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
