Project+ 1 Flashcards
Program
A program is a group or related projects that can benefit from coordinated management.
Which of the following are required to validate a business case
- Strategic alignment
- Project Justification
Advantages of Functional organization
- Growth potential and a career path for employees
The opportunity - The opportunity for those with unique skills to flourish
- A clear chain of command
Cons of Functional organization
Project managers have limited to no authority
Multiple projects compete for the same limited resources
Resources are generally committed part-time to the project rather than full-time
Issue resolution follows the department chain of command
Project team members are loyal to the functional manager
Human resource management knowledge
involves organizational planning, staff acquisition, and team development. It includes processes that organize and manage a project team member with assigned project roles and responsibilities
Project scope management knowledge
Incorporates project initiation, scope planning, definition, verification, and change control
The project communication management knowledge
Involves communication plannings, information distribution, performance reporting, and administrative closure.
Project risk management knowledge area
Describes risk management planning, risk identification, qualitative and quantitative risk analysis, risk response planning, monitoring, and control
Which of the following are steps required to validate a project?
Feasibility analysis
Justification for the project
Alignment to the strategic plan
Identifying and analyzing stakeholders
What is included in the business case
Justification for the project
Aligns to strategic goals of the organization
Business need or opportunity that brought about the project
Alternative solutions analysis
Recommended solution
Feasibility study (may or may not be included)
Which of the following comes under the economical model
Discounted cash flow
NPV - Net Present Value
IRR - Internal rate of return
Project selection techniques
Cost-benefit analysis
Expert judgement
Scoring model
Reasons for bringing about a project
Market demand Strategic opportunity Business need Customer Request Technological advances Legal requirements Environmental considerations Social needs
Project Management Knowledge Areas
Project Integration Management Project Scope Management Project Time Management Project Cost Management Project Quality Management Project Human Resources Management Project Communications Management Project Risk Management Project Procurement Management Project Stakeholder Management
Feasibility study
Feasibility studies are typically undertaken for projects that are risky, projects that are new, or projects that are highly complex to the organization.
