PMP Core Terms Flashcards
Projects end when:
- Objectives are met - Objectives cannot or will not be met - Funds are depleted - Need no longer exists - Resources are no longer available - Legalities or convenience terminates the project
Project drive… what?
CHANGE
Projects may have a ??? state as the project moves to a future date
transition
Projects enable ??? ??? creation
business value
What are the two types of business values?
Tangible, Intangible
What are some examples of tangible business value?
Monetary assets, stockholder equity, fixtures and tools, market share
What are some examples of intangible business value?
Goodwill and reputation, brand recognition, public benefit, trademarks, strategic alignment
What are 4 examples of business value add?
- Regulatory, legal, or social requirements 2. Stakeholder requests 3. Technological advances 4. Create, improve, or fix products, processes, or services
Project management is:
The application of knowledge, skills, tools, and techniques to meet the project requirements
How many project management process are there?
49
What are the five project management process groups?
Initiate, Plan, Execute, Monitor and Control, Closing
What are the five typical steps in Project Management?
- Identifying requirements 2. Addressing needs, concerns, and expectations of stakeholders 3. Setting up, maintaining, and carrying out communications 4. Managing stakeholders 5. Balancing competing project constraints
What are the six typical competing project constraints?
Scope, Quality, Schedule, Budget, Resources, Risks
What are the 5 steps of Progressive Elaboration?
- Idea or concept (start very broad) 2. Formulate the idea 3. Business case 4. Feasibility study 5. Project (end very narrow)
What describes the phases of a project and happens for every project?
Project Life Cycle
The Project Life Cycle will be ??? for every application area
unique
Projects are always ??? (in regards to how long they last)
temporary
??? are ongoing indefinitely until shut down
Operations
What are the key differences between programs and projects?
- Programs have multiple related projects 2. Programs achieve benefites 3. Programs have Program Manager
What is a portfolio?
A book of all investments an organization can make in projects and programs and operations.
What is a subportfolio?
A component of a portfolio. Generally used for large businessess.
Can operations be part of a portfolio?
YES. Because it is an investment.
What term has these components below? 1. Supports project managers 2. Manages shared resources across the ??? 3. Coaching, mentoring, and training 4. Conducting project audits 5. Developing and managing processes and prcouedures 6. Developing and managing processes and procedures 7. Facilitating communications across projects
Project Management Office (PMO)
What are the three Project Management Office (PMO) types?
Supportive - consultative role, templates, training Controlling - compliance through a framework, specific forms and templates, governance Directive - directly manages the project as the PMO owns and controls the project lifee cycle
What are the 3 similar areas between projects and operations?
- Both involve employees 2. Both typically have limited resources: people, money, or both 3. Both are designed, executed, and managed
What is MACD?
Moving, Adding, Changing, Deleting
Projects develop new ??? or ???
products, services
Projects implement new ??? or ???
service, solution
Operations are ??? (time-wise)
ongoing
Operations have ??? actions
repetitive
What type of work focuses on maintenance and core business functions?
Operations
What is meant to coordinate, manage, and control projects, programs, and porfolio management in a uniform, consistent effort? - makes sure projects are managed in a consistent matter and methodology
Organizational Project Management (OPM)
What are 4 goals of OPM?
- Goals and Tactices 2. Value Decisions 3. Results Delivery 4. Business Value Realization
What do executives ask in regards to projects?
“Why should we do this project?” - Vision, Mission, Goals
What do functional managers ask in regards to projects?
“What are the mechanics of the projects that will help us achive the vision/goals/mission of the executives?” - Strategy, Tactices
What does operations ask in regards to projects?
“How can we help implement this project to achive the ‘what’ or the ‘why’?” - Lines of Balance (LOB), Core Functions
What is a project based organization?
An organization that bases their income on projects. Typically need very uniform approach to measure performance and profitability and value.
What term defines what are the rules and frameworks of how things are done?
Organizational Governance
“We don’t get to launch projects that don’t support our strategy” - what term relates to this?
Organizational Strategy
What is the Project Environment?
- The physical location of the project 2. The factors that influence a project (laws, regulations, rules, culture, ethics etc.)
What is an example of an external enterprise environmental factor?
The culture of the country or social aspects of the community where the project is taking place.
What does these items encompass? 1. Facilities 2. Equipment 3. Telecommunications channels 4. IT hardware and usability 5. Internal enterprise enviornmental factor
Infrastructure Environmental Factor
What processes are in the Inititate process group?
