Project Management terms

Question 1

A temporary endeavour that produces a unique product service or result. Temporary in nature and definite beginning and ending. Can be a part of large program or portfolio.

Answer 1

Project

Question 2

3 main Project characteristics

Answer 2

Unique, Temporary and Progressively Elaborated

Question 3

Application of knowledge, tools and techniques to satisfy project requirements

Answer 3

Project management

Question 4

Group of related projects managed in a coordinated way to obtrain benefits and control not available from managing them individually

Answer 4

Program management

Question 5

Organizastional structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools and techniques

Answer 5

Project management office

Question 5

Project management office types

Answer 5

Supportive, controlling and Directive

Question 6

A collection of projects, programs, subsidiaries, and operations managed as a group to achieve strategic objectives.

Answer 6

Portfolio

Question 7

• Deals with the ongoing production of goods and/or Services
• Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services

Answer 7

Operations Management

Question 8

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

Answer 8

Phase

Question 9

any unique and verifiable
product, service or result
- May be tangible or intangible
- Must be accepted by the customer or sponsor for the phase

Answer 9

Deliverable

Question 10

A representation of the phases that a project typically goes through from start to finish, Can be either predictive or adaptive

Answer 10

Project Life cycle

Question 11

Framework within which
project decisions are made

Answer 11

Project Governance

Question 12

Three pillars of Project governance

Answer 12

Structure, People, Information

Question 13

Individuals, group, or organization that may affect, be affected, or perceive to be affected by the project.

Answer 13

Stakeholders

Question 14

Key Stakeholders for a project

Answer 14

• Project Manager - manages the project
• Customer - uses the project deliverable
• Project team - the collection of individuals completing the project work
• Project Sponsor – Provides resources and support
• Functional Manager - Departmental Manager, i.e Manager of Engineering, Vice President of Marketing, Director of IT. Generally controls resources

Question 15

Roles of Project manager

Answer 15

Initiator, Negotiator, Listener, coach, working member, Facilitator

Question 16

a significant event or achievement in a project that marks a key point or completion of a major deliverable.

Answer 16

Milestone

Question 17

the amount of time it takes to complete a specific task or activity within a project

Answer 17

Task Duration

Question 18

Organizational Structures

Answer 18

Functional Organizations, Matrix Organizations, Project Oriented Organizations (Projectized), Hybrid

Question 19

Structure that groups staff members according to their area of expertise (sales, marketing,
construction, etc.). Require the project team members to report directly to the functional manager

Answer 19

Functional Structure

Question 20

Structure where the PM has the greatest amount of authority. The project team is assigned to the project on a full-time basis. When the project is complete, the project team members moves on to other assignments within the organization.

Answer 20

Project Oriented Organizations, (Projectized)

Question 21

Matrix Organizations PM authority

Answer 21

There are three matrix structures: weak, balanced, and strong. The different structures are reflective of the project manager’s authority in relation to the functional manager’s authority.

Question 22

Project bosses types

Answer 22

Sponsor, Program manager

Question 23

potential events or situations that may occur in the future and have an impact on the project’s success.

Answer 23

Risks

Question 24

problems or challenges that arise during the course of a project. They are typically negative events or circumstances that can hinder progress or impact project objectives

Answer 24

Issues

Question 25

statements or beliefs that are considered to be true or valid for the purpose of planning and
decision-making

Answer 25

Assumptions

Question 26

limitations or restrictions that affect project planning and execution

Answer 26

Constraints

Question 27

6 project constraints

Answer 27

Scope
Schedule
Cost
Risk
Quality
Resources

Question 28

5 Areas of a Project

Answer 28

• Resources - Managing the people and material resources
• Communications - All stakeholders get the correct information at the right time
• Risk - Identifying and responding to risk over the lifecycle of the project
• Procurements - Acquiring resources from outside the project team
• Stakeholders’ engagement - Keeping all stakeholders active and alert on the project

Question 29

Project Management Approaches

Answer 29

Predictive (waterfall) and adaptive (agile)