Introduction

4 Factors that Cause a Project to Start

1. Meet legal or social requirements 2. Satisfy stakeholder requests or needs 3. Implement or change business or technological strategies 4. Create, improve, or fix products, processes, or services

4 Qualities of all project types

1. Unique product, service, or result. 2. Temporary Endeavor 3. Drives Change 4. Enables business value creation

Portfolio Management

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

What is the best description of a program?

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

Program Management

A group of related projects, subsidiary programs, and/or program activities that accomplish a set of goals. Focuses on the interdependencies between projects and the program level to determine the optimal approach for managing them. Made up of subsidiary programs and projects

Which of the following best descirbes a product life cycle?

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

What is the definition of a project?

A temporary endeavor was undertaken to create a unique product, service, or result. Has a beginning and an end

Project life cycle that is agile, iterative, or incremental?

Adaptive Life Cycle

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.

An adaptive project life cycle in which 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.

Incremental Life Path

What is the adaptive project life cycle in which the deliverable matures through a series of repeated cycles?

Iterative Life Cycle

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

Meet business objectives, satisfy stakeholder expectations, be more predictable, increase chance of success, deliver the right products at the right time, resolve issues, respond to risks, optimize the use of resources, identify, recover, or terminate failing projects, manage constraints, balance the influence of constraints, and manage change.

Align components to the organizational strategy, organized into portfolios or subsidiary portfolios to optimize project or program objectives, dependencies, costs, timelines, benefits, resources, and risks. This is:

Portfolio Management

The collection of generally sequential and sometimes overlapping project phases, whose names and number are determined by the management and control needs of the organization involved in the project is the:

Project Life Cycle

The project lifecycle is managed by executing a series of project management activities. These are known as:

Project Management Processes

Definition of work performance data in project management?

Raw observations and measurements identified during activities preformed to carry out the project work

Which of the following are key elements of the benefits management plan?

Strategic alignment, assumptions, and risks

Operations are ongoing endeavors that produce repetitive outputs, with recourses assigned to do basically the same set of tasks according to the standards institutionalized in a product life cycle, whereas projects are what?

Temporary Endeavor

Project Managment

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

Operations Management

Transforms resource or data inputs into desired goods, services, or results, and delivers value to the customers. Differ from projects since they are ongoing and are managed by organizational managers, not PM. Ongoing production and continued efficiency to meet customer demands

A significant amount of data is collected and analyzed throughout the project, the following are examples

Work performance data, work performance information, and work performance reports