Project Mgt. Foundations

Question 1

What is the definition of a project?

Answer 1

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

Question 2

What are the characteristics of a project?

Answer 2

1) Temporary
- Finite time period (defined beginning and end)

2) Drives Change

3) Enables value creation
- Tangible and/or intangible
- Aligned to organizational goals

4) Must be tailored

Question 3

What are the four creation criteria? Also known as the drivers/reasons for a project to be created.

Answer 3

1) Meet regulatory, legal, or social requirements
2) Satisfy stakeholder requests or needs
3) Create, improve, or fix products, processes, or services
4) Implement or change business or technological strategies

Question 4

After idetntifing the driver for a porject, what documents are used developed to evaluate the economic feasibility of the project?

Answer 4

1) Business case

2) Project benefits management plan

Question 5

What does the business case document provide?

Answer 5

1) Often developed by the project sponsor
2) States the project objective

3) (Cost-benefit) Determines at a high level if the expected outcomes exceed the required investment
- Go/no-go decision point prior to chartering

Question 6

What document gives us a go/go-go decision prior to chartering?

Answer 6

Business case

Question 7

What is a project charter?

Answer 7

The foundational document defining the key project components and formally authorizing the project’s existence.

Question 8

What aligns a project’s visions and expectations?

Answer 8

Project charter?

Question 9

Who does the project charter align a project’s visions and expectations?

Answer 9

By defining

 - Purpose and requirements
 - Projected schedule, costs, risks
 - Scope boundaries

Question 10

How does the project charter define what is and is not in the project?

Answer 10

By determining the scope boundaries

Question 11

Who normally developes the project charter and who assist the development of the project charter?

Answer 11

1) Developed by the project sponsor

2) Assisted by the project manager

Question 12

Who normally developes the project charter and who assist the development of the project charter?

Answer 12

1) Developed by the project sponsor

2) Assisted by the project manager

Question 13

Who authorizes resources to project activites?

Answer 13

Project Manager

Question 14

Who authorizes a project to exist?

Answer 14

Project Sponsor

Question 15

What document translates the project charter into actionable plans for how the project will be planned, executed, monitored, and controlled?

Answer 15

Project Management Plan

Question 16

What document has 18 sub plans/baselines?

Answer 16

Project Management Plan

Question 17

What type of ways do we mesures project success?

Answer 17

1) Financial

2) Non-financial

Question 18

What are the financial terms we use to measure project success?

Answer 18

1) Net present value (NPV
2) Return on investment (ROI)
3) Internal rate of return (IRR)
4) Payback period (PBP)

Question 19

What are the non-financial ways to assess project success?

Answer 19

1) Achieving stakeholder satisfaction
2) Acceptable customer/end-user adoption
3) Achieving agreed-upon quality of delivery
4) Fulfilling contract terms and conditions

Question 20

What are the non-financial ways to assess project success?

Answer 20

1) Achieving stakeholder satisfaction
2) Acceptable customer/end-user adoption
3) Achieving agreed-upon quality of delivery
4) Fulfilling contract terms and conditions

Question 21

What are the three questions do project success measures answer?

Answer 21

1) What does success look like?
2) How will success be measured?
3) What factors may impact success?

Question 22

Proccesses produce _______ and use _______?

Answer 22

Produce Data

Use informatoin

Question 23

What is raw observations and measurements?

Answer 23

Work performance data

Question 24

What is the result of data being analyzed?

Answer 24

Work performance informatoin

Question 25

What are organizaed summaries of informatoin designed to generate action?

Answer 25

Work performance reports

Question 26

What do work performance reports used to generate?

Answer 26

Action

Question 27

What is the differents between operations managment and project management?

Answer 27

1) Operations management = Ongoing operations of existing production
2) Project Management = Short-term effort to achieve defined goals

Question 28

What is ongoing operations of existing production?

Answer 28

Operations Management

Question 29

What is a short-term effort to achieve defined goals?

Answer 29

Project Management

Question 30

List the project org flow

Answer 30

1) Portfolios
2) Programs
3) Projects

Question 31

What are portfolios?

Answer 31

The highest grouping of projects and programs linked to a strategic goal.

Question 32

What are programs?

Answer 32

Related projects and/or subsidiary programs all grouped together towards a central goal.

Question 33

What are projects?

Answer 33

Temporary endevors that deliver defined objectives.

Question 34

What manager ensures strategic objectives are supported?

Answer 34

Portfolio Managers

Question 35

How do portfolio mangers ensuer strategic objectives are supported?

Answer 35

1) Selecting the right programs and projects
2) Prioritizing the programs and projects
3) Providing sufficient resources for completing projects

Question 36

What manager main focuse is to deliver the needed results?

Answer 36

Program Managers

Question 37

Who to program managers deliver results?

Answer 37

1) Allocat resources across projects within their program
2) resolving issues
3) Supporting project mangers

Question 38

Portfolio mgt = __________

Program/project mgt = __________

Answer 38

Portfolio mgt = Select the “right” programs/projects

Program/project mgt = Complete them the “right” way

Question 39

What are the foundational project documents?

Answer 39

1) Busineess case
2) Project Benefits Management Plan
3) Project Charter
4) Project Management Plan