Lesson 1 Chapter 1

Question 1

What is a Project ?

Answer 1

Is a temporary endeavor undertaken to create a unique product, service or result.

Question 2

Project characteristics in common

Answer 2

1-they are all temporary
2- are designed to create something new
3- both operation and projects requires resources
4- have a start and an end; operations do not

Question 3

All organizations have ongoing operations such as

Answer 3

HR, accounting, marketing or maintenance

Question 4

Most projects will fall into one or 4 types based on goals such as

Answer 4

1-creation of a new product (these projects have clearly defined outcomes )
2-creation of new services (still have a defined outcome; but it is not necessarily providing a tangible item
3-process improvement( quality improvement process, collaboration site for virtual team, updating existing legacy system or software)
4-compliance ( ensure organizations is in compliance with local and federal government agency regulations ect )

Question 5

Projects can be grouped together in either a

Answer 5

Program or portfolio

Question 6

A program is ______?

Answer 6

Grouped of related projects that are managed in a coordinated manner.
Ex: new product launches
Projects: product development; marketing plan and expo

Question 7

What is a portfolio ?

Answer 7

Is a group of projects, program or a combination of both that shares something in common.
Ex: a company is buying another company

Question 8

See photo of what is a portfolio

Answer 8

All of these projects or programs are completely independent of each other, but all are related to the acquisition

Question 9

What are the 2 ways a portfolio differs from a program??

Answer 9

Programs only contain projects, whereas portfolios can contain both projects and programs

Contents of a program are selected bc there are INTERDEPENDENCIES between the projects that requires coordination between projects.
Portfolios don’t have dependencies but share common thing bc are grouped together

Question 10

What is projects management???

Answer 10

Projects management is the application of knowledge; skills, tools and techniques to project activities to meet project requirements

Question 11

Why is project management important ??

Answer 11

Provides a systematic way of doing business and delivering results.

Companies perform at a much higher level

The amount of $$ wasted or at risk is 14 times less

Question 12

Benefits of projects management?

Answer 12

Development of standard processes

Customer focused, not constraint driven

Question 13

3 business objectives of PM ?

Answer 13

1- reducing the cost of doing business

2-increasing revenue or income sources

3- maintaining regulatory compliance

Question 14

Organization Projects Management ( OPM) provides a framework for _____?

Answer 14

Projects, programs, portfolio and PMO (projects management offices)

Question 15

What project manager do ??

Answer 15

Lead and manages her own team (assign their task and direct their work)

Ensure work aligns with the project’s objectives

Develop a good plan and then implement

Question 16

What skills tools and techniques a project manager will need to have ??

Answer 16

Build a schedule->network diagram ->decomposition

Estimate effort ->work breakdown structures—> inspections

Identify risks —>pareto charts —>verification

Question 17

A group of projects, program or a combinación of both that shares something in common like strategy objectives

Answer 17

Portfolio

Question 18

A group of related projects that are managed in a coordinated manner

Answer 18

Program

Question 19

A completed set of concepts, processes and activities that make up a field of specialization

Answer 19

Knowledge area

Question 20

A temporary endeavor undertaken to create a unique product, service or results

Answer 20

Project

Question 21

A systematic series of activities directed toward causing and end results

Answer 21

Process

Question 22

The application of knowledge, skills, tools and techniques to project activities to meet project requirements

Answer 22

Project management

Question 23

Which type of Project Management office (PMO) provides templates, best practices and trainings???

Answer 23

Supportive PMO

Question 24

Why should projects be grouped together as a program

Answer 24

Bc there are dependencies between projects

Question 25

Which of the following would be considered a technical project management skills?

Answer 25

Creating the project schedule using information provided by your team

Question 26

Which PMI project management certification is most appropriate for entry level

Answer 26

CAMP

Question 27

What is the iterative activity that we use to continuously add more details to the plan ?

Answer 27

Progressive elaboration