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PMP > Foundational Concepts > Flashcards

Foundational Concepts Flashcards

1
Q

Project

A

Temporary endeavor to create a unique product, service or result

Has a start and end

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2
Q

Business Value

A
  • Net return of benefits
  • Time, $, goods or intangibles
  • Starts with clear strategic goals
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3
Q

Why do projects start

A

REGULATIONS: Meet regulatory, legal or social requirements

STAKEHOLDERS: satisfy requests

IMPROVEMENTS

CHANGE: business strategies

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4
Q

Project Management

A

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

Enables achievement of org goals & objectives

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5
Q

What are the process groups of project management

A

Initiating, Planning,
Executing, Monitoring &
Controlling ,Closing

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6
Q

Portfolio

A

Projects, programs, subsidiary portfolios and operations managed as a group to achieve objectives

Focus on doing the “right” programs and projects

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7
Q

When building a city you have to think about many projects (water, gas, etc) the components of each can be grouped together. Person overseeing them is managing a…. ?

A

A portfolio

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8
Q

Program

A

Related projects, subsidiary programs and program activities that are managed in a coordinated manner to obtain benefits not available from managing them separately

Focus on doing programs and project the “right” way

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9
Q

Program Management

A

Harmonizes program components and controls interdependencies so to realize specified benefits/ determine optimal approach

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10
Q

Operations Managment

A

Ongoing work being done that’s repetitive & outside of project scope

Cares about ongoing production of goods/services and ensures business operations continue efficiently

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11
Q

Organizational Project Management (OPM)

A

A framework in which portfolio, program and project management are integrated with organizational enablers so to achieve strategic goals

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12
Q

Portfolio Management

A

Aligns portfolios with org strategies by selecting the right programs & projects , prioritizing work & providing resources

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13
Q

Handling customer incidents through a software application that is recieved daily….. is an example of?

A

Operational work

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14
Q 
Development a software
application that will receive,
record and prioritize the
incidents received by
customers.... is an example of?
A

A project

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15
Q 
Development of the
entertainment system of a
car with following projects:
Connection Manager, Display
Screen … is an example of?
A

A program

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16
Q

Project Life Cycle

A

Series of phases that a project passes through from start to end

Low cost & staffing at start and (decreases as deliverables are met), risk greatest at project start, stakeholders have highest influence ability at project start

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17
Q

Project Management Office (PMO)

A

Department centralizes the management of projects in

an organization

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18
Q

What are the three different
types of PMO structures in
organizations?

A

SUPPORTIVE: Provides requested things for projects within orgs (low control)

CONTROLLING: Provides support and requires compliance (moderate control)

DIRECTIVE: PM’s take control by directly managing projects & responsible for results (high control)

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19
Q

Project Manager can report to?

A
  • Functional Manager
  • Program Manager
  • Portfolio Manager
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20
Q

The most important
interpersonal skill for a
project manager is …

A

Communication

21
Q

Phase Gate

A

Held at the end of a phase for review of business case, project chart, plan etc and determines the next move

22
Q

Project Management Process

A

Systematic series of activities aimed to create end results where one or more inputs will be acted upon to create one or more outputs

23
Q

Project Management Process Group

A

Logical grouping of project management processes to achieve specific objectives (inputs, tools & techniques)

Groups include:

  • INITIATING, PLANNING, EXECUTING, MONITORING & CONTROLLING, CLOSING
  • They are NOT project groups
24
Q

Organizational Governance

A

Structured approach to provide direction & control through use of policies and processes so to meet strategic and operational goals

Usually through Board of Director

25
Q

What does organizational governance do?

A

Enforces legal, regulatory standards and compliance requirements

Define operational, risk and legal policies

26
Q

What are the project development life cycles

A
  • Predictive
  • Iterative
  • Incremental
  • Adaptive
  • Hybrid
27
Q

Predictive Life Cycle

A

Project scope, time and cost are determined at the start (a plan)

28
Q

Iterative Life Cycle

A

Scope known early but time and cost change until goal is reached (a draft)

29
Q

Incremental Life Cycle

A

Deliverable produces through series of iterations that adds functionality

Deliverable complete after final iteration (segmented)

30
Q

Adaptive Life Cycle

A

Referred to as agile (change driven) life cycles

Respond to high levels of rapid change and ongoing stakeholder involvement. Scope defined before each iteration. Fixed time and cost constraints

31
Q

Hybrid Life Cycle

A

Combo of predictive and adaptive life cycles

Elements well known/ fixed are predictive and ongoing/evolving are adaptive

32
Q

Project Phase

A

Collection of related project activities that produce deliverable(s)

Attributes: measurable and unique to a specific phase. includes- name, number, duration, resource requirements, etc

33
Q

Alternative names for Phase Gate

A
  • Kill point
  • Phase review
  • Stage gate
  • Phase entrance
  • Phase exit
34
Q

What are the different groupings of Project Management PRocess Groups?

A
  • INITIATING
  • PLANNING
  • EXECUTING
  • MONITORING & CONTROLLING
  • CLOSING
35
Q

Project Management Knowledge Areas

A

Identified area of project management defined by it’s knowledge requirements and described in terms of component processes, practices, inputs, outputs, tools and technique

-interrelated

36
Q

Initiating Process Group

A

“To INITIATE a new project/new phase of project”

Processes performed to define a new project/new phase by obtaining authorization to start the project/phase

37
Q

Planning Process Group

A

Processes required to establish scope, objectives and course of action

38
Q

Executing Process Group

A

Processes performed to do the work

39
Q

Monitoring & Controlling Process Group

A

Processes required to measure actual performance against the plan and initiate plan changes as needed

40
Q

Closing Process Group

A

Processes required to close project, phase or contract

41
Q

Business Case

A

Developed before projects are initiated and serve as outline for project objectives, required investment, financial and qualitative criteria

Provides basis to measure success and progress throughout the project life cycle by

Business document (referenced after project completed)

42
Q

Benefits Management Plan

A

Describes how and when benefits of project take place and how to measure them

Developed before project is initiated

Business document (referenced after project completed)

May include:

  • Target benefits
  • Strategic alignment
  • Timeframe
  • Benefits owner
  • Metrics
  • Risks
43
Q

Business Management Plan and Business Case are considered ______?

A

BUSINESS DOCUMENTS because both are referenced after a project is completed

May be inputs to some of the processes involved in managing the project (e.g. developing the project charter)

44
Q

Characteristics of project life cycles?

A

Low cost & staffing at start and (decreases as deliverables are met)

Risk greatest at project start

Stakeholders have highest influence ability at project start

45
Q

Project life cycles can be mapped to what structure?

A

Starting the project, organizing/preparing, carrying out the work, and ending the project

46
Q

Enterprise Environmental Factor (EEF)

A

Conditions that influence project that ORIGINATE FROM ENVIRONMENT OUTSIDE OF PROJECT

INTERNAL or EXTERNAL:

  • Internal: org culture & communications, org structure, resources
  • External: political environment and organizational risk attitude
47
Q

Organizational Process Assets (OPA)

A

The plans, policies, procedures and knowledge bases specific to/used by the organization that influence projects that are INTERNAL to the enterprise.
-templates, info from previous projects, etc

How the organization wants things to be done along with what’s been done

48
Q

Business Documents

A

Documents made outside of the project and are used as inputs to the project

E.G. Business case and benefits management plan

PMP (5 decks)

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