Definitions 211-240

Question 1

What is Portfolio Management?

Answer 1

The centralized management of one or more portfolios to achieve strategic objectives.

Question 2

Define Percision.

Answer 2

Within the quality management systems, precision is an assessment of exactness.

Question 3

What is Predictive Approach?

Answer 3

A development approach in which the project scope, time, and cost are determined in the early phases of the life cycle.

Question 4

What is a Prioritization Matrix?

Answer 4

A scatter diagram that plots effort against value so as to classify items by priority.

Question 5

What is a Prioritization Schema?

Answer 5

Methods used to prioritize portfolio, program, or project components, as well as requirements, risks, features, or other product information.

Question 6

What is a Probabilistic Estimating?

Answer 6

A method used to develop a range of estimates along with the associated probabilities within that range.

Question 7

What is a Probability and Impact Matrix?

Answer 7

A grid for mapping the probability of occurrence of each risk and its impact on project objectives if that risk occurs.

Question 8

What is a Procurement and Impact Plan?

Answer 8

A component of the project or program management plan that describes how a project team will acquire goods and services from outside of the performing organization.

Question 9

Define Product.

Answer 9

An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item.

Question 10

What is a Product Breakdown Structure?

Answer 10

A hierarchical structure reflecting a product’s components and deliverables.

Question 11

What is a Product Life Cycle?

Answer 11

A series of phases that represent the evolution of a product, from concept through delivery, growth, maturity, and to retirement.

Question 12

What is Product Management?

Answer 12

The integration of people, data, processes, and business systems to create, maintain, and evolve a product or service through its lifecycle.

Question 13

What is a Product Owner?

Answer 13

A person responsible for maximizing the value of the product and accountable for the end product.

Question 14

What is Product Scope?

Answer 14

The feature and functions that characterize a product, service, or result.

Question 15

Define Program.

Answer 15

Related project, subsidiary program, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually.

Question 16

What is Program Management?

Answer 16

The application of knowledge, skills, and principles, to a program to achieve the program objectives and obtain benefits and control not available by managing program components individually.

Question 17

What is Progressive Eleboration?

Answer 17

The iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available.

Question 18

Define Project.

Answer 18

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

Question 19

What is a Project Brief?

Answer 19

A high-level overview of the goals, deliverables and processes for the project.

Question 20

What is a Project Calendar?

Answer 20

A calendar that identifies working days and shifts that are available for scheduled activities.

Question 21

What is a Project Charter?

Answer 21

A document issues by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

Question 22

What is Project Governance?

Answer 22

The framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet organizational, strategic, and operational goals.

Question 23

What is a Project Lead?

Answer 23

A person who helps the project team to achieve the project objectives, typically by orchestrating the work of the project. See also project manager.

Question 24

What is a Project Life Cycle?

Answer 24

The series of phases that a project passes through from its start to its completion.

Question 25

What is Project Management?

Answer 25

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

Question 26

What is PMBOK? (Project Management Body of Knowledge)

Answer 26

A term that describes the knowledge within the profession of a project management.

Question 27

What is PMO? (Project Management Office)

Answer 27

A management structure that standardizes the project-related governance processes and facilitates the sharing of resources, methodologies, tools, and techniques.

Question 28

What is a Project Management Plan?

Answer 28

The document that describes how the project will be executed, monitored and controlled, and closed.

Question 29

What is a Project Management Process Group?

Answer 29

A logical grouping of project management inputs, tools and techniques, and outputs. The Project Management Process Groups include Initiating processes, Planning processes, Executing processes, Monitoring and Controlling processes, and Closing processes.

Question 30

What is a Project Management Team?

Answer 30

The members of the project team who are directly involved in project management activities.