Foundational elements

Question 1

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

Answer 1

Project

Question 2

Fulfillment of project objectives may produce…….

Answer 2

• A unique product
• A unique service
• A unique result
• A unique combination of one or more products, services, or results

Question 3

Examples of projects

Answer 3

• Developing a new pharmaceutical compound for market
• Expanding a tour guide service
• Merging two organizations
• Improving a business process within an organization
• Acquiring and installing a new computer hardware system for use in an organization
• Exploring for oil in a region

Question 4

The end of the project is reached when…

Answer 4

• The project’s objectives have been achieved
• The objectives will not or cannot be met
• Funding is exhausted or no longer available for allocation to the project
• The need for the project no longer exists
• The human or physical resources are no longer available
• The project is terminated for legal cause or convenience

Question 5

Before the project begins, the organization is commonly referred to as being in the (……)

Answer 5

current state

Question 6

The desired result of the change driven by the project is described as the (……)

Answer 6

future state

Question 7

Business value in projects refers to…

Answer 7

the benefit that the results of a specific project provide to its stakeholders

Question 8

The benefit from projects may be tangible, intangible, or both.
Provide examples of tangible elements.

Answer 8

• Monetary assets
• Stockholder equity
• Utility
• Fixtures
• Tools
• Market share

Question 9

Provide examples of intangible elements

Answer 9

• Goodwill
• Brand recognition
• Public benefit
• Trademarks
• Strategic alignment
• Reputation

Question 10

Organizational leaders initiate projects in response to factors acting upon their organizations. There are four fundamental categories for these factors. (Project initiation context)

Answer 10

• Meet regulatory, legal, or social requirements
• Satisfy stakeholder requests or needs
• Implement or change business or technological strategies
  Create, improve, or fix products, processes, or services

Question 11

(Definition) the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

Answer 11

Project management

Question 12

Effective project management helps individuals, groups, and public and private organizations to —>

Answer 12

• 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
• Identify, recover, or terminate failing projects
• Manage constraints
• Balance the influence of constraints on the project
• Manage change in a better manner

Question 13

Poorly managed projects or the absence of project management may result in —>

Answer 13

• Missed deadlines
• Cost overruns
• Poor quality
• Rework
• Uncontrolled expansion of the project
• Loss of reputation for the organization
• Unsatisfied stakeholders
• Failure in achieving the objectives for which the project was undertaken

Question 14

In today’s business environment, organizational leaders need to be able to manage with..

Answer 14

• Tighter budgets
• Shorter timelines
• Scarcity of resources
• Rapidly changing technology.

Question 15

Effective and efficient project management should be considered a strategic competency within organizations. It enables organizations to..

Answer 15

• Tie project results to business goals
• Compete more effectively in their markets
• Sustain the organization
• Respond to the impact of business environment changes on projects by appropriately adjusting project management plans

Question 16

A project may be managed in three separate scenarios:

Answer 16

• As a stand-alone project (outside of a portfolio or program)
• Within a program
• Within a portfolio

Question 17

Multiple projects may be needed to accomplish a set of goals and objectives for an organization. In those situations, projects may be grouped together into a (…..)

Answer 17

Program

Question 18

Define a program

Answer 18

A program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually.

Question 19

A very large project may be referred to as a (….)

Answer 19

Megaproject

Question 20

Megaprojects cost (……), affect (…..) people, and run for (…..).

Answer 20

US$1billion or more, 1 million or more, years.

Question 21

Some organizations may employ the use of a (……) to effectively manage multiple programs and projects that are underway at any given time.

Answer 21

Project portfolio

Question 22

Define a portfolio

Answer 22

A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Question 23

Organizational and portfolio planning impact the components by means of prioritization based on —>

Answer 23

risk, funding, and other considerations.

Question 24

What is the difference between project, program, and portfolio management from an organizational perspective?

Answer 24

• Program and project management focus on doing programs and projects the “right” way
• Portfolio management focuses on doing the “right” programs and projects

Question 25

Projects have defined objectives. Scope is progressively elaborated throughout the project life cycle.

Answer 25

Projects have defined objectives. Scope is progressively elaborated throughout the project life cycle.

Question 26

What is the scope of programs?

Answer 26

Programs have a scope that encompasses the scopes of its program components. Programs produce benefits to an organization byensuring that the outputs and outcomes of program components are delivered in a coordinated and complementary manner

Question 27

What is the scope of portfolios?

Answer 27

Portfolios have an organizational scope that changes with the strategic objectives of the organization.

Question 28

Change is projects.

Answer 28

Project managers expect change and implement processes to keep change managed and controlled.

Question 29

Change in programs.

Answer 29

Programs are managed in a manner that accepts and adapts to change as necessary to optimize the delivery of benefits as the program’s components deliver outcomes and/or outputs

Question 30

Change in portfolios.

Answer 30

Portfolio managers continuously monitor changes in the broader internal and external environments.

Question 31

Planning in projects.

Answer 31

Project managers progressively elaborate high-level information into detailed plans throughout the project life cycle.

Question 32

Planning in programs.

Answer 32

Programs are managed using high-level plans that track the interdependencies and progress of program components. Program plans are also used to guide planning at the component level.

Question 33

Planning in portfolios.

Answer 33

Portfolio managers create and maintain necessary processes and communication relative to the aggregate portfolio.

Question 34

Management in projects.

Answer 34

Project managers manage the project team to meet the project objectives.

Question 35

Management in programs.

Answer 35

Programs are managed by program managers who ensure that program benefits are delivered as expected, by coordinating the activities of a program’s components.

Question 36

Management in portfolios.

Answer 36

Portfolio managers may manage or coordinate portfolio management staff, or program and project staff that may have reporting responsibilities into the aggregate portfolio.

Question 37

Monitoring in projects.

Answer 37

Project managers monitor and control the work of producing the products, services, or results that the project was undertaken to produce.

Question 38

Monitoring in programs.

Answer 38

Program managers monitor the progress of program components to ensure the overall goals, schedules, budget, and benefits of the program will be met.

Question 39

Monitoring in portfolios.

Answer 39

Portfolio managers monitor strategic changes and aggregate resource allocation, performance results, and risk of the portfolio.

Question 40

Success in projects.

Answer 40

Success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction.

Question 41

Success in programs.

Answer 41

A program’s success is measured by the program’s ability to deliver its intended benefits to an organization, and by the program’s efficiency and effectiveness in delivering those benefits.

Question 42

Success in portfolios.

Answer 42

Success is measured in terms of the aggregate investment performance and benefit realization of the portfolio.

Question 43

What are the five project/development life cycles ?

Answer 43

- predictive life cycle - iterative life cycle - incremental life cycle - Adaptive life cycles - hybrid life cycle

Question 44

(Definition) a collection of logically related project activities that culminates in the completion of one or more deliverables.

Answer 44

Project phase

Question 45

The phases in a life cycle can be described by a variety of attributes. Attributes may include:

Answer 45

- Name (e.g., Phase A, Phase B, Phase 1, Phase 2, proposal phase) - Number (e.g., three phases in the project, five phases in the project) - Duration (e.g., 1 week, 1 month, 1 quarter) - Resource requirements (e.g., people, buildings, equipment) - Entrance criteria for a project to move into that phase (e.g., specified approvals documented, specified documents completed) - Exit criteria for a project to complete a phase (e.g., documented approvals, completed documents, completed deliverables).