PMP Exam Flashcards
What is a standard?
a formal document that describes established norms, methods, processes and practices
What is a project?
a temporary endeavor undertaken to create a unique product, service or result
What is a portfolio?
a collection of projects, programs, subportfolios and operations managed as a group to achieve strategic objectives
What are programs?
a group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually
What is project management?
the application of knowledge, skills, tools and techniques to project activities to meet the project requirements
What is progressive elaboration?
continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available
What is organizational project management (OPM)?
a strategy execution framework utilizing project, program and portfolio management
What is program management?
the application of knowledge, skills, tools and techniques to a program in order to meet program requirements
What is portfolio management?
the centralized management of one or more portfolios to achieve strategic objectives
What is a Project Management Office (PMO)?
a management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools and techniques
Three Types of PMO Structures:
1) Supportive – provide a consultative role to projects by supplying templates, best practices, training etc
2) Controlling – provide support and require compliance through various means. the degree of control provided by the PMO is moderate
3) Directive – take control of the projects by directly managing the projects. degree of control provided by the PMO is high
What is the primary function of the PMO?
to support project managers in a variety of ways
What is operations management?
area of management concerned with ongoing production of goods and/or services.
What are operations?
ongoing endeavors that produce repetitive outputs, with resources assigned to do basically the same set of tasks according to the standards institutionalized in a product life cycle
What are project-based organizations (PBOs)?
refer to various organizational forms that create temporary systems for carrying out their work
