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CAPM > PMBOK Ch 1-3 > Flashcards

PMBOK Ch 1-3 Flashcards

Introduction, Value Delivery, PM Principles

1
Q

Outcome:

A

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 of the project was undertaken to deliver

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2
Q

Portfolio:

A

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

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3
Q

Product:

A

An artifact that is produces, is quantifiable, and can be either an end item or a component item

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4
Q

Program:

A

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

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5
Q

Project:

A

A temporary endeavor undertaken to create a unique product, or service, or result. The Temporary nature of projects indicates a beginning and an end to the project work or a phase of the project work. Projects can be stand alone or part of a program or portfolio

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6
Q

Project Management

A

the application of knowledge, skills, or 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 (eg. predictive, hybrid, and adaptive)

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7
Q

Project Manager:

A

The person assigned by 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.

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8
Q

Project Team

A

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

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9
Q

System for value delivery

A

a collection of strategic business activities aimed at building, sustaining, andor advancing an organization. portfolios, programs, projects, products, and operations can all be part of an organization’s system for value delivery

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10
Q

Value

A

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.

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11
Q

The standard for project management…

A

identifies project management principles that guide behaviors and actions of project management principles

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12
Q

How do organizations create value for stakeholders?

A

By creating new products, creating positive enviornments, improving efficiency, and enabling needed changes.

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13
Q

What are components?

A

Portfolios, programs, projects, products, operations

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14
Q

What are examples of external envirnoments?

A

Economy, competitive enviroment, legislative constraints

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15
Q

What are examples of internal environments?

A

Policies, procedures, methodologies, frameworks, governance structure

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16
Q

An outcome is…

A

the end result or consequence of a progress or project

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17
Q

The components in a value delivery system…

A

create deliverables used to produce outcomes

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18
Q

An outcome is…

A

the end result or consequence of a process or project

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19
Q

Value is…

A

something of worth, importance, or usefulness

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20
Q

Outcome create benefits which…

A

are gains realized by the organization

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21
Q

A value delivery system works most effective when…

A

information and feedback are shared consistently among all components, keeping the system aligned with strategy and attuned to the environment

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22
Q

Flow of information from Top Down

A
  • senior leadership provides strategic information to portfolios ➡️
  • portfolios shared the desired outcomes, benefits, and value with programs & projects ➡️
  • Deliverables from programs and projects are passed on to operations with information on support and maintenance for the deliverables
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23
Q

FLOW of information from Bottom Up

A
  • Operations provide suggestions, adjustments, fixes, and updates to deliverables ➡️
  • Programs and projects provide performance information and progress on achieving the desired outcomes, benefits, and value to portfolios ➡️
  • Portfolios provide evaluations on portfolio performance with senior leadership ➡️
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24
Q

The governance system works alongside the value delivery system

A

to enable smooth workflows, manage issues, and support decision making

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25
Governance system provide...
a framework with functions and processes that guide activities
26
Governance frameworks
elements of oversight, control, value assessment, integration among components, and decision-making capabilities
27
Project Governance
includes defining the authority to approve changes and make other business decisions related to the project
28
Decentralized coordination
project team members self-organize and self-manage
29
Centralized coordination:
Leadership and guidance of a designated project manager or similar role
30
Self-organized project teams:
can be used for portions of work in centralized coordination
31
Coordination:
includes consulting with executive leaders on ideas for advancing objectives, improving project performance, or meeting customer needs. Assisting in business analysis, tendering and contract negotiations, and business case developments.
32
Oversight:
can be involved in follow-on activities related to benefits realization and sustainment after the project deliverables are finalized but before formal closure of the project. This function can support portfolios and programs within which the project is initiated.
33
Customer:
the customer is defined as the individual or group who has requested or is funding the project
34
End User:
is the individual or group who will be experience the direct use of the project deliverable
35
In adaptative and hybrid project environments,
the need for ongoing feedback is greater because some the project teams are exploring and developing project elements within the specific increments.
36
Facilitation:
helps the project team create consensus around solutions, resolve conflicts, and make decisions. Also required to coordinate meetings and contribute in an unbiased way to the advancement of project objectives
37
Support:
supporting people through change and helping address obstacles that can prevent success is also required. This can include evaluating performance and providing individuals and project teams with feedback to help them learn, adapt, and improve
38
Expertise:
provide the knowledge, vision, and expertise in a specific subject for a project
39
Process assets:
Process assets may include tools, methodologies, approaches, templates, frameworks, patterns, or PMO resources
40
Governance documentation:
This documentation includes policies and processes
41
Data Assets:
Data assets may include databases, document libraries, metrics, data, and artifacts from previous projects
42
Knowledge Assets:
Knowledge assets may include tacit knowledge among project team members, subject matter experts, and other employees
43
Security and Safety:
Security and safety measures may include procedures and practices for facility access, data protection, levels of confidentiality, and proprietary secrets.
44
Organizational culture, structure, and governance:
These aspects of an organization include the vision, mission, values, beliefs, cultural norms, leadership style, hierarchy, and authority relationships, organizational style, ethics, and code of conduct
45
Geographic distribution of facilities and resources:
These resources include work locations, virtual project teams, and shared systems
46
Infrastructure:
Infrastructure consists of existing facilities, equipment, organizational and telecommunications channels, information technology hardware, availability, and capacity
47
Information technology software:
Examples include contracting and purchasing constraints, approved provides and subcontractors, and collaboration agreements. Availability related to both people and materials includes contracting and purchasing constraints, approved providers and subcontractors and time lines.
48
Resource availability:
Examples include contracting and purchasing constraints, approved providers and subcontractors, and collaboration agreements. Availability related to both people and materials includes contracting and purchasing constraints, approved providers and subcontractors, and time lines.
49
Employee capability:
Examples include general and specialized expertise, skills, competencies, techniques, and knowledge
50
Marketplace conditions:
Marketplace conditions include competitors, market share, brand recognition, technology trends, and trademarks.
51
Social and cultural influences and issues:
These factors include political climate, regional customs and traditions, public holidays and events, codes of conduct, ethics, and perceptions
52
Regulatory environment:
The regulatory environment may include national and regional laws and regulations related to security, data protection, business conducts, employment, licensing, and procurement
53
Commercial databases:
Databases include standardized cost estimating data and industry risk study information
54
Academic research:
This research can include industry studies, publications, benchmarking results
55
Industry Standards:
These standards are related to products, production, environment, quality, and workmanship
56
Financial considerations:
These considerations include currency exchange rates, interest rates, inflation, taxes, and tariffs
57
Physical Environment:
The physical environment pertains to working conditions and weather
58
Product management:
involves the integration of people, data, processes, and business systems to create, maintain, and develop a product or service throughout its lifecycle
59
The product life cycle is
a series of phases that represents the evolution of a product, from introduction through growth, maturity, and to retirement
60
Program management within a product life cycle:
This approach incorporates related projects, subsidiary programs, and program activities. For very large or long-running products, one or more product life cycle phases may be sufficiently complex to merit a set of programs and projects working together
61
Project management within a product life cycle:
This approach oversees development and maturing of product capabilities as an ongoing business activity. Portfolio governance charters individual projects as needed to perform enhancements and improvements or to produce other unique outcomes
62
Product management within a program:
This approach applies the full product life cycle within the pruview and boundaries of a given progra. A series of subsidiary programs or projects will be chartered to achieve specific benefits for a product. Those benefits can be enhanced by applying product management competencies like (Competitive Analysis) (Customer Acquisition) (Customer Advocacy)
63

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