Pmp Forth Edition Chap #1

Front 1

What is a Project?

Back 1

A project is a temporary endeavor undertaken to create a unique product, service, or result and progressively
elaborated.

Hint 1

Examples of projects include, but are not limited to:
· Developing a new product or service,
· Effecting a change in the structure, staffing, or style of an organization,
· Developing or acquiring a new or modified information system,
· Constructing a building or infrastructure, or
· Implementing a new business process or procedure.

Front 2

What is Project Management?

Back 2

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

Hint 2

Project management is accomplished through the
appropriate application and integration of the 42 logically grouped project management processes
comprising the 5 Process Groups.

Front 3

Name 5 Process Groups.

Back 3

· Initiating,
· Planning,
· Executing,
· Monitoring and Controlling
· Closing.

Front 4

Managing a project typically includes what?

Back 4

· Identifying requirements
- Addressing the various needs, concerns, and expectations of the stakeholders as the project
is planned and carried out,
·Balancing the competing project constraints including, but not limited to:
¨ Scope,
¨ Quality
¨ Schedule,
¨ Budget,
¨ Resources
¨ Risk

Front 5

What is a protfolio?

Back 5

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

Front 6

What is protfolio management?

Back 6

Portfolio management refers to the centralized management of one or more portfolios, which
includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and
other related work, to achieve specific strategic business objectives

Hint 6

Portfolio management focuses
on ensuring that projects and programs are reviewed to prioritize resource allocation, and that the
management of the portfolio is consistent with and aligned to organizational strategies.

Front 7

What is a program?

Back 7

is defined as a group of related projects managed in a coordinated way to obtain benefits
and control not available from managing them individually.

Hint 7

Programs may include elements of
related work outside the scope of the discrete projects in the program. A project may or may not be
part of a program but a program will always have projects.

Front 8

What is program management?

Back 8

Program management is defined as the centralized coordinated management of a program to
achieve the program’s strategic objectives and benefits

Hint 8

Program management focuses on the project interdependencies and helps to determine the optimal
approach for managing them.

An example of a program would be a new communications satellite system with projects for design
of the satellite and of the ground stations, construction of each, integration of the system, and
launch of the satellite.

Front 9

What is a project?

Back 9

Projects are often utilized as a means of achieving an organization’s strategic plan. Projects are
typically authorized as a result of one or more of the following strategic considerations

Hint 9

Market demand (e.g., a car company authorizing a project to build more fuel−efficient cars in
response to gasoline shortages),
·
Strategic opportunity/business need (e.g., a training company authorizing a project to create
a new course to increase its revenues),
·
Customer request (e.g., an electric utility authorizing a project to build a new substation to
serve a new industrial park),
·
Technological advance (e.g., an electronics firm authorizing a new project to develop a
faster, cheaper, and smaller laptop after advances in computer memory and electronics
technology), and
·
Legal requirements (e.g., a chemical manufacturer authorizes a project to establish
guidelines for the handling of a new toxic material).