Project Management Overview
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Questions and Answers

What is primarily measured for project success?

  • Team performance
  • Risk management
  • Customer satisfaction
  • Scope, time, and cost goals (correct)

Portfolio Managers are responsible for managing individual projects.

False (B)

What role do Program Managers have in relation to project staff?

Program Managers manage the program staff and the project management staff.

Success is measured by the degree to which the program satisfies the needs and benefits for which it was _____.

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

Match the management roles with their respective focus:

<p>Project Manager = Quality, timeliness, and budget compliance Program Manager = Overall program goals and benefits Portfolio Manager = Strategic changes and aggregate resource allocation</p> Signup and view all the answers

What is one aspect that helps a project succeed?

<p>Satisfying the customer/sponsor (A)</p> Signup and view all the answers

Which statement accurately describes Portfolio Management?

<p>It aligns investments with organizational strategy. (D)</p> Signup and view all the answers

Success in project management only relies on meeting budget guidelines.

<p>False (B)</p> Signup and view all the answers

Project Management typically has a broader scope than Program Management.

<p>False (B)</p> Signup and view all the answers

How do Portfolio Managers measure success?

<p>In terms of aggregate investment performance and benefit realization of the portfolio.</p> Signup and view all the answers

What do Program Managers expect in terms of change?

<p>Program Managers expect change from both inside and outside the program.</p> Signup and view all the answers

__________ aligns with organizational strategies by selecting the right programs and projects.

<p>Portfolio Management</p> Signup and view all the answers

What is the primary role of Project Management?

<p>To develop and implement plans to achieve specific objectives. (C)</p> Signup and view all the answers

Match the following management types with their key functions:

<p>Project Management = Develops detailed project plans Program Management = Harmonizes interdependencies Portfolio Management = Aligns investments with strategy Organizational Project Management = Maintains processes and communication</p> Signup and view all the answers

Portfolio managers continuously monitor changes in specific projects only.

<p>False (B)</p> Signup and view all the answers

What type of scope do Portfolios have?

<p>Organizational scope that changes with strategic objectives.</p> Signup and view all the answers

Which of the following is NOT a requirement for project managers regarding the Code of Ethics and Professional Conduct?

<p>Demonstration of skills in project management (C)</p> Signup and view all the answers

A project is defined as a temporary endeavor undertaken to create a product or service with a definite beginning and end.

<p>True (A)</p> Signup and view all the answers

What are the five project management exams mentioned that require acceptance of the Code of Ethics?

<p>CAPM, PMP, PgMP, PMI-ACP, PMI-RMP, PMI-SP</p> Signup and view all the answers

A project may be terminated if the _____ wishes to terminate it.

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

Match the following terms with their descriptions:

<p>Project = A temporary endeavor to create a unique product Code of Ethics = Guidelines for ethical conduct in project management Stakeholder = An individual or organization involved in a project Project Manager = The person responsible for leading a project</p> Signup and view all the answers

Which of the following statements about projects is correct?

<p>Every project creates a unique product or service. (D)</p> Signup and view all the answers

Projects have social, economic, and environmental impacts that are often short-lived.

<p>False (B)</p> Signup and view all the answers

What does the 'temporary' nature of a project refer to?

<p>A project has a definite beginning and end.</p> Signup and view all the answers

Which of the following is NOT a type of result a project can create?

<p>A physical location for services (C)</p> Signup and view all the answers

A project is permanent and ongoing.

<p>False (B)</p> Signup and view all the answers

What is the primary difference between a project and a program?

<p>A project is a singular effort with specific goals, while a program consists of multiple related projects managed together.</p> Signup and view all the answers

A project ends when its objectives have been __________.

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

Match the following terms with their descriptions:

<p>Project = Is temporary and has specific goals Program = Collection of related projects for coordinated management Portfolio = Groups of projects or programs for strategic objectives</p> Signup and view all the answers

Which of the following is an example of a project?

<p>Developing a new software application (A)</p> Signup and view all the answers

A project can exist independently of a program.

<p>True (A)</p> Signup and view all the answers

Which of the following is NOT one of the five Process Groups in project management?

<p>Budgeting (B)</p> Signup and view all the answers

Name an attribute that all projects share.

<p>A unique purpose</p> Signup and view all the answers

User involvement is more important than executive management support in project success criteria.

<p>True (A)</p> Signup and view all the answers

What is the definition of project management?

<p>The application of knowledge, skills, tools and techniques to project activities to meet project requirements.</p> Signup and view all the answers

The relative importance of clear statement of requirements is _____ out of 100.

<p>15</p> Signup and view all the answers

Match the following project management constraints with their descriptions:

<p>Scope = What needs to be delivered Quality = The standard of the deliverables Schedule = The timeline for project completion Budget = Financial resources allocated for the project</p> Signup and view all the answers

Which project management process group primarily focuses on executing the project plan?

<p>Executing (D)</p> Signup and view all the answers

Balancing competing project constraints is solely the responsibility of the project manager.

