Project Management - Introduction What is Portfolio Management?

Correct Answer: A program is a group of related projects managed in a coordinated way to obtain benefits and control not available from managing them individually Programs may include elements of related work outside of the scope of the discrete projects in the program For example: A New car model program can be broken up into projects for the design and upgrades of each major component (transmission, engine, interior, exterior) while the ongoing manufacturing occurs on the assembly line

Correct Answer: Initiation

Explanation:

Initiation is the first step in the scope management process, and expert judgment is one of the techniques routinely utilized. Answers A, B, and D are incorrect because they would come after the initiation process.

Correct Answer: As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations

Explanation:

Answer A is tempting because it is true by definition, but Answer B is correct because it properly answers the question, in that these techniques do not take into account resource pool constraints. Answer C is incorrect because it provides possible early and late start and finish dates, but not the actual schedules. Answer D is incorrect because none of the the three are simulation techniques. 

Correct Answer: Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution

Explanation:

Answer B defines the timing that should be addressed in the risk management plan. Answer C defines the methodology that should be identified in a risk management plan. Answer D touches on the budgeting and tracking that should be defined in the risk management plan.

Correct Answer: Use the cost of similar projects

Explanation:

Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.

Correct Answer: A Project Management office (PMO) is an organizational unit to centralize and coordinate the management of projects under its domain A PMO can also be reffered to as a "program management office", "Project office", or "Program office" A PMO oversees the management of projects, programs, or a combination of both PMOs can operate on a continuum, from providing project management support functions in the form of training, software, standardized policies, and procedures, to actual direct management and responsibility for achieving the project objectives

Correct Answer: Project managers or the organization can divide projects into phases to provide better management control with appropriate links to the ongoing operations of the performing organization Collectively, these phases are known as the project life cycle

Correct Answer: Project Management is the application of Knowledge, skills, tools and techniques to project activities to meet project requirements Project Management is accomplished through the application and integraton of the project management processes of initiating, planning, executing, monitoring and controlling , closing

Correct Answer: A Project is a temporary endeavour undertaken to create a unique product, service or result Characteristics: 1Temporary Temporary means that every project has a definite beginning and a definite end 2 Unique Products, Services or Results Uniqueness is an important characteristic of project deliverables For example, many thousands of office buildings have been developed, but each individual facility is unique - different owner, different design, different location, different contractors, and so on 3 Progressive Elaboration Progressive elaboration means developing in steps, and continuing by increments For example, the project scope will be broadly described early in the project and made more explicit and detailed as the project team develops a better and more complete understanding of the objectives and deliverables

Correct Answer: : A , B , C , D , E