PMBOK GUIDE 7th Edition Chapters (The Standard for Project Management)

Question 1

What are the different components of value delivery?

Answer 1

Portfolios, programs, projects, products, and operations

Question 2

What are the 12 principles of project management?

Answer 2

1. (Stewardship) Be a diligent, respectful, and caring steward
2. (Team) Create a collaborative project team
3. (Stakeholders) Effectively engage with stakeholders
4. (Value) Focus on value
5. (System Thinking) Recognize, evaluate, and respond to system interactions
6. (Leadership) Demonstrate leadership behaviors
7. (Tailoring) Tailor based on context
8. (Quality) Build quality into processes and deliverables
9. (Complexity) Navigate complexity
10. (Risk) Optimize risk responses
11. (Adaptability & Resiliency) Embrace adaptability and resiliency
12. (Change) Enable change to achieve the envisioned future state

Question 3

Who can be a stakeholder?

Answer 3

Stakeholders can be individuals, groups, or organizations that may affect, be affected by, or perceive themselves to be affected by a decision, activity, or outcome of a portfolio l, program, or project.

Question 4

What is the ultimate indicator of project success?

Answer 4

Value

Question 5

When can value be realized?

Answer 5

Throughout the project, at the end of the project, or after the project

Question 6

Is leadership and authority the same?

Answer 6

No

Question 7

Describe some of the differences between leadership and authority

Answer 7

Any project team member can demonstrate leadership behaviors. Authority is usually delegated to a person by formal means such as a charter document or designated titled and gives the right to apply project resources, expend funds, make decisions or give approvals

Question 8

What are the different leadership styles?

Answer 8

• autocratic
• democratic
• laissez-faire
• directive
• participative
• assertive
• supportive
• autocratic to consensus

Question 9

What is the quality of a product, service, or deliverable measured for?

Answer 9

conformance to acceptance criteria (scope) and fitness for us

Question 10

True/False

Risks can be both positive and negative

Answer 10

True

Positive risks are referred to as opportunities and negative risks are referred to as threats

Question 11

Define risk appetite and risk threshold.

Answer 11

Risk appetite describes the degree of uncertainty an organization or individual is willing to accept in anticipation of a reward. Risk reward is the measure of acceptable variation around an object that reflects the risk appetite of the organization and stakeholders (i.e. risk threshold of +-5% around a cost objective).