Project Management Professional (PMP) Exam-108 Questions with Complete Solutions

Project Management Professional (PMP) Exam-108 Questions with Complete Solutions What is project management? - CORRECT ANSWER The application of knowledge, skills, tools, and techniques to project activities to meet project requirements What is a program? - CORRECT ANSWER A group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits not available from managing them individually. What is a portfolio? - CORRECT ANSWER projects, programs, subportfolios, and operations managed as a group to achieve strategic business objectives What is a PMO? - CORRECT ANSWER An organizational structure that standardizes the project related governance and facilitates the sharing of resources, methodologies, tools, and techniques. What is a constraint? - CORRECT ANSWER A limiting factor that affects the execution of a project, program, portfolio, or process. What is a stakeholder? - CORRECT ANSWER An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. What is a project management system? - CORRECT ANSWER The aggregation of the processes, tools, techniques, methodologies, resources, and procedures to manage a project What are the stages of a product life cycle? - CORRECT ANSWER Concept, delivery, growth, maturity, retirement What is the benefit of portfolio management? - CORRECT ANSWER Better alignment of projects and programs with organizational objectives, with the goal being to maximize the value of the entire portfolio What are the common characteristics of project life cycles? - CORRECT ANSWER The phases are sequential in nature; they embrace the transfer of technical information from one phase to another as necessary; costs and staffing levels are usually low at the beginning, peak somewhere in the middle, drop off rapidly toward the end When does the life cycle of a product or service begin? - CORRECT ANSWER At its conception, it ends with closure. This cycle can begin with an assessment of the product or service from a business perspective, continue with the hand off to operations, and end with discontinuation or completion of the product or service. What are some examples of project stakeholders? - CORRECT ANSWER Customer or end user, sponsor, project management office, project manager, project team, functional managers, operations management, senior management, influences, performing organization