Introduction

Question 1

What are the four values of the global project management community?

Answer 1

Responsibility, respect, fairness, and honesty

Question 2

How is an objective defined (in the context of projects)?

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 performed

Question 3

How is deliverable defined (in the context of projects)?

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. Deliverables may be tangible or intangible

Question 4

What is the term describing an organization’s status prior to project start? And after the result?

Answer 4

Current State; Future State

Question 5

How is “business value” defined?

Answer 5

PMI defines business value as the net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both. In business analysis, business value is considered the return, in the form of elements such as time, money, goods, or intangibles in return for something exchanged

Question 6

What are the four fundamental factor categories for project initiation?

Answer 6

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

Question 7

What are the three scenarios in which a project may be managed?

Answer 7

1. As a standalone project (outside of a portfolio or program);
2. Within a program;
3. Within a portfolio

Question 8

How is a “program” defined?

Answer 8

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 9

What is a megaproject?

Answer 9

A project that costs US$1 billion or more, affect 1 million or more people, and run for years

Question 10

How is a portfolio defined?

Answer 10

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

Question 11

How is Program Management defined?

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

How is a Portfolio defined?

Answer 12

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

Question 13

What is Operations Management?

Answer 13

Concerned with the ongoing production of goods and/or services. It ensures that business operation continue efficiently by using the optimal resources needed to meet customer demands

Question 14

What is Organizational Project Management (OPM)?

Answer 14

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

Question 15

What is a Project Life Cycle?

Answer 15

The series of phases that a project passes through from its start to its completion. It provides the basic framework for managing the project

Question 16

What is a “predictive” project life cycle?

Answer 16

In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Also referred to as waterfall life cycles

Question 17

What is an “iterative” project life cycle?

Answer 17

In an iterative life cycle, the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. Develops the product through a series of repeated cycles (while increments successively add to the functionality of the product)

Question 18

What is an “incremental” project life cycle?

Answer 18

In an incremental life cycle, the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.

Question 19

What is an “adaptive” project life cycle?

Answer 19

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

Question 20

What is a “hybrid” project life cycle?

Answer 20

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 life cycle

Question 21

What is a product life cycle?

Answer 21

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

Question 22

What is a project phase?

Answer 22

A collection of logically related project activities that culminates in the completion of one or more deliverables. Can be described by a variety of attributes (e.g. name, number, duration, resource requirements, entrance criteria, and exit criteria)

Question 23

What is a phase gate?

Answer 23

Held at the end of a phase to compare project to business documents (business case, charter, project management plan, benefits management plan), and a go/no-go decision is made as a result of this comparison to determine next steps