PPT1 - CH1

Question 1

is a temporary endeavor undertaken to create a unique product, service, or result

Answer 1

Project

Question 2

has a defined lifespan with a beginning and an end

Answer 2

• Temporary

Question 3

established objectives

Answer 3

• Product, service, or result

Question 4

an attempt to achieve an objective or a goal, usually, the involvement of several departments and professionals

Answer 4

• Endeavor

Question 5

The end of the project is reached when one or more of the following is true (6):

Answer 5

• The project’s objectives have been achieved;
• The objectives will not or cannot be met;
• Funding is exhausted or no longer available for allocation to the project;
• The need for the project no longer exists (e.g., the customer no longer wants the project completed, a change in strategy or priority ends the project, the organizational management provides direction to end the project);
• The human or physical resources are no longer available; or
• The project is terminated for legal cause or convenience.

Question 6

refers to the benefit that the results of a specific project provide to its stakeholders. It may be tangible, intangible, or both.

Answer 6

• Business Value

Question 7

Tangible elements of business value

Answer 7

• Monetary Assets
• Stockholder equity
• Utility
• Fixtures
• Tools
• Market Share

Question 8

Intangible Elements of business value

Answer 8

• Goodwill
• Brand recognition
• Public benefit
• Trademarks
• Strategic alignment
• Reputation

Question 9

Factors that lead to the Creation of Projects (4)

Answer 9

• Meet regulatory, legal, or social requirements
• Implement or change business or technological strategies
• Create, improve, or fix products, processes, or services
• Satisfy stakeholder requests or needs

Question 10

Specific Factors that Lead to the Creation of Projects (13)

Answer 10

1. New technology
2. Competitive forces
3. Material issues
4. Political changes
5. Market demand
6. Economic changes
7. Customer request
8. Stakeholder demands
9. Legal requirement
10. Business process improvements
11. Strategic opportunity or business need
12. Social need
13. Environmental Considerations

Question 11

is the series of phases that a project passes through from its start to its completion. It is the basic framework for managing projects.

Answer 11

project life cycle

Question 12

• Within a project life cycle are one or more phases that are associated with the development of the product, service, or result

Answer 12

development life cycle

Question 13

• A development life cycle can be

Answer 13

predictive, iterative, incremental, adaptive, or a hybrid.

Question 14

(life cycle) the project scope, time, and cost are determined in the early phases of the life cycle

Answer 14

• In a predictive life cycle ,

Question 15

(life cycle) the 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.

Answer 15

• In an iterative life cycle ,

Question 16

(approach) to build the overall solution/product and then refine some of the areas that require improvement.

Answer 16

An iterative approach would be

Question 17

(life cycle) the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame.

Answer 17

• In an incremental life cycle ,

Question 18

(approach) involves building and releasing one feature at a time depending on priorities defined by the customer.

Answer 18

Using an incremental approach

Question 19

(life cycle) are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. When the project scope and/or technology is not fully known, things become much less predictable and plan-driven methods suffer.

Answer 19

• Adaptive life cycles

Question 20

(life cycle) is a combination of a predictive and an adaptive life cycle

Answer 20

• A hybrid life cycle

Question 21

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

Answer 21

project phase

Question 22

is held at the end of the phase, and the performance measured and compared against project documents and plans.

Answer 22

phase gate

Question 23

starts after the project is given a go-ahead. Specifications are defined; objectives established; teams formed; major responsibilities assigned.

Answer 23

• Defining Stage / Starting a Project

Question 24

Plans are developed; schedules formed; quality level determined; and budget decided.

Answer 24

• Planning Stage / Organizing and Preparing

Question 25

The physical product is produced; time, cost, and specifications are measured for control; and changes made.

Answer 25

• Executing Stage / Carrying out the Work

Question 26

Delivery the project product; redeploying project resources; and conducting a post-project review.

Answer 26

• Closing Stage / Ending the Project

Question 27

stage that includes goals, specifications, tasks, and responsibilities

Answer 27

defining

Question 28

stage that includes schedules, budgets, resources, risks, and staffing

Answer 28

planning

Question 29

stage that includes status reports, changes, quality, and forecasts

Answer 29

executing

Question 30

stage that includes training customers, transferring documents, releasing resources, evaluating, and lessons learned

Answer 30

closing

Question 31

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

Answer 31

program

Question 32

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

Answer 32

portfolio