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Introduction To Pm Flashcards

(52 cards)

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1
Q

Front

A

Back

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2
Q

What is a project?

A

A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined start and end.

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3
Q

What are the characteristics of a project?

A
  1. Temporary, 2. Definite Beginning and Completion, 3. Unique, 4. Defined Time and Resources, 5. Requires Teamwork.
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4
Q

What is project management?

A

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.

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5
Q

What are the main objectives of project management?

A
  1. Deliver on time, 2. Stay within budget, 3. Meet quality standards, 4. Satisfy stakeholders.
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6
Q

What is the difference between project management and general management?

A

Project management is temporary and goal-specific, while general management is ongoing and operational.

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7
Q

What are the key constraints in project management?

A
  1. Time, 2. Cost, 3. Scope, 4. Quality. Known as the ‘Project Management Triangle’.
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8
Q

What is program management?

A

Program management involves managing multiple related projects in a coordinated way to achieve strategic objectives.

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9
Q

What is portfolio management?

A

Portfolio management involves selecting and managing a group of projects to align with an organization’s strategic goals.

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10
Q

What are the five project management process groups?

A
  1. Initiating, 2. Planning, 3. Executing, 4. Monitoring and Controlling, 5. Closing.
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11
Q

What is a project stakeholder?

A

A stakeholder is anyone affected by or involved in the project, including sponsors, teams, suppliers, and regulators.

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12
Q

What is project risk management?

A

It involves identifying, analyzing, and responding to risks that may impact a project’s success.

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13
Q

What is a project charter?

A

A project charter is a document that formally authorizes a project, defining objectives, scope, and stakeholders.

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14
Q

What is the purpose of a feasibility study?

A

A feasibility study assesses the technical, financial, legal, and operational viability of a project before proceeding.

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15
Q

What are the phases of a project life cycle?

A
  1. Initiation, 2. Planning, 3. Execution, 4. Monitoring and Control, 5. Closure.
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16
Q

What is a work breakdown structure (WBS)?

A

A WBS divides a project into smaller, manageable components to organize work effectively.

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17
Q

What is earned value management (EVM)?

A

EVM measures project performance using metrics like Planned Value (PV), Earned Value (EV), and Actual Cost (AC).

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18
Q

What are common project scheduling techniques?

A
  1. Gantt Charts, 2. Critical Path Method (CPM), 3. Program Evaluation and Review Technique (PERT).
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19
Q

What is a project budget?

A

A project budget estimates costs for resources, materials, labor, and contingencies required to complete the project.

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20
Q

What are key performance indicators (KPIs) in project management?

A
  1. On-time completion rate, 2. Budget variance, 3. Quality metrics, 4. Stakeholder satisfaction.
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21
Q

What are the different types of project contracts?

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A
  1. Fixed-Price Contracts, 2. Cost-Reimbursable Contracts, 3. Time and Materials Contracts.
22
Q

What is stakeholder management?

Study These Flashcards
A

Stakeholder management involves identifying, engaging, and communicating with individuals or groups affected by the project.

23
Q

What is a project risk register?

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A

A risk register is a document that identifies potential risks, their likelihood, impact, and mitigation strategies.

24
Q

What are lessons learned in project management?

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A

Lessons learned capture insights from past projects to improve future project planning and execution.

25
What is change management in project management?
Change management involves identifying, assessing, and implementing changes while minimizing disruption.
26
What is the concept of a project?
A project is a temporary endeavor undertaken to create a unique product, service, or result. It has defined objectives and constraints. (OMGT 622, p.1)
27
What are the key characteristics of a project?
Projects are temporary, have a unique goal, require defined resources, and operate within constraints. (OMGT 622, p.2)
28
What is program management?
Program management is the coordinated management of multiple related projects to achieve strategic goals. (OMGT 622, p.3)
29
What is project portfolio management?
Portfolio management involves selecting and managing projects to align with an organization’s strategic goals. (OMGT 622, p.4)
30
What are the basic elements of a project?
1. Operations, 2. Resources, 3. Constraints. These define the scope, execution, and limitations of a project. (OMGT 622, p.5)
31
How are projects classified?
Projects are classified based on ownership, investment, sector, objective, nature, time, function, risk, and financial decisions. (OMGT 622, p.6)
32
What are the key roles of a project manager?
1. Planning, 2. Budgeting, 3. Leading teams, 4. Risk management, 5. Ensuring project completion. (OMGT 622, p.7)
33
How has project management evolved?
From craft-based work to scientific management, IT integration, and modern agile methodologies. (OMGT 622, p.8)
34
What are the main differences between project and general management?
Project management is temporary and specific, while general management is ongoing and operational. (OMGT 622, p.9)
35
What are key project constraints?
1. Time, 2. Cost, 3. Scope, 4. Quality, 5. Risk, 6. Resources. These define the project boundaries. (OMGT 622, p.10)
36
Who are the key stakeholders in a project?
Project sponsors, managers, team members, clients, suppliers, regulators, and communities. (OMGT 622, p.11)
37
What are the main project management process groups?
1. Initiating, 2. Planning, 3. Executing, 4. Monitoring & Controlling, 5. Closing. (OMGT 622, p.12)
38
What are essential project management skills?
1. Leadership, 2. Communication, 3. Risk management, 4. Scheduling, 5. Stakeholder management. (OMGT 622, p.13)
39
What is ethics in project management?
Ethics involves honesty, transparency, fairness, and responsibility in managing projects. (OMGT 622, p.14)
40
What are the ten commandments of project management?
1. Set clear goals, 2. Define objectives, 3. Plan ahead, 4. Communicate effectively, 5. Monitor progress, 6. Adapt to changes, 7. Foster teamwork, 8. Manage risks, 9. Ensure quality, 10. Close projects properly. (OMGT 622, p.15)
41
What are the benefits of project management?
1. Improved efficiency, 2. Better resource allocation, 3. Risk reduction, 4. Increased success rate. (OMGT 622, p.16)
42
What are the key stages of a project life cycle?
1. Initiation, 2. Planning, 3. Execution, 4. Monitoring & Control, 5. Closure. (OMGT 622, p.17)
43
What are the types of project management life cycles?
1. Predictive (Waterfall), 2. Iterative, 3. Agile (Adaptive). (OMGT 622, p.18)
44
What happens in the project initiation stage?
The project is defined, goals are set, stakeholders are identified, and feasibility is assessed. (OMGT 622, p.19)
45
What happens in the project planning stage?
Project scope, timeline, resources, budget, and risks are detailed, and schedules are created. (OMGT 622, p.20)
46
What is the project execution stage?
Project work begins, deliverables are created, and resources are allocated to complete tasks. (OMGT 622, p.21)
47
What is project monitoring and control?
Tracking progress, ensuring project stays on schedule and budget, and making necessary adjustments. (OMGT 622, p.22)
48
What happens in the project closure stage?
Final deliverables are handed over, stakeholders review the project, lessons learned are documented. (OMGT 622, p.23)
49
What is a project closure report?
A document summarizing project results, key achievements, challenges, and lessons learned. (OMGT 622, p.24)
50
Why is evaluation important in project management?
Evaluation helps assess project success, efficiency, effectiveness, and impact for future improvements. (OMGT 622, p.25)
51
What are common reasons for project failure?
1. Poor planning, 2. Lack of resources, 3. Scope creep, 4. Ineffective leadership, 5. Poor communication. (OMGT 622, p.26)
52
What are constraints in completing projects?
Limited time, budget overruns, inadequate resources, changing priorities, and unforeseen risks. (OMGT 622, p.27)

Project Management (2 decks)

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