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Project Management Key Terms and Concepts, Exams of Business Fundamentals

London Institute of Business and Technology (LIBT)Business Fundamentals

A concise overview of key terms and concepts in project management, covering topics such as project and program management definitions, organizational structures, project governance, and risk management. It includes definitions of project life cycle methods, stakeholder roles, and the nine areas of project management. The document also touches on emotional intelligence, leadership, and management styles, offering a foundational understanding of project management principles and practices. It is useful for students and professionals seeking to grasp the core elements of project management. (approximately 410 characters)

Typology: Exams

2024/2025

Available from 05/20/2025

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CAPM - PM Terms
Project correct answer · Temporary endeavor that produces a unique product
· Part of large Program or Portfolio
Project Managment correct answer · The application of knowledge, skills, tools, and techniques
to project activities to meet project requirements
Program Management correct answer · group of projects managed together to obtain benefits
and control not available individually
Portfolio Management correct answer Collection of projects, programs, subsidiary portfolios,
and operations managed as a group to achieve strategic objectives.
Give an example of a Portfolio, Program, and Project: correct answer Portfolio = Increase
Revenue by 50%
· Program 1 = Make a new car
· Project 1.1 = Design car frame
· Project 1.2 = Investigate new Engine
· Program 1 = Decrease cost in US Plant
· Project 2.1 = Start Recycling Program
· Project 2.2 = Reduce scrap
Operations Management correct answer · Deals with ongoing production of goods.
· Sales, IT, Operators
· Forever ongoing
Value of Project correct answer · What value will completion of project bring?
· Increase Revenue, brand recognition, new product, etc.
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CAPM - PM Terms Project correct answer · Temporary endeavor that produces a unique product · Part of large Program or Portfolio Project Managment correct answer · The application of knowledge, skills, tools, and techniques to project activities to meet project requirements Program Management correct answer · group of projects managed together to obtain benefits and control not available individually Portfolio Management correct answer Collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Give an example of a Portfolio, Program, and Project: correct answer Portfolio = Increase Revenue by 50% · Program 1 = Make a new car · Project 1.1 = Design car frame · Project 1.2 = Investigate new Engine · Program 1 = Decrease cost in US Plant · Project 2.1 = Start Recycling Program · Project 2.2 = Reduce scrap Operations Management correct answer · Deals with ongoing production of goods. · Sales, IT, Operators · Forever ongoing Value of Project correct answer · What value will completion of project bring? · Increase Revenue, brand recognition, new product, etc.

Project Life Cycle correct answer · Phases of a project from start to finish · Predictive or Adaptive What are the 3 Project Life Cycle Methods? correct answer 1. Plan-Driven/Predictive/Traditional - Scope known

  1. Change Driven - Iterative, Incremental, or Adaptive
  2. Hybrid Project Governance correct answer The framework of how project decisions are made What are the 3 pillars of Project Governance correct answer 1. Structure
  3. People
  4. Information Stakeholders correct answer All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. What are examples of Key Stakeholders? correct answer Project Manager, Customer, Project Team, Project Sponsor, Functional Manager What are the Project Manager Roles? correct answer Initiator, Negotiator, Listener, Coach, Working Member, Facilitator, Milestone, Task Duration What are the 4 Organizational Structures? correct answer Functional Orgs, Matrix, Project Oriented, Hybrid Functional Organization correct answer · Groups of staff according to their area of expertise · Project team members report to functional managers

Project Management Office correct answer Organizational Structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools, and techniques What are the 3 types of Project Management Office? correct answer 1. Supportive

  1. Controlling
  2. Directive Supportive PMO correct answer Supports the PM with templates, training, and lessons Controlling PMO correct answer Determines the framework or methodology and use of specific forms Directive PMO correct answer Controls project. PM assigned and report to PMO. Product Management correct answer · Planning, Development, and lifecycle of product · Must understand market, strategy, oversee development, launch · Product Managers resp for success of product, aligning with business Project Management correct answer · Successful execution of product within scope, timeline, budget · Product Manager works with Project Manager to translate product strategy into actionable project plans · PM oversees execution of plans Risk correct answer Potential events that may occur and have impact on project success Issue correct answer · Problems that arise during the course of the project.

· Typically negative Assumption correct answer Beliefs considered true for the purpose of planning and executing What are the 6 Project Constraints correct answer 1. Scope

  1. Quality
  2. Schedule
  3. Cost
  4. Resources
  5. Risks What are the 2 Project Management Approaches? correct answer 1. Predictive Approach
  6. Adaptive Approach Predictive Approach correct answer · Follows a linear and sequential process · Detailed planning, defining scope, timeline · Emphasis on control and documentation Adaptive Approach correct answer · Embraces Change through the project · Emphasizes continuous feedback and improvement · Iterative and incremental development · Customer collaboration · Adaptability Emotional Intelligence correct answer · Ability to recognize, understand, manage emotions · Being aware of one's own emotions, handling them and using emotions to guide thinking and behavior