Podcast
Questions and Answers
In what context does The Standard for Project Management apply, concerning project approaches?
In what context does The Standard for Project Management apply, concerning project approaches?
- It is designed for projects using solely adaptive or hybrid delivery methods.
- It applies solely to projects of a specific size and within the IT industry.
- It applies regardless of the delivery approach, including predictive, hybrid, or adaptive. (correct)
- It is strictly applicable to predictive project management approaches only.
Which of the following best describes the role of project managers in the context of organizational value delivery?
Which of the following best describes the role of project managers in the context of organizational value delivery?
- To manage project budgets and timelines, regardless of the project's impact on organizational value.
- To ensure compliance with project management standards, without considering the broader business context.
- To focus solely on achieving project outputs and artifacts, with less emphasis on value creation.
- To deliver projects that contribute to the organization's and stakeholders' value within the system for value delivery. (correct)
How does The Standard for Project Management define 'value' in the context of project outcomes?
How does The Standard for Project Management define 'value' in the context of project outcomes?
- As the strict adherence to the project plan and budget, ensuring no deviations occur.
- As the achievement of specific deliverables outlined in the project scope, without considering their impact.
- As the worth, importance, or usefulness perceived differently by stakeholders, including business and societal aspects. (correct)
- As the monetary profit gained by the organization upon project completion, regardless of other factors.
What is the primary function of The Standard for Project Management?
What is the primary function of The Standard for Project Management?
How are 'programs' defined within the context of project management, according to The Standard for Project Management?
How are 'programs' defined within the context of project management, according to The Standard for Project Management?
How does the concept of a 'project' differ from that of a 'program' or 'portfolio'?
How does the concept of a 'project' differ from that of a 'program' or 'portfolio'?
Considering the standard's definition, how can 'value' be determined from a business perspective regarding a product?
Considering the standard's definition, how can 'value' be determined from a business perspective regarding a product?
In the context of project governance, what signifies the unique characteristic of a 'project'?
In the context of project governance, what signifies the unique characteristic of a 'project'?
How does The Standard for Project Management describe the role of the 'project team'?
How does The Standard for Project Management describe the role of the 'project team'?
What does the concept of a 'system for value delivery' encompass within an organization?
What does the concept of a 'system for value delivery' encompass within an organization?
In what way do stakeholders perceive 'value', as highlighted in The Standard for Project Management?
In what way do stakeholders perceive 'value', as highlighted in The Standard for Project Management?
Based on the descriptions, what differentiates outputs and artifacts from outcomes regarding project results?
Based on the descriptions, what differentiates outputs and artifacts from outcomes regarding project results?
How does the standard distinguish the management of a 'portfolio' from the management of a 'program'?
How does the standard distinguish the management of a 'portfolio' from the management of a 'program'?
What role does The Standard for Project Management play for stakeholders involved in project sponsorship, product management, executive leadership, or project governance?
What role does The Standard for Project Management play for stakeholders involved in project sponsorship, product management, executive leadership, or project governance?
How does 'project management' as a discipline, contribute to the achievement of intended outcomes?
How does 'project management' as a discipline, contribute to the achievement of intended outcomes?
What should project managers focus on achieving in order to deliver projects that create value for the organization and its stakeholders?
What should project managers focus on achieving in order to deliver projects that create value for the organization and its stakeholders?
In what ways can 'societal value' be factored into project considerations, according to The Standard for Project Management?
In what ways can 'societal value' be factored into project considerations, according to The Standard for Project Management?
Which attribute defines a 'product' in project management?
Which attribute defines a 'product' in project management?
What does the introductory section of The Standard for Project Management NOT include?
What does the introductory section of The Standard for Project Management NOT include?
Within the standard's guidelines, who typically assigns a 'project manager'?
Within the standard's guidelines, who typically assigns a 'project manager'?
Flashcards
Outcome
Outcome
An end result or consequence of a process or project, focusing on benefits and value.
Portfolio
Portfolio
Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
Product
Product
A quantifiable artifact that is produced; can be an end item or a component.
Program
Program
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Project
Project
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Project management
Project management
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Project manager
Project manager
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Project team
Project team
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System for value delivery
System for value delivery
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Value
Value
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Study Notes
- Project management principles are guidelines for project professionals and stakeholders.
- This standard outlines the purpose, key terms, concepts, and the target audience.
- The Standard for Project Management is divided into:
Section 1
- Introduction
Section 2
- A System for Value Delivery
Section 3
- Project Management Principles
- The Standard for Project Management details how project management enables intended outcomes.
- The standard is applicable regardless of industry, location, size, or delivery approach like predictive, hybrid, or adaptive methods.
- Projects operate within a system that includes governance, functions, project environment, and the relation between project and product management.
- Project Managers are expected to deliver outcomes, outputs and artifacts.
- Project managers are expected to deliver projects that create value for the organization and stakeholders within the organization's system for value delivery
- Outcome refers to the result or consequence of a process or project, focusing on benefits and value.
- Portfolio refers to projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.
- Product is a quantifiable artifact that can be an end or component item.
- Program refers to related projects and activities managed to obtain benefits not available from managing them individually.
- Project is a temporary endeavor to create a unique product, service, or result, having a clear start and end.
- Project management applies knowledge, skills, tools, and techniques to meet project requirements and deliver intended outcomes, utilizing various approaches.
- Project Manager is responsible for leading the project team to achieve objectives, performing functions to facilitate the team's work and managing processes.
- Project Team refers to a set of individuals performing the project to achieve its objectives.
- System for Value Delivery is a set of strategic business activities aimed at building or advancing an organization which includes portfolios, programs, projects, products and operations.
- Value is defined as the worth, importance, or usefulness perceived differently by stakeholders; organizations focus on business value using financial metrics, while societal value includes contributions to communities and the environment.
- The standard is a reference for stakeholders including practitioners, consultants, educators, students, sponsors, stakeholders, and vendors.
- Stakeholders are responsible for delivering project outcomes and work on projects full or part time.
- Stakeholders work in PMOs, are involved in project sponsorship, product management, executive leadership, project governance, portfolio/program management and provide resources for project work.
- Stakeholders focus on value delivery and are involved in any aspect of the project value delivery chain.
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