PMP Module Quiz 1) Project Management Fundamentals WITH 100- SURE ANSWERS

EUNICE Module 1 Project Management Exam 1 study guideWITH QUESTIONS AND 100% SURE ANSWERS Terms in this set (39) what constitutes a project? temporary endeavor that has specific and unique goals, usually with a budget; unique outcome, temporary, definite beginning and end What's the difference between projects and operations? Projects have a definite beginning and end. Operations are the work that is the same day after day, producing the same result what is project management? applying knowledge, skills, tools, and techniques toachieve a project's objectives In project management you must answer a few critical questions. That are... 1. What problem are you solving? 2. How are you going to solve the problem? (requirements,deliverables, scope) 3. What's your plan? (work, resources, schedule, process) 4. How will you know when you are done? 5. Success criteria6. How well did the project go? what is success criteria? quantifiable results that show that the project is complete you can eliminate uncertainty with success criteria In the role of a project manager you are required to have 5 types of skills that are? 1. Technical skills 2. Business expertise skills 3. Problem solving skills 4. Interpersonal skills 5. Leadership skills Technical skills are project plan, schedule, reading gantt chart, measuring performance Business expertise skills are understanding business, what it does, values, good decisions Problem solving skills are achieve project objectives, meet schedule & budget Interpersonal skills are work as a team Leadership skills are inspire, guide, hold accountable, motivate roles as a project manager are: communication, technical skills, leadership, planning, team building & management, stakeholder management Responsibilities as a project manager are Managing stakeholder expectations, managing project constraints, and gathering project requirements waterfall/traditional approach each process occurs one after another, flows from one to the next, each steps once start to finish - Works well when goals are clearly defined, low risk - Simplicity, low risk, familiar tech, experience - Initiating planning monitoring controlling closing process Agile approach iterations produce deliverables at regular intervals. - Unclear solutions - Value delivered sooner, more customer involvement, small independent team elements of triple constraint Cost, scope (quality), Time (triangle) Triple constraint concept if you increase importance of one, the others get stressed and need attention too, they must increase too Portfolio management (program) strategic vehicle by which business delivers on goals & objectives; -projects, programs, and operations managed as a group to achieve strategic objectives - Changes over time, must be actively managed, single approach -- Capture ideas, analysis, selection, achieve goals Program management groups 2+ projects together that aim to achieve thesame deliverables; when you manage a group of projects or sub-programs together to reap same benefit that you wouldn't get normally when managing individually. why use programs? Manage costs, maintain, overall coordination, preside over conflicts Operations management (program) day-to-day activities, ongoing and repetitive project management life cycle 1. Initiating 2. planning 3. executing 4. monitoring and controlling 5. closing process Initiating define your project, assess scope, determine resources needed, identify stakeholders, ask approval Planning what to do, how to do it, how to know when done Executing put plan in action Monitoring and controlling check progress of project, compare to Closing process get client to accept project complete, documentperformance, close contract, help resources Concept of tailoring determining the appropriate combinations of processes, inputs,tools, etc. to manage a project; -asks what industry, project size, complexity, methodologies. Tailoring integration management steps 1. Gain consensus 2. Assess approach 3. Execute deliverables 4. Review outputs 5. Document lessons learned What are the contextual factors that affect project management Measure of success: 1. Project benefits measurement plan. 2. Meeting governance criteria 3. achieving stakeholder satisfaction 4. return on investment 5. Internal rate of return 6. net present value 7. benefit cost ratio what is a measurement plan document made up of subsidiary plans that represent every knowledge area what is a hierarchy in the organizational structure? - Each person report to only one supervisor -PM has no authority -they have divided responsibilities -project structure is "overlaid" - functional manager in charge of budget. what is a matrix in the organizational structure? -People report to both functional and project managers - support project more - PM has some authority - PM & staff work full time on projects in strong matrix what is Projectized in the organizational structure -PM almost have complete authority - most people work on projects -easier to produce results - resources dedicated to project - PM & admin staff work full time What is organizational culture? set of factors that guide people's behaviors and decisions within an organization what is Shaping culture mission statement, leadership, work environment what is navigating culture Knowing the boundaries respect change management respect local culture project sponsor sponsor will help determine up front the project's success criteria