PMP CORE Flashcards
Intro
5 Phases of Project Management
- Initiation
- Planning
- Executing
- Monitoring & Controlling
- Closing
Project Management Knowledge Areas
10 knowledge areas (Project ??? Management)
- 1 perspective: integration
- 5 core constraints: scope, time, cost, quality, risk
- 4 facilitators: human resource, communications, procurement, stakeholders
Major PM Phase Outputs
What is a Project?
“Project is a temporary endeavor undertaken to create a unique product, service, or result.”
Project:
- has definitive beginning and end
- may be long or short in duration
- both process and result are unique
Project Results
- New product
- Product component or enhancement
- New service or platform
- Improvement to existing service/platform
- New business asset (plan, document, report)
Project can take place…
…at any level or type of an organization
Project can involve one or more…
…people,
units,
organizations
What is Project Management (def.)?
The application of knowledge, skills, tools, and techniques **to project activities **to meet the project requirements.
Managing Projects involves…
- Identifying project requirements
- Addressing stakeholder needs, concerns, and expectations (neg. or pos.)
- Establishing and maintaining stakeholder communication
- Balance project constraints (time, scope, budget, quality…)
Project Constraints
- Scope
- Schedule/Time
- Budget/Cost
- Resources
- Quality
- Risk
Project Management Plan is…
- developed iteratively
- progressively elaborated
- continuously improved as clearer information becomes available
A Program is (def.)
“Group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually.”
Project may or may not be part of a Program (True or False)
True
Programs always consist of projects (True or False)
True
Program Manager Responsibilities
- Resolve conflicts between resources and projects
- Smooth constraints on shared resources
- Align goals, vision, and direction for all projects in program
- Resolve issues and handle change management within a unified structure
What is Portfolio? (def.)
“Projects, programs, sub-portfolios, and operations managed as a group to achieve a strategic objectives.”
Portfolio Management
- Consists of many projects, programs, and sub-portfolios
- Components may have little in common
- Aligns a broad range of projects and programs to top-level strategic objectives
- Sets organization-wide policies, procedures and resource allocations
Projects within a portfolio share many similarities, common objectives, and interdependencies (True or False)
False
Programs do, not Portfolios
Projects are used to achieve…
organizational objectives
