question

project

answer

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

question

stakeholders

answer

are persons or organizations that are actively involved in the project, or whose interests may be positively or negatively affected by the project.

question

Project Management

answer

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

question

Project life cycle

answer

a collection of generally sequential project phases whose name and number determined by the control needs of the organization(s) involved in the project.

question

process groups

answer

Initiating, Planning, Executing, Monitoring and controlling, & Closing

question

money and people

answer

Projects are limited by time and resources such as

question

Soft skills

answer

include communication and leadership activities.

question

Hard Skills

answer

include risk analysis, quality control, scheduling, and budgeting work

question

Project Management includes

answer

administrative tasks for planning, documenting, and controlling work

question

Tradeoffs

answer

are made among the scope, quality, cost, and schedule

question

Functional Manger

answer

someone with management authority over an organizational unit.

question

Project Executive Roles

answer

Steering team, Sponsor, CPO

question

Project Management Roles

answer

Project manager and Functional Manager, Facilitator, Senior Customer Representative

question

Project Team Roles

answer

Core team members and subject matter experts

question

Initiating

answer

when a project is proposed, planned at a high level, and key participants commit to it in broad terms

question

Planning

answer

starts after the initial commitment, includes detailed planning, and ends when all stakeholders accept the entire detailed plan

question

Executing

answer

includes authorizing, executing, monitoring, and controlling work until the customer accepts the project deliverables

question

Closing

answer

all activities after customer acceptance to ensure project is completed, lessons are learned, resources are reassigned, and contributions are recognized

question

scope

answer

the sum of all products, services, and results to be provided by the project

question

quality

answer

the degree to which a set of inherent characteristics fulfills requirements

question

Scope and quality

answer

measure performance and should result in outputs that satisfy customers

question

time and cost

answer

scope and quality are subject to constraints of

question

Scope management

answer

determining all the work and only the work necessary for project completion

question

Time management

answer

defining, sequencing, estimating duration, and resourcing work activities as well as developing and controlling the schedule

question

Cost management

answer

planning, estimating, budgeting, and controlling costs

question

Quality management

answer

quality planning, assurance, and control

question

Human Resources management

answer

acquiring, developing, and managing the project team

question

Communications management

answer

generating, collecting, disseminating, storing, and disposing of timely and appropriate project information

question

Risk management

answer

risk identification, analysis, response planning, and monitoring and control

question

Procurement management

answer

purchasing or acquiring product and services as well as contract management

question

Integration management

answer

unifying and coordinating the other knowledge areas by creating and using tools such as charters, project plans, and change control

question

Project success

answer

creating deliverables that include all of the agreed upon features

question

Project Classifications

answer

industry, size, timing of determination of project scope and by application

question

Large projects

answer

often require more detailed planning and control

question

planning and control

answer

all projects require

question

portfolio

answer

a logical grouping of the project management processes described in the PMBOK® Guide.... Collectively, these five process groups are required for any project, have clear dependencies, and must be performed in the same sequence on each project, independent of the application area or the specifics of the applied project life cycle

question

program

answer

a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually. May include elements of work outside of the scope of discrete projects in the program

question

subproject

answer

a smaller portion of the overall project created when a project is subdivided into more manageable components or pieces

question

Portfolios and programs

answer

managed at a level above the typical project manager

question

Steering Team

answer

The top leader (CEO) and his/her direct reports that select, prioritize, and resource projects in accordance with the organization's strategic planning and ensure that accurate progress is reported and necessary adjustments are made

question

Project Management Office

answer

an organizational body or entity assigned various responsibilities related to the centralized and coordinated management of those projects within its domain. The responsibilities can range from providing project management support functions to actually being responsible for the direct management of a project.

question

Chief Projects Officer

answer

Keeper, facilitator, and improver of the project management system, Responsible for project standards, methods, training, documentation. Is either on the leadership team or one rung down in the organization

question

sponsor

answer

the person or group that provides the financial resources, in cash or in kind, for the project

question

Facilitator

answer

Helps the project manager with the process of running meetings and making decisions. Frees the project manager to concentrate on the content of the project. helps the PM understand organizational politics and provides suggestions on how to handle situations.

