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Flashcards in Study Cards - Chapter 2 Deck (44):
0

Project Management is

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

1

What are the five process groups

Initiating, Planning, Executing, Monitoring and Controlling, and Closing

2

Process Groups are not...

Project phases

3

Project Constraints are...

Limiting factors that set boundaries for the project.

4

What are the six areas of constraints

Schedule, budget, scope, quality, resources, risk

5

All constraints have an impact on...

Customer satisfaction

6

The project manager is...

Assigned by the organization to achieve project objectives by applying the correct tools and techniques.

7

Three key characteristics of a project manager are...

Knowledge, performance, personal

8

What are four key characteristics of a project?

- Time-scoped activity
- Has a beginning, middle and end
- Creates a unique product, service or result
- A 'progressive elaboration'

9

What are three key characteristics of operations?

- Endures for the lifetime of the product, process or service
- Can be incrementally improved or enhanced
- Enhancements are typically done as a series of small projects

10

A project is...

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

11

Projects are similar to operations in that...

- Both are performed by individuals
- Both are subject to constraints
- Both are planned, executed, and controlled
- Both are designed to meet organizational/strategic objectives

12

The key differences between projects and operations are...

Timeline
- Projects end at some point
- Operations continue for the product lifetime

Predictability
- Projects may contain unknown and unpredictable elements
- Operational elements are both known and predictable

Risk
- Project continually evaluate risk
- Operations are designed to minimize or eliminate risk

13

A program is...

A group of related projects managed in a coordinated way.

14

A portfolio is...

A collection of projects, programs and other work that may not be directly related, but have been grouped to meet strategic business objectives.

15

A subproject is...

A smaller project of an overall project.

16

The purpose of the PMO is to...

Centralize the management of projects across the organization.

17

Typically a PMO provides...

- OPAs for managing projects
- Guidance and training on project management
- Resource pool of project managers

18

The PMO may also play these roles...

- Audit Projects against PMO standards
- Provide Resources for project
- Cancel Projects
- Provide Templates and forms
- Offer Coaching and training for Project Managers
- Centralize Communication for projects
- Manage Dependencies between projects
- Function as a stakeholder

19

The project life cycle is...

Frequently Unique. They vary as much as the industries they serve.

20

The phase-end review achieves...

- Authorization to close the current project or phase
- Authorization to initiate the subsequent project or phase

21

The three fundamental phase-to-phase relationships are...

Sequential, Overlapping, Iterative

22

Sequential relationships are...

The typical finish-to-start relationship.

23

Overlapping relationships can...

Increase risk and rework, but allow for schedule compression.

24

Iterative relationships can...

Allow for progressive elaboration while sequentially delivering the highest priority features. (Agile)

25

The Project Management life cycle is...

Unchanging. They always consist of the five process groups (IPECC).

26

The five project management process groups will always be...

Executed within each phase of your project.

27

Lessons Learned is...

A process that is applied at the completion of every phase of a project.

28

The product life-cycle...

Endures for the life of the product

29

A product is...

What is created as a result of executing a project.

30

A stakeholder is...

- Anyone who is positively or negatively impacted by the project
- Anyone who can exert influence over the project

31

The project manager should do this for stakeholders...

- Identify them all to ensure that they are engaged
- Balance their needs while delivering the project's product.

32

The three fundamental organizational structures are...

- Functional
- Matrix (weak, balanced, strong)
- Projectized

33

A composite organization...

Uses a combination of organizational structures (functional, matrixed, projectized)

34

Some advantages and disadvantages of a functional organization include...

- Expertise with clearly defined career paths
- Project manager has little authority on the project

35

A tight matrix means...

Project resources are co-located in the same room.

36

Some advantages and disadvantages of a matrixed organization include...

- Increased control by project manager
- Multiple bosses adds complexity

37

Some advantages and disadvantages of a projectized organization include...

- Project loyalty
- Job is gone once the project is complete

38

For the purpose of the exam you are...

A project manager in a strong matrix environment with control over the project budget.

39

MBO is...

- Management by Objectives
- A term that was introduced by Peter Drucker
- Will only work if it is supported by management

40

OPM3 is...

- Organizational Project Management Maturity Model
- Based on CMMI (Capability Maturity Model Integration)
- Helps organizations determine their level of PM maturity

41

Progressive Elaboration is...

- Key to the entire PMI framework
- More important for project success when unknowns are greater
- States that you cannot definitively estimate timeline and budget at the start of a project

42

The triple constraint model addresses...
It may also be influenced by...

- Time, cost and scope
- Quality and risk

43

Who can authorize changes to the triple constraints of a project?

Senior management.