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CAPM Project Management > General PM Concepts > Flashcards

General PM Concepts Flashcards

1
Q

What is a project?

A

A project is a temporary endeavor undertaken to create a unique product, service, or result. Projects have a definite beginning and end, and are undertaken to fulfill objectives by producing deliverables.

Each project is unique.

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2
Q

What is an objective?

A

An objective is 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 performed.

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3
Q

What is a deliverable?

A

A deliverable is 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.

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4
Q

What are some examples of the tangible elements of business value in projects?

A 
Monetary assets
Stockholder equity
Utility
Fixtures
Tools
Market share
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5
Q

What are some examples of the intangible elements of business value in projects?

A 
Goodwill
Brand recognition
Public benefit
Trademarks
Strategic alignment
Reputation
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6
Q

What are the four factors that can lead to the initiation of a project (that can cause a project to start)?

A
  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
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7
Q

What are the four qualities that characterize projects of all types?

A
  1. Creates a unique product, service, or result
  2. Is a temporary endeavor
  3. Drives change (current state > future state)
  4. Enables business value creation (business value is the benefit that results)
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8
Q

The end of the project is reached when one or more of the following is true:

A
  1. The project’s objectives have been achieved.
  2. The objectives will or cannot be met.
  3. Funding is exhausted or no longer available for allocation to the project.
  4. The need for the project no longer exists.
  5. The human or physical resources are no longer available.
  6. The project is terminated for legal cause or convenience.
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9
Q

Examples of Factors that Lead to the Creation of a Project: Meet regulatory, legal, or social requirements

A
  1. The project’s objectives have been achieved.
  2. The objectives will or cannot be met.
  3. Funding is exhausted or no longer available for allocation to the project.
  4. The need for the project no longer exists.
  5. The human or physical resources are no longer available.
  6. The project is terminated for legal cause or convenience.
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10
Q

Examples of Factors that Lead to the Creation of a Project: Satisfy stakeholder requests or needs

A
  1. Market Demand (ex: a car company authorizes a project to build more fuel-efficient cars in response to gasoline shortages)
  2. Customer Request (ex: an electric utility authorizes a project to build a substation to serve a new industrial park)
  3. Stakeholder Demands (ex: A stakeholder requires that a new output be produced by the organization)
  4. Social Need (ex: A nongovernmental organization in a developing country authorizes a project to provide potable water systems, latrines, and sanitation education to communities suffering from high rates of infectious diseases)
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11
Q

Examples of Factors that Lead to the Creation of a Project: Implement or change business or technological strategies

A
  1. New Technology (ex: an electronics firm authorizes a new project to develop a faster, cheaper, and smaller laptop based on advances in computer memory and electronics technology)
  2. Competitive Forces (ex:lower pricing on products by a competitor results in the need to lower production costs to remain competitive)
  3. Political Changes (ex: a newly elected official instigating project funding changes to a current project)
  4. Market Demand (ex: a car company authorizes a project to build more fuel-efficient cars in response to gasoline shortages)
  5. Economic Changes (ex: an economic downturn results in change in the priorities for a current project)
  6. Strategic Opportunity or Business Need (ex: a training company authorizes a project to create a new course to increase its revenues)
  7. Environmental Considerations (ex: a public company authorizes a project to create a new service for electric car sharing to reduce pollution)
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12
Q

Examples of Factors that Lead to the Creation of a Project: Create, improve, or fix products, processes, or services

A
  1. New Technology (ex: an electronics firm authorizes a new project to develop a faster, cheaper, and smaller laptop based on advances in computer memory and electronics technology)
  2. Material Issues (ex: a municipal bridge developed cracks in some support members resulting in a project to fix the problems)
  3. Market Demand (ex: a car company authorizes a project to build more fuel-efficient cars in response to gasoline shortages)
  4. Customer Request (ex: an electric utility authorizes a project to build a substation to serve a new industrial park)
  5. Business Process Improvements (ex: an organization implements a project resulting from a Lean Six Sigma value stream mapping exercise)
  6. Strategic Opportunity (ex: a training company authorizes a project to create a new course to increase its revenues)
  7. Environmental Considerations (ex: a public company authorizes a project to create a new service for electric car sharing to reduce pollution)
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13
Q

What is project management?