question

Senior customer representative

answer

Ensures that the needs and wants of the various constituents in the customer's organization are identified and prioritized and that project progress and decisions continually support the customer's desires

question

Core team member

answer

People assigned to a project from start to finish that does most of the planning and makes most of the project level decisions.

question

Subject matter experts

answer

Temporary members that are brought on board during busy times

question

Strategic Analysis

answer

Analysis of internal and external environments

question

SWOT

answer

Strengths, Weaknesses, Opportunities, and Threats

question

Strengths and Weaknesses

answer

Elements within the project team's control

question

opportunities or threats

answer

Elements for which the project team has little/no control

question

Guiding Principles

answer

vision and mission statement

question

vision

answer

describes the organization of the future

question

mission statement

answer

provides a mechanism for achieving the vision

question

Purpose

answer

communicates why an organization exists

question

Beliefs

answer

what the leaders of an organization stand for

question

Core values

answer

how decisions will be made and how people will be treated

question

Culture

answer

how members should act

question

Primary business areas

answer

what business the organization engages in

question

SMART

answer

Specific,Measurable,Achievable,Results-based,Time-specific

question

Strategic Objectives

answer

Describe short term and long term results; occur annually; Support the vision and mission; Describe measures of achievement; effective measures are SMART

question

Flow-down Objectives

answer

optional for large or complex organizations to ensure that appropriate goals are established

question

reason projects fail

answer

Not enough resources, time, Unclear expectations Changes to the project or disagreement about expectations

question

Aligned projects

answer

contribute to the organization's objectives

question

Project Portfolio

answer

A collection of projects grouped to be collectively managed

question

Portfolio alignment

answer

identifies, selects, and prioritizes projects to help achieve an organization's strategic goals

question

Net present value

answer

The most widely accepted financial model. Discount the expected future value of project costs and benefits.Subtract the stream of discounted project costs from the stream of discounted project benefits

question

benefit-cost ratio model

answer

Divide the cash flow by the initial cash outlay

question

internal rate of return model

answer

Calculate the percentage return expected on the project investment. A ratio above the current cost of capital is considered positive

question

payback period

answer

Calculate how many years would be required to pay back the initial project investment. Shorter is better

question

financial models

answer

ensure that projects make sense from a cost and return perspective

question

Sensitivity Analysis

answer

Examine what would happen to the decision if factors going into it were to change

question

Prioritizing Projects

answer

Determine which projects should be assigned resources and be scheduled to begin first

question

Scoring models

answer

a tool to help you select and prioritize potential projects.

question

Types of organizational structures

answer

Functional organization, Project organization, Matrix organization, Project Management Office organization

question

Projectized Organizations

answer

The project manager assigns projects, applies resources, and directs personnel assigned to the project. No Formal Departments,

question

Co-location

answer

team members are physically close

question

Matrix Organization

answer

A combination of the task focus of the projectized organization with the technical capability of the functional organization

question

Values

answer

personal standards that influence judgments, interaction with others, and organizational goals

question

organizational culture

answer

Formal and informal practices shared among members of the organization

question

Power culture

answer

formal authority (the "boss") controls competition, conflict resolution, and communication

question

Role culture

answer

strictly follow formal designations of responsibility ("roles")

question

Task culture

answer

getting the job done is most important

question

Person culture

answer

genuine interest in needs and development of workers

question

Culture of the Project

answer

Act ethically in the best interests of the project, the project team, other project stakeholders

question

Project manager behaviors

answer

Responsibility,Respect,Fairness,Honesty

question

Independent tasks

answer

Prioritize the project, Select a good contractor, kill project if needed.

question

joint tasks

answer

Write and sign charter, develop clear requirements, use control system, conduct kickoff meeting.

Project Management Ch. 1-3 – Flashcards

Unlock all answers in this set

Haven't found what you were looking for?

Search for samples, answers to your questions and flashcards