A document issued by the sponsor during project initiating that: Formally recognizes the existance of the project and gives the project manager authority.
What is a project charter?
100
Company processes and procedures, historical information, lessons learned
What are organizational process assets?
100
A temporary endeavor with a beginning and an end; creates a unique product, service or result.
What is a project?
100
Close Procurements is the last activity to perform while closing a project?
What is True?
100
The first step in the first process group.
What is select project manager?
200
A meeting of all parties to the project to make sure everyone is "on the same page".
What is a kickoff meeting?
200
Records of past projects, including lessons learned, used to plan and manage future projects. Records of the current project that will become part of organizational process assets.
What is historical information?
200
The application of knowledge, skills, tools and techniques to project activities to meet the project requirements.
What is project management?
200
The number of periods required to bring project cost back to the original budget, based on current performance, is referred to as payback period?
What is False?
The number of periods required to recover initial investment.
200
This term describes what you need to do to complete the work.
What is the project life cycle?
300
Describes need, product scope, and how the project fits into the strategic plan. Created by the customer / sponsor prior to the beginning of the project.
What is the project statement of work?
300
The opportunity given up by selecting one project over another.
What is opportunity cost?
300
Organizational function performing the ongoing execution of activities that produce the same product or provide a repetitive service.
What are Operations?
300
Opportunity Costs are expended costs.
What is False?
Opportunity given up by selecting one project over another.
300
This term describes what you need to do to manage the project.
What is the project management process?
400
Company culture and existing systems the project will have to deal with or can make use of.
What are Enterprise Environmental Factors?
400
Actions taken to bring expected future project performance in line with the project management plan.
What are corrective actions?
400
A group of programs and individual projects implemented to achieve a strategic business goal.
What is a portfolio?
400
The higher the Internal Rate of Return the better.
What is True?
Select project with highest return rate.
400
This process group is one of the worst scoring on the PMP exam.
What is Monitoring and Controlling?
500
A plan to make sure everyone knows what version of the scope, schedule, and other components of the project management plan are the latest versions. It defines how you will manage changes to the deliverables and the resulting documentation.
What is a configuration management plan?
500
A project manager spends his/her time controlling these seven things (guess 5 for correct answer).
What are scope, time, cost, quality, risk, resources and customer satisfaction.
500
Continuously improving and detailing a plan as more detailed and specific information and more accurate estimates become available.
What is progressive elaboration?
500
The project wtith the greatest Net Present Value is typically selected.
What is True?
You will not have to calculate this. NPV is PV of total benefits (income or revenue) - costs over many time periods.