost ratio

Question 38

Describe importance of project charter

Answer 38

Officially recognizes and acknowledges that a project exists

Authorizes project to begin and assign resources