Project Management Framework Quiz Terms
Portfolio
A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives
Program
A group of projects managed in a coordinated way to obtain benefits and control not available from managing them individually
Net present value (NPV) analysis
A method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time.
Balanced score card
A methodology that convert's an organization's value drivers to a series of defined metrics
Discount factor
A multiplier for each year based on the discount rate and year
Manager
A person who deals with the day-to-day details of meeting specific goals.
Leader
A person who focuses on long-term goals and big-picture objectives, while inspiring people to reach those goals
Program manager
A person who provides leadership and direction for the project managers heading the projects within the program.
Ethics
A set of principles that guide our decision making based on personal values of what is "right" and "wrong"
Weighted scoring model
A technique that provides a systematic process for basing project selection on numerous criteria.
Mind mapping
A technique that uses branches radiating out from a core idea to structure thoughts and ideas.
Project
A temporary endeavor undertaken to create a unique product, service or result.
Best Practice
An optimal way recognized by industry to achieve a goal or objective.
SWOT Analysis
Analyzing Strengths, Weaknesses, Opportunities and Threats.
Super tools
Are those tools that have high use and high potential for improving project success such as: Software for task scheduling Scope statements Requirements analyses Lessons-learned reports
Triple Constraint
Balancing scope, time and cost goals
Cash flow
Benefits minus costs, or income minus expenses
Return of investment (ROI)
Benefits minus costs/costs
Project Cost Management
Consists of preparing and managing the budget for the project.
Discretionary costs
Costs that organizations have discretion in deciding whether to fund them.
Non-discretionary costs
Costs that organizations must fund in order to stay in business
Project Quality Management
Ensures that the project will satisfy the stated or implied needs for which it was undertaken.
Time management
Gantt charts, project network diagrams, critical-path analysis, crashing, fast tracking, schedule performance measurements
Project risk management
Includes identifying, analyzing, and responding to the project.
Project management process groups
Initiating, planning, monitoring, controlling and closing.
Project Management Institute (PMI)
International professional society for project managers.
Project Procurement Management
Involves acquiring or procuring goods and services for a project from outside the performing organization.
Project scope management
Involves defining and managing all the work required to complete the project successfully
Project time management
Involves defining and managing all the work required to complete the project successfully.
Project communications management
Involves generating, collecting, disseminating and storing project information.
Project Human Resource Management
Is concerned with making effective use of people involved with the project.
Project Management Tools and Techniques
Methods available to assist project managers and their teams. Popular tools in time management knowledge area include Gannt charts, network diagrams, critical path analysis, and project management software
Cost Management
Net present value, return on investment, payback analyses, earned value management, project portfolio management, cost estimates, cost management plans, cost baselines.
Directives
New requirements imposed by management, government, or some external influence.
Payback analysis
Payback period is the amount of time it will take to recoup- in the form of net cash inflows- the total dollars invested in a project. Payback analysis determines how much time will lapse before accrued benefits overtake accrued and continuous costs. There is payback if it occurs in the year when cumulative benefits minus costs reach zero.
Stakeholders
People involved in or affected by project activities.
Project management knowledge areas
Project integration management, scope, time, cost, quality, human resource, communications, risk, and procurement management
Integration management
Project selection methods, project management methodologies, stakeholder analyses
Scope management
Scope statements, work breakdown structures, mind maps, statements of work, requirement analyses, scope management plans, scope verification techniques, scope change controls
Payback period
The amount of time it will take to recoup, in the form of net cash inflows, the total dollars invested in a project.
Project management
The application of knowledge, skills, tools and techniques to project activities to meet project requirements.
Internal rate of return (IRR)
The discount rate that results in an NPV of zero for a project
Project Portfolio Management
The grouping and managing of projects and programs as a portfolio of investments that contribute to the entire enterprise's success.
Project Portfolio Management
The grouping and managing of projects, programs as portfolio of investments that contribute to the entire enterprise's success.
Required rate of return
The minimum acceptable rate of return on an investment
Project manager
The person responsible for working with the project sponsor, the project team and the other people involved in a project to meet project goals.
Project Sponsor
The person who provides direction and funding for a project.
Strategic Planning
The process of determining long-term objectives by analyzing the strengths and weaknesses of an organization, studying opportunities and threats in the business environment, predicting future trends and projecting the need for new products and services.
Discount rate
The rate used in discounting future cash flows.
Opportunity cost of capital
The return available by investing the capital elsewhere.
Operations
Work done to sustain the business
