Quiz 1 Prep Flashcards
Prepare for the quiz covering project management basics, as well as the Integration and Scope modules
What is a project?
A unique, temporary endeavor for the purpose of creating a product, service or result
What is project management?
The application of knowledge, skills and techniques to meet project requirements. Is about concepts; is not industry specific
What is a program?
A group of related projects managed in a coordinated way to obtain benefits (and control) that are not attainable by managing these projects individually
What is program management?
The centralized, coordinated management of a program to achieve strategic objectives and other benefits. Focuses on project interdependencies
What is a portfolio?
A collection of projects, programs, or other work grouped together to effectively manage them toward strategic business objectives
What are the functions of a portfolio?
- Oversee project selection
- Monitor aggregate resource levels and skills
- Encourage use of best practices
- Balance projects in order to represent risk level appropriate to the organization
- Improve communication among stakeholders
- Create a total organization perspective (goes beyond “silo thinking”)
- Improve the overall management of projects over time
Compare Program versus Project versus Portfolio
- Program = group of related projects managed collectively
- Project = single, unique undertaking
- Portfolio = collection of projects, programs grouped and managed together for strategic purposes
Who are project stakeholders?
• People who are actively involved with a project, or who have interests that can impact it (both negatively and positively)
What is a functional type organization, matrix type organization, and projectized organization? What is the project manager’s authority level in these different types of organization environment?
- Functional Organization = delegates the different segments of a project to the appropriate functional units within an organization. Project manager has little to no authority.
- Projectized organization = projects are the main form of business. Functional departments are there to support project teams. Project manager has complete authority.
- Matrix organization = overlays elements of a projectized structure on top of a functional structure. Project manager has shared authority with functional managers.
What are key dimensions for defining an organization’s Culture?
- Member identity (job or organization)
- Team emphasis (individual or group)
- Management focus (tasks or people)
- Unit integration (independent or interdependent)
- Control (loose or tight)
- Risk tolerance (low or high)
- Reward criteria (performance or other)
- Conflict tolerance (low or high)
- Means-ends orientations (means or ends)
- Open-system focus (internal or external)
What is phase gate methodology?
• A structured review process. Evaluates and documents outcomes; provides management with information on progress toward strategic goals. Sets up “go/kill” decision making.
What is the Project Management Maturity Model?
• A formal tool used to measure different levels of project management within an organization
o Level 1 – Ad hoc
o Level 2 – Formal application
o Level 3 – Institutionalization
o Level 4 – Management of system
o Level 5 – Optimization of system
What methods are used as financial models for project selection?
- Payback Method – measures how long it will take to recover initial investment
- Net Present Value (NPV) Method – uses minimum discount rate to compute present value of all net cash inflows
What are five to six major project management processes of the project management integration module?
- Initiate – Develop charter
- Plan – Develop management plan
- Execute – Direct and mange execution
- Monitor/Control – Project work
- Change Control – Perform integrated change control
- Close – Close project
What are nine knowledge areas in project management integration module?
- Integration
- Scope
- Time
- Cost
- Quality
- HR
- Communication
- Risk
- Procurement
What are enterprise environmental factors?
• Any external or internal factors that surround or influence project success (including organizational culture and structure, infrastructure, existing resources, commercial databases, market conditions and project management software).
What are organizational process assets? (There are two different cards with the same question, but different answers)
• Assets at the disposal of an organization that can be used to influence project success. May include any plans, policies, procedures, guidelines, as well as any historical lessons learned.
What is SOW?
• The project Statement of Work:
o Business needs
o Product scope description
o Strategic plan related to long term goals
What is a project charter?
- Document formally authorizing a project (or phase).
- A project’s purpose or justification, measurable objectives, and summary of schedule, cost and scope
What is a project plan?
• The actions necessary to define, prepare, integrate and coordinate all project work. • Defines how the project is to be executed, monitored, controlled and closed.
What is a deliverable?
• A unique and verifiable product, service, phase or result
What is a Project Management Information System (PMIS)?
• The coherent organization of the information required to execute projects successfully • Is typically one or more software applications
What are administrative closure related activities?
• These are used to gather lessons learned about a project, to transfer products, services or results to the next assignment, and to officially complete a project or phase.
What are organization process assets?
• Project files • Project or phase closure documents • Historical info (including lessons learned)
Are there any (procedural) differences between closing a project/phase vs. terminating a project early?
• No, but if terminated early then the reason must be documented.
Which aspects make up the project management Triple Constraint Triangle?
• Time, scope and cost.
What is scope?
• The results a project is expected to deliver, and the work required to achieve these (and only these) results.
What are the methods for collecting scope requirements?
• Methods for collecting scope requirements include interviews (SME’S), focus groups and workshops.
What are WBS and decomposition? What are the differences between control account, planning packages and work packages?
- WBS o Process of subdividing project deliverables and project work into smaller, more manageable components
- Decomposition o The breaking down of higher level components into lower level ones, resulting in a hierarchical structure of the work to be done
- Control account is the top level—the managerial control point– of decomposition. Planning packages are the identified work content, but without detailed activities. Work packages are the detailed activities, or, the deliverables.
What is scope baseline?
• The project scope statement, WBS and WBS dictionary
How do you verify scope (fulfillment)?
• Review deliverables with the sponsor/customer • Obtain formal acceptance (sign off) from sponsor/customer
