Udemy Notes

Question 1

Business Value

Answer 1

Describes the benefit of the project.

Question 2

Progressive Elaboration

Answer 2

This is when you start very broad and slowly become more and more specific. The steps are as follows: Idea or concept, Formulate the idea, Business case, feasibility study, project.

Question 3

Project Management Life cycle

Answer 3

Initiating, Planning, Executing, Monitoring and controlling, closing. (IPECC). This process is always the same.

Question 4

Project Life Cycle

Answer 4

Describes individual phases of a project. The project Life cycle is always unique. For example, in construction you would start with a field survey, design drawing, in field construction, as-built survey. The end of one phase allows another phase to begin.

Question 5

Portfolio Management

Answer 5

Describes all of the things we are invested in (similar to a financial portfolio). Portfolios are about maximizing return on investment. Portfolios are large collections of work representing investments and risk sharing across multiple programs and projects in order to meet strategic objectives of the organization.

Question 6

Project Management Offices (PMO)

Answer 6

The role of a PMO is to support Project managers, Manage shared resources, Coach/mentor and train project managers, Conduct project audits, Developing and managing processes and procedures, Facilitates communication across projects.

Question 7

Project and Operations

Answer 7

Project: (Tempoary) Developing new products or services, Moving adding changing or deleting, Implementing new services or solutions.

Operations: (Ongoing) Repetitive actions, maintenance, core business fundamentals.

Question 8

Project-Based Organizations

Answer 8

This is when a company bases their income on doing projects for others. Such as a construction company as each house they build is a project.

Question 9

Project management and organization Governance

Answer 9

This is when a project is set to follow the rules (governance) of an organization.

Question 10

Predictive Life cycle

Answer 10

Plan driven Such as a construction site. Also known as a Waterfall approach (start at a high level and work, move to the next stage and work more). Predicts a project cycle as we can identify the phases, Changes to the scope are tightly controlled (once an agreement is signed we keep to what has been decided upon).

Question 11

Iterative and incremental life cycle

Answer 11

Iterative is a project where you start from the beginning every time you want to make an addition. This can be remembered because software programs are iterative when they are guessing numbers, like Goal Seek in excel.

Question 12

Incremental

Answer 12

Incremental is when you add onto the end of a project in order to keep it going. This can be remembered as adding increments.

Question 13

Adaptive Life Cycles

Answer 13

This is Change driven, welcome and expect changes. We don’t exactly what we are going to create, so we can use an Adaptive Life Cycle.

Question 14

Project Business Case

Answer 14

Economic of feasibility study, Validity of benefits of the project will create.

Question 15

project sponsor

Answer 15

project sponsor is a person or group who owns the project and provides resources and support for the project, program or portfolio.

Question 16

Enterprise Environmental Factors (EEF)

Answer 16

Factors that Directly or indirectly influence the project.

Question 17

Organizational Process Assets

Answer 17

Organizational Process Assets would include anything the organization has acquired that you can use in the management of the project. They include formal and informal plans, policies, procedures, and guidelines.

Question 18

Hybrid Methodologies

Answer 18

A blend of Adaptive and Predictive Life cycles. Adaptive is a life cycle that is change driven. Predicative is a life cycle that contains a lot of analyzing and forecasting.

Question 19

Baseline

Answer 19

This is a snapshot of where we are in the project at the present times, and are expectations of how the work should be performed.

Question 20

Explicit Knowledge

Answer 20

Knowledge that can be quickly and easily expressed through conversations, documentation, figures or numbers. For example, push this button to start the machine, or when the light turns green we can move to the next processing line.

Question 21

Tacit Knowledge

Answer 21

Knowledge that is more difficult to express. This knowledge is gained through years of experience. For example a painter that has many years of experience will be very good at their job.

Question 22

Transactional Leadership

Answer 22

(sometimes called management by exception). This is when a leader rewards the top employees and punished the lowest-performing employees.

Question 23

Servant Leader

Answer 23

This is when a leader focus on the project team and serves people. The leader make sure the the team members have everything that they have in order to get the work done.

Question 24

Laissez-Faire

Answer 24

This is when a leader is hands off to the project. The project team makes decisions and creates goals. This can be a dangerous leadership style because it can appear as if the leader does not want to make decisions and is absent in the process.

Question 25

Transformations

Answer 25

Inspires and motivates the project team. Empowers the team.

Question 26

Charismatic:

Answer 26

The project leader is motivating, high energy, and inspire the project team. The project leader may also work directly with the team to create a positively inspired team.

Question 27

Interactional

Answer 27

The leader is coaching and inspirational. The leader will also participate with the team. This is also known as hybrid leadership.