Project Management Fundamentals

Question 1

Guide to Project Management Body of Knowledge (PMBOK Guide)

Answer 1

PMI publication that defined widely accepted project management practices. CAPM and PMP are based on this.

Question 2

Application areas

Answer 2

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

Question 3

Business value

Answer 3

Quantifiable return on investment.

• Can be tangible (equipment, money, market share)
• Can be intangible (reputation, brand recognition, trademarks)

Question 4

Certified Associate in Project Management (CAPM)

Answer 4

Person with slightly less PM experience than a PMP, but qualified and passed CAPM exam.

Question 5

Cultural and social environment

Answer 5

Defines how project affects people and how those people might affect a project.

C and S environments include economic, educational, ethical, religious, demographic, ethnic composition of the people affected by a 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:

• application of accounting
• procurement
• sales and marketing
• contracting,
• Manufacturing,
• logistics
• strategic planning
• human resource management
• standards and regulatons,
• information technology

Question 8

International and political environment

Answer 8

Considerations of local/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 PM

Answer 10

Time, cost and scope

If any side is not in balance, the project will suffer.

aka the triple constraints of PM

Question 11

Physical environment

Answer 11

Physical structure and surroundings that affect a project’s work

Question 12

Process groups

Answer 12

Collection of related processes in project management.

5 process groups (IPECC):

• Initiating
• Planning
• Executing
• Monitoring and Controlling
• Closing

49 processes within the process groups

Question 13

Program

Answer 13

A collection of related projects working in unison towards a common deliverable.

Question 14

Progressive elaboration

Answer 14

Process of gather project details.

Uses deductive reasoning, logic, and 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. End product is called a deliverable.

Question 16

Project benefits management plan

Answer 16

Document created and maintained by project sponsor and PM

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

Question 17

Project business case

Answer 17

Created and maintained by project sponsor.

Shows financial validity of why a project is chartered and launched within the organization.

Typically, project business case is created before the launch of the project and may be used as a go/no-go decision point.

Question 18

Project environment

Answer 18

Location and culture of the environment where project work will reside.

Includes social, economic, and environmental variables that project must work with or around.

Question 19

PMI

Answer 19

Organization of PM professionals from around the world, supporting and promoting the careers, values, and concerns of PMs

Question 20

Project life cycle

Answer 20

Phases that make up the project.

Unique to the type of work being performed and not universal.
e.g. foundation, framing, etc.

Question 21

PMO - PM Office

Answer 21

Central office that oversees all project within an organization or within a functional department.

PMO supports PM through software, training, templates, policies, communication, dispute resolution, others,

Question 22

PMP

Answer 22

Person with proven PM experience and qualified/passed PMP exam

Question 23

Project portfolio management

Answer 23

Management and selection of projects that support organizations vision and mission.

Balance of project priority, risk, reward, RoI. Senior management process.

Question 24

Subprojects

Answer 24

Smaller project managed within larger parent project.

Often contracted work whose deliverables allow larger project to progress.

Question 25

Triple constraints of PM

Answer 25

AKA iron triangle

Cost
Time
Scope

Every project has these constraints.

Question 26

Work performance data

Answer 26

Raw data, observations, and measurements about projects components.

Gathered and stored in PM information system.

Performance data -> performance info -> performance reports

Question 27

Work performance information

Answer 27

The actual processed and analyzed data that will help PM make project decisions.

Performance data -> performance info -> performance reports

Question 28

Work performance reports

Answer 28

Formatted communication of work performance information.

Communicates project through status reports, memos, dashboards, etc.

Performance data -> performance info -> performance reports