Introduction Flashcards
What are the four values of the global project management community?
Responsibility, respect, fairness, and honesty
How is an objective defined (in the context of projects)?
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
How is deliverable defined (in the context of projects)?
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
What is the term describing an organization’s status prior to project start? And after the result?
Current State; Future State
How is “business value” defined?
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
What are the four fundamental factor categories for project initiation?
- Meet regulatory, legal, or social requirements;
- Satisfy stakeholder requests or needs;
- Implement or change business or technological strategies; and
- Create, improve, or fix products, processes or services
What are the three scenarios in which a project may be managed?
- As a standalone project (outside of a portfolio or program);
- Within a program;
- Within a portfolio
How is a “program” defined?
A group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
What is a megaproject?
A project that costs US$1 billion or more, affect 1 million or more people, and run for years
How is a portfolio defined?
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
How is Program Management defined?
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
How is a Portfolio defined?
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve
strategic objectives
What is Operations Management?
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
What is Organizational Project Management (OPM)?
A framework in which portfolio, prorgram, and project management are integrated with organizational enablers in order to achieve strategic objectives
What is a Project Life Cycle?
The series of phases that a project passes through from its start to its completion. It provides the basic framework for managing the project
What is a “predictive” project life cycle?
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
What is an “iterative” project life cycle?
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)
What is an “incremental” project life cycle?
In an incremental life cycle, the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.
What is an “adaptive” project life cycle?
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
What is a “hybrid” project life cycle?
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
What is a product life cycle?
The series of phases that represent the evolution of a product, from concept, through delivery, growth, maturity, and to retirement
What is a project phase?
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)
What is a phase gate?
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
