BUSINESS MANAGEMENT – APM PMQ COMPETENCE TEST 2024 GLOSSARY SERIES 6
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Business Management
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Business Management
Unlock the secrets to mastering project and portfolio management with our comprehensive quiz on key business terms and definitions! This resource is meticulously designed to test and enhance your understanding of crucial concepts such as Categorisation, Project Management, and PESTLE Analysis. Dive...
BUSINESS MANAGEMENT – APM PMQ COMPETENCE TEST 2024 GLOSSARY SERIES 6
GLOSSARY 6
NOTE: This is part 6 of a complete series of APM (Association for Project Management) PMQ (Project
Management Qualification) Glossary where we take a thorough look into various terms and definitions
as of September 2024, this is all you need for your exam preps
Circle the letter of the Definition that corresponds to the displayed Term.
1. Categorise
a) A phase in the portfolio life cycle where the component projects and programmes may be grouped
according to shared characteristics.
b) The selection, prioritisation and control of an organisation’s projects and programmes in line with its
strategic objectives and capacity to deliver.
c) A technique used to identify the strengths, weaknesses, opportunities and threats inherent in a
project.
d) A PESTLE analysis is a framework to analyse the key factors (Political, Economic, Social,
Technological, Legal and Environmental) influencing an organisation from the outside. It offers
professionals insight into the external factors impacting their organisation.
Correct Answer: A
Explanation: Categorise refers to grouping component projects and programmes based on shared
characteristics, which is described in option A.
2. Project
a) A unique, transient strategic endeavour undertaken to achieve beneficial change and incorporating a
group of related projects and business-as-usual (steady-state) activities.
b) A unique, transient endeavour undertaken to bring about change and to achieve planned objectives.
c) The phase of a portfolio life cycle where priorities are set by strategic objective, return on investment
or any other chosen metric.
d) The environment within which a project is undertaken. Projects do not exist in a vacuum and an
appreciation of the context within which the project is being performed will assist those involved in
project management to deliver a project.
Correct Answer: B
Explanation: A project is defined as a unique, transient endeavour to bring about change and achieve
objectives, as described in option B.
a) A phase in the portfolio life cycle where the component projects and programmes are balanced in
terms of risk, resource usage, cash flow and impact across the business.
b) The selection, prioritisation and control of an organisation’s projects and programmes in line with its
strategic objectives and capacity to deliver.
c) A subdivision of the deployment phase of a programme designed to enable an incremental approach
to development of outputs, outcomes and benefits.
d) A PESTLE analysis is a framework to analyse the key factors (Political, Economic, Social,
Technological, Legal and Environmental) influencing an organisation from the outside. It offers
professionals insight into the external factors impacting their organisation.
Correct Answer: C
Explanation: A tranche is a subdivision of the deployment phase in a programme to enable incremental
development, as described in option C.
4. Project management
a) The application of processes, methods, knowledge, skills and experience to achieve the project
objectives.
b) A collection of projects and/or programmes used to structure and manage investments at an
organisational or functional level to optimise strategic benefits or operational efficiency.
c) The selection, prioritisation and control of an organisation’s projects and programmes in line with its
strategic objectives and capacity to deliver.
d) A unique, transient strategic endeavour undertaken to achieve beneficial change and incorporating a
group of related projects and business-as-usual (steady-state) activities.
Correct Answer: A
Explanation: Project management involves applying processes and skills to achieve project objectives,
which aligns with option A.
5. P3M
a) A subdivision of the deployment phase of a programme designed to enable an incremental approach
to development of outputs, outcomes and benefits.
b) The selection, prioritisation and control of an organisation’s projects and programmes in line with its
strategic objectives and capacity to deliver.
c) A PESTLE analysis is a framework to analyse the key factors (Political, Economic, Social,
Technological, Legal and Environmental) influencing an organisation from the outside. It offers
professionals insight into the external factors impacting their organisation.
d) Project, programme and portfolio management.
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