PMP Prep 2020 QUESTIONS AND ANSWERS 100 % CORRECT

PMP Prep 2020 Project Management Correct Answer: The application of knowledge, skills, tools, and techniques to project activities to meet project requirements Project Life Cycle Correct Answer: Project work proc ...

PMP Prep 2020 Project Management Correct Answer: The application of knowledge, skills, tools, and techniques to project activities to meet project requirements Project Life Cycle Correct Answer: Project work process- for each phase, describes the work, who does the work, deliverables and approval process Product Life Cycle Correct Answer: Includes the product or service from concept to closure (divestment) Project Characteristics Correct Answer: Specific purpose Unique results Organizational change Definite start and finish Progressive Elaboration Correct Answer: Refinement of the plan as new information relevant to the work of the project is discovered program characteristics Correct Answer: Encompass projects Managed in a coordinated way to attain benefits that could not be attained separately portfolio Correct Answer: Encompasses programs Focuses on doing right work Strategic Planning Correct Answer: Defining strategic goals 3-5 yrs in future Project Management Office (PMO) Correct Answer: Standardizes project governance and simplifies sharing resources, tools, techniques and methodologies Triple Constraint Correct Answer: Scope, schedule and cost sequential phase relationships Correct Answer: Phase only begins after previous has been completed Overlapping Phase Relationship Correct Answer: Phase can begin even if previous has not been completed Portfolio Manager Correct Answer: Provide governance at high level Portfolio Review Board Correct Answer: Determine which projects should be pursued based on its review of each project in terms of value, risks, ROI etc Program Manager Correct Answer: Manage assigned projects in a manner that will provide enhanced benefits and provide support to project managers Operations Management Correct Answer: Manage organizations day-to-day activities Sellers and business partners Correct Answer: External entities that are contracted to provide components or services for the project Project Management team member Correct Answer: Anyone on the team who works with project management related items Functional Manager Correct Answer: Controls operational resources. Sometimes conflicts with project manager over operational resources Influencers Correct Answer: Person or group indirectly related to project. Can have positive or negative influence on the project project coordinator Correct Answer: Acts as communications link to senior management and has some limited decision-making abilities Project Expeditor Correct Answer: acts primarily as a staff assistant and communications coordinator. Cannot personally make or enforce decisions. Performing Organization Correct Answer: The organization, company within the organization or a division that's doing the work told the project sponsor Correct Answer: A person or group who provides resources and support for the project, program, or portfolio and is accountable for enabling success. Typically senior management supports the sponsor Customer/user Correct Answer: Person/group who makes use of the work of the project Stakeholders Correct Answer: Members of the project team involved or impacted by the project (positively or negatively) project team members Correct Answer: Those who actually do the work. Typically bill time as a cost to the project senior management Correct Answer: Supports the sponsor, the project charter, and the project Communication Blockers Correct Answer: Factors that disrupt the message Contingency Reserve Correct Answer: An amount of money or time set aside and dedicated to the project to be used to cover unforeseen costs or time that was not identified as part of the planning process. Project Integration Management Correct Answer: processes and activities needed to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups. Project Scope Management Correct Answer: includes the processes required to ensure that the project includes all the work required, and only the work required, to complete the project successfully. Project Schedule Management Correct Answer: The processes required to manage the timely completion of the project. Project Cost Management Correct Answer: Includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget. Project Quality Management Correct Answer: Includes the processes for incorporating the organization's quality policy Regarding planning managing and controlling project and product quality requirements in order to meet stakeholders expectations Project Resource Management Correct Answer: Includes the processes to identify, acquire, and manage the resources needed for the successful completion of the project. Project Communications Management Correct Answer: Includes the processes that are required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information. Project Risk Management Correct Answer: Includes the processes of conducting risk management planning , identification, analysis, response planning, response implementation and monitoring risk on a project Project Procurement Management Correct Answer: Includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. Project Stakeholder Management Correct Answer: Includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution. Work Performance Data Correct Answer: The raw observations and measurements identified during activities being performed to carry out the project work. Work Performance Information Correct Answer: The performance data collected from various controlling processes, analyzed in context and integrated based on relationships across areas. Work Performance Reports Correct Answer: The physical or electronic representation of work performance information compiled in project documents, intended to generate decisions, actions, or awareness. Project business case Correct Answer: A documented economic feasibility study used to establish validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities. Project benefits management plan Correct Answer: The documented explanation defining the processes for creating, maximizing, and sustaining the benefits provided by a project.t Enterprise Environmental Factors Correct Answer: Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio. Organizational process assets Correct Answer: Plans, processes, policies, procedures, and knowledge bases that are specific to and used by the performing organization. Enterprise Environmental Factors (EEF) Correct Answer: Conditions, not under the immediate control of the team, that influence, constrain, or direct the project, program, or portfolio. Organizational process assets (OPA's) Correct Answer: Plans, processes, policies, procedures and knowledge bases specific to and used by. The performing organization Resources Correct Answer: Materials, supplies, services, equipment, tools, finances and Human Resources engaged to complete the project Work Package Correct Answer: Lowest level deliverable represented in the WBS process Correct Answer: A set of interrelated activities performed to achieve a specified set of products, services or results constraint Correct Answer: Inherent restriction or limitation that inhibits progress of an action or activity Project Characteristics Correct Answer: Specific purpose, creates unique results, drives org change and has a definite start/finish Directive PMO (definition) Correct Answer: Provides high control. this PMO actually manages the projects Controlling PMO (definition) Correct Answer: Provides moderate control - This structure provides support and requires compliance Supportive PMO (definition) Correct Answer: Provides low control - this structure provides the support the project needs including training, templates, lessons learned Triple Constraints of Project Management Correct Answer: Schedule, cost, scope- all of equal importance Enhanced Triple Constraint Correct Answer: Scope,cost, resources, schedule, risk, quality Strategic Planning Correct Answer: Practice of defining goals 3-5 years in the furture functional organizational structure Correct Answer: Organizational chart arranged by function/department (traditional). PM- little/no authority Projectized Organization Correct Answer: Any organizational structure in which the project manager has full authority to assign priorities, apply resources, and direct the work of persons assigned to the project. Matrix Organization Correct Answer: An organization in which specialists from different parts of the organization are brought together to work on specific projects but still remain part of a line-and-staff structure. Composite Organization Correct Answer: organizations that involve functional, matrix and projectized organizations at various levels Develop Project Charter Correct Answer: The process of developing a document that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities. Develop Project Management Plan Correct Answer: The process of defining, preparing, and coordinating all subsidiary plans and integrating them into a comprehensive project management plan. Direct and Manage Project Work Correct Answer: The process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project's objectives. Manage Project Knowledge Correct Answer: The process of using existing knowledge and creating new knowledge to achieve the project's objectives and contribute to organizational learning. Monitor and Control Project Work Correct Answer: The process of tracking, reviewing, and reporting the progress to meet the performance objectives defined in the project management plan. Perform Integrated Change Control Correct Answer: The process of reviewing all change requests; approving changes and managing changes to deliverables, organizational process assets, project documents, and the project management plan; and communicating their disposition. Close Project or Phase Correct Answer: The process of finalizing all activities across all of the Project Management Process Assumption log Correct Answer: A document that clearly identifies and tracks assumptions that are made in the project. All assumptions need to be tested for their validity and the outcome of the test should be recorded. Issue Log Correct Answer: A tool used to document, monitor, and track issues that need resolution Lessons learned register Correct Answer: A project document used to record knowledge gained during a project so that it can be used in the current project and entered into the lessons learned repository. Change Control System Correct Answer: Used to asses the impact and consequnces of requested changes on the project