Introduction to PMP Flashcards
Project
A temporary endeavor undertaken to create a unique product, service, or result
Objective
An outcome toward which work is to be directed
Deliverable
Any unique or verifiable product or result required to be produced to complete a process, phase, or project
Business Value
The net quantifiable benefit derived from the business endeavor
Project Initiation Context
4 fundamental categories: Meet regulatory requirements, satisfy stakeholder requests, implement or change business strategies, and create or improve a product/process
Program
A group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
Portfolio
Projects, programs, and operations managed as a group to achieve strategic objectives
Difference between Project and Program management?
Project management focuses on the project level whereas program management focuses on projects and other programs within a program to determine the optimal approach for managing them
Project life cycle
The series of phases that a project passes through from its start to its completion
Project phase
A collection of logically related project activities that completes one or more deliverables
Phase gate
A review at the end of a phase in which a decision is made to continue onto the next phase, to continue with modification, or to end the project
Project management process
A series of activities directed toward causing an end result where one or more inputs will be acted on to create one or more outputs
The 5 project management process groups are:
Initiating, Planning, Executing, Monitoring & Controlling, and Closing
Project management knowledge area
Knowledge requirements of a project described in terms of its component processes, practices, inputs, outputs, tools, and techniques
Two types of project life cycles
Predictive or adaptive
The 5 developmental life cycles of a project are
Predictive, adaptive, iterative, incremental, or a hybrid model
What is a predictive life cycle?
Life cycle, scope, time, and cost are determined early on. Any changes to the scope are carefully managed.
A predictive life cycle is also known as
A waterfall life cycle
What is a iterative life cycle?
Scope determined early on. Time and cost are routinely modified as the team becomes more knowledgeable on the project. Product developed through a series of repeated cycles
What is a incremental life cycle?
The deliverable is produced through a series of iterations that successfully add functionality within a predetermined time frame. The deliverable is only considered complete after a successful final iteration
What is an adaptive life cycle?
The detailed scope is defined before the start of an iteration
Adaptive life cycles are:
Agile, iterative, or incremental
An adaptive life cycle is also known as
An agile or a change driven life cycle
What is a hybrid life cycle?
A combination of predictive and adaptive life cycles. Well known items or fixed timeline items are predictive. Developing items are adaptive
What are some project phase attributes?
Name, number, duration, resource requirements, entrance criteria, and exit criteria
Which documents are referred to during a phase gate review?
Project business case, project charter, project management plan, benefits management plan
Project processes fall into what 3 categories?
Performed once, performed periodically, or performed continuously
What is the initiation process group?
Defining a new project or phase of a project by obtaining authorization to start
What is the planning process group?
Scope, objectives, and course of action are determined.
What is the execution process group?
The work defined in the project management plan is completed to satisfy project requirements
What is the monitoring & controlling process group?
The project is tracked, reviewed, or regulated to determine the performance of the project and if any changes are needed to the plan
What is the closing process group?
The project or phase is formally completed
What are the 10 project management knowledge areas?
Integration, scope, schedule, cost, quality, resource, communications, risk, procurement, and stakeholder management
What does EEF stand for?
Enterprise environmental factor
What is an EEF?
The environment you work in that can impact your project. Can be internal or external to an organization. These factors are not under the control of the project team. They influence and can constrain a project.
Examples of EEFs
Organizational culture, legal restrictions, industry standards
What does OPA stand for?
Organizational process assests
What is an OPA?
Process related assests that can be used to influence the projects success. Two main categories: processes & procedures and organizational knowledge repositories
Examples of OPAs
Standards, work instructions, templates, project files, historical information, financial databases
Tailoring
Not every project follows the same processes, inputs, tools, techniques, outputs and life cycle phases. Each project is different and items from this list are refined for each project
Project Business Case
A documented feasibility study used to establish the validity of the benefits that come from the project. Used as a basis of authorization for further project management activities
Project Benefits Management Plan
The document explaining the processes for creating and maximizing the benefits of the project management plan
Person in Charge of the Project Business Plan
The Project Sponsor
Person who makes sure the project management documents are aligned with each other and with the goals and objectives of the company
The Project Manager
What document lists the objectives and reasons for project initiation?
The Project Business Case
What document is used as a go/no go for a project?
The Project Business Case
What often precedes the Project Business Case?
A needs assessment
The four steps to a Business Case:
Defining business needs; analysis of the situation, recommendations on the best approach to pursue the project, and an evaluation on the benefits the project will deliver
Project Benefit Plan
Document that describes how the projects benefits will be delivered and the mechanisms in place to measure those benefits
Project Charter
Document provided by the sponsor that gives the project life. Also provides the project manager with the organization resources needed for a project
Project Management Plan
Document defining how the project will be defined, managed and controlled
What three questions should be answered prior to the initiation of a project to help define success?
1) What does success look like for this project? 2) How will the success be measured? 3) What factors may impact success?
NPV
Net present value
ROI
Return on investment
IRR
Internal rate of return
PBP
Payback Period
BCR
Benefit Cost Ratio
