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74 terms

Project management midterm

STUDY
PLAY
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