STUDY QUESTIONS AND SOLVED ANSWERS
Projects
A temporary activity that creates a unique result.
Initiatives with specific goals and start and end dates.
Develop a new product or service reduces cost add technology.
Example of Projects
* A car company developing a new passenger car.
* A freight company adding a computer program to optimize cargo carrying
capacity.
* A construction company building a new facility for a customer.
,Operations
Day-to-day activities in an organization. Continuous/ongoing.
Examples of Operations
* A car company making cars.
* An airline flying passsengers.
* A CPA firm completing taxes for clients.
Product
Something created by a project.
Example of Product
* A flu vaccine.
* An office building.
,* The movie you just watched.
* The design of the vehicle you drive.
Business Scenario
An imagined or projected sequence of events that is representative of a significant
business need or problem, enables vendors to understand the value to the customer
organization of a developed solution.
Business Scenarios have this information: - Past events that are relevant- Current
key information- Expected or desired outcomes
Business Strategy
The activities, methods, tactics, etc. that will be employed to meet the business's
goals. Determined by senior management in the organization to improve the value
of the company to its stakeholders.
, Subject Matter Expert (SME)
A person who is an authority in a particular area or project.
Program
A group of related projects.
Portfolio
A group of initiatives (projects and programs) that a company engages in to
improve its operations.
Charter
The definition of a project according to stakeholders. Defines how customer will
determine if project met expectations. Includes a beginning, work steps, and clear
and defined end.
Business Case