<p>False (B)</p> Signup and view all the answers

What happens if the schedule is shortened without a corresponding budget increase?

<p>The scope or targeted quality may be reduced.</p> Signup and view all the answers

What is the primary purpose of a Project Management Office (PMO)?

<p>To standardize project-related governance processes (A)</p> Signup and view all the answers

Progressive elaboration allows for a detailed plan development only at the end of the project.

<p>False (B)</p> Signup and view all the answers

List two advantages of using formal project management.

<p>Better control of resources, Improved customer relations</p> Signup and view all the answers

Projects are often authorized due to market demand, strategic opportunity, or ______.

<p>customer request</p> Signup and view all the answers

Match the advantages of project management to their descriptions.

<p>Higher quality = Improved product reliability Lower costs = Reduced overspending Higher worker morale = Less employee stress Better internal coordination = Enhanced team collaboration</p> Signup and view all the answers

What role does a PMO play in achieving an organization's strategic objectives?

<p>It evaluates how projects fulfill strategic objectives. (A)</p> Signup and view all the answers

Increasing profit is one of the goals of effective project management.

<p>True (A)</p> Signup and view all the answers

What does the iterative development of the project management plan involve?

<p>Continuous improvement and detailing of the plan</p> Signup and view all the answers

Flashcards

Portfolio Management

Selecting, prioritizing, and resourcing programs and projects aligned with organizational strategies.

Program Management

Harmonizing projects within a program, controlling dependencies, and delivering specified benefits.

Project Management

Developing and implementing plans to achieve project scopes, driven by program/portfolio objectives.

Portfolio Scope

Organizational scope that changes with strategic objectives.

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Project Scope

Defined objectives, progressively elaborated throughout the project life cycle.

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Program Scope

Larger scope providing significant benefits, including multiple projects.

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Organizational Project Management

Relationship between portfolio, program, and project management.

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Change Management

Implementing processes to keep change controlled and managed within projects and programs.

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Project Management

Project managers manage project teams to meet project objectives.

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Program Management

Program managers manage program staff and project management staff, providing vision and leadership.

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Portfolio Management

Portfolio managers manage or coordinate portfolios, overseeing investment performance and benefits realization.

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Project Success Criteria

Meeting scope, time, and cost goals; satisfying customer/sponsor needs; achieving project objectives.

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Project Success Factors

Meeting scope, time, cost goals; customer/sponsor satisfaction; achieving project objectives like cost-savings or ROI.

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Project Monitoring & Control

Project managers track progress, ensuring quality, timeliness, budget compliance, and customer satisfaction.

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Program Monitoring

Monitoring progress of program components to ensure goals, schedules, budgets, and benefits are met.

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Portfolio Monitoring

Monitoring strategic changes, resource allocation, performance of portfolio components for success.

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Project Definition

A temporary undertaking to create a unique product, service, or result; characterized by a definite start and end.

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Project's End Criteria

Project objectives achieved or project no longer exists; potentially terminated by client.

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Project Uniqueness

Each project creates a distinctive product, service, or result. This makes it different from routine tasks.

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Project Impact

Projects often have long-lasting social, economic, and environmental effects that extend beyond the project's completion.

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Project's Tangibility

Project outcomes can be tangible (e.g., a building) or intangible(e.g., improved morale).

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Project Complexity

Uncertainties and variations in the project's product, service, or result.

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Project Stakeholder Inclusion

Projects can involve individuals or organizations with different backgrounds and cultures.

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Project Management Code of Ethics

Project managers must act ethically, following laws, regulations, and organizational policies; promoting honesty, fairness and respect.

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Project

A temporary endeavor undertaken to create a unique product, service, or result.

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Project Attributes

Characteristics of a project including unique purpose, temporary duration, progressive elaboration, resource need, and uncertainty.

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Program

A group of related projects managed in a coordinated way to achieve strategic benefits.

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Portfolio

A collection of projects and programs managed to meet strategic objectives.

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Project vs. Program

A project is a specific, temporary effort, while a program is a collection of coordinated projects.

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Project Purpose

The specific objective or goal that the project is intended to achieve.

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Project Scope

The boundaries and details of what a project encompasses, progressively defined during the project.

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Project vs. Program vs. Portfolio Relationship

A project can exist independently of a program; a program groups related projects within a portfolio.

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Project Management

Applying knowledge, skills, tools, and techniques to project activities to fulfill project requirements.

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Project Success Criteria

Meeting scope, time, and budget goals; satisfying customer needs and objectives.

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Project Constraints

Factors that limit a project, including scope, quality, schedule, budget, resources, and risks.

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Project Stakeholders

Individuals or groups with an interest in a project.

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Project Process Groups

Organized steps in managing a project: initiating, planning, executing, monitoring & controlling, and closing.

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Project Scope

Outlined project goals progressively defined through project lifecycle.

