PROJECT MANAGEMENT ESSENTIALS | STUDY
GUIDE
A project - Answers - Temporary endeavor undertaken to create a unique product,
service or result.
Projects come in a variety of shapes and sizes. However, all projects have these
characteristics: - Answers - 1. Temporary
2. Projects are designed to create something new.
3. Both operations and projects require resources.
4. Project have a start and an end; operations do not.
1 of 4 types based on project goals. Projects can create 1 of 4 types based on project
goals: - Answers - 1. create new product
2. create new service.
3. process improvements - improve the infrastructure or new technologies to improve
effeciency/productivity
4. ensure compliance to new or changed government regulations.
Projects can be grouped together in 2 ways: - Answers - 1. Program
2. Portfolio
What is a program? - Answers - A group of related projects that are managed in a
coordinated maner. Key efforts must be coordinated. Many parts are dependent upon
others. Each part has a project manager that reports to the program manager.
What is a portfolio? - Answers - A group of projects and programs which has a common
funding source. The projects, programs or combo of both are completely independent of
each other but share something in common.
2 ways Portfolio vs Program - Answers - 1. Programs only contain projects, whereas
portfolios can contain both proects and programs.
2. Program has known interdependenceies, whereas portfolios only share something in
common.
Project management - Answers - The application of knowledge, skills, tools, and
techniques to project activities to meet project requirements
Benefits of Project Management: - Answers - Achievement of business goals and
objectives
Completion of the project by making the most effective use of time, resources, and
dollars
Timely information for decision making
GUIDE
A project - Answers - Temporary endeavor undertaken to create a unique product,
service or result.
Projects come in a variety of shapes and sizes. However, all projects have these
characteristics: - Answers - 1. Temporary
2. Projects are designed to create something new.
3. Both operations and projects require resources.
4. Project have a start and an end; operations do not.
1 of 4 types based on project goals. Projects can create 1 of 4 types based on project
goals: - Answers - 1. create new product
2. create new service.
3. process improvements - improve the infrastructure or new technologies to improve
effeciency/productivity
4. ensure compliance to new or changed government regulations.
Projects can be grouped together in 2 ways: - Answers - 1. Program
2. Portfolio
What is a program? - Answers - A group of related projects that are managed in a
coordinated maner. Key efforts must be coordinated. Many parts are dependent upon
others. Each part has a project manager that reports to the program manager.
What is a portfolio? - Answers - A group of projects and programs which has a common
funding source. The projects, programs or combo of both are completely independent of
each other but share something in common.
2 ways Portfolio vs Program - Answers - 1. Programs only contain projects, whereas
portfolios can contain both proects and programs.
2. Program has known interdependenceies, whereas portfolios only share something in
common.
Project management - Answers - The application of knowledge, skills, tools, and
techniques to project activities to meet project requirements
Benefits of Project Management: - Answers - Achievement of business goals and
objectives
Completion of the project by making the most effective use of time, resources, and
dollars
Timely information for decision making
