C722 Project Management - Study Guide | 234 Questions and Answers (Verified 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