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Questions and Answers
What is project management processes tailoring?
Selection of appropriate project management processes, inputs, tools, techniques, outputs, and life cycle phases based on the uniqueness of each project.
Define project business case.
A documented economic feasibility study used to establish the validity of benefits of a selected component lacking sufficient definition and is used as a basis for project authorization.
What is a project benefit management plan?
A document that describes how and when project benefits will be delivered and outlines the mechanisms for measuring those benefits.
Explain enterprise environmental factors (EEFs) in project management.
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Why is project management processes tailoring essential?
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Who collaborates with the project team, sponsor, and organizational management in project management processes tailoring?
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What are the key constraints that tailoring should address in project management?
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How are project benefits defined in a project context?
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What is the role of the project manager in tailoring project management processes?
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How do internal enterprise environmental factors (EEFs) influence a project?
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Study Notes
Project Management Office Functions
- Project Management Offices (PMOs) can vary in complexity from basic to advanced structures.
- Basic PMOs focus on project management standards, while Advanced PMOs operate as Centers of Excellence, enhancing PM methodologies and practices.
- Key functions include project planning, auditing, recovery, and portfolio management to optimize business performance.
Project Manager Role and Competency
- The Project Manager is responsible for leading the team to achieve specific project objectives.
- Competency frameworks such as the Project Manager Competency Development (PMCD) Framework define necessary skills, enhanced by the PMI Talent Triangle.
- Essential competencies include technical project management, strategic and business management.
Understanding Projects
- A project is a unique, temporary activity aimed at producing a specific product or service.
- Key attributes of a project include defined scope, start and end dates, time, cost, quality, and resource constraints.
- Projects conclude when objectives are achieved, funding is exhausted, or the project is terminated for various reasons.
Importance of Project Management
- Project management applies knowledge, skills, tools, and techniques to project activities, ensuring effective and efficient execution.
- It is crucial for attaining goals and results within a defined schedule and budget.
- Project management facilitates the conversion of ideas and needs into tangible products or services.
Project Characteristics
- Projects differ from routine operations; they are designed for a singular goal rather than ongoing tasks.
- They entail temporary activities that lead to unique outputs, addressing specific organizational needs.
Project Lifecycle
- Project management practices have been utilized for centuries, evident in various successful project outcomes across different fields.
- Understanding the project lifecycle is essential for managing projects effectively from initiation to closure.
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Description
Test your knowledge on various aspects of Project Management Office (PMO) functions, from basic to advanced levels including project planning, auditing, recovery, and business performance management. Explore topics like PM methodologies, project portfolio, and knowledge management.
