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Questions and Answers
What is considered a project?
What was a key finding of the 1995 Standish Group study?
Which of the following is NOT an advantage of using formal project management?
What impact did poor project performance have financially?
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Which certification is known to boost earning potential for project managers?
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Which project management skill can impact personal success the most?
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What percentage of organizations consistently delivered projects successfully, according to the 2019 KPMG study?
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Which project received the Project of the Year Award in 2020?
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What is one of the key characteristics of a project?
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Which of the following is NOT one of the triple constraints of project management?
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Which area of project management focuses on coordinating work across various knowledge areas?
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What is the primary role of a project sponsor?
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Which of the following best describes project management?
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What is a common task associated with project time management?
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Who can be considered a stakeholder in a project?
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Which management area is primarily responsible for acquiring goods and services for a project?
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What is one of the primary goals of project stakeholder management?
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Which of the following tools is used for managing project time?
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What defines project success according to the provided content?
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What approach has shown a higher success rate in IT projects according to the Standish Group's findings?
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Which term refers to the adaptation of project management approaches to fit specific requirements?
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According to the content, what is a primary outcome of effective project performance management?
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Which of the following statements is true about project success metrics?
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What is a best practice in project management?
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What is a requirement for obtaining the Certified Associate in Project Management (CAPM) credential?
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Which certification is globally recognized and process-based?
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Which organization offers the Project Management Professional (PMP) certification?
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What does PMI's Code of Ethics and Professional Conduct apply to?
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By 2027, how many people are expected to be required in project management-oriented roles?
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What is one advantage of having the PMP certification?
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What was the rank of project management as a job in terms of openings, growth, and livable wages in June 2020 according to LinkedIn?
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What percentage of hiring managers have reported increased interest in project management careers among younger applicants over the past decade?
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What is a common first step for individuals interested in project management?
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How much is the global project portfolio management market estimated to reach by 2027?
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Which project management approach is increasingly preferred by organizations?
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Which of the following is true regarding agile project management software?
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What is emphasized as crucial for agile project success?
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Which software offers a 30-day evaluation copy available on its official website?
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What is a defined characteristic of a project?
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Study Notes
Project Management: Growing Importance and Value
- Project-oriented industries are projected to contribute $34.5 trillion to global GDP and create 25 million new project management roles by 2030.
- Organizations that embraced agile methods during the pandemic (2020) were better equipped to deal with changes.
- Poor project performance can waste 11.4% of investment, highlighting the need for effective project management.
Project Management: Attractive Career Path and Benefits
- Average salary for project managers in the U.S. was $124,000 in 2019.
- PMP® (Project Management Professional) certification can boost earning potential by 22% on average.
- Project management skills are valuable for personal success, not just career advancement.
Historical Challenges in Project Management
- The 1995 Standish Group's CHAOS Report found that only 16.2% of IT projects met all goals (scope, time, cost).
- 31% of IT projects were canceled before completion in 1995, costing over $81 billion in the United States.
- A 2019 study by KPMG, AIPM, and IPMA revealed that just 19% of organizations consistently delivered successful projects across all key criteria.
Advantages of Formal Project Management Approaches
- Improved control over financial, physical, and human resources.
- Enhanced customer relationships.
- Reduced development times.
- Lower project costs.
- Higher quality and reliability of deliverables.
- Greater profit margins.
- Increased productivity.
- Better internal coordination.
- Improved employee morale.
Defining Projects and Project Management
- A project is a temporary endeavor aimed at creating a unique product, service, or result.
- Projects are distinct from operations, which are ongoing activities to maintain a business.
- Projects end when their objectives are met or the project is terminated.
Common Examples of Projects
- A couple hiring a firm to design and build a new house.
- A retail manager collaborating with employees to showcase a new clothing line in-store and online.
- A school district upgrading technology for wireless internet access for all students.
- A medical technology firm creating a device that connects to smartphones.
- A pharmaceutical company launching a new drug or vaccine.
- A TV network developing a system for audience voting and feedback across devices.
### Project Management: Key Attributes and Constraints
- Projects have a unique purpose, are temporary, drive change, necessitate resources from various areas, and involve uncertainty.
- They develop progressively and require communication and collaboration amongst sponsors, teams, and stakeholders.
- Every project encounters constraints, many project managers focus on the triple constraint:
- Scope: Defines the work and expected outcomes of the project.
- Time: Establishes the project duration and timeline.
- Cost: Sets the budget and required resources.
- Additional constraints include quality, risk, and resource availability.
Project Management: Definition and Its Role
- Project management involves applying knowledge, skills, tools, and techniques to project activities to meet requirements.
Project Stakeholders: Key Roles and Impacts
- Stakeholders are individuals or groups affected by project activities, including:
- Project sponsor
- Project manager
- Project team
- Support staff
- Customers
- Suppliers
- Project opponents.
Project Management Knowledge Areas: Core Processes and Functions
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Project Integration Management: Coordinates work across all knowledge areas.
- Project Scope Management: Defines, agrees on, and manages all work required for project completion.
- Project Time Management: Estimates task durations, creates schedules, and ensures timely completion.
- Project Cost Management: Prepares and manages the project budget.
- Project Quality Management: Ensures the project meets intended needs and requirements.
- Project Resource Management: Effectively utilizes people and physical resources.
- Project Communications Management: Generates, collects, disseminates, and stores project information.
- Project Risk Management: Identifies, analyzes, and responds to project-related risks.
- Project Procurement Management: Acquires goods and services from external sources.
- Project Stakeholder Management: Identifies stakeholders, understands their needs, and engages them effectively.
