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CAPM > Intro To Project Management > Flashcards

Intro To Project Management Flashcards

1
Q

Project management processes

A

The project life cycle is managed by executing a series of project management activities. Every project management process produces one or more outputs from one or more inputs by using appropriate project management tools and techniques. The output can be a deliverable or an outcome.

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2
Q

Incremental life cycle

A

It’s 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. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.

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3
Q

A generic life structure includes:

A

Cost and staffing levels are low at the start, increase as the work is carried out, and drop as the project draws to a close. The ability of stakeholders to influence the project’s product, without significantly impacting cost and schedule, is highest at the start and decreases as the project progresses toward completion.

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4
Q

Project

A

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

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5
Q

Effective project management helps individuals, groups, and public, and private organizations to:

A

Meet business objectives; satisfy stakeholder expectations; be more predictable; increase chances of success; deliver the right products at the right time; resolve issues; respond to risks; optimize the use of resources; identify, recover or terminate failing projects; manage constraints; balance the influence of constraints; and manage change.

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6
Q

Project Management Process Groups

A

Are independent of the application areas, (such as marketing, information services, or accounting) or industry focus (such as construction, aerospace, telecommunications). Individual processes in the Process Groups are often iterated prior to completing a phase or a project. The number of process iterations and interactions between processes varies based on the needs of the project.

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7
Q

Projects are undertaken to fulfill:

A

objectives by producing deliverables.

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8
Q

Product Life Cycle

A

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

  • Project life cycles are independent of product life cycles, which may be produced by a project.
  • Phases in a product life cycle can include one or more project life cycles.
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9
Q

Portfolio Management

A

To align components (projects, programs, or related operations) to the organizational strategy, organized into portfolios or subsidiary portfolios to optimize project or program objectives, dependencies, costs, timelines, benefits, resources, and risks.

  • It facilitates the effective governance and management of the work that helps achieve organizational strategies and priorities.
  • aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources.
  • focuses on doing the “right” programs and projects to align with the business strategy.
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10
Q

Predictive life cycle

A

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

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11
Q

Program

A
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12
Q

Project management processes

A

May be overlapping activities that occur throughout the project. They are logically linked by the outputs they produce.

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13
Q

Both the project and product life cycles have these in common:

A

In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the life cycle. In an iterative life cycle, time and cost estimates are routinely modified as the project team’s understanding of the project increases. In an incremental life cycle, the deliverable is produced through a series of iterations.

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14
Q

Project life cycle

A

A series of phases that a project passes through from its start to its completion. The collection of generally sequential and sometimes overlapping project phases, whose name and number are determined by the management and control needs of the organization or organizations involved in the project.
-They can be predictive or adaptive with phases that may be sequential, iterative, or overlapping.

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15
Q

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 a basis for the authorization of further project management activities.

  • The driving document that is created in a needs assessment.
  • when a business will list the objectives and reasons for the project.
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16
Q

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

A

Adaptive life cycle

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17
Q

Operations

A

Ongoing endeavors that produce repetitive outputs, with resources assigned to do basically the same set of tasks according to the standards institutionalized in a product life cycle. They are different from projects since they are ongoing and managed by organizational managers.

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18
Q

Projects

A

temporary endeavors undertaken to create a unique product, service, or result. It has a definite beginning and end and is undertaken to fulfill objectives by producing deliverables.

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19
Q

A form of a project life cycle that may also be referred to as a waterfall life cycle

A

Predictive life cycle

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20
Q

work performance data

A

The raw observations and measurements identified during activities performed to carry out the project work.
- data is collected as a result of documenting or recording various processes and is shared among team members.

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21
Q

Iterative life cycle

A

an adaptive project life cycle in which the deliverable matures through a series of repeated cycles that develop the product, while increments successively add functionality to the product.

22
Q

How do operations and projects work together?

A

At each point[in which projects can intersect with operations], deliverables and knowledge are transferred between the project and operations. Operations are ongoing endeavors that produce repetitive outputs, with resources assigned to do basically the same set of tasks. Unlike the ongoing nature of operations, projects are temporary endeavors.

23
Q

Project Management

A

The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. It is accomplished through the appropriate application of the project management processes as they pertain to the project.
-It helps organizations meet business objectives, deliver products, resolve problems, and generate other such benefits.

24
Q

You are managing a project in which you intend to respond to high levels of change and stakeholder involvement. The most suitable project life cycle for your project is the:

A

Adaptive life cycle. Adaptive life cycles are agile, iterative, or incremental. Change-driven life cycles

25
Q

What are the key elements of the benefits management plan?

A

target benefits, strategic alignment, timeframe for realizing benefits, benefits owner, metrics, assumptions, and risks.

26
Q

What are 3 examples of project data and information collected to analyze throughout the project?

A

Work Performance reports, work performance data, and work performance information

27
Q

Deliverable

A

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.