A

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management enables organizations to execute projects effectively and efficiently.

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14
Q

What is a program?

A

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.

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15
Q

What is a portfolio?

A

A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

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16
Q

What is operations management?

A

It is concerned with the ongoing production of goods and/or services. It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. Operations are ongoing and are managed by organization managers, not project managers.

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17
Q

What is Organizational Project Management (OPM)

A

A framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.

Its purpose is to ensure tat the organization undertakes the right projects and allocates critical resources appropriately.

It also helps ensure that all levels in the organization understand the strategic vision, the initiatives that support the vision, the objectives, and the deliverables.

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18
Q

What are the key components of a project?

A
  1. Project Life Cycle
  2. Project Phase
  3. Phase Gate
  4. PM Processes
  5. PM Process Group
  6. PM Knowledge Area
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19
Q

What is a project life cycle?

A

The series of phases that a project passes through from its start to its completion. Project life cycles can be predictive or adaptive.

Project life cycles are independent of product life cycles.

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20
Q

What is a project phase?

A

A collection of logically related project activities that culminates in the completion of one or more deliverables. Phases may be sequential, iterative, or overlapping.

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21
Q

What is a phase gate?

A

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

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22
Q

What is a PM process?

A

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.

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23
Q

What is a PM process group?

A

A logical grouping of project management inputs, tools and techniques, and outputs.

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24
Q

What are the five PM process groups?

A
  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring and Controlling
  5. Closing
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25
Q

What is a PM knowledge area?

A

An identified area of PM defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. PM knowledge areas are used in most projects most of the time.

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26
Q

What are the ten identified PM knowledge areas?

A
  1. Integration
  2. Scope
  3. Schedule
  4. Cost
  5. Quality
  6. Resources
  7. Communications
  8. Risk
  9. Procurement
  10. Stakeholder
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27
Q

Predictive Life Cycle Description

A

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

Any changes to the scope are carefully managed.

Predictive life cycles may also be referred to as waterfall life cycles

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28
Q

Iterative Life Cycle Description

A

The project scope is generally determined in early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases.

Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.

29
Q

Adaptive Life Cycle Desription

A

Adaptive life cycles 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.

30
Q

Hybrid Life Cycle Description

A

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

31
Q

Development Life Cycle Description

A

The phases within a project life cycle that are associated with the development of the product, service, or result.

32
Q

What is a product life cycle?

A

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

33
Q

Project phase attributes include but are not limited to:

A

Name

Number

Duration

Resource Requirements

Entrance criteria for a project to move into that phase

Exit criteria for a project to complete a phase

34
Q

What are the three general PM process categories?

A
  1. Processes used once or at predefined points in the project (ex: develop project charger)
  2. Processes that are performed periodically as needed (ex: acquire resources)
  3. Processes that are performed continuously throughout the project (ex: define activities)
35
Q

Initiating Process Group Description

A

Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.

36
Q

Planning Proces Group Description

A

Those processes required 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 achieve.

37
Q

Executing Process Group Description

A

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

38
Q

Monitoring and Controlling Process Group Description

A

Those processes 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.

39
Q

Closing Process Group Description

A

Those processes performed to formally complete or close the project, phase, or contract.

40
Q

What are the seven processes included in the Project Integration Management Knowledge Area?

A
  1. Develop Project Charter (Initiating Process Group)
  2. Develop PM Plan (Planning Process Group)
  3. Direct and Manage Project Work (Executing Process Group)
  4. Manage Project Knowledge (Executing Process Group)
  5. Monitor and Control Project Work (Monitor and Controlling Process Group)
  6. Perform Integrated Changes Control (Monitor and Controlling Process Group)
  7. Close Project or Phase (Closing Process Group)
41
Q

What are the six processes included in the Project Scope Management Knowledge Area?

