Comptia Project+ Study Guide: Exam PK0-004, Chapter 1 ALL SOLUTION 100% CORRECT 2023/24 EDITION GUARANTEED GRADE A+

Project A temporary endeavor that has a definite beginning and ending dates, and it results in a unique product, service, or result. Program A group of related projects that are managed together using coordinated processes and techniques. Portfolios Collections of programs, sub portfolios, and projects that support strategic business goals or objectives. Unlike programs, portfolios may consist of projects that are not related. Operations Ongoing and repetitive activities. They don't have a beginning date or an ending date, unless you're starting a new operation or retiring an old one. Project Management A set of tools and techniques - performed by people - to describe, organize, and monitor the work of project activities. Project Managers The people responsible for applying project management tools to the various project activities. PMBOK Project Management Body of Knowledge Guide, published by the Project Management Institute. PMI sets the global de facto standard in project management. CAPM Certified Associate in Project Management. PMP Project Management Professional. Functional Organization The staff is organized along departmental lines, such as IT, marketing, sales, network, human resources, public relations, customer support, and legal. Functional Managers These managers are responsible for assigning work to the employees who report to them. They are also responsible for rating the performance of the employees and determining their raises or bonuses. Matrix Organization These organizations are organized along departmental lines, like a functional organization, but resources assigned to a project are accountable to the project manager for all work associated with the project. The project manager is often a peer of the functional staff managers. The team members working on the project often have two or more supervisors-their functional manager and the project manager (or managers) they are reporting to. Characteristics of a Matrix Organization 1. Project manager authority ranges from weak to strong. 2. There is a mix of full-time and part-time project resources. 3. Resources are assigned to the project within their respective functional areas by a functional manager. 4. Project managers and functional managers share authority levels. 5. There is better interdepartmental communication. Matrix Organization Types 1. Strong Matrix 2. Weak Matrix 3. Balanced Matrix Strong Matrix Organizational structure emphasizes project work over functional duties. The project manager has the majority of power in this type of organization. Weak Matrix Organizational structure emphasizes functional work over project work and operates more like a functional hierarchy. The functional managers have the majority of power in this type of organization. Balanced Matrix Organizational structure that shares equal emphasis between projects and functional work. Both the project manager and the functional manager share power in this type of structure. Projectized Organization In this organizational structure the focus of the organization is projects, rather than functional work units. Project managers have the majority of power in this type of structure. Colocated Team workers that work at the same physical location. Advantages of a Projectized Organization 1. Team members are colocated. 2. Project manager has full authority to manager the project and resources. 3. Full-time resources are assigned to the project and report to the project manager. 4. Loyalty is established with the project manager. 5. Other ad hoc resources may report to the project manager. 6. There is a dedicated project support staff. Disadvantage of a Projectized Organization Re-assigning project team members once the project ends. How Projects Come About 1. Market Demand. 2. Strategic Opportunity/Business Need. 3. Customer Request. 4. Technological Advance. 5. Legal Requirement. Project Selection Methods These methods are used to determine which proposed projects should receive approval and move forward. Decision Model This is a formal method of project selection that helps managers make decisions regarding the use of limited budgets and human resources. Benefit measurement methods Provide a means to compare the benefits obtained from project requests by evaluating them using the same criteria. Four Common Benefit Measurement Methods 1. Cost-benefit analysis 2. Scoring Model 3. Payback Period 4. Economic Model Cost-Benefit Analysis Compares the cost to produce the product or service to the financial gain (or benefit) the organization stands to make as a result of executing the project. Scoring Model This is a predefined list of criteria against which each project is rated. Each criterion is given both a scoring range and a weighting factor. Payback Period Is a cash flow technique that identifies the length of time it takes for the organization to recover all costs of producing the project. Economic Model CONTINUED..