FPM Week 1 - Project Management Basics
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FPM Week 1 - Project Management Basics

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Questions and Answers

Which of the following is an example of a project?

  • Routine car maintenance
  • Building an office building (correct)
  • Monthly payroll processing
  • Running a help desk

    • What is a temporary endeavor undertaken to create a unique product, service, or result?

  • Portfolio
  • Project (correct)
  • Process
  • Operation

    • Which of the following is often added as a fourth constraint to the traditional 'triple constraint' of project management?

  • Procurement
  • Documentation
  • Quality (correct)
  • Communication

    • The process of balancing competing project constraints like scope, cost, and schedule is known as?

    <p>Trade-off management</p> Signup and view all the answers

    Which of the following is not a characteristic of a project?

    <p>Ongoing and repetitive</p> Signup and view all the answers

    What is the primary difference between projects and operations?

    <p>Projects have a defined end, and operations are ongoing</p> Signup and view all the answers

    Which of the following is a fundamental principle of project management as per the PMBOK Guide?

    <p>Stewardship</p> Signup and view all the answers

    In project management, who is typically responsible for the overall success of the project?

    <p>Project manager</p> Signup and view all the answers

    Which of the following is true about the PMI Talent Triangle?

    <p>It emphasizes ways of working, power skills, and business acumen</p> Signup and view all the answers

    Which of the following is a key performance domain in project management?

    <p>Stakeholder management</p> Signup and view all the answers

    What is a responsibility assignment matrix (RAM) used for?

    <p>Defining team roles and responsibilities</p> Signup and view all the answers

    Which of the following is not part of a project charter?

    <p>Risk management plan</p> Signup and view all the answers

    The 'triple constraint' in project management refers to which three elements?

    <p>Schedule, Cost, Scope</p> Signup and view all the answers

    What is progressive elaboration in project management?

    <p>The concept of adding details to a project plan as more information becomes available</p> Signup and view all the answers

    The role of a project sponsor typically includes:

    <p>Approving the project charter and funding</p> Signup and view all the answers

    Which of the following is NOT an example of a project management tool?

    <p>Help desk system</p> Signup and view all the answers

    What does the acronym 'PMI' stand for in the context of project management?

    <p>Project Management Institute</p> Signup and view all the answers

    Which of the following best describes project portfolio management?

    <p>Managing a collection of projects and programs to align with strategic objectives</p> Signup and view all the answers

    Which of the following is an example of an external project environment factor?

    <p>Legal regulations</p> Signup and view all the answers

    Which document serves as the formal approval to begin a project?

    <p>Project charter</p> Signup and view all the answers

    Which of the following is an output of project planning?

    <p>Project scope statement</p> Signup and view all the answers

    What is an assumption in project management?

    <p>A fact that is assumed to be true without confirmation</p> Signup and view all the answers

    What are the key components of a project team canvas?

    <p>Goals, roles, rules, values, and purpose</p> Signup and view all the answers

    Which type of organizational structure has the project manager with the least amount of authority?

    <p>Functional</p> Signup and view all the answers

    What does the 'I' stand for in the RACI matrix?

    <p>Inform</p> Signup and view all the answers

    In a RACI chart, what does the 'A' represent?

    <p>Accountable</p> Signup and view all the answers

    Which of the following best describes a stakeholder?

    <p>Any person or group who might be affected by the outcome of a project</p> Signup and view all the answers

    Which of the following is not considered a project performance domain?

    <p>Product development</p> Signup and view all the answers

    The scope baseline includes which of the following components?

    <p>Work breakdown structure (WBS)</p> Signup and view all the answers

    What is the purpose of a work breakdown structure (WBS)?

    <p>To organize and define the total scope of the project</p> Signup and view all the answers

    Which of the following is not a role of the project sponsor?

    <p>Managing the project team</p> Signup and view all the answers

    Which of the following is an advantage of using an agile approach to project management?

    <p>Flexibility and responsiveness to change</p> Signup and view all the answers

    What does the 'C' represent in the RACI matrix?

    <p>Consulted</p> Signup and view all the answers

    Which of the following is an example of a program?

    <p>A collection of related projects managed in a coordinated way</p> Signup and view all the answers

    Which of the following is a key responsibility of the project manager?

    <p>Ensuring that project objectives are met on time and within budget</p> Signup and view all the answers

    What type of organizational structure gives the project manager the highest level of authority?

    <p>Projectized</p> Signup and view all the answers

    In project management, what does tailoring refer to?

