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38 Cards in this Set
- Front
- Back
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What is a Project? |
A temporary endeavor undertaken to create a unique product, service or result |
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What is a Program?
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A group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually.
Programs may include elements of related work outside of the scope of the discrete projects in the program. |
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What can projects create?
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A product or artifact capability to perform a service or a result (outcomes or documents).
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What does managing a project include?
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Identifying requirements establishing clear and achievable objectives, balancing the competing demands for quality scope time and cost and adapting the specifications plans and approach to the different concerns and expectations of the various stake
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What is a project life cycle?
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A collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project.
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What do project life cycles generally define?
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What technical work should be done in each phase, when deliverables are to be generated, who should be involved in each phase, and how to control and approve each phase.
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What are the three distinct components of the process model used by PMI?
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Inputs, tools and techniques, and outputs.
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What does project integration management include?
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The processes and activities needed to identify, define, combine, unify, and coordinate the various processes and project management activities.
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What defines a project's completion?
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On time, within budget, at performance or specification level, with customer acceptance.
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What are the triple constraints?
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time, cost, and scope.
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What is scope?
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Anything that takes time or costs.
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What is product scope?
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What the customer wants.
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What is project scope?
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What it takes to give the customer what he wants.
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What are the inputs to developing a project charter?
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1) Contract, 2) Project statement of work, 3) Enterprise environmental factors, and 4) Organizational process assets.
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What are the tools and techniques of developing a project charter?
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1) Project selection methods, 2) project management methodology, project management information system, and 4) expert judgement.
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What is the project charter?
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A document that formally authorizes the project.
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In what process group is expert judgement not included?
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Executing
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Which items (tools) occur in all processes in Project Management Integration?
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Project management methodology and project management information system.
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What is the output of Develop Project Charter?
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The project charter.
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Who prepares the charter?
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the sponsor
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Which benefit measurement method determines the point at which the cash outflows and cash in-flow become equal?
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Break-even Analysis (major milestone in business)
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Which benefit measurement method is the exact length of time needed for a firm to recover its initial investment as calculated from cash inflows?
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Payback Period (least precise)
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Which benefit measurement method is the value of a future investment in today's dollar value?
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NPV (Net Present Value). The present values are added together to produce a sum of the present values. The initial investment is then subtracted from the sum of the present values. The result is the net present value. Ideally, NPV should be >0. An NPV <0
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Which benefit measurement method is the amount, in terms of a percentage rate, that a project can be expected to return for the investment?
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Internal Rate of Return (IRR). Similar to opening a bank account. The higher the IRR, the better.
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Which benefit measurement method is an allocation of costs of assets to expense over the life of assets?
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Depreciation.
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What is a deliverable?
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A measurable, verifiable work product such as a specification, feasibility study report, detailed design document, or working prototype.
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What is the project management system?
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The set of tools, techniques, methodologies, resources, and procedures used to manage a project.
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What does the project management plan describe?
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How the project management systems will be used.
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What is project management?
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The application of knowledge, skills, tools, and techniques to project activities to meet project requirements.
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What are the five Project Management Process groups?
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Initiating Process Group, Planning Process Group, Executing Process Group, Monitoring and Controlling Process Group, and Closing Process Group.
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Who created the plan-do-check-act cycle?
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Kaizen
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What is another name for the plan-do-check-act cycle?
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Continuous improvement
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What defines and authorizes the project or a project phase?
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The Initiating Process Group
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What defines and refines objectives, and plans the course of action required to attain the objectives and scope that the project was undertaken to address?
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The Planning Process Group
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What integrates people and other resources to carry out the project management plan for the project?
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The Executing Process Group
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What regularly measures and monitors progress to identify variances from the project management plan so that corrective action can be taken when necessary to meet project objectives?
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Monitoring and Controlling Process Group
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What formalizes acceptance of the product, service or result and brings the project or a project phase to an orderly end?
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The Closing Process Group
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Which Process Group consists of the processes that facilitate the formal authorization to start a new project or project phase?
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Initiating Process Group
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