Project Management Foundations

Question 1

What is Operational Work?

Answer 1

Ongoing work to support the business and systems of the organization

Question 2

what is the definition of a project

Answer 2

Temporary endeavor - with a start and end date

Creates a unique product, service, or result

Question 3

Why is a project undertaken

Answer 3

To drive a change in a product or process from a current state to a future state, to achieve a specific objective

To Create business value for the organization and its stakeholders

Question 4

What is the difference between a program and a portfolio

Answer 4

a program is a group of related, sub-projects and other program related activities, organized and managed into coordinated set of efforts

A Portfolio is a group of programs, projects, and related operational work, all prioritized and implemented to achieve a specific business objective

Question 5

What is Organizational Project Management (OPM)

Answer 5

A framework that guides portfolio, program, and project management to achieve the organization’s strategic goals

Question 6

What is governance

Answer 6

Governance is designed to support the specific culture and attributes of the organization

Organizational governance refers to the overall structure of an organization

Project Governance must be determined so that the project is an agreement with organizational governance

Question 7

Define the 3 primary forms of organizational structure

Answer 7

Functional: Organization is grouped by areas of specialization.

Project-Oriented: The company is organized by project, the team has no department to go to at project end; the project manager has control of the project

Matrix: Attempts to maximize the strengths of both the functional and project-oriented structures; team members reports to two managers and do project work

Question 8

What is the difference between a strong matrix and a weak matrix?

Answer 8

In a strong matrix, the balance of power rests with the project manager while in a weak matrix, power rests with the functional manager and the project manager serves as a coordinator or expediter

Question 9

What are 3 possible forms of a PMO?

Answer 9

Supportive

Controlling

Directive

Question 10

What is the role of the value delivery office (VDO)

Answer 10

In an adaptive environment, it helps enable project management

Question 11

What is the difference between present value and net present value?

Answer 11

Present value is the value today of future cash flows

Net Present value is the present value of the total benefits (income and revenue) minus the costs over many time periods

Question 12

Name some economic measures for project selection

Answer 12

Return of investment
Present Value
Net Present Value
Internal Rate of Return
Payback period
Cost-Benefit analysis

Question 13

During project selection, what does economic value added (EVA) determine?

Answer 13

whether the project returns more value than it costs

Question 14

During project selection, what does economic value added (EVA) determine?

Answer 14

whether the project returns more value than it costs

Question 15

What is opportunity Cost

Answer 15

The opportunity given up by selecting one project over another

Question 16

What are Sunk Costs

Answer 16

Expanded Costs – What has already been spent

Sunk Costs should bot be considered when deciding whether to continue with a troubled project

Question 17

What is the idea behind the law of diminishing returns?

Answer 17

Adding more input (for example, programmers) will not product a proportional increase in productivity (such as modules of code per hour)

Question 18

What is working capital

Answer 18

An organization’s current assets minus its current liabilities

Question 19

what are the types of depreciation?

Answer 19

Straight-Line: the same amount of depreciation is taken each year

Accelerated: Depreciates faster than straight-line depreciation

Question 20

What are organizational process assets (OPA)

Answer 20

Company processes, procedures, and policies

Organizational knowledge repositories (historical information, lessons learned)

Question 21

Give some examples of historical Information

Answer 21

Activities
WBS’s
Backlogs
Benchmarks
Reports
Baselines
Estimates
Prototypes

Question 22

What are enterprise environmental factors (EEF)

Answer 22

An organization’s Culture, technology, and external governmental Standards, rules, and regulations

Question 23

What is an assumption log?

Answer 23

a Repository of both assumptions and specifics related to constraints

Question 24

List project constraints that may occur throughout the life of a project

Answer 24

Schedule
Cost
Risk
Scope
Quality
Resources
Customer Satisfaction

Question 25

What is a project Management Information System (PMIs)

Answer 25

includes automated tools, such as scheduling software, a configuration management system, shared work-spaces for file storage or distribution, as well as repositories for historical information It is used in many planning, executing, and monitoring and controlling processes

Question 26

Describe the functions of work performance data, work performance information, and work performance reports

Answer 26

Work Performance Data - Measurements and details about activities gathered during the direct and Manage Project Work Process Work Performance Info - Data that is analyzed to make sure it conforms to the project management plan and to assess what it means for the project as a whole Work Performance Reports: Info that is organized and distributed to the various stakeholders who need to receive and possibly act on the information

Question 27

Name some frequently used project Management tools and techniques

Answer 27

Data gathering Data Analysis Data Representation Decision-Making Communication Meetings Expert Judgement

Question 28

When is a meeting most useful?

Answer 28

When Getting input or feedback from groups of people

Question 29

Name and describe the role of the agile team leader

Answer 29

A servant leader whose responsibility is to ensure that the adaptive methods and processes to be used on the project as well as understood and being followed, and to help the team by removing impediments to building and delivering the product of the project. The agile coach, team leader or scrum master

Question 30

Describe the role of the project manager in a predictive environment

Answer 30

Ensures the project meets objectives related to communications, stakeholder, risk, quality, and procurement management Directs and contributes to planning Manages the teams work and physical resources while the team works to build the product of the project

Question 31

What is the role of the sponsor/initiator?

Answer 31

In a Predictive Environment: Typically someone in management who provides the financial resources for the project and supports the project and protects it from unnecessary charges In an Agile Environment: Product Owners role is in some way analogous to that of a sponsor, being responsible for ensuring the project deliveries value and benefits

Question 32

Who as stakeholders?

Answer 32

Anyone who will be impacted by the project or may positively/negatively impact the project