    <p>Customizing project management processes to suit the project's needs</p> Signup and view all the answers

    Which of the following is a benefit of progressive elaboration in project management?

    <p>It allows for more accurate estimates as details emerge</p> Signup and view all the answers

    Which of the following is a key activity in the project closing phase?

    <p>Transitioning project deliverables to operations</p> Signup and view all the answers

    What is the primary focus of project portfolio management?

    <p>Aligning projects with strategic business objectives</p> Signup and view all the answers

    Which of the following is a key concept in stakeholder management?

    <p>Prioritizing stakeholders based on their influence and interest</p> Signup and view all the answers

    In project risk management, what is a workaround?

    <p>An unplanned response to a risk that has occurred</p> Signup and view all the answers

    Which of the following is not an element of the project environment?

    <p>Project milestones</p> Signup and view all the answers

    In agile projects, what is a sprint?

    <p>A short, time-boxed period for completing a set of tasks</p> Signup and view all the answers

    Which of the following is a function of the project management office (PMO)?

    <p>Governing project management practices and standards across an organization</p> Signup and view all the answers

    Which document lists all project assumptions and constraints?

    <p>Assumption log</p> Signup and view all the answers

    What is the main purpose of the project kickoff meeting?

    <p>To set expectations and align the team with project objectives</p> Signup and view all the answers

    What is a key consideration when managing a project team in a matrix organization?

    <p>Team members report to both the project manager and their functional manager</p> Signup and view all the answers

    Which of the following is not part of the PMI code of ethics and professional conduct?

    <p>Stewardship</p> Signup and view all the answers

    Which of the following describes a project team's ability to embrace adaptability and resiliency?

    <p>Continuously adjusting the approach based on project changes</p> Signup and view all the answers

    Study Notes

    Project Management Fundamentals

    • A project is a temporary endeavor aimed at creating a unique product, service, or result. (Example: Building an office building)
    • Projects differ from operations in that they have a defined end date, while operations are continuous and repetitive.
    • Projects must manage constraints, with quality often added as a fourth constraint to scope, cost, and schedule.

    Characteristics and Constraints

    • Key characteristics of a project include having a unique purpose, being temporary, and requiring resources.
    • The triple constraint in project management includes schedule, cost, and scope.
    • Trade-off management is crucial for balancing competing project constraints.

    Project Management Principles

    • As per PMBOK, stewardship is a fundamental principle of project management, emphasizing management responsibility.
    • The project manager is typically responsible for the project's overall success.
    • The PMI Talent Triangle emphasizes a combination of business skills, ways of working, and power skills.

    Project Organization and Sponsorship

    • In project management, the role of a project sponsor includes approving the project charter and funding, but not managing the project team.
    • The project manager often faces various organizational structures, with a projectized structure granting the highest authority.

    Project Performance and Stakeholders

    • Stakeholder management is essential; a stakeholder is anyone affected by the project outcome.
    • Key performance domains in project management include effective stakeholder management and successful project planning.

    Tools and Techniques

    • A Responsibility Assignment Matrix (RAM) defines team roles and responsibilities.
    • The work breakdown structure (WBS) organizes and defines the total scope of a project.
    • Agile approaches in project management prioritize flexibility and responsiveness, a significant advantage.

    Documentation and Approvals

    • The project charter serves as the formal approval to initiate a project, detailing high-level descriptions and budget estimates.
    • Project assumptions, documented in the assumption log, are taken as truths without confirmation.

    Closing and Continuous Improvement

    • Transitioning project deliverables to operations is a critical activity during the closing phase.
    • Progressive elaboration allows for more precise estimation as more details emerge over time.

    Risk Management and Assumptions

    • A workaround is an unplanned response to a risk that has occurred, highlighting the need for flexibility in risk management strategies.
    • Assumptions are critical as they represent unverified facts that influence project planning and execution.

    Team Dynamics and Performance

    • A well-defined project team canvas includes goals, roles, rules, values, and purpose, essential for aligning team efforts.
    • Teams in matrix organizations often report to both project and functional managers, necessitating clear communication.

    Project Management Ethics

    • The PMI code of ethics emphasizes honesty, fairness, and respect, underscoring the ethical standards expected in project management practice.

    Adaptability and Resilience

    • A project team’s ability to embrace adaptability and resilience is vital, enabling them to make decisions and adjustments in response to changing project dynamics.

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    Description

    Test your knowledge on project management principles with this quiz. It covers the definitions, examples, and constraints related to projects. Perfect for students and professionals looking to reinforce their understanding of fundamental project concepts.

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