C722 Project Management - Study Guide questions with correct answers

Projects A temporary activity that creates a unique result. Initiatives with specific goals and start and end dates. Develops a new product or service, reduce costs, add technology, etc. Operations Day-to-day activities in an organization. Continuous & ongoing. Product Something created by a project. Business Scenario An imagined or projected sequence of events that is representative of a significant business need or problem & enables vendors to understand the value to the customer organization of a developed solution. Business Scenarios have this information: - Past events that are relevant - Current key information - Expected or desired outcomes Business Strategy The activities, methods, tactics, etc. that will be employed to meet the business's goals. Determined by senior management in the organization to improve the value of the company to its stakeholders. Subject Matter Experts SMOs. A person who is an authority in a particular area or project. Program A group of related projects. Portfolio A group of initiatives (projects and programs) that a company engages in to improve its operations. Charter The definition of a project according to stakeholders. Defines how customer will determine if project met expectations. Includes a beginning, work steps, and clear and defined end. Business Case The justification for a project - Explains the business need. Project Life Cycle Phases Defining, Planning Executing, Closing Defining Where detailed planning occurs. Level of detail aligns with complexity of project. Use Work Breakdown Structure to identify outcomes needed. Can require significant time for large projects. Typically ends when baselines for scope, budget, and schedule are approved by customer and/or sponsor and project team. Executing Where most of the work is done. Deliverables are completed. Progress is monitored and actions taken as needed to stay on track. May return to planning phase as needed if objectives can't be met, to modify budget, schedule, or scope. Critical to be careful of scope creep—don't add functionality without considering impact. This phase is complete when all work activities and deliverables are ready to be delivered to customer/sponsor. Closing When project outcomes are delivered to the customer and/or sponsor. Project Manager ties up loose ends: - Reassign project resources back to company - Document project results and lessons learned - Close out procurement activities - Verify completed project is transitioned to customer SMART Goals Specific Measurable Achievable Relevant Time Based Project Management The act of running a project and encompasses the use of general management or specific project management knowledge, skills, tools, and techniques to ensure that the project meets its goals. Aspects of project management Stakeholder Relations Managing Interdependent Tasks Managing Volatility Communications Schedule Development Work Breakdown PERT charts Risk Management Project Sponsor The individual (often manager or executive) with overall accountability for a project. Primarily concerned with ensuring project delivers agreed upon benefits. Project Manag