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PMP > Session 1 > Flashcards

Session 1 Flashcards

1
Q

What are the 3 domains of PMP?

A
  1. People
  2. Process
  3. Business Environment
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2
Q

What is portfolio management?

A

Achieve strategic objectives —aligns with business strategies

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3
Q

What is program management?

A

Group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits, not available from managing them individually—
Controls components, and interdependencies to realize benefits

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4
Q

What is project management?

A

Part of a broader program, portfolio or both – enables achievements of organizational goals and objectives

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5
Q

What are the organizational structures?

A

• Functional
• Matrix
• Project oriented
• Composite

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6
Q

What does organizational structure and governance affects/determines?

A

• How organizational groups and individuals into interrelate
• How much authority the project manager has
• What resources will be available
• How the project will be conducted

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7
Q

Individuals and interaction over?

A

Process and tools

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8
Q

Working software over

A

Comprehensive documentation

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9
Q

Customer collaboration over

A

Contact negotiation

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10
Q

Responding to change over

A

Following a plan

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11
Q

What are the 3 performance domains in project management (Talent Triangle)?

A

• Process- Ways of working
• People/ Negotiatie- Power skills
• Business Environment-understanding how an organization operates

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12
Q

Enterprise Environmental Factors
(EEFs)

A

What impacts the project
(Internal and external to the organizational)

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13
Q

Organizational Process Asets
(OPAs)

A

Information you can use
(policies, procedures, and processes)

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14
Q

What are the Environmental Assessment Tools?

A

• PESTLE
• TECOP
• VUCA

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15
Q

PESTLE

A

political, economic, socio-cultural, technical, legal, environmental

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16
Q

TECOP

A

Technical, environmental, commercial, operational, political

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17
Q

VUCA

A

volatility, uncertainty, complexity, common, ambiguity

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18
Q

SWOT

A

strengths, weaknesses, opportunities, threats

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19
Q

Is the question below an EEFs or OPAs

Economic demand for a new shopping area

A

EEFs

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20
Q

Is the question below an EEFs or OPAs

Historical society (conservation) building regulations.

A

EEFs

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21
Q

Is the question below an EEFs or OPAs

Local neighborhood demand for better town center

A

EEFs

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22
Q

Is the following question below an EEFs or OPAs

Achieve of past large infrastructure projects

A

OPAs

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23
Q

Is the following question listed below an EEFS or OPAs

Approved vendor and contractors list

A

OPAs

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24
Q

Is the following question listed below an EEFs or OPAs

Tenant selection process

A

OPAs

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25
Q

Project Management Plan

A

A document that describes how a project will be executed, monitored, and controlled and closed.

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26
Q

Business Documents

A

Developed prior to project start ( usually by a business analyst or key project stakeholder)

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27
Q

Business Case

A

Justifies project and establishes boundaries

28
Q

What are the established boundaries for a business case

A

• Cost benefit analysis
• Business need
• Quality specifications
• Schedule or cost constraints

29
Q

What should the benefits management plan include?

A
  1. Processes for creating, maximizing and sustaining project benefits
  2. Timeframe for short and long-term benefits realization
  3. Benefits, owner, or accountable person
  4. Metrics
  5. Assumptions, constraints and risk
30
Q

Is the business case and benefits management plan a part of the project management plan?

A

No, it’s a business document

31
Q

A cost benefit analysis

A

How businesses justify the selection authorization of a project

32
Q

PV Present Value

A

Applies to projects that span several time periods when the value of money might change e.g. inflation

33
Q

What factors determine Present Value(PV)

A

• Future value
• Interest rate
• Number of periods

34
Q

Net present value (NPV)

A

• Is used for the capital budgeting
• Accounts for inflation and macro economic change (discount rate)
• Compares the value of a currency unit today to the value of the same currency unit in the future

35
Q

Objective and Key Reults (OKRs)

A

A goal setting practice that enables teams to achieve their goals by setting simple and measurable results

