Key Project Mgmt Terms

Question 1

what is the main difference between operations and projects?

Answer 1

Projects are temporary + unique endeavors, with a start date and an end date, that create unique deliverables.

Operations are the opposite, without a start or end date, with non-unique deliverables.

Question 2

What is progressive elaboration?

Answer 2

discovering greater levels of detail as the project moves towards completion. ie costs, locations, etc.

Question 3

what is another terms for Progressive elaboration?

Answer 3

Rolling Wave Planning

Question 4

What is project management?

Answer 4

application of knowledge, skills, tools, and techniques used to meet the project’s requirements.

Managing people, accomplishing the scope of the project in the given constraints of time and cost.

Question 5

What are all Projects limited to?

Answer 5

Time, Cost, Scope

Question 6

What are the three approaches to managing projects?

Answer 6

Predictive (Traditional, Waterfall, plan driven)

Agile (Adaptive/change driven)

Hybrid

Question 7

What are part of processes

Answer 7

Inputs, tools/techniques, outputs

Question 8

What is a phase?

Answer 8

a division within a project that contains all 5 process groups, and are concluded with a deliverable.

Question 9

what is a phase gate?

Answer 9

evaluations held at the end of a phase to determine is the project is meeting it’s goals and if the project should continue.

Question 10

How do we determine if a deliverable is good?

Answer 10

if it is accepted by the customer or stakeholder.

Question 11

how many processes are there?

Answer 11

49

Question 12

What is a knowledge area?

Answer 12

a set of processes that are defined by the knowledge needed to manage that are

Question 13

what are the 10 knowledge areas?

Answer 13

Cost
Communication
Integration
Procurement
Quality
Resources
Risk
Scheduling
Scope
Stakeholders

Question 14

What is a development life cycle, and what are the types? (Porject lif cycle)

Answer 14

the series of phases that project must go through from start to finish. Most projects have several

Predictive - scope cost and time are well known early on

Adaptive/Iterative/Incremental - scope is known, but the time and cost mut be refined on an ongoing bases.

Question 15

What are the differences between a project, a portfolio, and a program?

Answer 15

Project:

Portfolio: collection of projects + programs that are implemented to achieve a strategic business goal. ir Creating a new, useful app.

Program: Collection of projects containing a commons goal managed by a program manager. Building a car, building a skyscraper, etc.

Question 16

what are baselines?

Answer 16

Scope time and cost, present in all projects.

Original plan plus any approved changes.

Question 17

what is a system?

Answer 17

all formal procedures and tools tool in place to manage something.

Question 18

what is project governance?

Answer 18

Governanve = “To Manage”

the framework, functions, and processes a company follows in order to complete a project.

Aka, a framework unique to the company that is used to complete their projects and meet their goals.

Question 19

What is a PMO? what are the 3 types?

Answer 19

Organizational Structure which makes sure, in some capacity, that the project follows a standard set of practices.

1. Supportive (low Authority)
2. Controlling
3. Directive (high authority)

Question 20

What is an organizational group?

Answer 20

internal entities that are affected by the project activities (aka sales, HR….)

Question 21

Who is a stakeholder?

List examples

Answer 21

Anyone affected by the project:

• Sponsor
• Customers/Users
• Sellers
• Organizational Groups
• Functional Managers
• Senior Management
• Program Managers
• Project Team
• Project Manager
• Project Coordinator
• Project Expeditor
• Product Owner

Question 22

What does the structure of the organization help determine?

Answer 22

Who controls the resources needed for a project, such as the project manager or the functional managers.

Question 23

What are some organizational structure types?

Answer 23

Organic/Simple: small business, PM is part time or non-existent.

Virtual: PM is done virtually, PM’s authority is low/moderate, resources shared with FM

Functional Organization: PM has very little power over resources. FM has the power. All gets approved by the FM

Project Oriented: PM has 100% control, such as a consulting business.

Matrix: middle ground between functional and project oriented. Weak - Strong. Most companies referenced in the exam are strong

Hybrid: can be characterized by creating a full time task force to work on the project full time.

Question 24

What are the main constraints?

Answer 24

Scope, Time, Cost, Quality, Resources, Risk

Question 25

What is the difference between a Product and a Project Life Cycle?

Answer 25

Product: may have many project life cycles within it. includes the life of the product from start to end. buying it, installing it, maintaining it, disposing it.

Project: Phases a project goes through from start to close. breakdown of the work needed to complete the deliverable. AKA the Performing Organization’s Methodology for Projects

Question 26

What types of value do project result in?

Answer 26

Money, Brand Reputation, Customer Service, New Product/service, changed product/service.

Question 27

What is Operations Management?

Answer 27

Ongoing production with goods and/or services.

Considers the acquisition, development, and utilization of resources that firms need to deliver the good and services.

Question 28

What is a Program made up of?

Answer 28

Interdependent projects, that relate to each other in some way. IE redesigning a room is a project, redesigning a house is a program, each room is it’s own project.

Question 29

What are deliverables?

Answer 29

unique and verifiable, product, serivce, or result that is generated from a phase of a project.