Comptia Project+ Pk0-003 (1/10)

Front 1

Exam Essential

Be able to define a project.

Back 1

A project brings about a unique product, service or result and has definite beginning and ending dates.

Front 2

Why do projects exist?

Back 2

To bring about or fulfill the goals of the organization

Front 3

When are projects considered a success?

Back 3

When the goals they set out to accomplish are fulfilled and the stakeholders are satisfied with the results.

Front 4

What are the characteristics of a project?

Back 4

1. Unique – involves doing something new that results in a unique product or service
2. Temporary – Project have definite start and end dates
3. Resources and quality – assigning resources to complete the work and assuring the results meet quality standards
4. Stakeholder satisfaction – A project ends when goals are met to the satisfaction of the stakeholders.

Front 5

Exam Essential

Be able to identify the difference between a project and ongoing operations.

Back 5

Project:
Temporary endeavor to create a unique product or service

Ongoing Operations:
Ongoing and repetitive

Front 6

Exam Essential

Name the three types of organizational structures

Back 6

1. Functional
2. Project Based
3. Matrix
a. Strong Matrix
b. Balance Matrix
c. Weak Matrix

Front 7

Why is it important to understand the different organizational structures?

Back 7

It impacts how projects are managed and staffed.

Front 8

Exam Essential

Be able to define the role of a project manager

Back 8

A project manager’s primary purpose is to integrate all the components of the project and bring it to a successful completion.
1. A project manager leads the project team
2. Oversees all the work required to complete the project goals
3. To the satisfaction of the stakeholders.
Is charged with overseeing every aspect of a given project from start to finish

Front 9

Exam Essential

Be able to identify the most common project selection methods

Back 9

The most common project selection methods are benefit measurement methods:
• cost-benefit analysis
• scoring models
• payback period
• expert judgment
• economic models including:
o discounted cash flows
o NPV
o IRR

Front 10

Exam Essential

Understand what skills are needed to manage a project beyond technical knowledge of the product.

Back 10

Key general management skills include:
• leadership
• communication
• problem solving
• negotiation
• organization
• time management

Front 11

Key Terms

A Guide to the Project Management Body of Knowledge
(PMBOK Guide)

Back 11

The project management standards developed by the Project Management Institute (PMI)

Front 12

Key Terms

Benefit measurement methods

Back 12

1. A type of decision model
2. that compares the benefits obtained from a variety of new project request
3. by evaluating them using the same criteria
4. and comparing the results

Front 13

Key Terms

Co-located

Back 13

When team members work together at the same physical location

Front 14

Key Terms

Constrained optimization methods

Back 14

1. Decision models
2. That use complex principles of statistics and other mathematical concepts
3. To assess a proposed project

Front 15

Key Terms

Cost-benefit analysis

Back 15

A commonly used benefit measurement method that calculates the cost of producing the product, service or result of the project and compares this to the financial gain the project is expected to generate.

Front 16

When is the cost-benefit model a good choice when selecting projects?

Back 16

When the decision is based on how quickly the project investment will be recouped.

Front 17

What is a weakness of the cost-benefit model?

Back 17

It does not account for other important factors, such as strategic value.

Front 18

Key Terms

Decision model

Back 18

1. A formal method of project selection
2. Helps managers make the best use of limited budgets and human resources.
3. Includes:
• benefit measurement methods
• constrained optimization models

Front 19

Key Terms

Discounted cash flow (DCF)

Back 19

Compares the value of future cash flows of the project to today’s dollars - example:
Year 1 - $450,000
Year 2 - $2,500,000
Year 3 - $3,200,000
Total DCF - $6,150,000

Typically the project with the highest discounted cash flow are chosen. 

Front 20

Key Terms

Economic model

Back 20

1. A type of benefit measurement method.
2. It is a series of financial calculations (also known as cash flow techniques)
3. that provide data on the overall financials of the project
4. and is generally used as a project selection technique.

Front 21

Key Terms

Expert judgment

Back 21

A technique that relies on the knowledge of those with expertise on requested subject matter. It is used in:
• project selection,
• determining estimates and
• determining other related project information

Typically used in conjunction with another decision model

Front 22

What are some of the dangers of relying only expert judgment for project selection?
 

Back 22

• It is not likely that the project selection committee members will all be authorities on each of the proposed projects
• Without access to comparative data, a project approval decision may be made based solely on who has the better slide presentation or who is the best salesperson
• Political influence can also be part of the expert judgment

Front 23

What role does leadership play in project management?

