Chapter 1

Question 1

A project is…

Answer 1

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

Question 2

An objective is…

Answer 2

an outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be produced.

Question 3

A deliverable is…

Answer 3

any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.

Question 4

Temporary endeavor can end…

Answer 4

When the objective has been achieved, funds have run out, the objective cannot be met, the need no longer exists, the project is terminated because of legal reasons, etc.

Question 5

Projects drive change

Answer 5

Before the project begins it is described as “current state”, while the project is happening “transition state”, when speaking about the result of the change it is the “future state”.

Question 6

Projects enable business value creation. Business value in projects can be tangible, intangible, or both.

Answer 6

Example of tangible: Monetary assets, stockholder equity, tools, market share
Example of intangible: Brand recognition, public benefit, goodwill, reputation, strategic alignment

Question 7

PMI defines business value as…

Answer 7

the net quantifiable benefit derived from the business endeavor. Whether it be tangible, intangible, or both.

Question 8

Four fundamental categories for Project Initiation Content

Answer 8

1. Meet regulatory, legal, or social requirements
2. Satisfy stakeholder requests or needs
3. Implement or change business or technological strategies
4. Create, improve, or fix products, processes, or services

Examples: Page 9

Question 9

A program is defined as…

Answer 9

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.

Question 10

A portfolio is defined as…

Answer 10

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

Question 11

Program management is defined as:

Answer 11

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.

Question 12

A program component refers to…

Answer 12

projects and other programs within a program

Question 13

Portfolio management is defined as:

Answer 13

the centralized management of one or more portfolios to achieve strategic objectives. The programs/projects may not be directly related.

Question 14

Operations management is…

Answer 14

an area that is outside the scope of a formal project. It is concerned with the ongoing production of goods and or service. It manages the process that transforms inputs (materials, energy, labor) into outputs (products, goods, services).

Question 15

Organizational project management (OPM):

Answer 15

framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve the objective.

Question 16

Project life cycle

Answer 16

series of phases that a project passes through from its start to completion. It provides the basic framework for managing the project. They can be predictive or adaptive

Question 17

Project phase

Answer 17

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

Question 18

Phase gate

Answer 18

a review at the end of the phase in which a decision is made to continue to the next phase, to continue with modification, or to end a project or program

Question 19

Project management processes

Answer 19

a systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs

Question 20

Project management process group

Answer 20

a logical grouping of project management inputs, tools and techniques, and outputs. The project management process GROUPS include: initiating, planning, executing, monitoring and controlling, and closing. These are NOT project phases.

Question 21

Project management knowledge area

Answer 21

an identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques

Question 22

Development life cycles can be…

Answer 22

predictive, iterative, incremental, adaptive, or a hybrid model

Question 23

Predictive life cycle

Answer 23

where the project scope, time, and cost are determined in the early phases of the life cycle. they also can be referred to as waterfall life cycles

Question 24

Iterative life cycle

Answer 24

the project scope is generally determined early in the project life cycle, but the time and costs are routinely modified as the project’s team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles.

Question 25

Incremental life cycle

Answer 25

the deliverable is produced through a series of iterations that successfully add functionality within a predetermined time frame.

Question 26

Adaptive life cycle

Answer 26

are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life cycles.

Question 27

A hybrid life cycle

Answer 27

is a combination of predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive cycle, and those elements that are still evolving follow an adaptive cycle

Question 28

A product life cycle…

Answer 28

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

Question 29

A project phase…

Answer 29

is a collection of logically related project activities that culminates in the completion of one or more deliverables. The phases in a life cycle can be described as attributes

Question 30

Attributes in a life cycle can be described as…

Answer 30

• name (phase A, phase B, etc.)
• number (phase 1, phase 2, etc.)
• duration (1 week, 1 month, 1 quarter)
• resource requirements (people, buildings, equipment)
• entrance criteria for a project to move into (approved documents, completed documents)
• exit criteria (approved doc, completed docs, completed deliverables)

Question 31

A phase gate

Answer 31

is held at the end of a phase. The project’s performance and progress are compared to the project and business documents. Phase gates can also be referred to as stage gate, phase review, kill point, and phase entrance or exit.

Question 32

What are the five Project Management Process Groups?

Answer 32

the five phases of project management include conception and initiation, planning, execution, monitoring and controlling (progress and performance), and project close (closing)

Question 33

Initiaiton Process Group

Answer 33

The process to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase

Question 34

Planning Process Group

Answer 34

to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to receive.

Question 35

Executing Process Group

Answer 35

processes performed to complete the work defined in the project management plan to satisfy the project requirements.

Question 36

Monitoring and Controlling Group

Answer 36

the process required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required, and initiate the corresponding changes

Question 37

Closing Process Group

Answer 37

The process performed to formally complete or close the project, phase, or contract.

Question 38

Difference between process groups and project phases?

Answer 38

A phase would get completed (based on the completion criteria) and hand it over to the next phase in sequence. On the other hand, a process group does not have a start or a finish. For example, monitoring and controlling would be required throughout the project.

Question 39

Project management knowledge areas (10):

Answer 39

1. integration
2. scope
3. schedule
4. cost
5. quality
6. resource
7. communications
8. risk
9. procurement
10. stakeholder

Question 40

Project integration management

Answer 40

Project integration management is the coordination of all elements of a project. This includes coordinating tasks, resources, stakeholders, and any other project elements, in addition to managing conflicts between different aspects of a project, making trade-offs between competing requests and evaluating resources.

Question 41

Project scope management

Answer 41

Scope relates to the work of the project. So, that includes plan scope management, which is part of the project management plan. It also is when a detailed requirement for the final product or service is collected.

Question 42

Project schedule management

Answer 42

This is usually the most time consuming of the knowledge areas. During planning, the project manager must divide the project into tasks and create both a schedule (start and finish dates for each task) and budget for each task.

Question 43

Project cost management

Answer 43

Includes the process involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget.