2
PMP Exam with verified detailed solutions
|| || || || ||
Three ways to run projects - ✔✔1. Traditional
|| || || || || || ||
2. Agile
||
3. Hybrid
||
Project - ✔✔A temporary endeavor that produces a unique product, service or
|| || || || || || || || || || || ||
result
*Temporary in nature and has a definite beginning and ending
|| || || || || || || || || ||
Unique, Temporary, Progressively elaborated
|| || ||
Progressively Elaborated - ✔✔As time is progressing, things become more
|| || || || || || || || || ||
elaborative
One of the elements of a project
|| || || || || ||
You may not know much as you start a project, but as you work, you start to
|| || || || || || || || || || || || || || || || ||
know more as the project progresses. You get more information from
|| || || || || || || || || || ||
stakeholders, estimates become more precise, etc. || || || || ||
Project Management - ✔✔The application of knowledge, skills, tools and
|| || || || || || || || || ||
techniques to satisfy project requirements || || || || ||
,2
Ex: ||
-Preparing a business case to justify the investment
|| || || || || || ||
-Estimating resources and times || || ||
-Developing and implementing a management plan for the project
|| || || || || || || ||
-Leading and motivating the project delivery team
|| || || || || ||
-Managing the risks, issues, and changes on the project
|| || || || || || || ||
-Monitoring progress against plan || || ||
-Closing the project in a controlled fashion when appropriate
|| || || || || || || ||
Operations Management - ✔✔Deals with the ongoing production of goods
|| || || || || || || || || ||
and/or services ||
Considers the acquisition, development, and utilization of resources that firms
|| || || || || || || || || ||
need to deliver the goods and services
|| || || || || ||
*Different from a project in that it is ongoing, not temporary
|| || || || || || || || || ||
Ex: something like sales; this is not a project, it is ongoing
|| || || || || || || || || || ||
Portfolio Management - ✔✔A portfolio is a collection of projects, programs,
|| || || || || || || || || || ||
subsidiary portfolios, and operations managed as a group to achieve strategic
|| || || || || || || || || || ||
objectives. ||
Used to accomplish the long-term goal of an organization
|| || || || || || || ||
,2
Phase - ✔✔A collection of logically related project activities that culminates in
|| || || || || || || || || || || ||
the completion of one or more deliverables.
|| || || || || || ||
Number of phases depends on the industry type and size and the complexity of
|| || || || || || || || || || || || || ||
the project
||
Deliverable - ✔✔Any unique and verifiable product, service or result
|| || || || || || || || ||
May be tangible or intangible
|| || || ||
Must be accepted by the customer or sponsor for the phase
|| || || || || || || || || ||
Who accepts a deliverable? - ✔✔A customer or a sponsor for the phase
|| || || || || || || || || || || ||
When does a phase finish/complete? - ✔✔When a deliverable is done, formally
|| || || || || || || || || || || ||
accepted by a customer or sponsor for the phase
|| || || || || || || ||
Program Management - ✔✔-A group of related projects managed in a
|| || || || || || || || || || ||
coordinate way to obtain benefits and control not available from managing
|| || || || || || || || || || ||
them individually.||
-Focuses on the project interdependencies and helps to determine the optimal
|| || || || || || || || || || ||
approach for managing them || || ||
Project Life Cycle - ✔✔A representation of the phases that a project typically
|| || || || || || || || || || || || ||
goes through from start to finish
|| || || || ||
, 2
Can be either predictive or adaptive
|| || || || ||
What is a predictive cycle? (life cycle) - ✔✔Sometimes referred to as waterfall
|| || || || || || || || || || || ||
Very traditional ||
Plan-Driven/Predictive/Traditional
Set scope, cost, schedule, etc.
|| || || || ||
Not much customer interaction
|| || ||
Good for building a building
|| || || ||
What is an adaptive cycle? (life cycle) - ✔✔Changes are always coming in,
|| || || || || || || || || || || || ||
people are changing scope, cost, time, product, etc.