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Competing Constraints

Trade-offs between project scope, quality, schedule, and budget within a project.

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User Involvement

Importance of active user participation in a project.

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Project Requirements Change

Modifications to project goals, objectives, or deliverables.

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Project Management Plan

A plan that outlines the work, resources, and schedule for a project.

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Progressive Elaboration

Improving and clarifying the project management plan as more details and estimates become known.

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Project Management Office (PMO)

A department that standardizes project processes, shares resources, and tools.

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Strategic Planning & Projects

Projects used to support an organization's long-term goals.

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Project Success Factors

Factors like meeting project targets, fulfilling stakeholder needs, and managing project risks.

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PMO Responsibilities

Roles of a PMO- from project support functions to complete project management.

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Project Management Advantages

Benefits of using formal project management including better resource management, improved communication & reduced costs.

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Study Notes

Project Management Overview

  • Project Management is defined as the application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
  • Project management involves organizing others, not doing the work directly.
  • This work is accomplished by following five key process groups: Initiating, Planning, Executing, Monitoring and Controlling, and Closing.
  • Projects are temporary endeavors with a defined beginning and end. The "end" occurs when objectives are met or the project is terminated.
  • Projects have specific attributes, including being temporary, having a unique purpose, and needing resources.
  • Projects can be large or small, and take varying amounts of time to complete, they often involve uncertainty.

Project Attributes

  • Projects have a unique purpose.
  • Projects are temporary.
  • Projects are developed utilizing progressive elaboration.
  • Projects require resources.
  • Projects can be large or small and take a short or long time to complete.
  • Projects should have a primary customer or sponsor.
  • Projects inherently involve uncertainty.

Project vs. Program vs. Portfolio

  • Projects are relatively isolated endeavors with predetermined goals, scope, time, and budget. They end when objectives are met or when terminated.
  • Programs are groups of related projects managed in a coordinated way to obtain benefits and control not available when managing them individually. Success of a program depends on achieving its objective.
  • Portfolios are collections of projects or programs grouped together to optimize management and meet strategic business objectives. Portfolios are driven by the strategic objectives of the organization.

Project Management Office (PMO)

  • A PMO is a management structure that standardizes project-related governance processes and facilitates sharing resources, methodologies, tools, and techniques.
  • PMOs can provide project management support functions to actually manage projects directly.
  • They integrate information from corporate strategic projects and evaluate the fulfillment of higher-level strategic objectives.
  • PMOs act as the liaison between portfolios, programs, projects, and the organization's measurement systems like balanced scorecards.
  • PMOs may have the authority to act as integral stakeholders, make recommendations, or terminate projects to align with business objectives.
  • PMOs are involved in the selection, management, and deployment of shared or dedicated project resources.

Project Success

  • Project success is achieved when the project meets scope, time, and cost goals.
  • Customer/sponsor satisfaction should be met.
  • The main objective of the project should also be met (e.g., making or saving money, or providing a good return on investment).

Advantages of Formal Project Management

  • Better control of financial, physical, and human resources.
  • Improved customer relations.
  • Shorter development times.
  • Lower project costs.
  • Higher quality and increased reliability.
  • Higher profit margins.
  • Improved productivity.
  • Better internal coordination.
  • Higher worker morale (less stress).

Project Management Institute Code of Ethics and Professional Conduct

  • The code emphasizes responsibility, respect, fairness, and honesty.
  • Practitioners must demonstrate ethical and professional conduct.
  • Practitioners must uphold applicable laws, regulations, and organizational/professional policies.
  • Practitioners come from various backgrounds and cultures, impacting ethical practices universally.

Project Management Exam Requirements

  • The code is essential for project managers and required for certain PM exams (CAPM, PMP, PgMP, PMI - ACP, PMI – RMP, PMI – SP).

Projects and Strategic Planning

  • Projects are often used to achieve objectives within an organization's strategic plans.
  • Project authorization is often driven by market demand, strategic opportunities, social needs, environmental considerations, customer requests, technological advancements, or legal requirements.

Managing a Project

  • Managing a project encompasses requirement identification, stakeholder needs and concerns, effective communications, and balancing competing constraints (scope, quality, schedule, budget, resources, and risk).

Sample Scenarios

  • If a project's timeline is shortened, an increase in budget may be necessary to allocate more resources.
  • If the budget remains static, scope or quality may need to be reduced to execute the remaining project components.

Project Success Criteria

  • User involvement, executive management support, clear requirements statement, planning, realistic expectations, smaller milestones, competent staff, ownership, clear vision and objectives, hard-working focused staff are crucial facets to effective projects.

Project Management Process Groups

  • Initiating, Planning, Executing, Monitoring and Controlling, and Closing are the five process groups that guide PM projects.

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Description

This quiz provides an overview of the fundamental concepts of project management, including its definition, key process groups, and unique attributes. Understand how projects are planned and executed while adhering to specific requirements and constraints. Perfect for those looking to grasp the essentials of managing projects effectively.

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