Project Management Fundamental Terms

Question 1

PMBOK Guide

Answer 1

The PMI publication that defines widely accepted project management practices.

Question 2

Application Areas

Answer 2

The areas of expertise, industry or function where a project is centered. Examples - architecture, IT, health care

Question 3

Business Value

Answer 3

A quantifiable return on investment. They can be tangible (equipment, money or market share) or intangible (brand recognition, trademarks, and reputation)

Question 4

Certified Associate in Project Management (CAPM)

Answer 4

A person who has slightly less Project Management experience than a PMP and has qualified for and passed the CAPM Exam

Question 5

Cultural and Social Environment

Answer 5

Defines how a project affects people and how those people may affect the project

Question 6

Deliverable

Answer 6

A product, service or result created by a project. (Projects can have multiple deliverables

Question 7

General Management Skills

Answer 7

Include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, HR management, standards and regulations, and IT

Question 8

International and Political Environment

Answer 8

The consideration of 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

Cost, Time and Scope. Also known as the Triple Constraints of Project Management. If any side of the triangle is not in balance with the other sides, the project will suffer. All projects are constrained by Cost, Time 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. 5 Process Groups are Initiating, Planning, Executing, Monitoring and Controlling, and Closing. There are 49 project management processes

Question 13

Program

Answer 13

A collection of related projects working in unison toward a common deliverable

Question 14

Progressive Elaboration

Answer 14

The process of gathering project details. This process uses deductive reasoning, logic and a series of information-gathering techniques to identify details about a project, product or solution

Question 15

Project

Answer 15

A temporary endeavor to create a unique product, service or result.

Question 16

Project Benefits Management Plan

Answer 16

Created and maintained by the project sponsor and the project manager.

Defines what benefits the project will create, when the benefits will be realized and how the benefits will be measured

Question 17

Project Business Case

Answer 17

Created and maintained by the Project Sponsor and shows the financial validity of why a project is chartered and launched within an organization.

May be used as a go/no-go decision point

Question 18

Project Environment

Answer 18

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

Question 19

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 Cycles

Answer 20

The phases that make up the project. They are unique to the type of work being performed and are not universal to all projects

Question 21

PMO (Project Management Office)

Answer 21

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

Question 22

PMP (Project Management Professional)

Answer 22

Person who has proven project management experience and has qualified for and passed the PMP exam

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. Senior Management Process

Question 24

Subproject

Answer 24

A smaller project managed within a larger parent project. 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. Time, Cost and Scope are 3 constraints that every project has

Question 26

Work Performance Data

Answer 26

Raw date, observations and measurements about project components. Gathered and stored in the PMIS (Project Management Information System)

Question 27

Work Performance Information

Answer 27

The processed and analyzed data that will help the project manager make project decisions

Question 28

Work Performance Reports

Answer 28

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