|| || || || || || || ||
Adapt to need for stakeholder
|| || || || ||
Changes are welcome, sometimes build product in increments
|| || || || || || ||
*Iterative, Incremental, Adaptive || ||
Good for building software
|| || ||
PMP Exam with verified detailed solutions
|| || || || ||
Three ways to run projects - ✔✔1. Traditional
|| || || || || || ||
2. Agile
||
3. Hybrid
||
Project - ✔✔A temporary endeavor that produces a unique product, service or
|| || || || || || || || || || || ||
result
*Temporary in nature and has a definite beginning and ending
|| || || || || || || || || ||
Unique, Temporary, Progressively elaborated
|| || ||
Progressively Elaborated - ✔✔As time is progressing, things become more
|| || || || || || || || || ||
elaborative
One of the elements of a project
|| || || || || ||
You may not know much as you start a project, but as you work, you start to
|| || || || || || || || || || || || || || || || ||
know more as the project progresses. You get more information from
|| || || || || || || || || || ||
stakeholders, estimates become more precise, etc. || || || || ||
Project Management - ✔✔The application of knowledge, skills, tools and
|| || || || || || || || || ||
techniques to satisfy project requirements || || || || ||
,2
Ex: ||
-Preparing a business case to justify the investment
|| || || || || || ||
-Estimating resources and times || || ||
-Developing and implementing a management plan for the project
|| || || || || || || ||
-Leading and motivating the project delivery team
|| || || || || ||
-Managing the risks, issues, and changes on the project
|| || || || || || || ||
-Monitoring progress against plan || || ||
-Closing the project in a controlled fashion when appropriate
|| || || || || || || ||
Operations Management - ✔✔Deals with the ongoing production of goods
|| || || || || || || || || ||
and/or services ||
Considers the acquisition, development, and utilization of resources that firms
|| || || || || || || || || ||
need to deliver the goods and services
|| || || || || ||
*Different from a project in that it is ongoing, not temporary
|| || || || || || || || || ||
Ex: something like sales; this is not a project, it is ongoing
|| || || || || || || || || || ||
Portfolio Management - ✔✔A portfolio is a collection of projects, programs,
|| || || || || || || || || || ||
subsidiary portfolios, and operations managed as a group to achieve strategic
|| || || || || || || || || || ||
objectives. ||
Used to accomplish the long-term goal of an organization
|| || || || || || || ||
,2
Phase - ✔✔A collection of logically related project activities that culminates in
|| || || || || || || || || || || ||
the completion of one or more deliverables.
|| || || || || || ||
Number of phases depends on the industry type and size and the complexity of
|| || || || || || || || || || || || || ||
the project
||
Deliverable - ✔✔Any unique and verifiable product, service or result
|| || || || || || || || ||
May be tangible or intangible
|| || || ||
Must be accepted by the customer or sponsor for the phase
|| || || || || || || || || ||
Who accepts a deliverable? - ✔✔A customer or a sponsor for the phase
|| || || || || || || || || || || ||
When does a phase finish/complete? - ✔✔When a deliverable is done, formally
|| || || || || || || || || || || ||
accepted by a customer or sponsor for the phase
|| || || || || || || ||
Program Management - ✔✔-A group of related projects managed in a
|| || || || || || || || || || ||
coordinate way to obtain benefits and control not available from managing
|| || || || || || || || || || ||
them individually.||
-Focuses on the project interdependencies and helps to determine the optimal
|| || || || || || || || || || ||
approach for managing them || || ||
Project Life Cycle - ✔✔A representation of the phases that a project typically
|| || || || || || || || || || || || ||
goes through from start to finish
|| || || || ||
, 2
Can be either predictive or adaptive
|| || || || ||
What is a predictive cycle? (life cycle) - ✔✔Sometimes referred to as waterfall
|| || || || || || || || || || || ||
Very traditional ||
Plan-Driven/Predictive/Traditional
Set scope, cost, schedule, etc.
|| || || || ||
Not much customer interaction
|| || ||
Good for building a building
|| || || ||
What is an adaptive cycle? (life cycle) - ✔✔Changes are always coming in,
|| || || || || || || || || || || || ||
people are changing scope, cost, time, product, etc.
|| || || || || || || ||
Adapt to need for stakeholder
|| || || || ||
Changes are welcome, sometimes build product in increments
|| || || || || || ||
*Iterative, Incremental, Adaptive || ||
Good for building software
|| || ||
