SPM: 1-Intro

Question 1

What is the purpose of the standard for project management?

Answer 1

It provides a basis for understanding project management and how it enables intended outcomes.

It describes the systems within which projects operate.

Question 2

Project managers are expected to deliver projects that..

Answer 2

Create value for the organization and stakeholders. This means you deliver outcomes in addition to outputs and artifacts.

Question 3

Outcome

Answer 3

An end result or consequence of a process or project. Outcomes can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver.

Question 4

Portfolio

Answer 4

Projects, programs, subsidiary portfolios, and operations, managed as a group to achieve strategic objective’s.

Question 5

Product

Answer 5

An artifact that is produced, is quantifiable, and can be either an end item or a component item.

Question 6

Program

Answer 6

Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available by managing them individually.

Question 7

Project

Answer 7

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

The temporary nature of projects indicates a beginning and an end to the project work or phase of the project work.

Projects can stand alone or be part of a program or portfolio.

Question 8

Project management

Answer 8

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

Project management refers to guiding the project work to deliver the intended outcomes.

Project teams can achieve the outcomes using a broad range of approaches (ex: predictive, hybrid, and adaptive).