Project Management Professional (PMP) Exam Questions With Correct Answers.

What is project management? - The application of knowledge, skills, tools, and techniques to project activities to meet project requirements What is a program? - 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? - projects, programs, subportfolios, and operations managed as a group to achieve strategic business objectives What is a PMO? - An organizational structure that standardizes the project related governance and facilitates the sharing of resources, methodologies, tools, and techniques. What is a constraint? - A limiting factor that affects the execution of a project, program, portfolio, or process. What is a stakeholder? -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? - The aggregation of the processes, tools, techniques, methodologies, resources, and procedures to manage a project What are the stages of a product life cycle? - Concept, delivery, growth, maturity, retirement What is the benefit of portfolio management? - 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? - 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 endWhen does the life cycle of a product or service begin? - 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? - Customer or end user, sponsor, project management office, project manager, project team, functional managers, operations management, senior management, influences, performing organization What are some examples of organizational structures? - Organic or simple, functional (centralized), multi divisional, matrix strong, weak, balanced, project oriented, hybrid, PMO What is another name for a functional organization? - Traditional centralized How is a functional organization organized? - In which staff is grouped by areas of specialization and the project manager has limited authority to assign work and apply resources.