Download PMP Exam Preparation: Mastering Project Management Fundamentals and more Exams Advanced Education in PDF only on Docsity! PMP EXAM PREP Project A temporary endeavor undertaken to create a unique product, service, or result. Clear start and end point.Progressively elaborated, rolling wave planning. Project Management The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Value why should we undertake this project? money, brand reputation, customer service, new or change in product Portfolio Management A collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic (long-term) business objectives. Phase collection of logically related project activities that culminate in the completion of a deliverable Deliverable Any unique and verifiable product, result, or service; tangible or intangible; accepted by customer Program Management A group of related projects managed in a coordinate way to obtain benefits and control not available from managing them individually. Must be some value add in managing together, focus on project interdependence. Project Life Cycle The series of phases that a project passes through from its initiation to its closure. Predictive (waterfall) vs. adaptive (Agile) vs hybrid Project Governance The framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet organizational, strategic, and operational goals. Tailored to business. Stakeholders the individuals or groups that may affect, be affected, or perceive to be affected by the project (anyone impacted). Customer Use project deliverable Project Team Complete the project Project Sponsor provides resources and support; approval required Functional Manager A department manager who "owns"/ controls project resources; administers human resource management responsibilities for employees. Project Roles PM - empowered to lead team, authorized to make decisions, responsible for success; PC - weaker than PM, may be authorized to make decisions; Project Expeditor - weakest role of PM world, very limited decision ability PMO Project Management Office. Organization structure that standardizes the processes, facilitates the sharing of resources, methodologies, tools, techniques. Types of PMOs Supportive (supports PM with templates, training, lessons learned Controlling (determines framework, methodologies, use of specific forms) Directive (controls project, PM will be assigned and report to PMO) Organizational Structures Functional Matrix Project Oriented/ Projectized Functional Organization Groups staff according to area of expertise; PM has little power and is assigned part- time, FM controls budget Matrix Organization PM and FM have power Weak Matrix: FM has more power than PM; PM assigned part-time Balanced Matrix: FM = PM; both have budget control, PM could be part-time or full-time Strong Matrix: PM > FM; PM is full-time Project Oriented/ Projectized Organization PM has the greatest authority; project team assigned to PM full time; team completes project and moves on Contraints scope, schedule (time), cost, risk, quality, resources (6); limits project Processes inputs, outputs, and tools/techniques combined to execute a specific purpose on a project (ITTO) Input starting point for a process, raw materials to begin execution; could be prior output Tools & Techniques actions, methods used to transform raw --> output Output end result of efforts Principles Serve as foundational guidelines for strategy, decision making, problem solving; used to create professional standards and methodologies; provide guidance for behavior of people involve in projects Code of Ethics/ Values of PMI responsibility respect fairness honesty
