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Project Management > Summarized flash cards > Flashcards

Summarized flash cards

1
Q

What is a project?

A

-A temporary endeavour undertaken to create a unique product, service or result
-Project ends when either the objective is met, the objective cannot be met, the need for the project no longer exists

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2
Q

What is a program?

A

Multiple projects going on for many years

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3
Q

What is a portfolio?

A

What a project manager themselves has, generally geared to one person (ex. varying in skill level, discipline area)

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4
Q

What is Contingency?

A

-Contingency reserves are the estimated duration within the schedule baseline, which is allocated for identified risks that are accepted
-Contingency reserves are associated with the known-unknowns which may be estimated to account for this unknown amount of rework.
-They are known as back up plan/resources, often related to a budget
-A more riskier project (more known-unknowns), may increase that contingency

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5
Q

What is Project management?

A

-The application of knowledge, skills, tools and techniques to protect activities in order to meet their requirements

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6
Q

What are the 5 process groups?

A

-Initiating
-Planning
-Executing
-Monitoring and controlling
-Closing

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7
Q

What are project constraints that need to be balanced?

A

-Scope
-Quality
-Schedule
-Budget
-Resources
-Risk

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8
Q

What is the Project Management Office (PMO)?

A

-An organizational body that’s assigned various responsibilities related to all projects
-Responsibilities of a PMO can range from PM support to being responsible for a project itself
-PMO is different depending on the needs of the organization

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9
Q

What actions can a Project Management Office (PMO) take?

A

-Act as a stakeholder and key decision maker
-Make recommendations
-Terminate projects
-Be involved in the selection, management and deployment of shared or dedicated project resources

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10
Q

What is the main difference between a PM and PMO?

A

-PM focuses on the specified project objectives, while the PMO manages major program scope changes
-PM controls the assigned project resources to best meet project objectives while the PMO optimizes the use of shared organizational resources across all projects

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11
Q

What is the role of a project manager and what are their necessary characteristics?

A

-Person assigned by the performing organization to achieve the project objectives

-Necessary characteristics; knowledge about project management, performance/ability to accomplish, personal (behaviour, attitude, personality)

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12
Q

What are enterprise environmental factors?

A

-Internal and external environmental factors that influence a project’s success
-May have a positive or negative outcome
-Considered inputs to most planning procedures

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13
Q

BLANK

A

BLANK

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14
Q

When are budgets finalized?

A

During the planning stage , Cant logically do before planning
Cant do it after planning

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15
Q

When scope changes what happens?

A

A domino effect

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16
Q

What is goldplating or scope creeping?

A

-Exceeding expectations

17
Q

Why shouldn’t goldplating/scope creeping be done?

A

Want to meet stakeholder expectations, but not to exceed them

18
Q

What is a Gantt chart?

A

-A scheduling tool commonly used on Microsoft project, Primavera etc.

-Made up of many different tasks
Stacked tasks or concurrent tasks can be done at the same time, they don’t extend the schedule in any way shape or form

19
Q

What is a stakeholder?

A

Stakeholders are persons or organizations who are actively involved in the project or whose interests may be positively or negatively affected by the performance or completion of the project

20
Q

What are the responsibilities of stakeholders?

A

Anywhere from survey participation to full project sponsorship

21
Q

When should stakeholders be identified?

A

Early identification can prevent increased costs and delays in the future

22
Q

What are some examples of stakeholders?

A

-Customers/users
-Sponsors
-Portfolio managers
-Program managers
-Project management office
-Project managers
-Project team
-Functional managers
-Operations management
-Sellers/Business partners

23
Q

What is the risk traceability matrix?

A

-Assessing and measuring risk and assigning it by low, high, or on a number scale

24
Q

What are the 5 steps in risk management?

A

-Impact, assess, mitigate, assess, prioritize, monitor

25
Q

What is qualitative risk analysis?

A

Prioritizes risks for further analysis or action based on likelihood of occurrence and size of impact

26
Q

What are the inputs and outputs of qualitative risk analysis?

A

Inputs; Risk Register, Risk Management Plan, Project Scope Statement, Organization Process Assets

Outputs; Risk Register Updates

27
Q

What is quantitative risk analysis?

A

Numerically analyzes the effect of identified risks or overall project objectives

28
Q

What are the inputs and outputs of quantitative risk analysis?

A

Inputs; Risk Register, Risk Management Plan, Cost Management Plan, Schedule Management Plan, Organizational Process Assets

Outputs; Risk Register Updates

29
Q

What are the 10 knowledge areas?

A

-Integration management
-Procurement management
-Quality management
-Scope management
-Stakeholder management
-Cost management
-Time management
-Human resource management
-Communication management
-Risk management

30
Q

What do you use to find diamond?

A

Quality, Cost, Expectations, Scope, Time

31
Q

What are two common words that are used for risk management?

A

-Probability/likelihood

32
Q

How is risk measured?

A

-Qualitatively and quantitatively, and a risk traceability matrix that assesses and measures risk by assigning low, high, or numerically

33
Q

Why is planning the most important process group?

A

-It is the process group we put the most time in, the cost of change as the project progresses increases
-The changes that are late in a project in the execution phase would cost a fortune

34
Q

The process group that is the most difficult for the project manager is?

A

Closing

Project Management (6 decks)

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