Project Management Tools and Techniques: Supporting Success
- Tools and techniques are not limited to software and are used to support project managers and teams.
- Examples include:
- Project charters, scope statements, and work breakdown structures (WBS) for scope management.
- Gantt charts, network diagrams, and critical path analyses for time management.
- Net present value, cost estimates, and earned value management for cost management.
- Product roadmaps, backlogs, burn down charts, and retrospectives for agile projects.
Defining Project Success and Measuring Performance
- Project success can be defined in several ways:
- The project delivers value (worth, importance, or usefulness).
- The project meets scope, time, and cost goals.
- The project satisfies the customer or sponsor (often measured by Net Promoter Score).
- The project produces the desired results.
Improving Project Performance: Trends and Insights
- The Standish Group's research shows improvements in IT project success.
- Successful projects rose from 16% in 1994 to 29% in 2015.
- Failed projects declined from 31% in 1994 to 19% in 2015.
- From 2011 to 2015, small projects had a higher success rate (62%) than larger projects.
- Agile projects had higher success rates (39%) compared to waterfall projects (11%).
- In 2021, 31% of software projects were successful, with 46% delivering high value to their organization.
New Terminology in Project Management Framework
- Principles for a profession: Provide foundational guidelines for strategic decision-making and problem-solving.
- Project performance domain: A set of related activities crucial for effective project delivery.
- Tailoring: Intentional adaptation of project management approaches, governance, and processes to fit specific environments and requirements.
Models, Methods, and Artifacts: Understanding Project Management Concepts
- Model: A thinking strategy to explain a process, framework, or phenomenon (e.g., leadership models, change models).
- Best Practice: An optimal method recognized by industry to achieve a specific goal.
Project Management Best Practices: Robert Butrick's Key Principles
- Ensure projects align with business strategy and promptly eliminate those that don't.
- Engage stakeholders at all stages, fostering teamwork and commitment.
- Utilize leadership and open communication to drive project success.
Project Management Certification: Recognizing Expertise and Enhancing Skills
- PMI offers the Project Management Professional (PMP) certification.
- PMP certification requires documented project experience, adherence to a code of ethics, and passing the PMP exam.
- The number of PMP-certified professionals is rapidly increasing.
Other Project Management Certifications: Recognizing Diverse Skill Sets
- PMI offers various certifications beyond PMP, including certifications focused on Agile, Risk Management, and others.
- Google offers a Project Management certification through its "Grow with Google" program.
- PRINCE2 is a globally recognized, process-based project management method with over 1 million certified professionals.
- Scrum.org reported over 557,000 professional scrum certifications worldwide in 2021.
- IPMA (International Project Management Association) offers various certification levels based on project management experience, with over 320,000 certified professionals in 2021.
- CompTIA's Project+ certification targets business professionals managing small- to medium-sized projects.
PMI Student Membership and Certification Information: Building Your Project Management Foundation
- Students can join PMI at a reduced fee.
- Consider obtaining the Certified Associate in Project Management (CAPM) credential from PMI.
- A bachelor's degree qualifies you for the CAPM without work experience.
- The PMP certification is more marketable if you have sufficient work experience.
Project Management Ethics: Guiding Principles for Decision-Making
- Ethics, defined as principles guiding decision-making based on personal values of "right" and "wrong," are essential.
- Project managers frequently encounter ethical dilemmas.
- PMI's Code of Ethics and Professional Conduct applies to all PMI members, certification holders, and volunteers.
Project Management Careers: High Demand and Future Potential
- By 2027, employers will require 87.7 million people in project management-oriented roles.
- In June 2020, LinkedIn ranked project management as the third top job for openings, growth, and livable wages.
- Sixty percent of hiring managers report an increased interest in project management careers among younger applicants.
Building a Project Management Career Path: Developing Your Skills and Experience
- Many project managers start by leading small, part-time projects related to their current job.
- Some organizations require a few years of experience before allowing employees to lead projects, while others hire entry-level coordinators or managers.
- Many organizations provide a structured career path to develop and maintain project management talent pipelines, with different levels based on knowledge and experience.
Software Solutions for Project Success: Streamlining Operations and Management
- Project management products are available in hundreds of variations.
- A 2020 report estimates the global project portfolio management (PPM) market will reach $11.4 billion by 2027.
- Project-intensive organizations across industries use PPM solutions to automate operations and manage project lifecycles effectively.
- PPM solutions provide a big-picture view, ensuring best practices, principles, and standards are applied, driving market growth.
Agile Project Management: Adapting to Change and Embracing Flexibility
- Demand for agile project management software has grown.
- 95% of respondents indicated that their organizations use some agile development methods, though only about half have mostly agile teams.
- A wide range of software tools are used for agile projects.
Exploring Project Management Software Options: Free Trials and Resources
- Free trial versions are available for tools like Microsoft Project, MindView, Jira, Asana, Basecamp, and others.
- The book's companion website (http://intropm.com/) provides additional information and links on project management software.
Chapter Summary: Key Takeaways on Project Management
- A project is a temporary endeavor with a unique purpose.
- Project management involves applying knowledge, skills, and techniques to meet project requirements.
- Organizations increasingly prefer agile/adaptive or hybrid approaches over traditional methods.
- Agile/adaptive management aligns with projects where scope is undefined, incremental releases are needed, and changes are expected.
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Description
This quiz covers the growing importance of project management in the global economy and its potential as a lucrative career path. It highlights historical challenges and the benefits of certification for project managers. Test your knowledge on how effective project management can lead to better outcomes and career advancement.
