PMP Section 1

What is a standard?

A document established by an authority, custom, or general consent as a model or example

What is good practice mean?

A general agreement that the application of the knowledge, skills, tools, and techniques to project management processes can enhance the chance of success over many projects

Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model. What is a hybrid life cycle?

A hybrid life cycle is a combination of a predictive and an adaptive life cycle. Those elements of the project that are well known or have fixed requirements follow a predictive development life cycle, and those elements that are still evolving follow an adaptive development life cycle.

How is a project a temporary endeavor?

A project has a definite beginning and end. It does not mean it has a short duration.

What does the PMBOK guide identify?

A subset of the project management body of knowledge that is generally recognized as good practice

The PMBOK guide is different from a methodology. What is a methodology?

A system of practices, techniques, procedures, and rules used by those who work in a discipline

What is a project?

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

Fulfillment of project objectives may produce one or more of the following deliverables:

A unique: -Product that can be either a component of another item, and enhancement or correction to an item, or a new end item in itself -Service of a capability to perform a service -Result, such as an outcome or document -Combination of one or more products, services, or results

The PMBOK is a guide based on..

The standard for project management

What is the foundational reference for PMI's project management professional development programs and the practice of project management?

The standard for project management

In business analysis, business value is considered the return, in the form of elements such as:

Time, Money, Goods, Intangibles in return for something exchanged

A project phase is

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

OPM is defined as

a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.

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

Project management focuses on interdependencies within

a project to determine the optimal approach for managing the project

Operations management is

an area that is outside the scope of formal project management as described in this guide.

A project may be managed in three separate scenarios:

as a stand-alone project (outside of a portfolio or program)within a program, or within a portfolio.

Portfolios, programs, projects, and operations often engage with the same stakeholders and may need to use the same resources, which may result in a conflict in the organization. This type of a situation increases the need for

coordination within the organization through the use of portfolio, program, and project management to achieve a workable balance in the organization.

As a guideline, megaprojects..

cost US$1billion or more, affect 1 million or more people, and run for years

What state is an organization commonly referred to being in at the beginning and end of a project?

current state then future state

What happens at each point when projects and operations intersect?

deliverables and knowledge are transferred between the project and operations for implementation of the delivered work

Project life cycles can be predictive or adaptive. Within a project life cycle, there are generally one or more phases that are associated with the development of the product, service, or result. These are called a

development life cycle

Looking at project, program, and portfolio management from an organizational perspective: Program and project management focus on

doing programs and projects the "right" way

Looking at project, program, and portfolio management from an organizational perspective: Portfolio management focuses on

doing the "right" programs and projects.

The purpose of OPM is to

ensure that the organization undertakes the right projects and allocates critical resources appropriately. OPM also helps to ensure that all levels in the organization understand the strategic vision, the initiatives that support the vision, the objectives, and the deliverables.

Within portfolios or programs, projects are a means of achieving organizational goals and objectives. This is often accomplished..

in the context of a strategic plan that is the primary factor guiding investments in projects

Using multiple phases may provide better

insight to managing the project. It also provides an opportunity to assess the project performance and take necessary corrective or preventive actions in subsequent phases. A key component used with project phases is the phase review

Programs are not

large projects

Projects are undertaken to fulfill objectives by

producing deliverables

Program management focuses on the interdependencies between

projects and between projects and the program level to determine the optimal approach for managing them

A program component refers to

projects and other programs within a program

A portfolio is defined as

projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives

What are the values the global project management community defined as most important?

responsibility respect fairness honesty

The project life cycle phases may be

sequential, iterative, or overlapping

Program management is defined as

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

Portfolio management is defined as

the centralized management of one or more portfolios to achieve strategic objectives. The programs or projects of the portfolio may not necessarily be interdependent or directly related.

A project life cycle is

the series of phases that a project passes through from its start to its completion. It provides the basic framework for managing the project.

Project life cycles are independent of product life cycles, which may be produced by a project. A product life cycle is

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

Alignment with the organization's strategic business goals can be achieved through

the systematic management of portfolios, programs, and projects through the application of organizational project management (OPM)

Program management and portfolio management differ from project management in

their life cycles, activities, objectives, focus, and benefits

Projects are a key way to create

value and benefits in organizations

Operations management is concerned with

with the ongoing production of goods and/or services. It ensures that business operations continue efficiently by using the optimal resources needed to meet customer demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).

Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model. What is an adaptive life cycle?

Adaptive life cycles are agile, iterative, or incremental. The detailed scope is defined and approved before the start of an iteration. Adaptive life cycles are also referred to as agile or change-driven life cycles.

What is an objective?

An outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.