- Develop project charter 2. Identify stakeholders
What processes are in the Planning process group?
- Develop project management plan 2. Plan scope management 3. Collect requirements 4. Define scope 5. Create work breakdown structure (WBS) 6. Plan schedule management 7. Define activities 8. Sequence activities 9. Estimate activity resources 10. Estimate activity durations 11. Develop schedule 12. Plan cost management 13. Estimate costs 14. Determine budget 15. Plan quality management 16. Plan human resource management 17. Plan communcations 18. Plan risk management 19. Identify risks 20. Perform qualitative analysis 21. Perform quantitative analysis 22. Plan risk responses 23. Plan procurement management 24. Plan stakeholder management
What processes are in the Execute process group?
- Direct and manage project work 2. Quality assurance 3. Acquire project team 4. Develop project team 5. Manage project team 6. Manage communications 7. Conduct procurement 8. Manage stakeholder engagement
What processes are in the Monitoring and Controlling process group?
- Monitor and control project work 2. Integrated chagne control 3. Validate scope 4. Control scope 5. Control schedule 6. Control costs 7. Control quality 8. Control communications 9. Control risks 10. Control procurements 11. Control stakeholder engagement
What processes are in the Closing process group?
- Close project or phase 2. Close procurement
The raw data and facts about project work
Work Performance Data
The status of project work assignments, including percent complete, in progress, and start and finish dates
Work Performance Data
The analyzed work performance data. This is useable information to make decisions and contains status to actionable results.
Work Performance Information
Work performance information in communicable formatting. i.e. Status reports, Memos, Dashboards, Project updates - This helps stakeholders make decision
Work Performance Report
What 4 facts about tailoring processes for projects should we know?
- Choose what processes should be used on a project 2. What depth the process should be used 3. Not every process is needed on every project 4. The larger the proejct, the more processes are likely needed
What life cycle does the waterfall approach typically associate with?
Predictive Life Cycle
What life cycle is plan-driven, predicts the project life cycle, and cahnges to scope are tightly controlled?
Predictive Life Cycle (Waterfall Approach)
What life cycle has phases repeat through iterations, iterations creating deliverables, detailed scope is elaborated for each iteration, chagnes to the proejct scope are expected (starts simple and limited, becomes more complex with each increment)
Iterative and Incremental Life Cycle
What life cycle is change-driven, agile pm, rapid iterations or proejct work, backlog of requirements, changes to the project scope as expected?
Adaptive Life Cycles
What are the primary business documents for a project?
- Project business case - Project charter - Project management plan - Benefits management plan
At the end of a phase, before you can move into the next phase, their is a review of what has been done so far. What is this called?
Phase Gate
You should always compare actual performance to ??? documents
business
What does KPI stand for?
Key Performance indicators
What is a Kill Point for a project?
The point at which a project should end. Those limits need to be decided on at the beginning: For example, if the project is 20% over, kill the project at the phase gate review.
What is an economic feasibility study?
Business Case
What is the term that defines: - Validity of benefits the proejct will create - Future project management decisions and actions - Maintained throughout the project
Business Case
Who is accountable for the development and maintenance of the business case?
Project Sponsor
Who is accountable for providing recommendations in the business case?
Project Manager
Can a business case be at the program level?
Yes
A business case defines what is ??? the need for action
prompting
The business case makes a statement documenting the businesss ??? or ??? to be addressed including hte value
problem, opportunity
The business case identifies the ??? of the project and the ??? affected
scope, stakeholders
Business case will look at how the project fits with the organization ???, ???, and objectives
strategies, goals
Business case will identify the ??? ??? or ??? of an opportunity
root cause, contributors
A ??? analysis is used in a business case.
gap
Identifies potential r??? in the business case.
risks
The business case makes a ??? on whether the business should pursue the potential project.
recommendation
What are the three potential analyses of a situation?
- It is required (to be fulfilled to address the problem or opportunity) 2. It is desired (to address the problem or opportunity) 3. It is option (not essential, not absolutely desired above other things)
A project outcome that provides value to the organization and the project beneficiaries
Benefit
Document use to define: - Create the project benefits - Maximize the project benefits - Sustain the project benefits
Project Benefits Management Plan
A Project Benefits Management Plan should highlight which 6 specific items?
