PMBOK-7 Chapter 1 - Introduction

Question 1

1.2 Key Terms & Concepts: What does the term… OUTCOME … represent?

Answer 1

An end result or consequence of a process or project.

Outcomes can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver.

Question 2

1.2 Key Terms & Concepts: What does the term…PORTFOLIO … represent?

Answer 2

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Question 3

1.2 Key Terms & Concepts: What does the term… PRODUCT … represent?

Answer 3

An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.

Question 4

1.2 Key Terms & Concepts: What does the term… PROGRAM … represent?

Answer 4

Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.

Question 5

1.2 Key Terms & Concepts: What does the term… PROJECT … represent?

Answer 5

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

Question 6

1.2 Key Terms & Concepts: What does the term… PROJECT MANAGEMENT … represent?

Answer 6

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
Project management refers to guiding the project work to deliver the intended outcomes.
Project teams can achieve the outcomes using a broad range of approaches (e.g., predictive, hybrid, and adaptive).

Question 7

1.2 Key Terms & Concepts: What does the term… PROJECT MANAGER … represent?

Answer 7

The person assigned by the performing organization to lead the project team that is responsible for achieving the project objectives.

Project managers perform a variety of functions, such as facilitating the project team work to achieve the outcomes and managing the processes to deliver intended outcomes.

Question 8

1.2 Key Terms & Concepts: What does the term… PROJECT TEAM … represent?

Answer 8

A set of individuals performing the work of the project to achieve its objectives.

Question 9

1.2 Key Terms & Concepts: What does the term… SYSTEM FOR VALUE DELIVERY … represent?

Answer 9

A collection of strategic business activities aimed at building, sustaining, and/or advancing an organization.

Portfolios, programs, projects, products, and operations can all be part of an organization’s system for value delivery.

Question 10

1.2 Key Terms & Concepts: What does the term… VALUE … represent?

Answer 10

The worth, importance, or usefulness of something.

Different stakeholders perceive value in different ways.
* Customers can define value as the ability to use specific features or functions of a product.
* Organizations can focus on business value as determined with financial metrics, such as the benefits less the cost of achieving those benefits.
* Societal value can include the contribution to groups of people, communities, or the environment.