PMP Core Terms Flashcards
(299 cards)
Projects end when:
- Objectives are met - Objectives cannot or will not be met - Funds are depleted - Need no longer exists - Resources are no longer available - Legalities or convenience terminates the project
Project drive… what?
CHANGE
Projects may have a ??? state as the project moves to a future date
transition
Projects enable ??? ??? creation
business value
What are the two types of business values?
Tangible, Intangible
What are some examples of tangible business value?
Monetary assets, stockholder equity, fixtures and tools, market share
What are some examples of intangible business value?
Goodwill and reputation, brand recognition, public benefit, trademarks, strategic alignment
What are 4 examples of business value add?
- Regulatory, legal, or social requirements 2. Stakeholder requests 3. Technological advances 4. Create, improve, or fix products, processes, or services
Project management is:
The application of knowledge, skills, tools, and techniques to meet the project requirements
How many project management process are there?
49
What are the five project management process groups?
Initiate, Plan, Execute, Monitor and Control, Closing
What are the five typical steps in Project Management?
- Identifying requirements 2. Addressing needs, concerns, and expectations of stakeholders 3. Setting up, maintaining, and carrying out communications 4. Managing stakeholders 5. Balancing competing project constraints
What are the six typical competing project constraints?
Scope, Quality, Schedule, Budget, Resources, Risks
What are the 5 steps of Progressive Elaboration?
- Idea or concept (start very broad) 2. Formulate the idea 3. Business case 4. Feasibility study 5. Project (end very narrow)
What describes the phases of a project and happens for every project?
Project Life Cycle
The Project Life Cycle will be ??? for every application area
unique
Projects are always ??? (in regards to how long they last)
temporary
??? are ongoing indefinitely until shut down
Operations
What are the key differences between programs and projects?
- Programs have multiple related projects 2. Programs achieve benefites 3. Programs have Program Manager
What is a portfolio?
A book of all investments an organization can make in projects and programs and operations.
What is a subportfolio?
A component of a portfolio. Generally used for large businessess.
Can operations be part of a portfolio?
YES. Because it is an investment.
What term has these components below? 1. Supports project managers 2. Manages shared resources across the ??? 3. Coaching, mentoring, and training 4. Conducting project audits 5. Developing and managing processes and prcouedures 6. Developing and managing processes and procedures 7. Facilitating communications across projects
Project Management Office (PMO)
What are the three Project Management Office (PMO) types?
Supportive - consultative role, templates, training Controlling - compliance through a framework, specific forms and templates, governance Directive - directly manages the project as the PMO owns and controls the project lifee cycle