Project+ Extra 1

Question 1

End of a project is reached when its objectives are met, the need for the project no longer exists, or it is determined that the objectives cant be met. A project is considered successful when specified objectives are met w/in specified duration and budget and w/required quality.

Answer 1

Projects :

Question 2

??? independently manageable component of an existing project, projects can have multiple ??? and they in turn can have even smaller ???. Usually a ??? is given a contract either to an external enterprise or to another functional unit in the org.

Answer 2

Subproject

Question 3

??? planned effort for executing and monitoring a project in order to accomplish its defined goals and objectives.

Answer 3

Project Management :

Question 4

??? ongoing day to day production of goods and services. ??? management includes such disciplines as human resources, purchasing, sales, and maintenance.

Answer 4

Operations :

Question 5

??? communicating cross functionality, managing efforts of team members who do not report to them directly, and delivering work on time, w/in allotted budget and specifications for quality.

Answer 5

Role of PM :

Question 6

group of related projects that have a common objective. Managed by Program Manager, all projects need not always be part of programs. Projects that do not have a common objective but are still managed in a group are known as multiple projects.

Answer 6

Program :

Question 7

collection of projects, programs, and operational work to achieve strategic business objectives of an org. Projects in a portfolio may or may not be interdependent. For a project to be part of a portfolio, its attributes such as cost, resource requirements, timelines, strategic goals, and benefits should be in line with other projects in the portfolio. Portfolios are generally managed by a senior manager or senior management teams.

Answer 7

Portfolio :

Question 8

Program management includes related and interdependent projects, whereas a portfolio may include several other unrelated projects if they all support major goals or a significant product line.

Operations : ongoing effort, repetitive product or service. Purpose of operations is to carry out day-to-day organizational functions, generate income to sustain business, and increase the value of organizational assets.

Answer 8

Info

Question 9

??? maintaining project historical info, managing shared resources across projects managed by the ???, monitoring project timelines, budget, quality at enterprise level, identifying and implementing new project management methodologies, creating effective project policies, documentation, and templates, helping PM develop estimates and schedules, conducting routine quality assurance reviews, managing communication across projects under the ???.

PMO : projects supported by PMO may not be related to each other.

Answer 9

PMO (some functions) :

Question 10

Customers : define needs for project output, delivering the project output, paying for the project output.

Sponsors : may be individuals or groups that provide finances, management support and overall control of the project, may be internal or external to org.

Sponsor : has the financial resources for project, signs and publishes the project charter, approves initial project baselines and changes to baselines, has ultimate responsibility for project success, signs off on all planning documents, including requirements, business case and scope and change requests, authorizes the team to use resources, supports PM and team, reviews progress and quality, helps PM market the project to stakeholders who may not see the benefit of it.

Answer 10

Stakeholders (#1)