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exam study deck > Ed. 7, STD Chp 1 / Introduction > Flashcards

Ed. 7, STD Chp 1 / Introduction Flashcards

1
Q

What is the PURPOSE of the Standard for project management?

[1.1. Purpose]

A

To provide a BASIS for understanding project management and how ENABLES intended outcomes

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2
Q

What is an OUTCOME ?

[1.2. Key Terms + Concepts]

A

An END RESULT or CONSEQUENCE of a PROCESS or PROJECT

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3
Q

What is the broader INTENT of an outcome ?

[1.2. Key Terms + Concepts]

A

To focus on the BENEFITS and VALUE that the project was undertaken to deliver

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4
Q

What is a PORTFOLIO ?

[1.2. Key Terms + Concepts]

A
  • Projects +
  • Programs +
  • Subsidiary portfolios +
  • Operations

managed as a group to achieve STRATEGIC OBJECTIVES

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5
Q

What is a PRODUCT ?

[1.2. Key Terms + Concepts]

A

An:

  • ARTIFACT that is produced
  • is QUANTIFIABLE
  • can be either an END ITEM or COMPONENT ITEM
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6
Q

What is a PROGRAM ?

[1.2. Key Terms + Concepts]

A

Related:

  • PROJECTS +
  • SUBSIDIARY PROGRAMS +
  • PROGRAM ACTIVITIES

that are managed in a COODINATED MANNER to obtain BENEFITS not available from managing them individually

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7
Q

What is a PROJECT ?

[1.2. Key Terms + Concepts]

A

A TEMPORARY ENDEAVOR undertaken to create a UNIQUE

  • PRODUCT,
  • SERVICE, OR
  • RESULT

The temporary nature indicates a beginning and an end to the project work or a phase of project work.

Projects can stand alone, or be part of a program or portfolio.

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8
Q

What is PROJECT MANAGEMENT ?

[1.2. Key Terms + Concepts]

A

The application of

  • KNOWLEDGE,
  • SKILLS,
  • TOOLS, +
  • TECHNIQUES

to project ACTIVITIES to meet project REQUIREMENTS

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9
Q

PROJECT MANAGEMENT refers to GUIDING the project work to deliver _____ ?

[1.2. Key Terms + Concepts]

A

the intended outcomes

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10
Q

Project TEAMS can achieve project outcomes using _______ ?

[1.2. Key Terms + Concepts]

A

a broad range of approaches (e.g. predictive, hybrid, and adaptive)

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11
Q

What is a PROJECT MANAGER ?

[1.2. Key Terms + Concepts]

A

The person assigned by the performing organization to LEAD the project team that is RESPONSIBLE FOR ACHIEVING THE PROJECT OBJECTIVES

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12
Q

What functions do PMs perform ?

[1.2. Key Terms + Concepts]

A

PMs perform a variety of functions such as:

  • FACILITATE project TEAM work to ACHIEVE OUTCOMES
  • MANAGE the PROCESSES to DELIVER the intended OUTCOMES

(additional functions are ID’ed in 2.3)

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13
Q

Organizations expect projects to deliver _____ ?

[1.2. Key Terms + Concepts]

A
  • outcomes, in addition to
  • outputs +
  • artifacts
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14
Q

PMs are expected to DELIVER PROJECTS that ________ ?

[1.2. Key Terms + Concepts]

A

CREATE VALUE for the organization + stakeholder within the organization’s SYSTEM FOR VALUE DELIVERY

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15
Q

What is a PROJECT TEAM ?

[1.2. Key Terms + Concepts]

A

A set of individuals performing work of the project to achieve its objectives

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16
Q

What is a SYSTEM FOR VALUE DELIVERY ?

[1.2. Key Terms + Concepts]

A

A collection of STRATEGIC BUSINESS ACTIVITIES aimed at:

-building,
sustaining, +/or
advancing

an ORGANIZATION

17
Q

What can be part of an organization’s SYSTEM FOR VALUE DELIVERY ?

[1.2. Key Terms + Concepts]

A
  • Portfolios
  • Programs
  • Projects
  • Products
  • Operations
18
Q

What are some differences between program vs portfolio management ?

[1.2. Key Terms + Concepts related – from internet]

A

Program:

  • mgmt of a program
  • manages similar projects
  • smaller scope / objectives

Portfolio:

  • mgmt of each and every project in an organization
  • bring all programs together
  • manage dissimilar projects
  • bigger scope / objectives
  • includs future projects + organizational goals
19
Q

What is VALUE ?

[1.2. Key Terms + Concepts]

A

The

  • worth,
  • importance, or
  • usefulness

of something.

Different stakeholders can perceive values in different ways

20
Q

How might the following shareholders perceive / define value ?

  • Customers
  • Organizations
  • Society

[1.2. Key Terms + Concepts]

A
  • Customers: specific FEATURES or FUNCTIONS of a PRODUCT
  • Organizations: business value, FINANCIAL METRICS (e.g. the BENEFITS MINUS COST of achieving those benefits)
  • Societal: Contributions to people, environment

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