PM Fundamentals Flashcards
1
Q
What are the components of a Project?
A
- Temporary (does not mean short term)
- Has a definite start and end
- Finished when objectives can’t be met, funding depleted, no longer needed, cancelled etc.
2
Q
What does a Project do?
A
Changes something from its current state to a future state. Could also have a transition state between current & future state.
Removing/Adding/Subtracting/Changing something.
Creates unique products, services, or results
3
Q
Projects Enable What Type of Business Values?
A
Tangible & Intangible
Examples
Tangible:
Monetary Share
Stocks
Fixtures and Tools
Intangible:
Goodwill and Reputation
Brand Recognition
Public Benefit
4
Q
Why Are Projects Created?
A
- Regulatory, Legal, or social requirements
- Stakeholder Request
- Technological Advances
- Create, Improve, or Fix products, services, or processes.
5
Q
What are the Five Project Management Process groups?
A
- Initiate
- Planning
- Executing
- Monitoring & Controlling
- Closing
6
Q
What is Progressive Elaboration?
A
Going from an Idea/Concept to a Project
Steps:
- Idea/Concept
- Formulate Idea
- Business Case
- Feasibility Study
- Project
