Chapter 1

Question 1

What is a Project?

Answer 1

A temporary endeavor undertaken to create a unique product, services, or result.

Question 2

Projects are undertaken to fulfill ______?

Answer 2

objectives by producing deliverables

Question 3

Deliverables can be both Tangible or Intangible? ( T or F)

Answer 3

True

Question 4

Projects may produce deliverables of a _____

Answer 4

Social, Economic, Material, or Envrionmental nature.

Question 5

One or more of the following factors have to be met for the end of a Project to be reached

Answer 5

Objectives have been achieved
Objectives will not or cannot be achieved
Funding is exhausted or no longer available
Need for the project no longer exists
Human or physical resources no longer available
Project is terminated for legal cause

Question 6

Define Business Value

Answer 6

A net quantifiable benefit derived from a business endeavor.

Question 7

Business Values can be tangible, intangible, or both? (T or F)

Answer 7

True

Question 8

Define Business Value in Projects

Answer 8

a benefit that the results of a specific project provides to its stakeholders.

Question 9

When do Organizational Leaders initiate a project?

Answer 9

To meet regulatory, legal, or social requirements
To satisfy stakeholder requests or needs
To implement or change business or tech strategy
To create, improve, or fix products, processes or services.

Question 10

Define Project Management

Answer 10

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

Question 11

Reasons Organizations utilize Project Management?

Answer 11

To tie project results to business goals
TO compete more effectively in their markets
To sustain the organization
To respond to the impact of business environment changes on the project by appropriately adjusting project management processes.

Question 12

How can a project be managed?

Answer 12

As a stand-alone project (outside of the portfolio or program)
Within a program
Within a portfolio

Question 13

Define Program

Answer 13

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

Question 14

Define Portfolio

Answer 14

Projects, Programs, Subsidiary Portfolios and operations managed as a group to achieve strategic objectives.

Question 15

What do Program and Project Management focus on?

Answer 15

Doing program and projects the RIGHT WAY

Question 16

What does Portfolio Management focus on?

Answer 16

Doing the RIGHT programs and projects.

Question 17

Projects are Temporary in Nature and have a definite beginning and end. (T or F)

Answer 17

True

Question 18

Project deliverables exist beyond the end of a project (T or F)

Answer 18

True

Question 19

When a project objective is fulfilled, what deliverables are produced?

Answer 19

A unique product that can be either a component of
A unique service or capability to perform a service
A unique result (outcome or document)
A unique combination of one or more products, services, or results.

Question 20

Define Program Management

Answer 20

The application of knowledges, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually.

Question 21

What is a Program Componet?

Answer 21

refers to projects and other programs within a program.

Question 22

Define Portfolio

Answer 22

Projects, Programs, Subsidiary Portfolios, and Operations Managed as a group to achieve strategic objectives.

Question 23

Define Portfolio Management

Answer 23

The centralized management of one or more portfolios to achieve strategic objectives. Aligns portfolios with org strategies by selecting the right programs or projects, prioritizing work, and providing the needed resources.

Question 24

What does Portfolio Management directive or aim? (6 items)

Answer 24

1. To guide the organizational investment decisions
2. Select the optimal mix of programs and projects to meet strategic objectives.
3. Provide decision-making transparency
4. Prioritize team and physical resource allocation
5. Increase the likelihood of realizing the desired ROI
6. Centralize the management of the aggregate risk profile of all components

Question 25

Project Life Cycle is managed by executing a series of project management activities. What are these activates called?

Answer 25

Project Management Processes

Question 26

Define Work Performance Data in Project Management

Answer 26

The raw observations and measurements identified during activities performed to carry out the project work.

Question 27

Predictive Life Cycles

Answer 27

Form of project life cycle in which the project scope, time, and cost are determined in the early phases of the life cycle.

Question 28

What is a project life cycle that is agile, iterative or incremental?

Answer 28

Adaptive Life Cycle

the detailed scope is defined and approved before the start of an iteration.

Question 29

Describe a Product Life Cycle

Answer 29

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

Question 30

Incremental life cycle

Answer 30

an adaptive project life cycle in which the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.

Question 31

What are the 5 process groups?

Answer 31

Initiate 
Plan
Execute
Monitor & Control
Close

Question 32

What are the 10 knowledge areas?

Answer 32

Integration
Scope
Schedule
Cost
Quality
Resources
Communications
Risk
Procurement
Stakeholder