The Standards for Project Management - PMP Exam 2024 Questions & Answers 100% Correct!!

Outcome - ANSWER An end result or consequence of a process or project. Outcomes can include outputs and artifacts, but have a broader intent by focusing on the benefits and value that the project was undertaken to deliver. Portfolio - ANSWER Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Prodcuts - ANSWER An artifact that is produced, is quantifiable, and can be either an end item in itself or a component item. Program - ANSWER Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually. Project Management - ANSWER The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Project Management refers to guiding the project work to deliver the intended outcomes. Project teams can achieve the outcomes using a broad range of approaches (e.g., predictive, hybrid, and adaptive). Project Manager - ANSWER The person assigned by the performing organization to lead the team that is responsible for achieving the project objectives. Project managers perform a variety of functions, such as facilitating the project team work to achieve the outcomes and managing the processes to deliver intended outcomes. Project Team - ANSWER A set of individuals performing the work of the project to achieve its objectives. System for Value Delivery - ANSWER A collection of strategic business activities aimed at building sustaining, and/or advancing an organization. Portfolios, programs, projects, products, and operations can all be part of an organization's system for value delivery. Value - ANSWER The worth, importance, or usefulness of something. Different stakeholders perceive value in different ways. Customers can define value as the ability to use specific features or functions of a product. Organizations can focus on business value as determined with financial metrics, such as the benefits less the cost of achieving those benefits. Societal value can include the contribution to groups of people, communities, or the environment. Audience for this standard-This standard provides a foundational reference for s