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level: 01 - PM Fundamentals

Questions and Answers List

level questions: 01 - PM Fundamentals

Question	Answer
The PMI publication that defines widely accepted project management practices. The CAPM and the PMP exam are based on this book.	A Guide to the Project Management Body of Knowledge (PMBOK Guide)
The areas of expertise, industry, or function where a project is centered. Examples of application areas include architecture, IT, health care, and manufacturing.	Application areas
A quantifiable return on investment. The return can be tangible, such as equipment, money, or market share. The return can also be intangible, such as brand recognition, trademarks, and reputation.	Business value
A person who has slightly less project management experience than a PMP, but who has qualified for and then passed the CAPM examination.	Certified Associate in Project Management (CAPM)
Defines how a project affects people and how those people may affect the project. Cultural and social environments include the economic, educational, ethical, religious, demographic, and ethnic composition of the people affected by the project.	Cultural and social environment
A product, service, or result created by a project. Projects can have multiple deliverables.	Deliverable
These include the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, human resource management, standards and regulations, and information technology.	General management skills
The consideration of the local and international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress.	International and political environment
The ability to interact, lead, motivate, and manage people.	Interpersonal skills
A triangle with the characteristics of time, cost, and scope. Time, cost, and scope each constitute one side of the triangle; if any side of the Iron Triangle is not in balance with the other sides, the project will suffer. The Iron Triangle of Project Management is also known as the Triple Constraints of Project Management, as all projects are constrained by time, cost, and scope.	Iron Triangle of Project Management
The physical structure and surroundings that affect a project’s work.	Physical environment
A collection of related processes in project management. There are five process groups and 49 project management processes. The five process groups are Initiating, Planning, Executing, Monitoring and Controlling, and Closing.	Process groups
A collection of related projects working in unison toward a common deliverable.	Program
The process of gathering project details. This process uses deductive reasoning, logic, and a series of information- gathering techniques to identify details about a project, product, or solution.	Progressive elaboration
A temporary endeavor to create a unique product, service, or result. The end result of a project is also called a deliverable.	Project
A documented created and maintained by the project sponsor and the project manager. The project benefits management plan defines what benefits the project will create, when the benefits will be realized, and how the benefits will be measured.	Project benefits management plan
Created and maintained by the project sponsor and shows the financial validity of why a project is chartered and launched within the organization. Typically, the project business case is created before the launch of the project and may be used as a go/no-go decision point.	Project business case
The location and culture of the environment where the project work will reside. The project environment includes the social, economic, and environmental variables the project must work with or around.	Project environment
An organization of project management professionals from around the world, supporting and promoting the careers, values, and concerns of project managers.	Project Management Institute (PMI)
The phases that make up the project. Project life cycles are unique to the type of work being performed and are not universal to all projects.	Project life cycle
A central office that oversees all projects within an organization or within a functional department. A PMO supports the project manager through software, training, templates, policies, communication, dispute resolution, and other services.	Project management office (PMO)
A person who has proven project management experience and has qualified for and then passed the PMP examination.	Project Management Professional (PMP)
The management and selection of projects that support an organization’s vision and mission. It is the balance of project priority, risk, reward, and return on investment. This is a senior management process.	Project portfolio management
A smaller project managed within a larger, parent project. Subprojects are often contracted work whose deliverable allows the larger project to progress.	Subprojects
Also known as the Iron Triangle. This theory posits that time, cost, and scope are three constraints that every project has.	Triple Constraints of Project Management
Raw data, observations, and measurements about project components. Work performance data is gathered and stored in the project management information system.	Work performance data
Work performance information is the processed and analyzed data that will help the project manager make project decisions.	Work performance information
Work performance reports is the formatted communication of work performance information. Work performance reports communicate what’s happening in the project through status reports, memos, dashboards, or other modalities.	Work performance reports