28
Q

Four qualities of projects:

A
  1. Creates a unique product, service, or result.
  2. Is a temporary endeavor.
  3. Drives change.
  4. Enables business value (the benefit that results) creation. Can be tangible or intangible. ie. monetary assets, tools, equity, goodwill, public benefit, and reputation.
29
Q

Four factors that cause a project to start:

A
  1. Meet regulatory, legal, or social requirements.
    - material issues: when a bridge has a crack- it needs to be fixed
    - legal: when a chemical manufacturer authorizes a project to establish guidelines for the proper handling of a new toxic material.
  2. Satisfy stakeholder requests or needs
    - market demand: when an auto company wants to build a more fuel-efficient car in response to gas shortages.
    - customer request: when an electric utility authorizes a project to build a substation to serve a new industrial park.
    - stakeholder demands: when a stakeholder requires that a new output be produced by the organization.
    - social need: when an NGO authorizes a project in a developing country.
  3. Implement or change business or technologies
    - new technology: faster, cheaper, phone
    - competitive forces: lower production costs to compete in the market
    - political change: newly elected official wants to support his objectives
    - market demand: when an auto company wants to build a more fuel-efficient car in response to gas shortages.
  4. Create, improve, or fix processes, or services
    - new technology: faster, cheaper, phone
    - material issues: when a bridge has a crack- it needs to be fixed
    - market demand: when an auto company wants to build a more fuel-efficient car in response to gas shortages.
    - customer request: when an electric utility authorizes a project to build a substation to serve a new industrial park.
30
Q

Program Management

A

Focuses on the interdependencies between projects and the program level to determine the optimal approach for managing them. A program is made up of subsidiary programs and projects.

31
Q

3 Key components to a project:

A

Project Management Processes, Process Groups, and Knowledge Areas

32
Q

What are the 4 project phases in a project life cycle also known as the project management processes?

A

Start the project
Organizing and preparing
Carrying out the work
Ending the project

33
Q

What are the 5 Process Groups?

A 
Initiating
Planning
Executing 
Monitoring and Controlling
Closing
34
Q

What are the 10 Knowledge areas?

A 
Integration
Schedule
Quality
Communications
Procurement
scope
cost
resources
risk
stakeholder
35
Q

What is project management processes?

A

a systematic series of activities where inputs are acted upon by tools and techniques to create outputs.
- processes are linked by the outputs they produce and may contain overlapping activities that occur throughout the project.

36
Q

Output

A

A deliverable or another type of outcome. The output of one process generally results in an input to another process or deliverable of the project.

37
Q

What are process groups?

A

A logical grouping of project management processes to achieve a specific project objective. They are independent of process phases as the application area or industry focus.

38
Q

What are knowledge areas?

A

An area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. They are interrelated and interdependent.

39
Q

Project Phase

A

a collection of logically related project activities that, together, produces one or more deliverables. They can be described by a variety of attributes that may be measurable and unique to a specific phase.

40
Q

Project Phase Examples:

A 
concept development
feasibility study
customer requirements
solution development
design
prototype
build
test
transition
commission
41
Q

Phase Gate

A

A review at the end of a phase in which a decision is made to continue, modify, or end a phase or project.
-The project’s performance and progress are compared to the project and business documents.

42
Q

Examples of Phase Gates

A

phase reviews
stage gates
kill points
phase exits

43
Q

What are business and Project Artifacts?

A

inputs and outputs across all processes.

44
Q

What are the 6 business and project artifacts?

A 
data & info
business documents
agreements
project charter
project management plan
project documents
45
Q

What are the 2 primary business documents?

A

Project Business Case and Project Benefits Management Plan

46
Q

Benefits Management Plan

A

describes how and when the benefits of the project will be delivered

  • it also describes the mechanisms that should measure those benefits.
  • it’s continuously aligned with the project charter
47
Q

Agreements

A

A mutually binding document that obligates a seller to provide the specific products, services, or results of a contract, memorandum of understanding (MOU), letters of agreement, verbal agreements, email, or other tangible forms.

  • it also obligates the buyer to compensate the seller.
  • it represents a legal relationship that is subject to remedy in the courts.
48
Q

Project Chater

A

The document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to the project activities.
-the charter is developed early in the project and referenced as an input across many processes throughout the life of the project.

49
Q

Project Management Plan

A

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

  • it is composed of sub-components that address a Knowledge Area of the project.
  • this can be updated if needed.
50
Q

Success Factors

A

time, cost, scope, and quality of the results, project objectives.
- asking the stakeholders what does success look like? How will it be measured? What factors will impact the success?

51
Q

List Project Objectives:

A
  • completing the project benefits management plan
  • meeting the agreed-upon financial measures documented in the business case, like ROI
  • meeting non-financial objectives
  • completing the movement of an organization from its current state to the desired future state.
  • fulfilling contract terms and conditions
  • achieving stakeholder satisfaction
  • customer acceptance or end-user adoption
  • integration of deliverables on the organization’s operating environment
  • achieving an agreed-upon quality of delivery
  • meeting governance criteria
  • achieving other agreed-upon criteria

CAPM (2 decks)

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