Portfolio and Project Management Basics

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Questions and Answers

What is a portfolio in project management?

A collection of unrelated tasks

A single project with a defined goal

A management tool that holds multiple projects and programs (correct)

A software to track project timelines

How does a program differ from a project?

A program is a temporary effort, while a project is ongoing.

A program can only include similar types of projects.

A program encompasses several related projects managed together. (correct)

A program has no specific goals, unlike a project.

What is one characteristic of a project?

It has a defined start and finish. (correct)

It is an ongoing process without a clear endpoint.

It includes multiple unrelated tasks.

It involves permanent resources and teams.

Which approach is characterized by planning an entire project upfront?

Predictive approach (Waterfall) Signup and view all the answers

What defines a product in project management?

Something created that can be measured and is part of a system. Signup and view all the answers

Which of the following best describes project management?

Using knowledge and tools to achieve project goals efficiently. Signup and view all the answers

What is a key purpose of managing projects as part of a portfolio?

To align projects with the organization's broader strategic goals. Signup and view all the answers

What is the focus of traditional project management approaches?

Thorough initial planning and a linear progression. Signup and view all the answers

What characterizes a predictive approach in project management?

Detailed planning of all elements before starting. Signup and view all the answers

In the adaptive approach, what is the primary focus of the development process?

Building in small parts and incorporating feedback. Signup and view all the answers

Which project management approach is likely to combine detailed planning with flexibility?

Hybrid approach. Signup and view all the answers

What essential role does a project manager perform?

Leads the team and ensures project goals are met. Signup and view all the answers

Which scenario best fits the use of an adaptive approach?

Developing a new mobile app that may need updates. Signup and view all the answers

What best describes a system for value delivery?

Activities to enhance customer satisfaction and meet goals. Signup and view all the answers

In a hybrid project approach, which part is likely to follow a predictive method?

Manufacturing of the product. Signup and view all the answers

What is the key advantage of the adaptive approach in project management?

It allows responding quickly to changing requirements. Signup and view all the answers

Study Notes

Portfolio Management

A portfolio is a collection of multiple projects, programs, and other work managed together to achieve overarching organizational goals.
Examples of portfolio items include projects (e.g., iPhone development), programs (e.g., iOS software improvement), and other work (e.g., marketing campaigns).

Product and Program Definitions

A product is a tangible or intangible outcome (final or part of a larger system) that is created, measured, and can be delivered to users.
A program is a group of related projects, smaller programs, and activities managed together to achieve benefits that wouldn't be possible if they were managed separately.

Project Management

Project management involves using knowledge, skills, tools, and techniques to plan and guide a project towards its goals.
Effective project management aims to achieve project success through efficient and effective work execution.
Different approaches to project management include:
- Predictive Approach (Waterfall): Planned in detail upfront, with phases completed sequentially.
- Adaptive Approach (Agile): Flexible and iterative, with frequent adjustments based on feedback.
- Hybrid Approach: Combines elements of both predictive and adaptive methodologies.

Project Manager Role

A project manager is responsible for leading a project team to achieve its objectives.
Their responsibilities include planning, organizing, tracking progress, resolving issues, managing resources, and ensuring team collaboration.

System for Value Delivery

A system for value delivery is a set of activities that a business deploys to create, maintain, and improve its ability to address customer needs and organizational goals.

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Description

This quiz covers essential concepts of portfolio and project management, including definitions of portfolios, products, and programs. It also explores various approaches to effectively manage projects to achieve organizational goals. Assess your understanding of these key management principles.