Project Management Terms

Question 1

What is a Project?

Answer 1

A temporary endeavour that produces a unique product, service or result.

Temporary in nature and has a definite beginning and ending.

• Unique
• Temporary
• Progressively Elaborated

Question 2

What is Project Management

Answer 2

Project management is the application of knowledge, skills, tools, and techniques to satisfy project requirements.

Summary example of processes.

• Preparing a business case. Defining a projects “business” value.
• Estimating resources and timelines.
• Developing and implementing a management plan.
• Leading and motivating the project team.
• Managing the risks, issues and changes on the project.
• Monitoring process agains plan.
• Closing the project in a controlled fashion when appropriate.

Question 3

What is Operations Management?

Answer 3

Deals with the ongoing production of goods and / or services.

Considers the acquisition, development and utilisation of resources that firms need to deliver their goods and services.

• Projects are temporary.
• Operations are ongoing.

Question 4

What is Portfolio Management?

Answer 4

The management of a collection of projects, programmes, subsidiary portfolios and operations managed as a group to achieve strategic objectives.

Question 5

What are Phases?

Answer 5

A phase is a collection of logically related project activities that culminates in the completion of one or more deliverables.

• Number of phases depend on the type of industry, as well as the complexity and size of the project.

A phase concludes once an approved and pre-defined deliverable or a set of deliverables have been realised within that phase.

Question 6

What are Deliverables?

Answer 6

A deliverable is any unique and verifiable product, service or result.

• May be tangible or intangible.
• Must be accepted by the customer or sponsor for the phase.

Question 7

What is Programme Management?

Answer 7

The management of a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.

• Needs to be added value in creating a program with multiple projects rather than managing it as one project.
• Projects may or may not form part of a program, but a program always has projects that make up the program.
• Focuses on project interdependencies and helps determine the optimal approach for managing them.

Question 8

What is a Project Life Cycle

Answer 8

A representation of the phases that a project typically goes through from start to finish.

Can be either predictive or adaptive.

Question 9

What is Project Governance?

Answer 9

The framework functions and processes that guide project management activities in order to create a unique product, service, or result to meet an organisation’s goals.

• All companies have a different framework.
• Should be tailored to the business.

Question 10

What are Stakeholders?

Answer 10

Stakeholders are individuals or organisations that may affect, be affected or perceived to be affected by the project.

Key Stakeholders on Projects.

• Project Manager
• Customers
• Project Team
• Project Sponsor
• Functional Manager

Question 11

What is a PMO? And what are three types that you get.

Answer 11

It is an organisational structure that aims to standardise processes and facilitates the sharing of resources, methodologies, tools and techniques.

Types of PMO’s:

• Supportive.
  Supports the PM. Including the provision of templates, training, lessons learned etc.
• Controlling.
  Determines the framework or methodology and use of specific forms.
• Directive. Controls the project. PM will be assigned and report to the PMO.

Question 12

What are the types of Organisational Structures?

Answer 12

1. Functional Organisations.
2. Matrix Organisations.
3. Project Oriented Organisations (Projectized).
4. Hybrid.

See link for chart:
https://www.researchgate.net/figure/Organizations-types-PMI-2008-Non-projectized-organization-primarily-by-pmanaged-by_fig1_257718845

Question 13

Define process and what it entails.

Answer 13

Processes involve inputs, outputs and tools / techniques combined to execute a specific purpose on the project.

• Input: Starting point for the process including the “raw materials” to begin the execution. It may be the output of a preceding process.
• Tools and Techniques: The actions or methods that are used to transform the “raw material” into the output.
• Output: The end result of the efforts. The “raw materials” transformed into an “end product”. It may be an input into a succeeding process.

(ITTO)

Question 14

What are PMI’s 4 main morals that a PM should have as per the PMI code of ethics?

Answer 14

1. Responsibility
2. Respect
3. Fairness
4. Honesty