Project Management Fundamentals

Progressive Elaboration

• Involves developing project scope in steps, becoming more detailed as understanding of objectives and deliverables improves.

Project Definition

• Defined as a temporary endeavor to create a unique product, service, or result, with a specific beginning and end.

Sources of Projects

• Arise from various factors: market demand, organizational needs, customer requests, technological advances, and legal requirements.

Project Management

• Involves application of knowledge, skills, tools, and techniques across five management processes: initiating, planning, executing, monitoring & controlling, and closing.

Key Aspects of Managing a Project

• Identifies clear requirements and objectives.
• Balances competing demands such as quality, scope, time, and cost.
• Adapts plans for different stakeholder concerns and expectations.

Triple Constraint

• Refers to the interconnected elements of project scope, time, and cost, where a change in one affects the others and impacts quality.

Standard

• A consensus-established document that provides guidelines or characteristics for activities aimed at achieving optimal order.

Project Risk

• Defined as an uncertain event that may positively or negatively impact project objectives if it occurs.

Regulation

• A mandatory government requirement specifying characteristics of products, processes, or services.

Project Management Areas of Expertise

• Includes knowledge of PMBOK, interpersonal skills, general management, project environment understanding, and familiarity with regulations.

Program

• A group of related projects managed in coordination to achieve benefits that are unattainable if managed separately.

Portfolio

• A collection of projects or programs grouped to manage work effectively and meet strategic business objectives.

Subprojects

• Smaller, manageable components of a project, potentially contracted out based on phases or required expertise.

Project Management Office (PMO)

• An organizational unit focused on the centralized management of projects, ensuring coordination with overall business objectives.

Project Life Cycle

• Phases of a project that enhance management control while linking project initiation to closure; defines roles, deliverables, and execution methods.

Fast Tracking

• A technique for compressing schedules by overlapping project phases typically done in sequence.

Deliverable

• A concrete, measurable work product such as documents or prototypes that form part of a sequential process.

Phase End Review

• A review process with goals for closing the current phase and initiating the next; also known as a phase gate or kill point.

Project Stakeholders

• Individuals and organizations engaged in or affected by the project, influencing objectives and outcomes.

Project-Based Organizational Systems

• Primarily oriented towards performing projects to achieve specific goals or meet strategic business needs.

This quiz covers the essential concepts and practices of project management, including the definition of projects, progressive elaboration, and the triple constraint framework. It's designed to enhance understanding of key project management processes and their application in real-world scenarios.