PMP Introduction
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PMP Introduction - Leaderboard
PMP Introduction - Details
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| What is A methodology ? | A methodology is a system of practices, techniques, procedures, and rules used by those who work in a discipline |
| What is Project ? | A project is a temporary endeavor undertaken to create a unique product, service, or result. |
| Examples of tangible elements ? | Monetary assets, Stockholder equity, Utility, Fixtures, Tools, and Market share. |
| Examples of intangible elements ? | Goodwill, Brand recognition, Public benefit, Trademarks, Strategic alignment, and Reputation. |
| There are four fundamental categories for Project Initiation? | Meet regulatory, legal, or social requirements; Satisfy stakeholder requests or needs; Implement or change business or technological strategies; and Create, improve, or fix products, processes, or services. |
| What is Project management | Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Project management is accomplished through the appropriate application and integration of the project management processes identified for the project. Project management enables organizations to execute projects effectively and efficiently. |
| Effective project management helps individuals, groups, and public and private organizations to ? | Meet business objectives; Satisfy stakeholder expectations; Be more predictable; Increase chances of success; Deliver the right products at the right time; Resolve problems and issues; Respond to risks in a timely manner; Optimize the use of organizational resources; |
| Effective project management helps individuals, groups, and public and private organizations to ? | Identify, recover, or terminate failing projects; Manage constraints (e.g., scope, quality, schedule, costs, resources); Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and Manage change in a better manner. |
| Poorly managed projects or the absence of project management may result in? | Missed deadlines, Cost overruns, Poor quality, Rework, Uncontrolled expansion of the project, |
| Poorly managed projects or the absence of project management may result in? | Loss of reputation for the organization, Unsatisfied stakeholders, and Failure in achieving the objectives for which the project was undertaken. |
| What is Program? | A program is a group of related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually. |
| What is Portfolio ? | A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. |
| Projects can intersect with operations at various points during the product life cycle, such as? | When developing a new product, upgrading a product, or expanding outputs; While improving operations or the product development process; At the end of the product life cycle; and At each closeout phase. |
| Portfolios, programs, and projects are aligned with or driven by organizational strategies and differ in the way each contributes to the achievement of strategic goals? | Portfolio management aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources. Program management harmonizes its program components and controls interdependencies in order to realize specified benefits. Project management enables the achievement of organizational goals and objectives. |
| What is OPM ( organizational project management ) ? | OPM is defined as a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives. |
| What is the purpose of OPM ( organizational project management ) ? | The purpose of OPM is to ensure that the organization undertakes the right projects and allocates critical resources appropriately. OPM also helps to ensure that all levels in the organization understand the strategic vision, the initiatives that support the vision, the objectives, and the deliverables. |
| Project life cycles can be? | - predictive - adaptive |
| Development life cycles can be ? | - predictive - iterative - incremental - adaptive - hybrid model |
| What is predictive life cycle? | In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred to as waterfall life cycles. |
| What is iterative life cycle ? | In an iterative life cycle, the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product. |
| What is incremental life cycle ? | In an incremental life cycle, the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration. |
| What is Adaptive life cycles ? | Adaptive life cycles are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life cycles. |
| What is A hybrid life cycle ? | A hybrid life cycle is a combination of a predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle. |
| What is product life cycle ? | A product life cycle is the series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement. |
| Projects may be separated into distinct phases or subcomponents. These phases or subcomponents are generally given names that indicate the type of work done in that phase. Examples of phase names include but are not limited to? | Concept development, Feasibility study, Customer requirements, Solution development, Design, Prototype, |
| Projects may be separated into distinct phases or subcomponents. These phases or subcomponents are generally given names that indicate the type of work done in that phase. Examples of phase names include but are not limited to? | Build, Test, Transition, Commissioning, Milestone review, and Lessons learned. |
| The project phases may be established based on various factors including? | Management needs; Nature of the project; Unique characteristics of the organization, industry, or technology; Project elements including, but not limited to, technology, engineering, business, process, or legal; and Decision points (e.g., funding, project go/no-go, and milestone review). |
| The project’s performance and progress are compared to project and business documents including ? | Project business case Project charter Project management plan Benefits management plan |
| A decision (e.g., go/no-go decision) is made as a result of this comparison? | Continue to the next phase, Continue to the next phase with modification, End the project, Remain in the phase, or Repeat the phase or elements of it. |
| Phase gates may be referred to by other terms such as? | - phase review - stage gate - kill point - phase entrance - phase exit |
| What is known as project management processes? | The project life cycle is managed by executing a series of project management activities |
| The output of one process generally results in either? | An input to another process, or A deliverable of the project or project phase. |
| Processes generally fall into one of three categories? | Processes used once or at predefined points in the project. The processes DEVELOP Project Charter and Close Project or Phase are examples. Processes that are performed periodically as needed. The process Acquire Resources is performed as resources are needed. The process Conduct Procurements is performed prior to needing the procured item. Processes that are performed continuously throughout the project. The process Define ACTIVITIES may occur throughout the project life cycle, especially if the project uses rolling wave planning or an adaptive development approach. Many of the monitoring and control processes are ongoing from the start of the project, until it is closed out. |
| What is Project Management Process Group? | A Project Management Process Group is a logical grouping of project management processes to achieve specific project objectives. Process Groups are independent of project phases. |
| Project management processes are grouped into the following five Project Management Process Groups ? | Initiating Process Group. Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. Planning Process Group. Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve. Executing Process Group. Those processes performed to complete the work defined in the project management plan to satisfy the project requirements. Monitoring and Controlling Process Group. Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes. Closing Process Group. Those processes performed to formally complete or close the project, phase, or contract. |
| What is A Knowledge Area? | A Knowledge Area is an identified area of project management defined by its knowledge requirements and described in terms of its component processes, practices, inputs, outputs, tools, and techniques. |
