Introduction Flashcards
Under what circumstances is a project terminated?
When the project’s objectives will not or cannot be met, or when the need for the project no longer exists.
Project objectives must be?
SMART (Specific, Measurable, Attainable, Realistic or Relevant, and Tangible or Time bound)
What are the five Project Management Process Groups?
- Initiating 2. Planning 3. Executing 4. Monitoring and Controlling 5. Closing
What are the main competing project constraints? (6)
1) Scope
2) Schedule
3) Cost
4) Quality
5) Resources
6) Risk
What is the purpose of Portfolio Management?
The purpose of Portfolio Management is to ensure that projects and programs are reviewed to prioritize resource allocation, and are aligned to organizational strategies.
How is a project’s success measured?
Success of a project is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction.
What are some of the strategic considerations or triggers for authorizing a project? (7 MSSECNL)
- Market demand
- Strategic opportunity/business need
- Social need
- Environmental consideration
- Customer request
- New Technology
- Legal requirement
What drives the management of project portfolios?
Strategic plan of the organization
What are the different ways in which a PMO supports project managers? (4)
1) PMO develops a common project management methodology, best practices and standards;
2) monitors compliance to standards, policies and procedures across projects;
3) manages interdependencies, coordinates communication, and manages shared resources among projects;
4) provides mentoring and coaching to project managers.
What is difference between the role of a project manager and a PMO?
- PM focuses on project objectives; PMO on major program scope changes
- PM controls assigned project resources; PMO optimizes use of resources across projects
- PM manages the project constraints (scope, schedule, cost, quality); PMO manages methodologies, standards, overall risks, and interdependencies among projects.
What is the role of an Operations Manager in an enterprise?
To manage business operations (such as R&D, design, manufacturing, testing, maintenance, customer service, etc.) efficiently.
How does senior management support projects? (4)
- As project sponsor
- In setting objectives and priorities
- In planning the project
- In resolving conflicts
What are the key benefits of project management?
- Improved effectiveness and efficiency - Increased profitability - Improved quality - Improved customer satisfaction
What are the Critical Success Factors (CSF) of a project?
- Within time - Within cost - Within quality limits - Accepted by the customer
What are the traits of a good Project Manager?
- Honesty and integrity - Adaptability and flexibility - Good communication skills - Leadership skills - Technical knowledge of the project - Enthusiasm - Decision-making ability - Empathy
Project Management is to projects, what ___________ is to operations.
Project Management is to projects, what <u>Business Process Management</u> is to operations.
The PMBOK® Guide provides a common methodology for managing projects. True or False?
False. The PMBOK® Guide provides guidelines (not methodology) for managing individual projects.
The application of knowledge, skills, tools, and techniques to project activities to meet project requirements is known as ___________________.
The application of knowledge, skills, tools, and techniques to project activities to meet project requirements in known as <u>Project Management</u>.
How does Portfolio Management different from Program and Project Management in terms of focus?
Program and Project Management focus on doing programs and projects the “right” way, whereas, Portfolio Management focuses on doing the “right” programs and projects.
What are the key elements of a Benefits Management Plan?
- Target benefits - Strategic alignment - Timeframe for realizing benefits - Benefits owner - Metrics - Assumptions - Risks
When is the Benefits Management Plan developed?
The Benefits Management Plan is developed prior to project initiation.
Give two examples of business documents used on projects?
- Business Case - Benefits Management Plan
Name the five different types of development life cycles.
1) Predictive
2) Iterative
3) Incremental
4) Adaptive (Agile, iterative, or incremental)
5) Hybrid (predictive and adaptive)
Projects are how businesses implement changes. True or False?
True.
In which type of development life cycle are key stakeholders involved at specific milestones only?
Predictive
In which type of development life cycle are changes incorporated in real-time during delivery?
Agile
In which type of development life cycle(s) is delivery divided into subsets of the overall product?
Iterative and Incremental
Strategy is concerned with day-to-day business issues. True or False?
False. Strategy is concerned with long term vision, whereas operations or tactics are concerned with day-to-day issues.
How is the success of a program measured?
A program’s success is measured by the program’s ability to deliver its intended benefits to an organization, and by the program’s efficiency and effectiveness in delivering those benefits.
How is the success of a portfolio measured?
Success of a portfolio is measured in terms of the aggregate investment performance and benefit realization of the portfolio.
The project management processes are repeated in each phase of a project. True or False?
True.
What is a common life cycle structure of all projects?
- Starting the project - Organizing and preparing - Carrying out the project work - Closing the project
Which factors are greatest at the start of the project and decrease over the life of the project?
Stakeholder influences, risk, and uncertainty
Which factors are low at the start, peak as the work is carried out, and drop rapidly as the project draws to a close?
Cost and staffing levels
Which factor is lowest at the start of the project and increases over the life of the project?
Cost of changes
What is generally the last phase of a product life cycle?
Product’s retirement
What are three types of phase-to-phase relationships in a project?
- Sequential - Iterative - Overlapping
What are the desirable characteristics of a project manager?
- Honesty and integrity - Adaptability and flexibility - Good communication skills - Leadership skills - Technical knowledge of the project - Enthusiasm - Decision-making ability - Empathy
What are the main responsibilities of a project manager?
- Plan the project - Manage the project in terms of scope, schedule, cost, quality, risks, etc. - Report project progress and performance - Manage communication with all stakeholders
Project phases can overlap. True or False?
True.
What are Adaptive Life Cycles also known as?
Agile or Change-driven life cycles
What are the two common types of project life cycles?
- Predictive - Adaptive
What is the relationship between project life cycle and product life cycle?
A product life cycle may involve one or more project life cycles.
What is the difference between operations and projects?
Operations are ongoing and produce repetitive outputs. Projects are temporary, produce unique outputs, and have a definite end.
What are the other common names for a Project Management Office (PMO)?
- Project Office - Program Management Office - Project Management Center of Excellence
All project generally consist of 5 project phases. True or False?
False. The number of phases, the need for phases, and the degree of control applied depend on the size, complexity, and potential impact of the project.
