PMBOK - PMP

Question 1

Business Value Creation

Answer 1

Net quantifiable benefit derived from a business endeavor.

In Business Analysis, this is considered the return, in the form of elements such as time, money, goods, or intangibles in return for something exchanged

Tangible Elements:
Monetary assets
Stockholder equity, Utility
Fixtures
Tools
Market share

Intangible Elements:
Goodwill
Brand Recognition
Public benefit
Trademark
Reputation

Question 2

Project Initiation Context

Answer 2

1. Meet regulatory, legal, or social requirements;
2. Satisfy stakeholder requests or needs
3. Implement or change business or technological strategies
4. Create, improve, or fix products, processes, or services.

Question 3

Effective project management helps individuals, groups, and public and private organizations to:

Answer 3

1. Meet business objectives;
2. Satisfy stakeholder expectations;
3. Be more predictable;
4. Increase chances of success;
5. Deliver the right products at the right time;
6. Resolve problems and issues;
7. Respond to risks in a timely manner;
8. Optimize the use of organizational resources;
9. Identify, recover, or terminate failing projects;
10. Manage constraints (e.g., scope, quality, schedule, costs, resources);
11. Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and
12. Manage change in a better manner.

Question 4

Project management enables organizations to

Answer 4

1. Tie project results to business goals
2. Compete more effectively in their markets
3. Sustain the organization
4. Respond to the impact of business environment changes on projects by appropriately adjusting project management plans

Question 5

Program

Answer 5

group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually

Question 6

Portfolio

Answer 6

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

Question 7

Significance of Portfolio View

Answer 7

Facilitates the effective governance and management of the work that helps to achieve organizational strategies and priorities.

allows organizations to see how the strategic goals are reflected in the portfolio.

enables the implementation and coordination of appropriate portfolio, program, and project governance. This coordinated governance allows authorized allocation of human, financial, and physical resources based on expected performance and benefits.

Question 8

Program management

Answer 8

application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually

Question 9

Actions related to these program and project-level interdependencies may include:

Answer 9

Aligning with the organizational or strategic direction that affects program and project goals and objectives

Allocating the program scope into program components

Managing interdependencies among the components of the program to best serve the program

Managing program risks that may impact multiple projects in the program

Resolving constraints and conflicts that affect multiple projects within the program

Resolving issues between component projects and the program level

Managing change requests within a shared governance framework

Allocating budgets across multiple projects within the program; and
Assuring benefits realization from the program and component projects.

Question 10

Portfolio management

Answer 10

centralized management of one or more portfolios to achieve strategic objectives. The programs or projects of the portfolio may not necessarily be interdependent or directly related.

Question 11

The aim of portfolio management

Answer 11

Guide organizational investment decisions

Select the optimal mix of programs and projects to meet strategic objectives

Provide decision-making transparency

Prioritize team and physical resource allocation

Increase the likelihood of realizing the desired return on investment

Centralize the management of the aggregate risk profile of all components.

Question 12

Operations management

Answer 12

concerned with the ongoing production of goods and/or services.

It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).

Question 13

Projects can intersect with operations at various points during the product life cycle, such as;

Answer 13

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; and

At each closeout phase.

Question 14

OPM

Answer 14

framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.

Question 15

Purpose of OPM

Answer 15

ensure that the organization undertakes the right projects and allocates critical resources appropriately.

helps to ensure that all levels in the organization understand the strategic vision, the initiatives that support the vision, the objectives, and the deliverables

Question 16

Project Life Cycle

Answer 16

The series of phases that a project passes through from its start to its completion.

Question 17

Project Phase

Answer 17

A collection of logically related project activities that culminates in the completion of one or more deliverables.

Question 18

Phase gate

Answer 18

A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a program or project.

Question 19

Project management processes

Answer 19

A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs.

Question 20

Project Management Process Group

Answer 20

A logical grouping of project management inputs, tools and techniques, and outputs. The Project Management Process Groups include Initiating, Planning, Executing, Monitoring and Controlling, and Closing. Project Management Process Groups are not project phases.

Question 21

Project Management Knowledge Area

Answer 21

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.

Question 22

Project Life Cycle

Answer 22

series of phases that a project passes through from its start to its completion.

It provides the basic framework for managing the project. This basic framework applies regardless of the specific project work involved. The phases may be sequential, iterative, or overlapping

Can be predictive or adaptive

Question 23

Developmental life cycles

Answer 23

can be predictive, iterative, incremental, adaptive, or a hybrid model

Question 24

Predictive Life Cycle

Answer 24

the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed.

Can also be referred to as waterfall life cycles

Question 25

Incremental life cycle

Answer 25

deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.

The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.

Question 25

Iterative life cycle

Answer 25

project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases.

develops the product through a series of repeated cycles, while increments successively add to the functionality of the product.

Question 26

Adaptive life cycles

Answer 26

agile, iterative, or incremental.

The detailed scope is defined and approved before the start of an iteration.

also referred to as agile or change-driven life cycles.

Question 27

Hybrid life cycle

Answer 27

combination of a predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle.

Question 28

Life cycle flexibility may be accomplished by:

Answer 28

Identifying the process or processes needed to be performed in each phase

Performing the process or processes identified in the appropriate phase

Adjusting the various attributes of a phase (e.g., name, duration, exit criteria, and entrance criteria).