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Flashcards in PMBOK Chapter 1 Deck (82)
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1

“____________ is a system of practices, techniques, procedures, and rules used by those who work in a discipline.”

methodology

2

“The four values that the global project management community defined as most important are

responsibility, respect, fairness, and honesty.”

3

“A ________ is a temporary endeavor undertaken to create a unique product, service, or result.”

project

4

“An _________ is defined as an outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.”

objective

5

A ___________ is defined as any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project.”

deliverable

6

“________ may be tangible or intangible.”

Deliverables

7

___________. The temporary nature of projects indicates that a project has a definite beginning and end.”

“Temporary endeavor.

8

“The end of the project is reached when one or more of the following is true:”

“The project's objectives have been achieved;
The objectives will not or cannot be met;
Funding is exhausted or no longer available for allocation to the project;
The need for the project no longer exists (e.g., the customer no longer wants the project completed, a change in strategy or priority ends the project, the organizational management provides direction to end the project);
The human or physical resources are no longer available; or
The project is terminated for legal cause or convenience.”

9

“________ as the net quantifiable benefit derived from a business endeavor.”

business value

10

“Examples of ___________ elements include:
Monetary assets,
Stockholder equity,
Utility,
Fixtures,
Tools, and
Market share.
Examples of intangible elements include:
Goodwill,
Brand recognition,
Public benefit,
Trademarks,
Strategic alignment, and
Reputation.”

tangible

11

“Project Initiation Context. Organizational leaders initiate projects in response to factors acting upon their organizations. There are four fundamental categories for these factors, which illustrate the context of a ”
“project

Meet regulatory, legal, or social requirements;
Satisfy stakeholder requests or needs;
Implement or change business or technological strategies; and
Create, improve, or fix products, processes, or services.”

12

“______________ is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. ”

Project management

13

“Effective and efficient project management should be considered a strategic competency within organizations. It enables organizations to:

Tie project results to business goals,
Compete more effectively in their markets,
Sustain the organization, and
Respond to the impact of business environment changes on projects by appropriately adjusting project management plans

14

“Effective project management helps individuals, groups, and public and private organizations to:

Meet business objectives;
Satisfy stakeholder expectations;
Be more predictable;
Increase chances of success;
Deliver the right products at the right time;
Resolve problems and issues;
Respond to risks in a timely manner;
Optimize the use of organizational resources;
Identify, recover, or terminate failing projects;
Manage constraints (e.g., scope, quality, schedule, costs, resources);
Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule); and
Manage change in a better manner.”

15

“Poorly managed projects or the absence of project management may result in:

Missed deadlines,“Cost overruns,
Poor quality,
Rework,
Uncontrolled expansion of the project,
Loss of reputation for the organization,
Unsatisfied stakeholders, and
Failure in achieving the objectives for which the project was undertaken.”

16

“A project may be managed in three separate scenarios:

as a stand-alone project (outside of a portfolio or program), within a program, or within a portfolio. Project managers interact with portfolio and program managers when a project is within a program or portfolio.”

17

“A ___________ is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.”

portfolio

18

“Looking at project, program, and portfolio management from an organizational perspective:

Program and project management focus on doing programs and projects the “right” way; and
Portfolio management focuses on doing the “right” programs and projects.”

19

“___________ is defined as the application of knowledge, skills, and principles to a program to achieve the program objectives and to obtain benefits and control not available by managing program components individually.”

Program management

20

“Actions related to these program and project-level interdependencies may include:”

“Aligning with the organizational or strategic ”
“direction that affects program and project goals and objectives;
Allocating the program scope into program components;
Managing interdependencies among the components of the program to best serve the program;
Managing program risks that may impact multiple projects in the program;
Resolving constraints and conflicts that affect multiple projects within the program;
Resolving issues between component projects and the program level;
Managing change requests within a shared governance framework;
Allocating budgets across multiple projects within the program; and”
“Assuring benefits realization from the program and component projects.”

21

“A ________ is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.”

portfolio

22

“_________ is defined as the centralized management of one or more portfolios to achieve strategic objectives. ”

Portfolio management

23

“The aim of portfolio management is to:”

“Guide organizational investment decisions.
Select the optimal mix of programs and projects to meet strategic objectives.
Provide decision-making transparency.
Prioritize team and physical resource allocation.
Increase the likelihood of realizing the desired return on investment.
Centralize the management of the aggregate risk profile of all components.”

24

“Projects can intersect with operations at various points during the product life cycle, such as;”

“When developing a new product, upgrading a product, or expanding outputs;
While improving operations or the product development process;
At the end of the product life cycle; and
At each closeout phase.”

25

“ORGANIZATIONAL PROJECT MANAGEMENT (OPM) AND STRATEGIES”

“Portfolio management aligns portfolios with organizational strategies by selecting the ”
“right programs or projects, prioritizing the work, and providing the needed resources.
Program management harmonizes its program components and controls interdependencies in order to realize specified benefits.
Project management enables the achievement of organizational goals and objectives.”

26

__________ is defined as a framework in which portfolio, program, and project management are integrated with organizational enablers in order to achieve strategic objectives.”

“organizational project management (OPM).

27

“The series of phases that a project passes through from its start to its completion.”

Project life cycle

28

“A collection of logically related project activities that culminates in the completion of one or more deliverables.”

Project phase

29

“A review at the end of a phase in which a decision is made to continue to the next phase, to continue with modification, or to end a program or project.”

Phase gate

30

“A systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs.”

Project management processes