What is a deliverable?

Any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project. Deliverables may be tangible or intangible.

What is project "tailoring"?

Determining the correct combinations of processes, inputs, tools, techniques, outputs, and life cycle phases to manage a project

Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model. What is a predictive life cycle?

In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred to as waterfall life cycles.

Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model. What is an incremental life cycle?

In an incremental life cycle, the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.

Development life cycles can be predictive, iterative, incremental, adaptive, or a hybrid model. What is an iterative life cycle?

In an iterative life cycle, the project scope is generally determined early in the project life cycle, but time and cost estimates are routinely modified as the project team's understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.

T/F Repetitive elements may be present in some project deliverables and activities

T

Projects enable business value creation. PMI defines business value as

The net quantifiable benefit derived from a business endeavor. The benefit may be tangible, intangible, or both.

Actions related to these program and project-level interdependencies may include

-Aligning with the organizational or strategic direction that affects program and project goals and objectives; -Allocating the program scope into program components; -Managing interdependencies among the components of the program to best serve the program; -Managing program risks that may impact multiple projects in the program; -Resolving constraints and conflicts that affect multiple projects within the program; -Resolving issues between component projects and the program level; -Managing change requests within a shared governance framework; -Allocating budgets across multiple projects within the program; -Assuring benefits realization from the program and component projects.

Projects may be separated into distinct phases or subcomponents. These phases or subcomponents are generally given names that indicate the type of work done in that phase. Examples of phase names include but are not limited to:

-Concept development, -Feasibility study, -Customer requirements, -Solution development, -Design, -Prototype, -Build, -Test, -Transition, -Commissioning, -Milestone review, and -Lessons learned.

The aim of portfolio management is to:

-Guide organizational investment decisions. -Select the optimal mix of programs and projects to meet strategic objectives. -Provide decision-making transparency. -Prioritize team and physical resource allocation. -Increase the likelihood of realizing the desired return on investment. -Centralize the management of the aggregate risk profile of all components. -Confirm that the portfolio is consistent with and aligned with organizational strategies

The project life cycle needs to be flexible enough to deal with the variety of factors included in the project. Life cycle flexibility may be accomplished by:

-Identifying the process or processes needed to be performed in each phase, -Performing the process or processes identified in the appropriate phase, -Adjusting the various attributes of a phase (e.g., name, duration, exit criteria, and entrance criteria).

The project phases may be established based on various factors including, but not limited to:

-Management needs; -Nature of the project; -Unique characteristics of the organization, industry, or technology; -Project elements including, but not limited to, technology, engineering, business, process, or legal; and -Decision points (e.g., funding, project go/no-go, and milestone review).

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

-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 (e.g., scope, quality, schedule, costs, resources); -Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and -Manage change in a better manner.

Organizational leaders initiate projects in response to factors acting upon their organizations. What are the four fundamental categories for these factors, which illustrate the context of a project?

-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

Poorly managed projects or the absence of project management may results in:

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

The phases in a life cycle can be described by a variety of attributes. Attributes may be measurable and unique to a specific phase. Attributes may include but are not limited to:

-Name -Number -Duration -Resource requirements -Entrance criteria for a project to move into that phase -Exit criteria for a project to complete a phase

Portfolios, programs, and projects are aligned with or driven by organizational strategies and differ in the way each contributes to the achievement of strategic goals, which are:

-Portfolio management aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources. -Program management harmonizes its program components and controls interdependencies in order to realize specified benefits. -Project management enables the achievement of organizational goals and objectives.

The end of the project is reached when one or more of the following is true:

-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 of convenience

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

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

Projects can intersect with operations at various points during the product life cycle, such as;

-When developing a new product, upgrading a product, or expanding outputs; -While improving operations or the product development process; -At the end of the product life cycle; and -At each closeout phase.

What does a project manager do?

-Works with project team and other stakeholders to determine and use appropriate generally recognized good practices for each practice -Determine the appropriate combination of processes, inputs, tools, techniques, outputs and life cycle phases to manage a project

What are the PMI Code of Ethics and Professional Conduct aspirational standards?

It describes the conduct that practitioners, who are also PMI members, certification holders, or volunteers, strive to uphold

What is generally recognized knowledge and practices mean?

Knowledge and practices described that are applicable to most projects most of the time, and there is consensus about their value and usefulness

Projects comprise several key components that, when effectively managed, result in their successful completion. These components are:

Project life cycle Project phase Phase gate Project management processes Project Management Process Group Project Management Knowledge Area

What are the PMI Code of Ethics and Professional Conduct mandatory standards?

Standards that establish firm requirements and, in some cases, limit or prohibit practitioner behavior.