Exam (elaborations)
PROJECT MANAGEMENT C783
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PROJECT MANAGEMENT C783
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PROJECT MANAGEMENT C783IRR (internal rate of return) - ANS-The discount rate when the present value of the cash
inflows equals the original investment. Projects with higher IRR values are generally
considered better than projects with lower IRR values. IRR assumes that cash inflows
are reinvested at the IRR value.
Operation - ANS-Operation is a function that performs ongoing taks and constitutes an
organization's on-going, repetitive activities such as accounting or production. It is used
to run regular business models and is performed to achieve business goal and sustain
the business
Organization - ANS-Organization is a process of dividing work into sections and
departments. It involves allocation of authority, responsibility, and duties among all the
members of an enterprise. It is a group of individuals organized to work for some
purpose or mission.
Payback period - ANS-The length of time it takes a company to recover the initial cost of
producing a product or service of a project
Performing organization - ANS-performing organization is referred to as the specific
enterprise or group that is viewed by all parties to be the one that is most directly and
explicitly involved in all phases and aspects of doing any and all work of the given and
respective project. It is the organization that is performing the project.
Portfolio management - ANS-Portfolio management is the centralized management of
one or more portfolios that help in identifying, authorizing, prioritizing, managing, and
controlling projects, programs, and other related work for attaining particular business
objectives in the strategic plan of the organization
Process - ANS-A process is defined as a set of related tasks performed for managing a
certain aspect of a project, such as cost.
program - ANS-in management terms, a program is a group of related projects. these
projects are grouped to obtain benefits and control that is not available from managing
them individually. Programs are a means of achieving organizational goals and
objectives
Program management - ANS-program management is the centralized, coordinated
management or a program to achieve the program's strategic objectives and benefits.
Program management involves the management
Project Management knowledge areas - ANS-ten project management groups that bring
together common or related processes:
-Project Integration Management
-Project Scope Management
,-Project Schedule Management
-Project Cost Management
-Project Quality Management
-Project Resource Management
-Project Communications Management
-Project Risk Management
-Project Procurement Management
-Project Stakeholder Management
Project phase - ANS-combination of associated activities that represent a distinct stage
within a project. A project phase can have distinct start and finish dates and include
several stages of planning and work. It is a set of logically related activities that usually
complete one or more major deliverables of the project
Closing process group - ANS-final stage of a project. It includes the formal acceptance
of the project and the ending thereof
Executing process group - ANS-the executing process group is a stage or phase of a
project. It starts after the planning phase of a project is over. It consists of the processes
used to complete the work defined in the project management plan to accomplish the
project's requirements
Initiating - ANS-Initiating is a process group or stage that occurs at the beginning of the
project. It determines the nature and scope of the development. If this stage is not
performed well, it is unlikely that the project will be successful in meeting the business
needs
Monitoring and Controlling Process group - ANS-Monitoring and controlling consists of
those processes that are performed to observe project execution, so that potential
problems can be identified in a timely manner and corrective action can be taken, when
necessary, to control the execution of the project
Project management process groups - ANS-the project management process groups
progress from initiating activities to planning activities, executing activities, monitoring
and controlling activities, and closing activities. The process groups are linked by the
results they produce, I.e, the result or outcome of one becomes an input to another
NPV (net present value) - ANS-net present value evaluates the cash inflows using the
discounted cash flow technique, which is applied to each period the inflows are
expected. The total present value of the cash flows is deducted from the initial
investment to determine NPV. It assumes that cash inflows are reinvested at the cost of
capital. This is similar to discounted cash flow
Project Processes - ANS-A process is a sequence of interdependent and linked
procedures consuming one or more resources to convert inputs into outputs. These
, outputs then serve as inputs for the next stage until a known goal or end result is
reached
Project Life Cycle - ANS-The project life cycle is a group of sequential and related
project phases that are defined by the organization and control needs of the
management or organizations concerned with the project, the nature of the project itself,
and the application area.
Project - ANS-In PM, a project consists of a temporary endeavor undertaken to create a
unique product, service, or result. Another definition is a management environment that
is created for the purpose of delivering one or more business products according to a
specified business case.
Program Management Office - ANS-A program management office is an organizational
entity that is structured for applying program management practices to the needs of a
particular program. It is responsible for providing centralized coordinated support to the
program managers managing programs and unrelated projects
Functional Organization - ANS-In a functional organization, team members are loyal to
their department and report only to their functional manager. The project manager is
part-time on the project and reports to a functional manager; the team members are
part-time as well. The project manager has only limited control over team members
because they report to the functional manager
Matrix Organization - ANS-In a matrix organization, team members maintain a home in
their department and report to both the functional manager and the project manager.
The project manager is full-time on the project, while team members are part-time.
Overall, a matrix organization constitutes a complex and costly but reasonably effective
project organization
Organizational culture - ANS-Organizational culture is the collective behavior of humans
that are part of an organization. It is also formed by the organization values, visions,
norms, working language, systems, and symbols, which includes beliefs and habits
Organizational Process Assets - ANS-Organizational process assets are elements of
historical information, guidelines, processes, and standard procedures within an
organization. They are usually something that have been created before the project
begins and often, but not always, come from historical information.
Organizational structure - ANS-Organizational structure is typically hierarchical
arrangement of lines of authority, communications, rights and duties of an organization.
It identified how the roles, power and responsibilities are assigned, controlled, and
coordinated, and how information flows between the different levels of management.
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