- Target benefits - such as expected tangible and intangible value 2. Strategic alignment - the project benefits align to the business strategies 3. Timeframe - benefits by phase, short-term, long-term, and ongoing 4. Metrics - the measures to be used to show benefits realized, direct measures, and indirect measures 5. Assumptions - the factors expected to be in place or to be in evidence 6. Risks - the risks for realization of benefits
What are the 10 Project Management Knowledge areas?
- Project Integration Management 2. Project Scope Management 3. Project Time Management 4. Project Cost Management 5. Project Quality Management 6. Project Human Resource Management 7. Project Communication Management 8. Project Risk Management 9. Project Procurement Management 10. Project Stakeholder Management
What knowledge area acts as the “gears” of a project?
Integration Management
What are the 7 steps to Integration Management (KA)
- Develop project charter 2. Develop project management plan 3. Direct and manage the project work 4. Manage project knowledge 5. Monitor and Control Project Work 6. Perform Integrated Change Control 7. Close project or phase
What are the 6 steps to Scope Management?
- Plan scope management 2. Collect requirements 3. Define scope 4. Create WBS (Work Breakdown Structure) 5. Validate Scope 6. Control Scope
What are the 6 steps to Schedule Management?
- Plan schedule management 2. Define activities 3. Sequence activities 4. Estimate activity durations 5. Develop schedule 6. Control schedule
What are the 4 steps to Cost Management?
- Plan cost management 2. Estimate costs 3. Determine budget 4. Control costs
What are the 3 steps to Quality Management?
- Plan quality management 2. Manage quality 3. Control quality
What are the 6 steps to Resource Management?
- Plan resource management 2. Estimate activity resources 3. Acquire resources 4. Develop team 5. Manage team 6. Control resources
What are the 3 steps to Communications Management?
- Plan communications management 2. Manage communications 3. Monitor communications
What are the 7 steps to Risk Management?
- Plan risk management 2. Identify risks 3. Perform qualitative risk analysis 4. Perform quantitative risk analysis 5. Plan risk responses 6. Implement risk responses 7. Monitor risks
What are the 3 steps to Procurement Management?
- Plan procurement management 2. Conduct procurements 3. Control procurements
What are the 4 steps to Stakeholder Management?
- Identify stakeholders 2. Plan stakeholder engagement 3. Manage stakeholder engagement 4. Monitor stakeholder engagement
Do project managers have control over enterprise environmental factors?
Nope.
What are the two types of enterprise environmental factors?
Internal, External
Wht are internal enterprise environmental factors?
- Created by organization and outside the project 2. Organization culture, strucutre, and governance - leadership, vision, beliefs, bierarchy of management, ethics, and organization code of conduct expectations. 3. Phsyical location of resources and facilities - physical location of resources and worksites 4. Infrastructure of your oganizatino - equipmont, facitilites, tools ,communcation channels, technology, and the availability and capabilities of these resources 5. IT software - software for scheduling ,configuration management, online systems, and work authorization systems 6. Resource availability - people, tools, equipment, facilities, and materials. The internal processes to obtain resources, such as procurement, contracting, and subcontractors, can all influence the project management approach. 7. Employee capability, capabilities of the employees involved in the project
What are external enterprise environmental factors?
- External factos, conditions, and regualtions 2. Marketplace conditions - the marketplace you operate within 3. Cultural influences and issues - the politcal, climate, customer perceptions, and news 4. Laws and regulations 5. Commercial databses - databses to help predict cost and schedule, risk, studies, and benchmarking 6. Academic research 7. Government and industry standards, 8. Financial 9. Physicial enterprise environmental factors - weather, where it is taking palce
What are some organizational process assets?
- Resources within an organization - Leveraged, researched, or interviewed - Historical information - Standards, policies, and organizational procedures - Standardized guidelines and performance measurements - Templates for project documents - Guidelines for adapting project management processes - Financial controls for purchasing, accounting codes, and procurement processes - Communication requirements such as standard forms, procuedures, and reports - Processes for project activities, such as change control, closing, communications, financial controls, and risk control procedures - Project closing procedures for acceptance, product validation, and evaluations
What 3 P’s can effect a project?
Processes, Policies, Procedures
Internal Processes for Project Management are?
- Within framework of best practices - How your organization manages projects - Can be enterprise environmental factors or organization process assets
What 3 P’s are in “Initiating and Planning?”
