PM Fundamentals

Question 1

The areas of expertise, industry, or function where a product is centered.

Examples include: Architecture, IT, Healthcare, Manufacturing

Answer 1

Application Areas

Question 2

A quantifiable return on investment.

The return can be tangible, such as equipment, money, or market share.

The return can also be intangible, such as brand recognition, trademarks, and reputation.

Answer 2

Business Value

Question 3

Defines how a project affects people and how those people may affect the project.

Examples include the economic, educational, ethical, religious, demographic, and ethnic composition of the people affected by the project.

Answer 3

Cultural and Social Environment

Question 4

A product, service, or result created by a project. Projects can have multiple deliverables.

Answer 4

Deliverable

Question 5

These include the application or accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.

Answer 5

General Management Skills

Question 6

The consideration of the local and international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress.

Answer 6

International and Political Environment

Question 7

The ability to interact, lead, motivate, and manage people.

Answer 7

Interpersonal Skills

Question 8

A triangle with the characteristics of time, cost, and scope.

Time, cost and scope each constitute one side of the triangle; if any side is not in balance with the other sides, the project will suffer.

This is also known as the triple constraints of project management, as all projects are constrained by time, cost and scope.

Answer 8

Iron Triangle of Project Management

Question 9

The physical structure and surroundings that affect a project’s work.

Answer 9

Physical Environment

Question 10

A collection of related processes in project management.

There are five process groups and 49 project management processes.

The five process groups are:
Initiating
Planning
Executing
Monitoring and Control
Closing

Answer 10

Process Groups

Question 11

A collection of related projects working in unison toward a common deliverable.

Answer 11

Program

Question 12

The process of gathering project details.

This process uses deductive reasoning, logic, and a series of information-gathering techniques to identify details about a project, product, or solution.

Answer 12

Progressive Elaboration

Question 13

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

The end result is also called a deliverable.

Answer 13

Project

Question 14

The document created and maintained by the project sponsor and the project manager.

The document defines what benefits the project will create, when the benefits will be realized, and how the benefits will be measured.

Answer 14

Project Benefits Management Plan

Question 15

Created and maintained by the project sponsor and shows the financial validity of why a project is chartered and launched within the organization.

Typically, this document is created before the launch of a project and may be used as a go/no go decision point.

Answer 15

Project Business Case

Question 16

The location and culture of the environment where the project work will reside.

This includes the social, economic and environmental variables the project must work with or around.

Answer 16

Project Environment

Question 17

The phases that make up the project.

These phases are unique to the type of work being performed and are not universal to all projects.

Answer 17

Project Life Cycle

Question 18

A central office that oversees all projects within an organization or within a functional department.

A PMO supports the project manager through software, training, templates, policies, communication, dispute resolution, and other services.

Answer 18

Project Management Office (PMO)

Question 19

The management and selection of projects that support an organization’s vision and mission.

It is the balance of project priority, risk, reward, and return on investment.

This is a senior management process.

Answer 19

Project Portfolio Management

Question 20

A smaller project managed within a larger, parent project.

Sub-projects are often contracted work whose deliverable allows the larger project to progress.

Answer 20

Sub Projects

Question 21

Also known as the Iron Triangle.

This theory posits that time, cost, and scope are three constraints that every project has.

Answer 21

Triple Constraints of Project Management

Question 22

Raw data, observations, and measurements about project components.

Work performance data is gathered and stored in the project management information system.

Answer 22

Work Performance Data

Question 23

Work performance information is the processed and analyzed data that will help the project manager make project decisions.

Answer 23

Work Performance Information

Question 24

Work performance reports is the formatted communication of work performance information.

Work performance reports communicate what’s happening in the project through status reports, memos, dashboards, or other modalities.

Answer 24

Work Performance Reports