PMP Foundational Elements Flashcards
What is the concept of tailoring in project management?
Tailoring involves determining the combination of processes, inputs, tools and techniques, outputs and life cycles to manage a project.
What are the key values in project management?
Responsibility, Respect, Fairness and Honesty
List three characteristics of large international complex projects as per the PMP Mindset
Characteristics include that they are unprecedented, involving team members from different countries, at least one year duration, and a $10million budget
Define a temporary endeavour in the context of project management
A temporary endeavour refers to a project with a definitive start and finish, distinguishing it from on going operations
How do projects drive business value creation, and how does PMI define business value?
Projects drive business value by fulfilling objectives and producing deliverables. PMI defines business value as the net quantifiable benefit derived from a business endeavour, encompassing tangible and intangible value
Why do leaders initiate projects?
- To meet regulatory, legal and social requirements
- To satisfy stakeholder needs or requests
- to implement or change business or technological strategies
- to create, improve, or fix products, processes or services.
Explain the three ways projects can be managed
Projects can be managed as standalone projects
Projects can be managed within a program
Projects can be managed within a portfolio
Define a Program
A program is a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually
Define a Portfolio
A portfolio is a group of projects, programs, subsidiary portfolios, and operations managed to achieve strategic objectives
Define the focus of program and project management
Program and project management focus on executing projects correctly, while portfolio management focuses on selecting and executing the right programs and projects to achieve strategic objectives
How do project management and operations intersect, and what happens at each point of intersection?
Deliverables and knowledge are transferred between project management and operations. Implementation occurs through a transfer of project resources or knowledge to operations or vice versa
What does Organisational Project Management (OPM) ensure?
OPM ensures that the organisation undertakes the right projects, allocates resources appropriately, and ensures understanding of strategic vision, initiatives, objectives, and deliverables at all levels.
Who is a Business Process Owner, and what role do they play in the project
A business process owner is a key stakeholder ensuring the right transfer of knowledge occurs between the project and business processes
List the 10 Project Management Knowledge Areas
- Project Integration Management
- Project Scope Management
- Project Schedule Management
- Project Cost Management
- Project Quality Management
6.Project Resource Management - Project Communications Management
- Project Risk Management
- Project Procurement Management
- Project Stakeholder Management
What role does the project manager play in relation to the PMBOK Guide components ?
The project manager acts as the integrator of the knowledge areas and process groups
Define a Project Life Cycle and highlight its significance
A project life cycle is a series of phases a project passes through from start to completion. It provides the basic framework for managing a project, applies regardless of specific work, and involves either predictive or adaptive life cycles.