- Criteria for tailoring the organization’s standards processes and procedures - Organization standards - human resources polices, healh and safety policies, security, etc. - Product and project life cycle - project amangement methods, estimation metrics, process audits, improvement targets, checklists, etc. - Templates such as project management plans, project documents, project registers, report formats, contract templates, risk categories, risk statement templates - Preapproved supplier lists and variou types of contractual agreements
What 3 P’s are in “Executing, Monitoring and Controlling?”
- Change control procedures - Procedures to modify project documents - Traceability matrices - Financial controls procedures - Issue and defect management procedures - Resource availability control and assignment management
What are the aspects of organization knowledge repositories?
- Cataloging - Archiving - Retrievable - OPAs are part of knowledge repositories - ARchive at closure
What are some examples of organizational knowledge repositories?
- Project files from past projects - Historical information and lessons learned - Issue and defect databases - Configuration management databases - Financial databases
What are some aspects of organization systems?
- Provide structure and governance - Permissions - Work authorization - Employee discipline - Defined by organization management
What are some aspects of System Dynamics?
- Relationship between components - Bureaucracy - Politics - Policies
What defines what you are allowed and not allowed to do in a project?
Governance
What defines the organizational structure?
Framework
What are some aspects of a Governance Framework?
- Rules and organization policies - Procedures for activities - Cultural norms - Systems and processes - Framework influences how: Objectives are set and achieved, Rsik is monitored and assessed, Performance is optimized
Should a portfolio, program, and related projects use the same governance?
Yes!
What are some management elements of governance?
- Division of work - Authority to perform work - Responsibility to perform work - Discipline of action - Unity of command - Unity of direction - Organization goals take precedence over individual goals - Paid fairly - Optimal use of resources - Clear communcation channels - Right materials to the right person for theright job at the right itme - Fair and equal treatment of people in the workplace - Clear security of work positions - Safety of people in the workplace - Open contribution to planning and execution by each person - Optimal morale
What are some approaches to approching projects?
- Completing projects for others - Completing projects internally through a system - Completing projects as needed - Customers can be internal or external
What are the four factors you should pay attention to when it comes to organiziational structure types?
- How the organization is built - Influences power for project manager - Affects the project manager approach - Affects how you answer exam questions
What are some organizational structure factors?
- Oragnzaitonal objectives alignment - Strucutre by capabilities - Control, efficiency, and effectiveness - Escalation of decisions - Scop of authority - Simplicity of design - Delegation capabilities - Accountability - Responsibility - Adaptability - Efficiency - Cost -Physical locations - CLear communcation
What are the 10 organizational structure types?
- Organic or simple 2. Functional (Centralized) 3. Multidivisional 4. Weak matrix 5. Balanced matrix 6. Strong matrix 7. Project-oriented (Composite, Hybrid) 8. Virtual 9. Hybrid 10. PMO Structure
What is an organic (simple) structure?
- Work groups within the organization are flexible - People work alongisde one another regardless of their roles in the organization - Project manager may have little to no authority over the project resources - Resources dedicated to the project are low - Owner of the organization will be the individual in charge of the budget - Unlikely that there’ll be any administrative staff to help the project manager
What are funcitonal organizations?
- Sometimes called centralized organizations - CLear division of business units - Project managers in a functional organization (little authority and little autonomy - report ot a functional manager - project coordinators or team leaders - parttime role - little to no admin staff - functional manager manages project budget)
What are multidivisional structure?
- Replication of functions for each division - Similar to the functional organization - Project manager will have little authority - Project corrdinator - Resources for the project will be part time - Could a parttime admin staff - Functional manager manages project budget
What is a weak matrix?
- Team has a blend of departmental and project duties - Project manager has limited authority, management and team is part time, project coordinator or team leader , part-time admin staff) - Functional manager manages the project budget
What is a balanced matrix?
Defines authority beweteen project manager and functional manager - project manager has low to mod amount of authority, management of a part time project team, part time role as project manager, may have part time admin staff to help expedite - project manager and fucntional manager share management of the project budget
What is a strong matrix?
Project manager has moderate to high level of power, management of a prt time to nearly fulltime project team, fulltime role as a project manager, full time admin staff to help expedite the project - project manager manages the project budget
What is project-oriented?
Groups employees, collocated or not, by activities on a project - The PM: – Complete or close to complete power – High level of autonomy over projects – Work full time on the project with their team - full time admin staff -manages the budget