Summarized flash cards
What is a project?
-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
What is a program?
Multiple projects going on for many years
What is a portfolio?
What a project manager themselves has, generally geared to one person (ex. varying in skill level, discipline area)
What is Contingency?
-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
What is Project management?
-The application of knowledge, skills, tools and techniques to protect activities in order to meet their requirements
What are the 5 process groups?
-Initiating
-Planning
-Executing
-Monitoring and controlling
-Closing
What are project constraints that need to be balanced?
-Scope
-Quality
-Schedule
-Budget
-Resources
-Risk
What is the Project Management Office (PMO)?
-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
What actions can a Project Management Office (PMO) take?
-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
What is the main difference between a PM and PMO?
-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
What is the role of a project manager and what are their necessary characteristics?
-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)
What are enterprise environmental factors?
-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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When are budgets finalized?
During the planning stage , Cant logically do before planning
Cant do it after planning
When scope changes what happens?
A domino effect
What is goldplating or scope creeping?
-Exceeding expectations
Why shouldn’t goldplating/scope creeping be done?
Want to meet stakeholder expectations, but not to exceed them
What is a Gantt chart?
-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
What is a stakeholder?
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
What are the responsibilities of stakeholders?
Anywhere from survey participation to full project sponsorship
When should stakeholders be identified?
Early identification can prevent increased costs and delays in the future
What are some examples of stakeholders?
-Customers/users
-Sponsors
-Portfolio managers
-Program managers
-Project management office
-Project managers
-Project team
-Functional managers
-Operations management
-Sellers/Business partners
What is the risk traceability matrix?
-Assessing and measuring risk and assigning it by low, high, or on a number scale
What are the 5 steps in risk management?
-Impact, assess, mitigate, assess, prioritize, monitor
What is qualitative risk analysis?
Prioritizes risks for further analysis or action based on likelihood of occurrence and size of impact
What are the inputs and outputs of qualitative risk analysis?
Inputs; Risk Register, Risk Management Plan, Project Scope Statement, Organization Process Assets
Outputs; Risk Register Updates
What is quantitative risk analysis?
Numerically analyzes the effect of identified risks or overall project objectives
What are the inputs and outputs of quantitative risk analysis?
Inputs; Risk Register, Risk Management Plan, Cost Management Plan, Schedule Management Plan, Organizational Process Assets
Outputs; Risk Register Updates
What are the 10 knowledge areas?
-Integration management
-Procurement management
-Quality management
-Scope management
-Stakeholder management
-Cost management
-Time management
-Human resource management
-Communication management
-Risk management
What do you use to find diamond?
Quality, Cost, Expectations, Scope, Time
What are two common words that are used for risk management?
-Probability/likelihood
How is risk measured?
-Qualitatively and quantitatively, and a risk traceability matrix that assesses and measures risk by assigning low, high, or numerically
Why is planning the most important process group?
-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
The process group that is the most difficult for the project manager is?
Closing
