In the acronym PMBOK, what does BOK stand for?
Bored of Knowing
Beginning of Knowledge
Body of Knowledge
Beginner on Knowing
Project management standards in the PMBOK Guide come from _____.
ANSI
OSHA
NIST
SUASB
What does the PMBOK Guide help to define?
Professional conduct guidelines
All of these answers
Ethical guidelines
Common vocabulary
What does PMI define project management as?
Industry-specific skills, tools, and techniques to manage an industry project
The application of knowledge, skills, tools, and techniques to project activities to meet the project requirements
A lightweight process framework that embraces iterative and incremental practices to complete a project
Initiation, planning, execution, execution, control, and closeout of a project
What is a key benefit of project management?
Meeting business objectives and goals
Addressing stakeholder needs
Resolving issues sooner
A _____ is a temporary endeavor undertaken to create a unique product, service, or result.
Goal
Deadline
Project
Standard
What is a legitimate sign of project completion?
Objectives being met
Termination for legal reasons
The early ending of a project
What is the difference between programs and portfolios?
A program is a group of related projects managed in a coordinated way to obtain benefits that would not be available from managing them separately. Portfolios are projects, programs, and operations managed as a group to achieve strategic objectives.
Programs are projects that are established by the PMO office, while portfolios are established by the C-suite officers in coordination with the company’s board of directors.
A portfolio is a group of related projects managed in a coordinated way to obtain benefits that would not be available from managing them separately. Programs are projects, programs, and operations managed as a group to achieve strategic objectives.
Programs are unrelated projects managed together to obtain strategic value. Portfolios are related programs managed to obtain benefits that would benefit from being managed as a group.
What is the main purpose of projects?
To increase funding sources
To drive change in an organization
To increase efficiency
To spark creativity
_____ is the benefit derived from projects for a business venture.
Business improvement
Business value
Business benefit
Process change
Brand recognition, reputation, goodwill, and trademarks are examples of _____.
things that don’t impact business success
tangible elements
intangible elements
ways to improve revenue
By definition, projects are _____.
unique and haven’t been done before
challenging and large
complex and guarantee business growth
made up of several services
_____ are managed in a coordinated manner to obtain benefits not available from managing them individually.
Projects
Portfolios
Program groups
Programs
Managing risks, interdependencies, constraints, and issues that may arise from a large undertaking is called _____.
product management
program management
portfolio management
project management
Portfolio management is the _____ management of one or more portfolios to achieve strategic objectives.
collated
diversified
centralized
decentralized
If you visualized projects, programs, and portfolios as a vertical hierarchy, which would be at the top, encompassing the others?
None of these answers
_____ takes into account the relationships between many facets, including strategy, portfolio, programs and projects, and operations.
Organizational project management (OPM)
Operational project management (OPM)
Oppositional project management (OPM)
Operational program management (OPM)
Why might a project be initiated?
To satisfy stakeholder needs
To implement a technological strategy
To create, improve, or fix a product
What is characteristic of a project?
It is unique (it’s never been done before).
It’s temporary and has a start and end date.
It delivers a product, service, or result.
A _____ is when you manage a group of projects or subprograms together to reap some benefit that you wouldn’t ordinarily get by managing them individually.
portfolio
project
program
all of these answers
True or False: A portfolio includes projects, programs, subportfolios, and operations that are managed to achieve strategic objectives.
_____ is the centralized management of one or more portfolios to achieve strategic objectives and it focuses on doing the right programs and projects.
Portfolio management
Operations management
Program management
Project management
What is the chief objective of portfolio management?
To guide organizations in making sound investment decisions
To ensure programs and projects align with business objectives,
To ensure proper allocation of resources to achieve the desired return on the investment
True or False: The high-level portfolio is comprised of all the projects, programs, sub-portfolios, and operations that are below it.
True or False: Operations and project management never intersect during the product life cycle.
