PK0-005 Must KNOW QUESTIONS AND ANSWERS GRADE A+ GUARANTEED

Processes Activities that underlie the effective practice of project management; they include all the phases of concept/discovery, initiation, planning, execution, and closing a project. project budget The total financial sum available to pay for a project's expenses; includes the cost estimates and additional reserves to cover issues. cloud computing Computing architecture where on-demand resources provisioned with the attributes of high availability, scalability, and elasticity are billed to customers on the basis of metered utilization. cloud service providers Organization providing infrastructure, application, and/or storage services via an "as a service" subscription-based, cloud-centric offering. project life cycle A process that defines the five phases that a project goes through from the beginning to the end. feasibility A feasibility study to analyze the hardware, software, facilities, and databases needed for a proposed project. project team Consists of the project manager, the project management team, and other individual team members. The project team contains people from different groups who possess knowledge on specific subjects or have unique skill sets to carry out project work. team logistics The practice of providing materials and facilities needed by the team to accomplish their tasks. metrics Quantifiable measurements of the status of results or processes. business case A brief document that justifies the investments made for a project and describes how a particular investment is in accordance with the organization's policy. Alternatives identification The act of generating different plans for achieving project goals. milestones A control point event in a project with zero duration that triggers a reporting requirement or requires sponsor or customer approval before proceeding with the project. voice over Internet Protocol (VOIP) A generic name for protocols that carry voice traffic over data networks. process flowchart It shows the sequence of events and the flow of inputs and outputs between elements in a process or system. loops In scripting and programming, control statement that executes code repeatedly based on a condition. ROI return on investment ROI A metric to calculate whether an asset is worth the cost of deploying and maintaining it. ROI can be calculated as ______. ROI : (Profit / Cost of investment) * 100 Profit = Current value - Cost of investment or ROI: (Revenue - Cost of good sold ) / Cost of good sold contracts A mutually binding agreement that details the obligations of the buyer and vendor. regulations Compliance-mandatory characteristics for specific products, services, or processes. assumptions The statements that must be taken to be true in order to begin project planning. risks Any unexpected event that can affect your project. The effect might be either positive or negative, and the impact might be on any aspect of the project from personnel, processes, technology, and resources. These unexpected events are difficult or impossible to predict. ESG Environmental, Social, Governance benefit measurement models A project selection decision model that analyzes the predicted value of the completed projects in different ways. They may present the value in terms of forecasted revenue, ROI, predicted consumer demand in the marketplace, or the Internal Rate of Return (IRR). ESG Organizational performance measures unrelated to financial performance that assess how an organization contributes to society. business partners Individuals and organizations who are external to the company and provide specialized support to tasks such as installation, customization, training, or support. project objectives The criteria used to measure whether a project is successful or not. organizational structure The compositional makeup of an organization that dictates how the various groups and individuals within the organization interrelate. functional organizational structure An organizational structure where reporting is hierarchical, with each individual reporting to a single manager. functional manager Individuals who are part of management in the administrative or functional side, such as human resources, finances, accounting, or even procurement of the business in the organization. They sometimes act as subject matter experts or may provide services needed for the project. relative authority The project manager's authority relative to the functional manager's authority over the project and the project team. projectized organizational structure An organizational structure where the project manager and a core project team operate as a completely separate organizational unit within the parent organization. matrix organizational structure An organizational structure with a blend of functional and project-based structures in which individuals still report upward in the functional hierarchy, but they also report horizontally to one or more project managers. program A group of related projects that have a common objective. PMs The individual who is responsible for managing all aspects of the project. Program managers An individual who coordinates with the project managers, oversees related projects in a program to obtain maximum benefits, and provides guidance and support to every individual project. project management office (PMO) A centralized, ongoing administrative unit or department that serves to improve project-management performance within an organization by providing oversight, support, tools, and helpful methodologies to project managers. performance management A structured system of processes and tools that improves an organization's ability to meet targets; evaluates current performance and improves future outcomes; and is used to improve the performance of projects, employees, departments, or organizations. documentation Accurate and up to date documentation is essential for maintaining effective and secure business procedures. The sorts of things that need documenting include policies, procedures, systems architecture, and assets. project stakeholder A person who has a business interest in the outcome of a project or is actively involved in its work. Senior management The highest level of management in an organization, such as the executive team. sponsor Individuals or groups that provide financial assistance to the project. If the sponsor is outside of the company, such as a customer, their duties may be the responsibility of the project manager. Internal customers A consumer of a good or service that works in the same organization as the supplier. External customers A consumer of a good or service who does not work in the same organization as the supplier. end-user The people who will be affected by the product or service generated by the project. This might be but is not necessarily the individuals or organization in the customer role. portfolio management Individuals, often executives, in the portfolio review board who are part of the project selection committee and belong to the high-level project governance side of the organization. portfolio A collection of projects, programs, and operational work to achieve the strategic business objectives of an organization. project selection The act of choosing a project from among competing proposals. Waterfall A software development model where the phases of the SDLC cascade so that each phase will start only when all tasks identified in the previous phase are complete. project requirements A statement that defines why a project is being undertaken, the functionality that a project is designed to accommodate, or how the functionality will be achieved and satisfied by the solution. SDLC Phases 1. Planning 2. Analysis 3. Design 4. Development 5. Testing 6. Implementation 7. Maintenance quality The totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. agile A software development model that focuses on iterative and incremental development to account for evolving requirements and expectations. iterative development A process by which product development, such as software development, is broken down from a large application into smaller chunks. A product or product component is designed, developed, and tested in repeated cycles. incremental development An approach that breaks the software development process down into small, manageable portions known as "increments." Each increment builds on the previous version so that improvements are made step by step. iterative and incremental development (IID) A method that builds an incremental model that is developed in multiple cycles of iterations. A product may begin with relatively small components or steps, and incremental milestones are made during each cycle of the iterations until the final product is achieved. agile team CONTINUED....