PMBOK Flashcards
Project Definition
A temporary endeavor undertaken to create a unique product, service, or result.
Project Scope
Defined Objectives. Scope is progressively elaborated throughout the project life cycle.
Project Change
Project managers expect change and implement processes to keep change under control.
Project planning
Progressively elaborate high level information into detailed plans throughout the projects life cycle.
Project Management
Project managers manage the team to meet project objectives
Project monitoring
Monitor and control the work of producing products, services, or results that the project was undertaken to produce.
Project success
Success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction.
Program and portfolio management
Programs encompass many projects, portfolios encompass all.
Portfolio is strategic.
Operations management
Normally outside the scope of project management. Concerned with ongoing operations and efficiency.
Where does project management and operations management meet?
Developing a new product, improving operations, end of product life cycle, each close out phase.
Organizational project management (OPM)
Framework in which portfolio, program, and project management are integrated with organizational enablers to achieve strategic objectives.
Purpose of Organizational project management (OPM)
Make sure the organization undertakes the right projects and allocate critical resources appropriately.
Also makes sure everyone understands the strategic vision, initiatives, objectives, and deliverables.
Organizational Environmemt
Strategy> portfolio (value decisions) >programs and projects (results delivery)> operations (business value realization)>strategy
Project life cycle
Series of phases the project passes through before completion.
Project Phase
Collection of logically related project activities that culminates in the completion of one or mor deliverables.
Phase gate
A review at the end of a phase in which a decision is made to continue to the next phase, continue modification, or to end a project.
Project management processes
A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to to create one or more outputs.
Project management process group
Logical grouping of project management tools, techniques, and outputs.
Includes; Initiating Planning Executing Monitoring Controlling Closing
Project management knowledge area
An identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques.
Phase organization possibilities
Sequential, Iterative, Overlapping
Project Life Cycle Types
Predictive or Adaptive
Development life cycle
Within a project life cycle, one or more phases associated with the development of a product, service, or result.
Development life cycle types
Predictive, iterative, incremental, adaptive, hybrid
Predictive life cycle
Project scope, time and cost are developed in the early phases of the life cycle. Scope changes are carefully managed. Also referred to as waterfall life cycles.
Iterative life cycle
Project scope is determined early but time and cost estimates are routinely modified as understanding of the project increases.
Iterations develop the product through repeated cycles.
Incremental life cycle
Deliverable is produced through iterations that add functionality over time. Only complete after the final iteration
Adaptive life cycle
Agile, iterative, incremental. Scope is defined before the start of an iteration. Change driven.
Hybrid life cycle
Combination of predictive or adaptive. Elements that can be fixed are, elements that are not are not.
Product life cycle
Independent of the project. Phases involved in the evolution of a product all the way to retirement.
Project phase attributes
Name Number Duration Resource elements Entrance criteria Exit criteria
Phase gate decisions
Continue Continue with modification End project Remain in phase Repeat phase or elements
Process categories
Performed once, periodically, and continuously.
Five project management process groups
Initiating Planning Executing Monitoring Closing
Initiating process group
Processes to performed to define a new project or new phase of an existing project by obtaining authorization to start the project or phase.
Planning process Group
Processes required to establish the scope of the s project, refine objectives, define course of action required to obtain objectives that the project was undertaken to achieve
Executing process group
Processes performed to complete the work defined in the plan to satisfy project requirements.
Monitoring and controlling process group
Processes required to track, review, and regulate progress and performance of the project; identify need for changes; initiate changes.
Closing process group
Processes to formally complete or close, a phase, project, or contract.
Ten project management knowledge areas
Project integration management Project scope management Project schedule management Project cost management Project quality management Project resource management Project communications management Project risk management Project procurement management Project stakeholder management
Project integration management
Processes and activities to identify, define, combine, unify and coordinate the various processes within project management process groups.
Project scope management
Process required to ensure the project includes all the work required and only the work required to complete successfully.
Project schedule management
Processes required to manage timely completion of the project
Project cost management
Process involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within budget.
Project resource management
Process to identify, acquire, and manage resources needed for successful completion of the project.
Project communications management
Processes required to ensure the timely and appropriate planning, collection,creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information.
Project risk management
Processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project.
Project procurement management
Processes necessary to acquire or purchase products, services, or results needed from outside the project team.
Project stakeholder management
Process required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and developing strategies for effectively engaging stakeholders in project decisions and execution.
Project data types
Work performance data
Work performance information
Work performance reports
Work performance data
The raw observations and measurements identified during activities performed to cart out the project work.
Percent of work, start and finish dates, number of change requests, actual costs.
Usually recorded in a project management information system (pmis)
Work performance information
Performance data collected from various controlling processes, analyzed in context and integrated based on relationships across areas.
Status of deliverables, forecasts etc
Work performance reports
Physical or electronic representation of work performance information compiled in project documents. Intended to generate decisions.
Memos etc.
Methodology
System of practices, techniques, procedures, and rules used by those who work in a discipline
Tailoring
Is necessary because each project is unique.
Address the competing constraints of scope, schedule, cost ,resources , quality, and risk
Project business case
Documented economic feasibility study to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for further project management activities
Project benefits management plan
The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a product.
Project sponsor
Accountable for the development and maintenance of the project business case.
Needs assesment
Precedes the business case.
Involves goals objectives, issues, and opportunity and recommending proposals to address them.
Target benefits
The expected tangible and intangible value to be gained by the implementation of the project.
Strategic alignment
How well the project benefits align to the business strategies of the organization
Benefits owner
Accountable person to monitor, record, and report realized benefits throughout the timeframe established in the plan
Project charter
Document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.
Project management plan
Document that describes how the project will be executed, monitored, and controlled
NPV
Net Present Value
IRR
Internal rate of return
PBP
Payback period
BCR
Benefit-Cost Ratio
Two categories that influence projects
Enterprise environmental factors (eefs)
Organizational process assets
(Opa)
Enterprise environmental factors (eefs)
External/internal
Originate outside the project
Organizational process assets
Processes/policies/ procedures
Corporate knowledge base
Internal to the organization
Principles of systems
Systems are dynamic
Systems can be optimized
System components can be optimized
Systems and their components cannot be optimized at the same time
Systems are nonlinear in responsiveness ( a change in the input doesn’t always produce a predictible change in the output.)
Project Governance
Framework,functions, and processes that guide project management activities in order to create a unique product service or result to meet organizational, strategic, and operational goals.
Management elements
Key functions or principles of general management in the organization.
Project management office
Organizational structure that standardized project-related governance processes and facilitated the sharing of resources methodologies, tools and techniques.
