Project management midterm

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approximately what % of the worlds gdp is spent on projects

25%

which of the following is not a potential advantage of using good PM

lower cost of capital

a______is a temporary endeavor undertaken to create a unique preoduct, service or result

project

which of the following is not an attribute of a project

projects involve no uncertainty

which of the following is not part of the triple constraint of PM

meeting communications goals

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

project management

project portfolio management adresses_______goals of an organization, while PM adresses______goals

strategic, tactical

several individual housing projects done in the same area by the same firm might best be manages as part of a

program

what is the most significant characteristic or attribute of an effective project manager

leads by example

what os the certification program called that the PMI provides

project management professional PMP

best practice

optimal way recogized by industry to achieve a stated goal or objective

ethics

set of principles that guide our decision, based on personal values of what is right and wrong

leader

person who focuses on long term goals and big picture objectives, while inspiring people to reach those goals

manager

deals with day to day details of meeting specific goals

portfolio

collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives

program

a group of projects managed in a coordinated way to obtain benefits and control not available from managing them individually

project

a temporary endeavor undertaken to create a unique product, service, result

project management

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

project manager

person responsible for working with the project sponsor, the projec team, and the other prople involved in a project to meet project goals

PMI project management institute

international professional society for project managers

project management knowledge areas

project integration management, scope, time, cost, quality, HR, communications,risk, and procurement management

project management professional PMP

certification provided by PMI that requires documenting project experience, agreeing to follow the PMI code of ethics, and passing a exam

project management tools and techniques

methods available to assist PM and their teams; some tools in the time mgmt knowledge area include Gantt charts, network diagrams, critical path analysis, and project management software

project portfolio mgmt

the grouping and managing of projects and prorgams as a portfolio of investments that contribute to the entire enterprises success

project sponsor

the person who provides the direction and funding for a project

stakeholders

people involved in or affected by project activities

triple constraint

balancing scope, time, and cost goals

a large company continues to be successful by providing new products and services for its market niche of brides. what is its main competitive strategy

focus

the last step in the four stage planning process for projects is

resource allocation

its very important to start at the top og the four stage planning process pyramid to select projects that support the organizations___

business strategy

which of the following statements is false concerning the financial analysis of projects

the required rate of return is the discount rate that results in an NPV of zero for the project

a______is a methodology that converts an organizations value drivers, such as customer service, innovation, operational efficiency, and financiall performance, into a series of defined metrics

a balanced scorecard

which of the following is not a major benefit of grouping projects into programs

increasing revenues

a college approved project to provide discounts for faculty, students, and staff to use the citys new light rail system, under what existing program might this project naturally fit

transportation program

the goal of project portfolio mgmt is to help maximize business value to ensure_____

enterprise success

many organizatons find duplicate or unneeded projects after they perform which step in project portfolio mgmt

putting all projects in one list

balanced scorecard

a methodology that converts an orgz value drivers to a series of defined metrics

cash flow

income minus expenses

directives

the new requirements imposed by management, government, or some external influence

discount factor

a multiplier for each year based on the discount rate and year

discount rate

the rate used in discounting future cash flows

internal rate of return IRR

the discount rate that results in an NPV of 0 for a project

mind mapping

a technique that uses branches radiating out from a core idea to structure thoughts and ideas

NPV analysis

method of calculating the expected net monetary gain or loss from a project by discounting all expected future cash inflows and outflows to the present point in time

payback period,

the amount of time it will take ti recoup, in the form of net cash inflows, the total dollars invested in a project

required rate of return

the minimum acceptable rate of return of an investment

ROI

benefits minus costs divided by costs

in which of the 5 project management process groups is the most time and money usually spent

executing

in which of the 5 project managment process groups are activities performed that relate to each knowledge are

planning

the best or "alpha" PM spend more time on every process group than other PM except for which one

executing

what documents provides justification for investing in a projects

business case

what document formally recognizes the existence of a project and provides direction on the projects objectives and mgmt

project charter

what is a crucial part of the project charter- a section in which key project stakeholders acknowledge their agreement on the need for the project

sign-off

which project document should not be made available to all key project stakeholders due to sensitivity

stakeholder mgmt strategy

all project meetings with major stakeholders should include

an agenda

preparing a stakeholder register and mgmt strategy e part of which knowledge area

project communications mgmt

which of the following is not an output of initiating the PMBOK guide, 4th ed

kick off meeting

agile methodologies

popular software development methodologies that use an iterative workflow and icremental delivery of software in short iterations

business case

document that provides justification for investing in a project

champion

senior manager who acts as a key proponent for a project

closing processes

the actions that involve formalizing acceptance of the project or phase and bringing it to an end

deliverable

product/service produced or provided as part of a project

executing processes

the actions that involve coordinating people and other resources to carry out the project plans and produce the deliverables of the project

initiating process

the actions to begin projects and project phases

methodology

a plan that describes how things should be done to manage a project

monitoring and controlling processes-

actions taken to measure profress towward achieving goals, monitor deviation, take corrective action

phase

distinct stage in project development

planning processes

the actions than involve devising and maintaining a workable scheme to ensure that the project meets is scope, time, cost goals, orgz needs

project

document that formally recognizes the existnece of a project and provides summaty of objectives

PMO project management office

an organizational entity created to assist PM in achieving goals

project mgmt process groups

the progression from initiating activities to planning activities, executing activities, monitoring and controlling activities, and closing activities

rational unified process RUP framework

a project mgmt methodology that uses an iterative software development process that focuses on team productitivty and delivers software best practices to all team members

six sigma

systemt for achieving, sustaining, and maximizing business success.. understanding customer needs

standart

a document that describes best practices for what should be done to manage a project

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