Introduction to Project Management and Methodlogies Flashcards
What is the definition of Project Management according to PMI?
Applying tools, techniques, skills, and knowledge to project activities to bring about successful results and meet the project requirements.
Accomplished through initiating, planning, executing, monitoring & controlling, and closing.
What are the key responsibilities of a Project Manager?
- Direct project activity within constraints of sponsor
- Letting those that do the work help plan the project
- Run interference for the project allowing the team to focus on the work
What is the difference between Project Management and Operations Management?
- Projects are temporary and unique
- Operations are ongoing and repetitive
What are the foundational elements of Project Management?
- Relationship of Project, Program, Portfolio, & Operations Management
- PM Principles
- Performance Domains
What are the PM Principles according to the 7th Edition?
- Stewardship
- Team
- Stakeholders
- Value
- Holistic Thinking
- Leadership
- Tailoring
- Quality
- Complexity
- Opportunities & Threats
- Adaptability & Resilience
What is the Stakeholder Performance Domain?
Processes and activities related to stakeholders, essential for project success.
What is the Project Life Cycle?
A series of phases that a project passes through from start to completion.
What are the five Process Groups in Project Management?
- Initiating
- Planning
- Executing
- Monitoring and Controlling
- Closing
What are the characteristics of a Project?
- Supported purpose/importance
- Performance specifications
- Known solution
- Finite life cycle
- Interdependencies
- Uniqueness
What are the measures of project success?
- Net present value (NPV)
- Return on investment (ROI)
- Internal rate of return (IRR)
- Payback period (PBP)
- Benefit-cost ratio (BCR)
What is the definition of a Project Manager?
The individual assigned to lead the team responsible for achieving project objectives.
What is the difference between a project and operations?
Projects have defined start and end dates; operations are continuous.
True or False: A project is ongoing and repetitive.
False
What does Organizational Governance Systems provide?
An integrated structure for evaluating changes, issues, and risks associated with the environment and value delivery system.
What is the Development Approach & Life-Cycle Performance Domain?
Processes and actions related to life cycle and development approach decisions determined by deliverable characteristics.
Fill in the blank: The _____ is a performance domain focused on the assessment of project performance.
Measurement Performance Domain
What is the Agile Manifesto?
A document drafted in 2001 that establishes values and principles for Agile software development.
What are the four paired values of the Agile Manifesto?
- Individuals and interactions over processes and tools
- Working software over comprehensive documentation
- Customer collaboration over contract negotiation
- Responding to change over following a plan
What are some principles of the Agile Manifesto?
- Satisfy the customer through early and continuous delivery of valuable software
- Welcome changing requirements
- Deliver working software frequently
- Business people and developers must work together daily
What is the focus of the Delivery Performance Domain?
Processes and actions related to the delivery performance of projects that generate business value.
What is the difference between predictive and adaptive development approaches?
- Predictive: value realized when product delivered in full
- Adaptive: changes are expected and welcomed after each iteration
What is the relationship between product management and project management?
Product management supervises the development and maturation of product capabilities within a program.
