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12 Cards in this Set
- Front
- Back
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What is a project?
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A temp endeavor undertaken to create a unique product, service, or result. Has a definite beginning and end.
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Relationship among portfolios, programs, and projects.
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- Portfolio refers to a collection of projects, programs, sub portfolios, and operations. - Programs are a group of works managed to support the portfolio. - Projects or programs within a portfolio may not be interdependent or directly related. |
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What is project management?
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- The application of knowledge, skills, tools, and technology to project activities to meet requirements. - Typically includes identifying requirements, addressing needs and concerns, managing and communication with stakeholders, and balancing constraints. |
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What are the 5 process groups?
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- Initiating - Planning - Executing - Monitoring and controlling - Closing |
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What is organizational project management?
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Strategy execution framework utilizing project, program, and portfolio management as well as organizational enabling practices to consistently and predictably deliver better performance, results, and advantages.
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What is program management?
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- A program is a group of related projects and activities managed in a way to obtain benefits not available from managing individually. - The application of knowledge, skills, tools, and techniques to meet a programs requirements and obtain benefits not available by managing individually. |
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What is portfolio management?
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Refers to the centralized management of one or more portfolios to achieve strategic objectives. Focuses on ensuring projects/programs are prioritized. Includes resource allocation and ensures portfolios are consistent with organizational strategies.
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Reasons to begin a project.
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- Market demand - Strategic opportunity - Social need - Environmental consideration - Customer request - Technological advancement - Law requirements |
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What is the project management office? (PMO) |
Management structure that standardizes project related governance and facilitates sharing of resources, methods, tools, and techniques. |
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Types of PMO structures
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- Supportive - consultive role to projects by supplying templates, best practices, training, and lessons learned. - Controlling - provides and requires compliance. Degree of control is moderate. - Directive - directly manages projects. |
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What is the primary function of the PMO?
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- Support project managers - Manages shared resources - Identifies and develops methods and best practices - Coach, monitor, train, oversight - Monitor compliance - develop and manage policies, procedures, templates, and shared documents |
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What is the difference between operations and projects?
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- Operations are ongoing endeavors that produce repetitive outputs, with resources assigned to do the same tasks in a project life cycle. - Projects are temporary. |