| What is The ten Knowledge Areas? | Project Integration Management. Includes the processes and activities to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups. Project Scope Management. Includes the processes required to ensure the project includes all the work required, and only the work required, to complete the project successfully. Project Schedule Management. Includes the processes required to manage the timely completion of the project. Project Cost Management. Includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget. Project Quality Management. Includes the processes for incorporating the organization’s quality policy regarding planning, managing, and controlling project and product quality requirements, in order to meet stakeholders’ expectations. Project Resource Management. Includes the processes to identify, acquire, and manage the resources needed for the successful completion of the project. Project Communications Management. Includes the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information. Project Risk Management. Includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a project. |
| What is The ten Knowledge Areas? | Project Procurement Management. Includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. Project Stakeholder Management. Includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution. |
| The following definitions identify key terminology regarding project data and information? | Work performance data. The raw observations and measurements identified during activities performed to carry out the project work. Examples include reported percent of work physically completed, quality and technical performance measures, start and finish dates of schedule activities, number of change requests, number of defects, actual costs, actual durations, etc. Project data are usually recorded in a Project Management Information System (PMIS) (see Section 4.3.2.2) and in project documents. Work performance information. The performance data collected from various controlling processes, analyzed in context and integrated based on relationships across areas. Examples of performance information are status of deliverables, implementation status for change requests, and forecast estimates to complete. Work performance reports. The physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or awareness. Examples include status reports, memos, justifications, information notes, electronic dashboards, recommendations, and updates. |
| Who is the project manager working with to tailor the project management to the project? | The project manager collaborates with : - the project team - sponsor - organizational management |
| These two documents are interdependent and iteratively developed and maintained throughout the life cycle of the project? | - Project business case - Project benefits management plan |
| What is Project business case? | A documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities. |
| What is Project benefits management plan? | The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project. |
| What is responsibility of sponsor and project manager on business case document? | The project sponsor is generally accountable for the development and maintenance of the project business case document. The project manager is responsible for providing recommendations and oversight to keep the project business case, project management plan, project charter, and project benefits management plan success measures in alignment with one another and with the goals and objectives of the organization. |
| A business case may include but is not limited to documenting the following? | Business needs Analysis of the situation Recommendation Evaluation |
| Business needs ? | Determination of what is prompting the need for action; Situational statement documenting the business problem or opportunity to be addressed including the value to be delivered to the organization; Identification of stakeholders affected; and Identification of the scope. |
| Analysis of the situation ? | Identification of organizational strategies, goals, and objectives; Identification of root cause(s) of the problem or main contributors of an opportunity; Gap analysis of capabilities needed for the project versus existing capabilities of the organization; Identification of known risks; Identification of critical success factors; Identification of decision criteria by which the various courses of action may be assessed; Identification of a set of options to be considered for addressing the business problem or opportunity. Options are alternative courses of action that may be taken by the organization. Options may also be described as business scenarios |
| Examples of criteria categories used for analysis of a situation are ? | Required. This is a criterion that is “required” to be fulfilled to address the problem or opportunity. Desired. This is a criterion that is “desired” to be fulfilled to address the problem or opportunity. Optional. This is a criterion that is not essential. Fulfillment of this criterion may become a differentiator between alternative courses of action. |
| A business case could present the following three options? | Do nothing. This is also referred to as the “business as usual” option. Selection of this option results in the project not being authorized. Do the minimum work possible to address the problem or opportunity. The minimum may be established by identifying the set of documented criteria that are key in addressing the problem or opportunity. Do more than the minimum work possible to address the problem or opportunity. This option meets the minimum set of criteria and some or all of the other documented criteria. There may be more than one of these options documented in the business case. |
| Recommendation ? | A statement of the recommended option to pursue in the project Items to include in the statement An implementation approach |
| Evaluation ? | Statement describing the plan for measuring benefits the project will deliver. This should include any ongoing operational aspects of the recommended option beyond initial implementation. |
| The benefits management plan describes key elements of the benefits and may include but is not limited to documenting the following ? | Target benefits (e.g., the expected tangible and intangible value to be gained by the implementation of the project; financial value is expressed as net present value); Strategic alignment (e.g., how well the project benefits align to the business strategies of the organization); Timeframe for realizing benefits (e.g., benefits by phase, short-term, long-term, and ongoing); Benefits owner (e.g., the accountable person to monitor, record, and report realized benefits throughout the timeframe established in the plan); Metrics (e.g., the measures to be used to show benefits realized, direct measures, and indirect measures); Assumptions (e.g., factors expected to be in place or to be in evidence); and Risks (e.g., risks for realization of benefits). |
| What is The project charter? | The project charter is defined as a document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. |
| What is The project management plan? | The project management plan is defined as the document that describes how the project will be executed, monitored, and controlled. |
| Project success may include additional criteria linked to the organizational strategy and to the delivery of business results. These project objectives may include but are not limited to? | Completing the project benefits management plan; Meeting the agreed-upon financial measures documented in the business case. Meeting business case nonfinancial objectives; Completing movement of an organization from its current state to the desired future state; Fulfilling contract terms and conditions; Meeting organizational strategy, goals, and objectives; Achieving stakeholder satisfaction; Acceptable customer/end-user adoption; |
| Project success may include additional criteria linked to the organizational strategy and to the delivery of business results. These project objectives may include but are not limited to? | Integration of deliverables into the organization’s operating environment; Achieving agreed-upon quality of delivery; Meeting governance criteria; and Achieving other agreed-upon success measures or criteria (e.g., process throughput). |
| These financial measures Project success include but are not limited to? | Net present value (NPV), Return on investment (ROI), Internal rate of return (IRR), Payback period (PBP), and Benefit-cost ratio (BCR). |