Foundations Of Project Management Flashcards
What is a Project?
A temporary endeavor with a specific objective.
Projects are unique and goal-specific.
What is a Program?
A group of related projects managed in a coordinated way.
Programs focus on achieving strategic objectives through multiple projects.
What is a Portfolio?
A collection of projects and programs aligned with strategic goals.
Portfolios help organizations prioritize and manage resources.
How does a Project differ from Operations?
Project: Temporary, unique, and goal-specific; Operations: Ongoing, repetitive, and focused on sustaining business functions.
Understanding this distinction is crucial for effective management.
Define Predictive Approach in project management.
Fixed scope, sequential phases, detailed upfront planning.
Also known as the Waterfall model.
Define Adaptive Approach in project management.
Flexible scope, iterative cycles, continuous feedback.
Commonly referred to as Agile methodology.
What is an Issue in project management?
A problem that has already occurred.
Issues require immediate attention and resolution.
What is a Risk?
A potential future problem (positive or negative).
Risks must be identified and managed proactively.
What is an Assumption?
A condition expected to be true for planning purposes.
Assumptions can impact project outcomes if proven false.
What is a Constraint?
A limitation (e.g., budget, time, resources).
Constraints can affect project scope and deliverables.
What is the purpose of a Project Scope Review?
Ensures scope aligns with business needs and stakeholder expectations.
Regular reviews help keep projects on track.
What does the Project Management Code of Ethics emphasize?
Responsibility, respect, fairness, and honesty.
Adhering to ethics is vital for professional integrity.
In what way do projects function as vehicles for change?
Projects implement new processes, products, or improvements.
They are essential for organizational growth and innovation.
What are Key Planning Elements in project management?
- Cost
- Quality
- Risk
- Schedule
- Resource planning
These elements are crucial for effective project management.
What is the difference between Project Management Plan and Product Management Plan?
Project Plan: Covers execution, monitoring, and closure; Product Plan: Focuses on product lifecycle and market positioning.
Each plan serves different purposes in management.
Define Milestone in project management.
A significant event or checkpoint.
Milestones help track progress and key achievements.
What is Task Duration?
The time required to complete a task.
Understanding task duration is essential for scheduling.
What is Resource Determination?
Identifies the skills, number, and type of resources needed.
This process ensures that projects have the necessary capabilities.
What is a Risk Register?
Logs potential risks, impact, and response plans.
A Risk Register is crucial for risk management.
What is a Stakeholder Register?
Documents stakeholder interests, influence, and communication needs.
It helps in managing stakeholder engagement.
What is the purpose of Project Closure & Transition?
Ensures project deliverables are handed off and documented.
Proper closure is vital for project success.
What is the role of a Project Manager?
Leads execution, manages scope, time, and resources.
The Project Manager is key to project success.
What is the role of a Project Sponsor?
Provides funding, support, and strategic alignment.
The Sponsor is crucial for project endorsement.
What does the Project Team do?
Executes tasks, provides expertise.
Team collaboration is essential for project delivery.
