PM Fundamentals Flashcards
What are the characteristics of a project?
A project must be temporary.
A project must have predefined objectives, roles and responsibilities of members, as well as risks.
What is Portfolio Management?
Portfolio management is the selection,prioritization and control of an organisation’s projects or programmes according to its strategic objectives and ability to deliver those objectives.
What is a programme?
A programme is a group of related projects. This group of related projects is managed in a coordinated way.
What are the main processes of a project’s lifecycle?
Initiating, Planning, Controlling(Monitoring), Implementing and Closing.
What is project management?
Project management is the application of
- processes
- methods
- knowledge
- skills
- experience
in order to achieve the project’s objectives.
What is project scope?
Project scope determines what needs to be achieved and delivered.
Key areas include objectives, deliverables, deadlines, costs, features and functions.
What is a business case?
A business case is a justification for a proposed project on the basis of its expected commercial benefit.
An example of this would be to train staff to a certain skill. This could improve development quality resulting in a better platform for clients.
What is a project budget?
A project budget is a total of projected costs necessary complete the project over a period of time.
It would include costs of labour, operations and material.
What is a project plan?
It is a document that is used to guide project’s implementation and monitoring through the project’s scope,budget and schedules.
The project plan makes it easier to communicate the project to stakeholders.
What is a project’s governance structure?
It is the structure of stakeholders, managers and team members - their responsibilities and roles.
The structure forms a hierarchy within the project.
What are the four variables constraining an average project?
Time, Cost, Quality and Scope.
What are the five distinguishing characteristics for IT projects?
End-product being intangible, a degree of uniqueness between IT projects, degree of uncertainty causing changes to objectives, degree of inter-dependencies with other IT systems and communication terminology.
