ITPM Complete Questions with A+ Graded Answers
Definition of Project (1)
- Temporary endeavor
- unique product, service or result.
- A complex, non-routine, one-time effort.
- It has a start and an end, scope, and boundaries are distinct from business as usual.
Definition of Project Manag...
ITPM Complete Questions with A+ Graded Answers
Definition of Project (1)
- Temporary endeavor
- unique product, service or result.
- A complex, non-routine, one-time effort.
- It has a start and an end, scope, and boundaries are distinct from business as usual.
Definition of Project Manager
The person assigned by the performing organization to achieve the project objectives.
Characteristics of a project
- Established Objectives
- Defined Scope
- Defined Life Span
- Requires cross-organizational effort
- Involves doing something never done before
- has specific time, cost and performance requirements
Definition of Programs
A collection of projects within a project portfolio whose activities are cooridnated so that the benefits
of the programme are greater than the sum of benefits of individual projects.
Definition of Project Portfolio
A collection of diverse projects managed collectively to align with the organizational strategy and
overall plan to achieve competitive advantage.
Definition of Project Management
Application of knowledge, skills, tools and techniques to project actitivities to meet specific objectives
within a given time frame and given resources.
A successful project is defined as:
one that is completed on time, within budget and includes all the features and requirements
envisioned.
Why Projects Fail?
People
Processes
Technology
Organization
Improving the Likelihood of Success
A value driven approach
Socio-technical approach
PM approach
Knowledge management approach
PM Professional Bodies
,APM: Association for PM
BSi: British Standard Institute
ISO: International Standards Organization
PRINCE2
10 PM Knowledge Areas
1. Integration
2. Scope
3. Time
4. Cost
5. Quality
6. HR
7. Communication
8. Risk
9. Procurement
10. Stakeholder
What is a methodology?
A set or system of method, principles, and rules for regulating a given discipline.
What is a Phase?
A stage in the process of change or development: each stage of life brings its own joys.
What is a Process?
A systematic series of actions directed to some end.
PLC
Defines the inter-related phases of a project, programme or portfolio and provides a structure for
governing the progression of the work
Simple Project Life Cycle
1. Define: project goals/objectives should be focused on providing business value, clear focus and
drives the entire project and define completion criteria.
2. Plan: Project deliverables, time, resources, control
3. Execute: Build the Deliverables
4. Close and Evaluation: ensure work is completed and finalise documentation
Extended Project Life Cycle
1. Define 2. Plan 3. Execute 4. Close and Evaluate 5. Operation 6. Termination
System Development Life Cycle (SDLC)
1. Initiation
2. System Concept Development
3. Planning
4. Requirement Analysis
5. Design
6. Development
, 7. Integration and Test
8. Implementation
9. Operations and Maintainence
10. Disposition
Agile Themes
Customer, Product, Project Team and Performance
Why is a business strategy important? (3)
A business strategy is a documented plan on how an organisation is setting out to achieve their goals.
Benefits of a business strategy
- Common Vision
- Focus on Market Trends
- Competitive Advantage
- Planning and Positioning
- Shareholder Value
- Resourcing (Potential people, skills, and training required)
Def of Strategic Objectives
Long term organisational goals that help to convert a mission statements from a broad vision into
more specific plans and projects
Def of Organisational Objectives
Daily, weekly or monhtly project benchmarks that implement the strategic objectives
Difference between Strategic and Organisational Objectives
- Strategic are LT, whilst organisational are ST
- Function differently as strategic are broad
Grouping Projects for Portfolio Management
Compliance: Legal Requirements
Strategic: to fulfill market position, ranking against key comp.
Operational: costs, performance, sustainability and reusability
Costs & Benefits in PM
Tangible, Intangible and Both
Costs:
- money, resources, time, motivation and morale
- typically incurred before, during and immediately after the project
Benefits:
- Described as 'quantifiable importance of value to stakeholders resulting form project deliverables'
Costs and Benefits: Financials
Payback Period: the time project will recover investments.
Net Present Value (NPV)
Benefit Cost Ration (B/C R)
Internal Rate of Return (IRR)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LectAziim. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