A
  1. Plan Scope Management (Planning Process Group)
  2. Collect Requirements (Planning Process Group)
  3. Define Scope (Planning Process Group)
  4. Create Work Breakdown Structure (WBS) (Planning Process Group
  5. Validate Scope (Monitoring and Controlling Process Group)
  6. Control Scope (Monitoring and Controlling Process Group)
42
Q

What are the six processes included in the Project Schedule Management Knowledge Area?

A
  1. Plan Schedule Management ( Planning Process Group)
  2. Define Activities (Planning Process Group)
  3. Sequence Activities (Planning Process Group)
  4. Estimate Activity Durations (Planning Process Group)
  5. Develop Schedule (Planning Process Group)
  6. Control Schedule (Monitoring and Controlling Process Group)
43
Q

What are the 4 processes included in the Project Cost Management Knowledge Area?

A
  1. Plan Cost (Planning Process Group)
  2. Estimate Costs (Planning Process Group)
  3. Determine Budget (Planning Process Group)
  4. Control Costs (Monitoring and Controlling Process Group)
44
Q

What are the 3 processes included in the Project Quality Management Knowledge Area?

A
  1. Plan Quality Management (Planning Process Group)
  2. Manage Quality (Executing Process Group)
  3. Control Quality (Monitoring and Controlling Process Group)
45
Q

What are the 6 processes included in the Project Resource Management Knowledge Area?

A
  1. Plan Resource Management (Planning Process Group)
  2. Estimate Activity Resources (Planning Process Group)
  3. Acquire Resources (Executing Process Group)
  4. Develop Team (Executing Process Group)
  5. Manage Team (Executing Process Group)
  6. Control Resources (Executing Process Group)
46
Q

What are the 3 processes included in the Project Communications Management Knowledge Area?

A
  1. Plan Communications Management (Planning Process Group)
  2. Manage Communications ( Executing Process Group)
  3. Monitor Communications (Monitoring and Controlling Process Group)
47
Q

What are the 7 processes included in the Project Risk Management Knowledge Area?

A
  1. Plan Risk Mgmt. (Planning Process Group)
  2. Identify Risks (Planning Process Group)
  3. Perform Qualitative Risk Analysis (Planning Process Group)
  4. Perform Quantitative Risk Analysis (Planning Process Group)
  5. Plan Risk Responses (Planning Process Group)
  6. Implement Risk Responses (Executing Process Group)
  7. Monitor Risks (Monitoring and Controlling Process Group
48
Q

What are the 3 processes included in the Project Procurement Management Knowledge Area?

A
  1. Plan Procurement Mgmt. (Planning Process Group)
  2. Conduct Procurements (Executing Process Group)
  3. Control Procurements (Monitoring and Controlling Process Group)
49
Q

What are the 4 processes included in the Project Stakeholder Management Knowledge Area?

A
  1. Identify Stakeholders (Initiating Process Group)
  2. Plan Stakeholder Engagement (Planning Process Group)
  3. Manage Stakeholder Engagement (Executing Process Group)
  4. Monitor Stakeholder Engagement (Monitoring and Controlling Process Group)
50
Q

What are the 2 processes in the Initiating Process Group?

A
  1. Develop Project Charter

2. Identify Stakeholders

51
Q

What are the 24 processes in the Planning Process Group?

A
  1. Develop PM Plan
  2. Plan Scope Mgmt.
  3. Collect Requirements
  4. Define Scope
  5. Create WBS
  6. Plan Schedule Mgmt.
  7. Define Activities
  8. Sequence Activities
  9. Estimate Activity Durations
  10. Develop Schedule
  11. Plan Cost Mgmt.
  12. Estimate Costs
  13. Determine Budget
  14. Plan Quality Mgmt.
  15. Plan Resource Mgmt.
  16. Estimate Activity Resources
  17. Plan Communications Mgmt.
  18. Plan Risk Mgmt.
  19. Identify Risks
  20. Perform Qualitative Risk Analysis
  21. Perform Quantitative Risk Analysis
  22. Plan Risk Responses
  23. Plan Procurement Mgmt.
  24. Plan Stakeholder Engagement
52
Q

What are the 10 processes in the Executing Process Group?

