PMBOK Flashcards
what does PMBOK stand for?
project management body of knowledge
what does PMBOK describe?
the knowledge within the profession of project management
the project manager works with the project team to…
…tailor the application of general recognized good practices for each project
Is PMBOK a methodology?
No, it’s a foundation upon which organizations can build methodology, polices, procedures, rules, tools, and techniques e.c.t
what is the definition of a project?
a project is a temporary endeavor-with a beginning and an end- undertaken to create a unique product, service or result.
why is a project a temporary endeavor?
because a project has a definite beginning and end
what is the definition of business value according to PMI?
business value is the net quantifiable benefit derived from a business endeavor
project initiation context
- meet regulatory, legal, or social requirements
- satisfy stakeholder requirements or needs
- implement or change business or technology strategies
- create, improve, or fix products, processes, or services
definition of project management
project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements
definition of a program
a program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.
definition of portfolio
A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives
what is an organizational perspective of project, program, and portfolio management?
- program and project management focuses on doing programs and projects the “right” way,
- portfolio management focuses on doing the “right” programs and projects
crosspoints between operations and project management
- when developing a new product, upgrading a product, or expanding outputs
- while improving operations or the product development process
- at the end of the product life cycle
- at each closeout phase
Definition of a Project Life Cycle.
a project Life cycle is the series of phases that the project passes through from its start to completion. The phases may be sequential, iterative, or overlapping. project life cycles can be predictive or adaptive
definition of a project phase
a project phase is a collection of logically related project activities that accumulates in the completion of one or more deliverables