Project Management Fundamental Terms

Question 1

A Guide to the Project Management Body of Knowledge (PMBOK Guide)

Answer 1

The PMI publication that defines widely accepted project management practices. The CAPM and the PMP exam are based on this book.

Question 2

Application areas

Answer 2

The areas of expertise, industry, or function where a project is centered. Examples of application areas include architecture, IT, health care, and manufacturing.

Question 3

Business value

Answer 3

udemy- A quantifiable return on investment. The return can be tangible, such as equipment, money, or market share. The return can also be intangible, such as brand recognition, trademarks, and reputation.

pmbok-the benefit that the results of a specific project provide to its stakeholders.

Question 4

Certified Associate in Project
Management (CAPM)

Answer 4

A person who has slightly less project
management experience than a PMP, but
who has qualified for and then passed the
CAPM examination.

Question 5

Cultural and social environment

Answer 5

Defines how a project affects people and
how those people may affect the project.
Cultural and social environments include
the economic, educational, ethical,
religious, demographic, and ethnic
composition of the people affected by the
project.

Question 6

Deliverable

Answer 6

Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.

Question 7

General management skills

Answer 7

These include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.

Question 8

International and political environment

Answer 8

The consideration of the local and
international laws, languages,
communication challenges, time zone
differences, and other non-collocated
issues that affect a project’s ability to
progress.

Question 9

Interpersonal skills

Answer 9

The ability to interact, lead, motivate, and
manage people

Question 10

Iron Triangle of Project Management

Answer 10

A triangle with the characteristics of time, cost, and scope. Time, cost, and scope
each constitute one side of the triangle; if any side of the Iron Triangle is not in
balance with the other sides, the project will suffer. The Iron Triangle of Project
Management is also known as the Triple Constraints of Project Management, as all
projects are constrained by time, cost, and scope.

Question 11

Physical environment

Answer 11

The physical structure and surroundings that affect a project’s work.

Question 12

Process groups

Answer 12

A collection of related processes in project management. There are five process
groups and 49 project management processes. The five process groups are
Initiating, Planning, Executing, Monitoring and Controlling, and Closing

Question 13

Program

Answer 13

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

Question 14

Progressive elaboration

Answer 14

The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.

Question 15

Project

Answer 15

A temporary endeavor to create a unique product, service, or result. The end result
of a project is also called a deliverable

Question 16

Project benefits management plan

Answer 16

udemy- A document created and maintained by the project sponsor and the project
manager. The project benefits management plan defines what benefits the project will create, when the benefits will be realized, and how the benefits will be measured.

pmbok- the documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project.

Question 17

Project business case

Answer 17

udemy- Created and maintained by the project sponsor and shows the financial validity of why a project is chartered and launched within the organization. Typically, the project business case is created before the launch of the project and may be used as a go/no-go decision point.

pmbok- a documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities.

Question 18

Project environment

Answer 18

The location and culture of the environment where the project work will
reside. The project environment includes the social, economic, and environmental
variables the project must work with or around.

Question 19

Project Management Institute (PMI)

Answer 19

An organization of project management professionals from around the world,
supporting and promoting the careers, values, and concerns of project managers.

Question 20

Project life cycle

Answer 20

udemy- The phases that make up the project. Project life cycles are unique to the type of work being performed and are not universal to all projects.

pmbok- the series of phases that a project passes through from start to its completion.

Question 21

Project management office (PMO)

Answer 21

A central office that oversees all projects within an organization or within a functional department. A PMO supports the project manager through software,
training, templates, policies, communication, dispute resolution, and
other services

Question 22

Project Management Professional (PMP)

Answer 22

A person who has proven project management experience and has qualified
for and then passed the PMP examination.

Question 23

Project portfolio management

Answer 23

The management and selection of projects that support an organization’s
vision and mission. It is the balance of project priority, risk, reward, and return on
investment. This is a senior management process

Question 24

Subprojects

Answer 24

A smaller project managed within a larger, parent project. Subprojects are often
contracted work whose deliverable allows the larger project to progress.

Question 25

Triple Constraints of Project
Management

Answer 25

Also known as the Iron Triangle. This theory posits that time, cost, and scope
are three constraints that every project has

Question 26

Work performance data

Answer 26

Raw data, observations, and measurements about project components.
Work performance data is gathered and stored in the project management
information system.

pmbok- the raw observations and measurements identified during activities performed to carry out project work.

Question 27

Work performance information

Answer 27

Work performance information is the processed and analyzed data that will help
the project manager make project decisions.

pmbok- the performance data collected from various controlling process, analyzed in context and integrated based on relationships across areas

Question 28

Work performance reports

Answer 28

Work performance reports is the formatted communication of work performance
information. Work performance reports communicate what’s happening in the
project through status reports, memos, dashboards, or other modalities

pmbok- the physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or awareness.