A
  1. Direct and Manage Work
  2. Manage Project Knowledge
  3. Manage Quality
  4. Acquire Resources
  5. Develop Team
  6. Manage Team
  7. Manage Communications
  8. Implement Risk Responses
  9. Conduct Procurements
  10. Manage Stakeholder Engagement
53
Q

What are the 12 processes in the Monitoring and Controlling Process Group?

A
  1. Monitor and Control Project Work
  2. Perform Integrated Change Control
  3. Validate Scope
  4. Control Scope
  5. Control Schedule
  6. Control Costs
  7. Control Quality
  8. Control Resources
  9. Monitor Communications
  10. Monitor Risks
  11. Control Procurements
  12. Monitor Stakeholder Engagement
54
Q

What is the process in the Closing Process Group?

A

Close Project or Phase

55
Q

Work Performance Data (Definition)

A

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

Ex: reported percent of work physically completed, quality and technical performance measures, start and finish dates of schedule activities, number of change requests, number of defects, actual costs, actual durations, etc.

56
Q

Work Performance Information (Definition)

A

The performance data collected from various controlling processes, analyzed in context and integrated based on relationships across areas.

57
Q

Work Performance Reports (Definition)

A

The physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or awareness.

Ex: status reports, memos, justifications, information notes, electronic dashboards, recommendations, and updates.

58
Q

What is project tailoring?

A

The appropriate selection of PM processes, inputs, tools, techniques, outputs, and life cycle phases used to manage a project.

59
Q

What is the project business case?

A

A documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as basis for the authorization of further project management activities.

60
Q

What is the project benefits management plan?

A

The documented explanation defining the processes for creating maximizing, and sustaining the benefits provided by a project.

Describes how and when the benefits of the project will be delivered, and describes the mechanisms that should be in place to measure those benefits

61
Q

What is the project charter?

A

A document issued by the project sponsor that formally authorizes the existence of a project and provides the PM with the authority to apply organizational resources to project activities.

62
Q

What is the PM plan?

A

The document that describes how the project will be executed, monitored, and controlled.

63
Q

What are the questions key stakeholders and PM should answer to determine the success of a project?

A

What does success look like for this project?

How will success be measured?

What factors may impact success?

64
Q

What are some of the criteria and objectives that may be included to determine a project’s success?

A

Completing the project benefits management plan.

Meeting the agreed-upon financial measures documented in the business case. These financial measure may include but are not limited to:

-Net present value (NPV)
-Return on investment (ROI)
-Internal rate of return (IRR)
-Payback period (PBP)
-Benefit-cost ratio (BCR)
-Meeting business case nonfinancial objectives
-Completing moveent of an organization from its current state to the desired future state
-Fulfilling contract terms and conditions
meeting organizational strategy goals and objectives
-Achieving stakeholder satisfaction
-Acceptable customer/ end-user adoption
-Integration of deliverables into the organization’s operating environment
-Achieving agreed-upon quality of delivery
-Meeting governance criteria
-Achieving other agreed-upon success measures or criteria

65
Q

A business case may include, but is not limited to documenting the following:

A
  1. Business needs
  2. Analysis of the situation
  3. Recommendation
  4. Evaluation
66
Q

What is a project benefit?

A

An outcome of actions, behaviors, products, services, or results that provide value to the sponsoring organization as well as to the project’s intended beneficiaries.

67
Q

The benefits management plan describes key elements of the benefits and may include but is not limited to documenting the following:

A

Target Benefits

Strategic Alignment

Time-frame for Realizing Benefits

Benefits Owner

Metrics

Assumptions

Risks

68
Q

What are the two main project business documents?

A

Project business case

Project benefits management plan

CAPM Project Management (9 decks)

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