Back 23

Leaders:
• Set strategic goals
• Establish direction
• Inspire and motivate others
• Align and encourage diverse groups of people

Front 24

Accoring to PMI how much time should project managers spend in face to face communication?
 

Back 24

90%

Front 25

Where can expert judgment come from?
(i.e. who can be the experts)

Back 25

Expert judgment can come from:
• stakeholders
• other departments
• consultants
• team members
• vendors
• industry groups

Front 26

Key Terms

Feasibility study

Back 26

A formal endeavor that is undertaken to determine whether there is a compelling reason to perform the proposed project.

1. Whether the project is a viable project
2. The probability of project success
3. The viability of the product of the project

Front 27

When are feasibility studies usually used?

Back 27

1. When the proposed project is highly complex
2. Has a high potential for risk
3. Is a new type or project the organization has never undertaken before

Front 28

Key Terms

Functional organization

Back 28

A form of organizational structure.

Functional organizations are traditional organizations with hierarchical reporting structures.

Provides project managers with the least amount of authority.
 

Front 29

Why can functional organizations frustrate project managers?

Back 29

Work is often completed in a siloed fashion; deliverables are worked on independently in different departments.

Project managers are held accountable for results of the project, but they have no means of holding team members from other departments accountable for completing project deliverables.

Front 30

What are functional managers responsible for?

Why does this cause problems for project managers?

Back 30

1. Assigning work to the employees who report to them.
2. Rating the performance of the employees
3. Determining their raises and bonuses

The employees loyalty lies with the functional manager.

Front 31

What are the benefits of a functional organization?

Back 31

• Growth potential and career path for employees
• The opportunity for those with unique skills to flourish
• A clear chain of command (each staff member has one supervisor)

Front 32

Key Terms

Internal rate of return (IRR)

Back 32

The discount rate when the present value of the cash inflows equals the original investment.

Project with higher IRR values are generally considered better than projects with lower IRR values.

Front 33

Key Terms

Matrix Organization

Back 33

Typically organized along departmental lines but resources assigned to a project are accountable to the project manager for all work associated with the project. The middle ground between functional and project-based organizations

Functional Managers
Assign employees to projects and carry out administrative duties

Project Managers
Assign tasks associated with the project to team members and execute the project

Front 34

What are some common characteristics of matrix organizations?

Back 34

• Low to moderate authority for the project manager
• A mix of full-time and part-time project resources
• Better interdepartmental communication

Front 35

Explain the types and characteristics of a Matrix Organization

Back 35

Strong Matrix
Work Emphasis: project work over functional duties
Majority of Power: Project Manager

Weak Matrix
Work Emphasis: Functional duties over project work
Majority of Power: Functional Manager

Balanced Matrix
Work Emphasis: Equal emphasis between projects and functional duties
Majority of Power: Shared

Front 36

Key Terms

Net present value (NPV)

Back 36

Calculates the revenue or cash flows the organization expects to receive over the life of the project in today’s dollars.

Each period’s resulting sum in present-day dollars is added together, and that sum is then subtracted from the initial investment to come up with an overall value for the project.

Front 37

What is the rule for using NPV?

Back 37

The rule of Net Present Value (NPV) is:

If NPV is greater than zero, you should accept the project; if it’s less than zero, you should reject the project.

Front 38

Key Terms

Operations

Back 38

Operations typically involve ongoing functions that support the production of goods or services. They don’t have a beginning or an end.

Front 39

Key Terms

Payback period

Back 39

The length of time it takes a company to recover the initial cost of producing the product or service of the project.

Front 40

What is the weakness of using payback period in project selection?

Back 40

It is the lease precise of all the cash flow techniques.

Front 41

Key Terms

Program

Back 41

A grouping of related projects that are managed together to capitalize on benefits that couldn’t be achieved if the projects were manager separately.

Front 42

Key Terms

Project-based organization

Back 42

An organizational structure focuses on projects.

1. Projects managers generally have ultimate authority over the project
2. Sometimes supporting departments such as human resources and accounting report to the project manager
3. Project managers are responsible for making project decisions and acquiring and assigning resources.

Front 43

What are some advantages of project-based organizations?
 

Back 43

• Team members are collocated
• The project manager has a high level of authority
• Full-time resources are assigned to the project
• Loyalty is established with the project manager
• Dedicated project support staff

Front 44

What is the biggest drawback of project-based organizations?

Back 44

There may not always be a new project waiting for the project resources when a project comes to a close.

Front 45

Key Terms

Project management

Back 45

Applying skills, knowledge and project management tools and techniques to successfully meet the project goals.