36
Q

How Objective and key results (OKRs) help deliver business value

A

• Start with organizational objectives
• Decide key desired results

37
Q

Objective and key results (OKRs) best practices

A

• Support each objective with between 3 to 5 measurable key results
• Aim for 70% success rate to encourage competitive goal making.
• Write OKRs that are action-orientated and inspirational and include concrete, measurable outcomes

38
Q

An incremental development approach can deliver the following values

A

• Enable Value delivery sooner
• Attain higher customer value and increased market share
• Enable early feedback, allowing for adjustments to the direction, priority, and quality of product
• allow partial delivery ( or previews) to customers

39
Q

What does the business document contain

A

• Information about the projects objectives in contribution to the business goals

• Help the business to determine whether a project is worth the required investment of time, money, and resources

40
Q

Types of Business Value

A

• financial gain
• new customers
• social benefit
• first to market
• improvement (technological, process)
• Regulatization (alignment, or compliance with standards and regulations)

41
Q

What is the diffence between agile and traditional project management?

A

Agile embrace iterations (repetition)
Traditional embrace phase

42
Q

Predictive

A

Plan base approach
•Activities completed in a distinctive or linear fashion
•New phase begins only when the previous phase is completed

43
Q

Predictive key roles

A

• project sponsor authorizes project
• Team lead by project manager

44
Q

Predictive value delivery

A

• deliverables transition to customer at completion
• value realize in both short and long term

45
Q

Adaptive

A

Change based approach
• agile, incremental or iterative development
• time box cadence (iterations/sprints) or continuous flow

46
Q

Adaptive key roles

A

• project owner controls value proportion
• project team delivers work
• process roles include team lead, scrum, master, agile coach, facilitator

47
Q

Adaptive value delivery

A

• iterative or incremental delivery to customer during life cycle
• regular customer feedback cycle enables continuous development of value toward a final project

48
Q

Hybrid

A

Is any combination of adaptive and predictive

49
Q

What does the project management life cycle consist of

A

•predictive
• adaptive
•hybrid

50
Q

Organizational Projext Management (OPM)

A

Strategy, execution, framework, that coordinates project, program, portfolio and operations management, and which enables organizations to deliver on strategy

51
Q

What is a system for value delivery

A

Organizational Project Management (OPM)

52
Q

Functional organizational structure

A

Staff is group by areas of specialization in the PM has limited authority to assign work and apply resources

53
Q

Matrix organizational structure

A

PM shares authority with a functional manager temporarily to assign work and apply resources

54
Q

Agile

A

• iterations are likely to be shorter
• product is more likely to evolve based on stakeholder feedback

55
Q

What is the difference between project and operations?

A

• projects have a definite beginning and ending
• operations is ongoing

56
Q

What is success measured on

A

• was project delivered on time
• was project within budget
• did the project add value

57
Q

Project Management (PMO)

A

A management structure that standardizes, the project related governance processes and facilities the sharing of resources, methodologies, tools and techniques.

PMOs are more common in larger organization, because of the number project that can be processed at the same time .

58
Q

Tailoring

A

Is the deliberate adaptation of the project management approach, governance, and processes to make them more suitable for the given environment and the work at hand

59
Q

Strategic plan

A

A high-level business document that explains in organizations, vision and mission plus the approach that will be adapted to achieve the mission and vision, including the specific goals and objectives to be achieved during the period covered by the document.

60
Q

Benefits management plan

A

The documented explanation, defining the process for creating, maximizing, and sustaining the benefits provided by a project or program. Also describes how, and when the benefits of a project will be delivered and measured. 

61
Q

Cost benefit analysis

A

Is one method of measuring or evaluating a project benefit and value

62
Q

Opportunity cost

A

A concept applied to quantify the missed opportunity when deciding to use a resource (e.g. investment dollars) for one purpose vs another.

63
Q

Internal Rate of Return (IRR)

A

The interest rate that makes the net present value of all cash follow equal to zero. This function of the cost of capital for project implementation.

64
Q

Return on Investment (ROI)

A

A financial metric of profitability that measures the gain or loss from an investment relative to the amount of money invested.

65
Q

Test

A

PMP (11 decks)

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