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Questions and Answers
What is the primary responsibility of a project manager?
Which of the following best describes a program manager's role?
What do portfolio managers ensure?
List the phases of the project life cycle.
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The ______ is used for strategic decision-making in portfolio management.
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Which of the following data sources is NOT mentioned as useful for portfolio managers?
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What is the primary responsibility of a project manager?
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Which manager is responsible for coordinating between various programs?
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What phases are included in the project life cycle?
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The _____ manager ensures communication between individual project managers.
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What key data types are provided to portfolio managers for decision-making?
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Study Notes
Project, Program and Portfolio Management
- Project, program, and portfolio management are all interconnected and happen concurrently.
- Project Manager: oversees the tasks within a single project, responsible for day-to-day management and project completion.
- Program Manager: coordinates multiple related projects within a program, ensuring effective communication and alignment between projects.
- Portfolio Manager: manages multiple programs within an organization and ensures they are aligned with strategic objectives.
Project Life Cycle vs Product Life Cycle
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Project Life Cycle: outlines the stages of a project from initiation to closure.
- Initiation: Defining project goals, scope, and team.
- Planning: Creating detailed plans, timelines, and budgets.
- Implementation: Executing the project according to plans.
- Monitoring & Controlling: Tracking progress, managing risks, and making adjustments.
- Closing: Completing the project and documenting results.
- Product Life Cycle: describes the journey of a product from its introduction to its decline.
Boston Consulting Group (BCG) Matrix
- A tool used to analyze product portfolio based on market share and market growth.
- Market Share: The percentage of a given market that a company controls.
- Market Growth: The rate at which a market is expanding.
Data for Portfolio Management
- Market Research: Provides insights into market trends, customer preferences, and competitor analysis.
- Quarterly Reports: Financial statements that summarize a company's performance over a quarter, allowing portfolio managers to assess program performance.
- Social Media: Provides real-time feedback, sentiment analysis, and market trends.
- Stock Markets: Gives insights into market valuations, investor confidence, and risk appetite.
- Imports & Exports: Indicate global economic activity, trade patterns, and potential market opportunities.
- Cost of Production: Informs about costs associated with producing products or services, aiding in decision-making about product development or acquisition.
- Make or Buy Analysis: Helps decide between internal production or outsourcing, based on costs, efficiency, and expertise.
- BCG Matrix: Offers a visual representation of market share and growth, guiding portfolio management decisions.
Project, Program, and Portfolio Management
- Project, program, and portfolio management all happen simultaneously.
- Project managers oversee multiple tasks within a project.
- Program managers coordinate related projects within a program.
- Portfolio managers manage multiple programs within an organization.
- Portfolio managers ensure that all programs are working towards fulfilling strategic objectives.
Project Manager Responsibilities
- Project managers work to deliver a project efficiently.
- They are responsible for the day-to-day management that brings a project to completion.
Program Manager Responsibilities
- Program managers are concerned with strategic alignment.
- They understand what individual project managers are doing and enable effective communication between them.
- They understand where projects are and provide support where necessary.
Portfolio Manager Responsibilities
- Portfolio managers coordinate between various programs.
- They ensure projects stay on track and that the organization is meeting its top managements strategic initiatives.
Project Life Cycle
- The project life cycle consists of five stages:
- Initiation
- Planning
- Implementation
- Monitoring & Controlling
- Closing
Product Life Cycle
- Product life cycle not mentioned in the text.
Boston Consulting Group (BCG) Matrix
- BCG Matrix not explained in the text.
Data for Portfolio Manager Decision Making
- Market research
- Quarterly reports
- Social media
- Stock markets
- Imports & Exports
- Cost of production
- Make or Buy Analysis
- BCG Matrix (as previously mentioned, BCG Matrix not explained in the text)
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Description
Explore the interconnections between project, program, and portfolio management in this comprehensive quiz. Learn about the roles of project managers, program managers, and portfolio managers. Additionally, delve into the project life cycle stages, from initiation to closure.