Front 46

Key Terms

PMI

Back 46

Project Management Institute

The world’s leading professional project management association.

Sets the global de facto standard in project management.

Front 47

Key Terms

Project Management Knowledge Areas

Back 47

The nine project management groupings, or Knowledge Areas, that bring together common or related processes.
Integration
Scope
Time
Cost
Quality
Human Resources
Communications
Risk
Procurement

Front 48

Key Terms

Project selection methods/techniques

Back 48

Used to determine which proposed projects are approved to move forward.

Uses decision models such as

• Cost benefit analysis
• Expert judgment

To allocate limited resources to the most critical projects.

Front 49

Project selection methods will vary depending on?

Back 49

1. Mission of the organization
2. The people serving on the selection committee
3. The criteria used
4. The project itself

Front 50

Project selection methods could include examining factors such as:

Back 50

1. Market share
2. Financial benefits
3. Return on investment
4. Customer satisfaction
5. Public perceptions

Front 51

Key Terms

Scoring Model

Back 51

Benefit measurement methods used for project selection

It contains a predefined list of criteria against which each project is ranked. Each criterion has a scoring range and a weighting factor. A scoring model can also be used as a tool to select from among competing vendors

Front 52

What sort of data could be included in a scoring model?

Back 52

• Financial data
• Market value
• Organizational expertise
• Innovation
• Fit with corporate culture

Front 53

What are the strengths and weaknesses of the scoring model benefit measurement method?

Back 53

Benefit
You can place a heavier weight on a criterion that is more important

Weakness
The ranking it produces is only as valuable as the criteria and weighting system the ranking is based on

Front 54

Key Terms

Today’s Dollars

Back 54

Used in financial planning to indicate that the cost of a goal, product or service is expressed in terms of what it costs today, and not what it might cost in the future.
 

Front 55

Key Terms

Project Integration

Back 55

Integrations
An act or instance of combining into an integral whole.

Project Integration (i.e. pulling it all together to make the project work)

The processes and activities needed to:
• identify,
• define,
• unify, and
• coordinate
Process and project management activities

Front 56

Key Term

PMO’s

Back 56

Project management office

Responsible for:

• Maintaining standards, processes, and procedures related to the management of projects.
• Identifying the various projects across the organization and including them within a program

Front 57

What are the two steps of project validation?

-OR-

How does validating the project occur?

Back 57

1. Preparing the business case
2. Identifying and analyzing the project stakeholders

Front 58

Key Term

Project Validation

Back 58

The business reason for the project.

Includes:
1. Identifying the need or demand for the project
2. Validating the business case
3. Identifying and analyzing key stakeholders

Front 59

What are the seven needs/demands that bring about projects?

Back 59

1. Market Demand – demands of the marketplace can drive the need for a project
2. Strategic opportunity/business need – business needs often drive projects that involve information technology solutions
3. Customer Request – customer requests can generate an endless supply of potential projects
4. Technological advances – technology drives the business and business drives technology
5. Legal requirement – local state and federal regulations change during every legislative session and may drive the need for a new project
6. Ecological impact – green efforts to protect the environment
7. Social need – social needs or demands can bring about projects in a variety of ways

Front 60

Key Terms

Project Justification

Back 60

Describes the benefits to the organization for undertaking the project.
 

Front 61

Key Terms

Business Case

Back 61

1. A formally written document or report
2. that documents component of the project assessment, including a description of the analysis method and the results
3. and helps executive management and key stakeholders determine the benefits and rewards of the project.

Front 62

Who are stakeholders?

Back 62

Anyone who has a vested interest in the project.

Can include individuals as well as organizations, and both the project sponsor and project manager are considered stakeholders.

Front 63

Who is the project sponsor?

Back 63

1. The executive in the organization who authorizes the project to begin
2. Is someone who has the ability to assign fund and resources to the project

Front 64

What are the critical components of a Communication Strategy?

Back 64

• What you want to communicate
• How often you’ll communicate
• The audience receiving the communication
• The medium used for communicating
• Monitoring the outcome of the communication

Front 65

What will simplify the process of successfully resolving problems with minimal impacts?

Back 65

Early recognition of the waning signs of trouble.

Front 66

Define: Negotiation

Back 66

Negotiation is the process of obtaining mutually acceptable agreements with individuals or groups.

Front 67

What are the components of pre-project setup?

Back 67

• Identify the project
• Validate the project
• Prepare a project charter
• Obtain approval (signature) for the project charter