Processes
Activities that underlie the effective practice of project management; they include all phases of concept/discovery, initiation, planning, execution, and closing.
Project budget
Total financial sum available to pay for project's expenses. Includes cost estimates and additional reserves...
Project+ (PK0-005)QUESTIONS AND
ANSWERS GRADE A+GUARANTEED
Processes
Activities that underlie the effective practice of project management;
they include all phases of concept/discovery, initiation, planning,
execution, and closing.
Project budget
Total financial sum available to pay for project's expenses. Includes
cost estimates and additional reserves to cover issues
Concept or discovery phase
Occurs before project starts. Filters out unfeasible projects, saving
time
Initiation Phase
Idea approved as project. outline project. Ensure everybody
understands their role. Draft project goals and timeline
Planning Phase
Team will define activities they need to complete. PM will create
ways to keep project on track.
Execution phase
Team delivers work. PM monitors progress and measures performance,
find and solve problems, maintain records, create reports
Closing phase
Confirm project is thorough, update documentation, create accurate
financial summary. Celebrate
Business case
A brief document that justifies the investments made for a project
and describes how a particular investment is in accordance with the
organization's policy.
Executive summary
A brief synopsis of the rest of the business case. Gives an overview
of the main points in a few sentences.
Problem statement
Presents a more thorough analysis of the current situation and the
business problem, opportunity, or unmet need. Describes something
that will change due to this process
Problem Analysis
Provides more context about why the project should be a priority. Can
include historical performance data, experimental assessment, or
other evidence to support business case
Options
, Describes several approaches to solving problems. At least three, no
more than five. Compares solutions with pros and cons.
Project Definition
Includes additional relevant information about the proposed project:
project scope, resources needed, milestones, timeline
Financial overview
Covers relevant economic impacts of the project. Contains cost-
benefit analysis or return on investment (ROI)
Recommendation
Narrows down options to best solution. Justifies why this approach is
best case.
Do nothing
Should always be included in Options to describe impact of not
solving the problem
Benefit
Money generated or saved due to a project. Aka financial value or
revenues
Cost
Represents money spent on the project.
Net profit
The difference between benefit and cost
Environmental factors
How the organization impacts the natural world.
Social factors
How the company develops relationships and treats people, including
employees, people in the community, and groups impacted by the
company's products and services
Governance factors
Describes how the company operates, including its policies,
transparency, and structure.
Corporate identity
Includes the company's vision, mission statement, values, and brand.
Operational work
Routine, predictable, and repetitive
Project work
Type of work that accomplishes something new.
organizational structure
Affects the project management process and the PM role. Defines how
work moves and how people form into teams in a company.
Functional organization
Divides organization by areas of expertise or specialization.
Projectized organization
Organization type that pools resources around projects. When the
project ends, the team disbands and reforms around new projects.
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