PMP EXAM 2024 LATEST QUESTIONS WITH COMPLETED ANSWERS, GRADED A+
Three ways to run projects Answer- 1. Traditional
2. Agile
3. Hybrid
Project Answer- A temporary endeavor that produces a unique product, service or result
*Temporary in nature and has a definite beginning and ending Unique, Temporary, Progressively elaborated
Progressively Elaborated Answer- As time is progressing, things become more elaborative
One of the elements of a project
You may not know much as you start a project, but as you work, you start to know more as the project progresses. You get more information from stakeholders, estimates become more precise, etc.
Project Management Answer- The application of knowledge, skills, tools and techniques to satisfy project requirements Ex: -Preparing a business case to justify the investment
-Estimating resources and times
-Developing and implementing a management plan for the project
-Leading and motivating the project delivery team
-Managing the risks, issues, and changes on the project
-Monitoring progress against plan
-Closing the project in a controlled fashion when appropriate
Operations Management Answer- Deals with the ongoing production of goods and/or services Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services
*Different from a project in that it is ongoing, not temporary
Ex: something like sales; this is not a project, it is ongoing
Portfolio Management Answer- A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Used to accomplish the long-term goal of an organization
Phase Answer- A collection of logically related project activities that culminates in the completion of one or more deliverables. Number of phases depends on the industry type and size and the complexity of the project
Deliverable Answer- Any unique and verifiable product, service or result
May be tangible or intangible
Must be accepted by the customer or sponsor for the phase
Who accepts a deliverable? Answer- A customer or a sponsor for the phase
When does a phase finish/complete? Answer- When a deliverable is done, formally accepted by a customer or sponsor for the phase
Program Management Answer- -A group of related projects managed in a coordinate way to obtain benefits and control not available from managing them individually.
-Focuses on the project interdependencies and helps to determine the optimal approach for managing them
Project Life Cycle Answer- A representation of the phases that a project typically goes through from start to finish
Can be either predictive or adaptive
What is a predictive cycle? (life cycle) Answer- Sometimes referred to as waterfall
Very traditional
Plan-Driven/Predictive/Traditional
Set scope, cost, schedule, etc. Not much customer interaction
Good for building a building What is an adaptive cycle? (life cycle) Answer- Changes are always coming in, people are changing scope, cost, time, product, etc. Adapt to need for stakeholder Changes are welcome, sometimes build product in increments
*Iterative, Incremental, Adaptive
Good for building software
Falls into agile
Project Governance Answer- Framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet a company goal
-All companies have a different framework
-Should be tailored to the business
Stakeholders Answer- Individuals, group or organization that may affect, be affected
or perceive to be affected by the project In exam, stakeholder means ANYONE affected by the project
Examples of Key Stakeholders Answer- Project Manager - manages the project
Customer - uses the project deliverable; potentially most important stakeholder
Project Team - the collection of individuals completing the project work
Project Sponsor - provides resources and support
Functional Manager - departmental manager, i.e. manager of engineering, VP of marketing, Director of IT. Generally controls resources
Who is generally the boss of you/the project manager? Answer- The project sponsor
is typically the boss, they will give you approvals on changes, etc.
Project Roles Answer- Project Manager (what you will always be in the exam): -Empowered to lead the project
-Authorized to make decisions
-Responsible for the success of failure of the project
Project Coordinator:
-Weaker than PM
-May be authorized to make decisions
Project Expeditor:
-Weakest role of the PM world
-Very limited decision ability
PMO Answer- Project Management Office
Organizational Structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools and techniques There to help PMs when they need a resource, don't know where to turn, etc. 3 Types:
Supportive
Controlling
Directive
Supportive PMO Answer- Supports the project manager, such as providing templates, training or lessons learned from other projects
Controlling PMO Answer- Determines the framework or methodology and use of specific forms
You do not report to them
Directive PMO Answer- Controls the project. PM will be assigned and report to the PMO
Organizational Structures Answer- Deals with who has power or control over resources 1. Functional Organizations
2. Matrix Organizations
3. Project Oriented Organizations (Projectized)
4. Hybrid
Least to most PM power:
Functional
Weak Matrix
Balanced Matrix
Strong Matrix
Projectized
Functional Organizations Answer- Organizational structure that groups staff members according to their areas of expertise (sales, marketing, construction, etc.). Functional structures require the project team members to report directly to the functional manager
PM has little power over resources in functional organizations; functional managers have the power
Matrix Organizations Answer- Organizational Structure
There are three matrix structures: weak, balanced and strong. The different structures are reflective of the project manager's authority in relation to the functional
manager's authority
Weak = a bit more power to functional manager, balanced = good mix between PM and FM, strong = PM has more power
