Exam (elaborations)
Project Management C783 Questions and Answers 2024
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Project Management C783
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Project Management C783IRR (internal rate of return) - answer The discount rate when the present value of the
cash inflows equals the original investment. Projects with higher IRR values are
generally considered better than projects with lower IRR values. IRR assumes that cash
inflows are reinvested at the IRR value.
Operation - answer Operation is a function that performs ongoing taks and constitutes
an organization's on-going, repetitive activities such as accounting or production. It is
used to run regular business models and is performed to achieve business goal and
sustain the business
Organization - answer Organization is a process of dividing work into sections and
departments. It involves allocation of authority, responsibility, and duties among all the
members of an enterprise. It is a group of individuals organized to work for some
purpose or mission.
Payback period - answer The length of time it takes a company to recover the initial cost
of producing a product or service of a project
Performing organization - answer performing organization is referred to as the specific
enterprise or group that is viewed by all parties to be the one that is most directly and
explicitly involved in all phases and aspects of doing any and all work of the given and
respective project. It is the organization that is performing the project.
Portfolio management - answer Portfolio management is the centralized management of
one or more portfolios that help in identifying, authorizing, prioritizing, managing, and
controlling projects, programs, and other related work for attaining particular business
objectives in the strategic plan of the organization
Process - answer A process is defined as a set of related tasks performed for managing
a certain aspect of a project, such as cost.
program - answer in management terms, a program is a group of related projects. these
projects are grouped to obtain benefits and control that is not available from managing
them individually. Programs are a means of achieving organizational goals and
objectives
Program management - answer program management is the centralized, coordinated
management or a program to achieve the program's strategic objectives and benefits.
Program management involves the management
,Project Management knowledge areas - answer ten project management groups that
bring together common or related processes:
-Project Integration Management
-Project Scope Management
-Project Schedule Management
-Project Cost Management
-Project Quality Management
-Project Resource Management
-Project Communications Management
-Project Risk Management
-Project Procurement Management
-Project Stakeholder Management
Project phase - answer combination of associated activities that represent a distinct
stage within a project. A project phase can have distinct start and finish dates and
include several stages of planning and work. It is a set of logically related activities that
usually complete one or more major deliverables of the project
Closing process group - answer final stage of a project. It includes the formal
acceptance of the project and the ending thereof
Executing process group - answer the executing process group is a stage or phase of a
project. It starts after the planning phase of a project is over. It consists of the processes
used to complete the work defined in the project management plan to accomplish the
project's requirements
Initiating - answer Initiating is a process group or stage that occurs at the beginning of
the project. It determines the nature and scope of the development. If this stage is not
performed well, it is unlikely that the project will be successful in meeting the business
needs
Monitoring and Controlling Process group - answer Monitoring and controlling consists
of those processes that are performed to observe project execution, so that potential
problems can be identified in a timely manner and corrective action can be taken, when
necessary, to control the execution of the project
Project management process groups - answer the project management process groups
progress from initiating activities to planning activities, executing activities, monitoring
and controlling activities, and closing activities. The process groups are linked by the
results they produce, I.e, the result or outcome of one becomes an input to another
NPV (net present value) - answer net present value evaluates the cash inflows using
the discounted cash flow technique, which is applied to each period the inflows are
expected. The total present value of the cash flows is deducted from the initial
investment to determine NPV. It assumes that cash inflows are reinvested at the cost of
capital. This is similar to discounted cash flow
, Project Processes - answerA process is a sequence of interdependent and linked
procedures consuming one or more resources to convert inputs into outputs. These
outputs then serve as inputs for the next stage until a known goal or end result is
reached
Project Life Cycle - answer The project life cycle is a group of sequential and related
project phases that are defined by the organization and control needs of the
management or organizations concerned with the project, the nature of the project itself,
and the application area.
Project - answerIn PM, a project consists of a temporary endeavor undertaken to create
a unique product, service, or result. Another definition is a management environment
that is created for the purpose of delivering one or more business products according to
a specified business case.
Program Management Office - answerA program management office is an
organizational entity that is structured for applying program management practices to
the needs of a particular program. It is responsible for providing centralized coordinated
support to the program managers managing programs and unrelated projects
Functional Organization - answerIn a functional organization, team members are loyal
to their department and report only to their functional manager. The project manager is
part-time on the project and reports to a functional manager; the team members are
part-time as well. The project manager has only limited control over team members
because they report to the functional manager
Matrix Organization - answerIn a matrix organization, team members maintain a home
in their department and report to both the functional manager and the project manager.
The project manager is full-time on the project, while team members are part-time.
Overall, a matrix organization constitutes a complex and costly but reasonably effective
project organization
Organizational culture - answerOrganizational culture is the collective behavior of
humans that are part of an organization. It is also formed by the organization values,
visions, norms, working language, systems, and symbols, which includes beliefs and
habits
Organizational Process Assets - answerOrganizational process assets are elements of
historical information, guidelines, processes, and standard procedures within an
organization. They are usually something that have been created before the project
begins and often, but not always, come from historical information.
Organizational structure - answerOrganizational structure is typically hierarchical
arrangement of lines of authority, communications, rights and duties of an organization.
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