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PMP > Introduction to PMP > Flashcards

Introduction to PMP Flashcards

1
Q

Project

A

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

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2
Q

Objective

A

An outcome toward which work is to be directed

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3
Q

Deliverable

A

Any unique or verifiable product or result required to be produced to complete a process, phase, or project

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4
Q

Business Value

A

The net quantifiable benefit derived from the business endeavor

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5
Q

Project Initiation Context

A

4 fundamental categories: Meet regulatory requirements, satisfy stakeholder requests, implement or change business strategies, and create or improve a product/process

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6
Q

Program

A

A group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually

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7
Q

Portfolio

A

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

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8
Q

Difference between Project and Program management?

A

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

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9
Q

Project life cycle

A

The series of phases that a project passes through from its start to its completion

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10
Q

Project phase

A

A collection of logically related project activities that completes one or more deliverables

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11
Q

Phase gate

A

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

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12
Q

Project management process

A

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

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13
Q

The 5 project management process groups are:

A

Initiating, Planning, Executing, Monitoring & Controlling, and Closing

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14
Q

Project management knowledge area

A

Knowledge requirements of a project described in terms of its component processes, practices, inputs, outputs, tools, and techniques

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15
Q

Two types of project life cycles

A

Predictive or adaptive

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16
Q

The 5 developmental life cycles of a project are

A

Predictive, adaptive, iterative, incremental, or a hybrid model

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17
Q

What is a predictive life cycle?

A

Life cycle, scope, time, and cost are determined early on. Any changes to the scope are carefully managed.

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18
Q

A predictive life cycle is also known as

A

A waterfall life cycle

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19
Q

What is a iterative life cycle?

A

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

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20
Q

What is a incremental life cycle?

A

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

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21
Q

What is an adaptive life cycle?

A

The detailed scope is defined before the start of an iteration

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22
Q

Adaptive life cycles are:

A

Agile, iterative, or incremental

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23
Q

An adaptive life cycle is also known as

A

An agile or a change driven life cycle

24
Q

What is a hybrid life cycle?

A

A combination of predictive and adaptive life cycles. Well known items or fixed timeline items are predictive. Developing items are adaptive

25
Q

What are some project phase attributes?

A

Name, number, duration, resource requirements, entrance criteria, and exit criteria

26
Q

Which documents are referred to during a phase gate review?

A

Project business case, project charter, project management plan, benefits management plan

27
Q

Project processes fall into what 3 categories?

A

Performed once, performed periodically, or performed continuously

28
Q

What is the initiation process group?

A

Defining a new project or phase of a project by obtaining authorization to start

29
Q

What is the planning process group?

A

Scope, objectives, and course of action are determined.

30
Q

What is the execution process group?

A

The work defined in the project management plan is completed to satisfy project requirements

31
Q

What is the monitoring & controlling process group?

A

The project is tracked, reviewed, or regulated to determine the performance of the project and if any changes are needed to the plan

32
Q

What is the closing process group?

A

The project or phase is formally completed

33
Q

What are the 10 project management knowledge areas?

A

Integration, scope, schedule, cost, quality, resource, communications, risk, procurement, and stakeholder management

34
Q

What does EEF stand for?

A

Enterprise environmental factor

35
Q

What is an EEF?

A

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.

36
Q

Examples of EEFs

A

Organizational culture, legal restrictions, industry standards

37
Q

What does OPA stand for?

A

Organizational process assests

38
Q

What is an OPA?

A

Process related assests that can be used to influence the projects success. Two main categories: processes & procedures and organizational knowledge repositories

39
Q

Examples of OPAs

A

Standards, work instructions, templates, project files, historical information, financial databases

40
Q

Tailoring

A

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

41
Q

Project Business Case

A

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

42
Q

Project Benefits Management Plan

A

The document explaining the processes for creating and maximizing the benefits of the project management plan

43
Q

Person in Charge of the Project Business Plan

A

The Project Sponsor

44
Q

Person who makes sure the project management documents are aligned with each other and with the goals and objectives of the company

A

The Project Manager

45
Q

What document lists the objectives and reasons for project initiation?

A

The Project Business Case

46
Q

What document is used as a go/no go for a project?

A

The Project Business Case

47
Q

What often precedes the Project Business Case?

A

A needs assessment

48
Q

The four steps to a Business Case:

A

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

49
Q

Project Benefit Plan

A

Document that describes how the projects benefits will be delivered and the mechanisms in place to measure those benefits

50
Q

Project Charter

A

Document provided by the sponsor that gives the project life. Also provides the project manager with the organization resources needed for a project

51
Q

Project Management Plan

A

Document defining how the project will be defined, managed and controlled

52
Q

What three questions should be answered prior to the initiation of a project to help define success?

A

1) What does success look like for this project? 2) How will the success be measured? 3) What factors may impact success?

53
Q

NPV

A

Net present value

54
Q

ROI

A

Return on investment

55
Q

IRR

A

Internal rate of return

56
Q

PBP

A

Payback Period

57
Q

BCR

A

Benefit Cost Ratio

PMP (12 decks)

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