PMP 1 : Project Management Frameworks Part1 Flashcards
What is a project?
A time-bounded endeavor undertaken to create a unique product, service, or result.
What is the difference between a project and an operation?
A project is temporary and unique, while an operation is routine, repeated, and not time-bounded.
What is a program?
A group of related projects managed together to obtain benefits and control not available from managing them individually.
What is a portfolio?
A collection of projects, programs, sub-portfolios, and operations managed as a group to achieve strategic benefits.
How does scope differ between projects programs and portfolios?
Projects: Limited to specific deliverables; Programs: Combines multiple project scopes; Portfolios: Organization-wide scope that changes with strategic goals
How is success measured at each level?
Projects: On-time, within budget, quality standards, customer satisfaction; Programs: Benefit delivery, program efficiency and effectiveness; Portfolios: Strategic alignment, investment performance, overall value
What are the four main project management process phases?
- Initiating 2. Planning 3. Executing 4. Closing
Which process group requires the highest effort early in the project?
The Planning Process Group shows the highest peak early in the project.
How does monitoring and controlling effort distribute across the project?
It maintains a consistent level of effort throughout most of the project duration.
How does stakeholder influence change throughout the project lifecycle?
Stakeholder influence starts HIGH and decreases to LOW as the project progresses.
How do costs of changes evolve throughout the project lifecycle?
The cost of changes starts LOW and increases to HIGH as the project progresses.
What are the four core phases of a project lifecycle?
- Start 2. Design 3. Construct 4. Close
What is the central component of project management knowledge areas?
Project Integration Management
What are the nine surrounding knowledge areas?
- Scope Management 2. Schedule Management 3. Cost Management 4. Quality Management 5. Resource Management 6. Communications Management 7. Procurement Management 8. Stakeholder Management 9. Risk Management
What does OPA stand for and what does it include?
Organizational Process Assets; Includes: Processes & Procedures (templates, policies), Knowledge Base (past projects, lessons learned)
What does EEF stand for and what are its components?
Enterprise Environmental Factors; Includes: Internal: Company culture, structure, resources; External: Regulations, market conditions, industry standards
What are the three main types of organizational structures?
- Functional (Centralized) 2. Project-Oriented 3. Matrix
What are the characteristics of a Functional Structure?
Work arranged by departments, Projects managed within single departments, Project manager has minimal authority, Resources managed through functional managers
What are the three types of Matrix Organizations?
- Weak Matrix: Similar to functional, project coordinator role 2. Balanced Matrix: Shared power between functional and project managers 3. Strong Matrix: Full-time project managers with high authority
What are the three types of PMOs and their control levels?
- Supportive PMO: Low control, provides templates and guidance 2. Controlling PMO: Medium control, ensures policy compliance 3. Directive PMO: High control, directly manages complex projects
What are the key responsibilities of a PMO?
Project governance guidance, Document templates, Lessons learned repository, Process compliance, Resource management, Project monitoring, Communication coordination, Project prioritization
