LSUS - ISDS 715: Module 1 Exam Study Guide [100% Correct Answers]

LSUS - ISDS 715: Module 1 Exam Study Guide [100% Correct Answers] PMI *Ans* Project Management Institute Project *Ans* A temporary endeavor undertaken to create a unique product, service, or result. Project management *Ans* The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements. Program *Ans* A group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits (and control) not available managing them individually. How many Process Groups are there? *Ans* Five. What are the five process groups? *Ans* Initiation; planning; executing; monitoring and controlling; and closing What do projects drive in organizations? *Ans* Change What do projects aim to do? *Ans* Move an organization from one state (the current state) to another state (the future/desired state) to achieve a specific objective or set of objectives. What is the difference between program/project management and portfolio management? *Ans* Project/program management focuses on doing programs and projects the right way. Portfolio management focuses on doing the right programs and projects. What must projects have? *Ans* A beginning and an end. How long might a project last? *Ans* A few months to several years. Projects typically yield one or more... *Ans* product, capability to perform a service, or result. Project Management includes... *Ans* Identifying requirements; communication; managing stakeholders; and balancing project constraints. What are the five benefits of standardizing project management within an organization? *Ans* Common language;