PMP Certification Questions

A Project is a temporary endeavour undertaken to create a unique product, service or result.

Characteristics:

1.Temporary 

    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.

1. Project Charter refers to a statement of objectives in a project.

 
2. It provides a preliminary delineation of roles and responsibilities, outlines the project objectives, identifies the main stakeholders, and defines the authority of the project manager.

 
3. It serves as a reference of authority for the future of the project. The terms of reference are usually part of the project charter.

Cost Estimating - Developing an approximation of the costs of the resources needed to complete  project activities.

Cost Budgeting - Aggregating the estimated costs of individual activities or work packages to establish a cost baseline

Cost Control - Influencing the factors that create cost variances and controlling changes to the project budget.

The Project Procurement Management processes include the following:

Plan Purchases and Acquisitions - determining what to purchase or acquire and determining when and how.

Plan Contracting - documenting products, services, and results requirements and identifying potential sellers.

Request Seller Responses - obtaining information, quotations, bids, offers, or proposals, as appropriate.

Select Sellers - reviewing offers, choosing among potential sellers, and negotiating a written contract with each seller.

Contract Administration - managing the contract and relationship between the buyer and seller , reviewing and documenting how a seller is performing or has performed to establish required corrective actions and provide a basis for future relationships with the seller, managing contract-related changes and, when appropriate , managing the contractual relationship with the outside  buyer of the project.

Contract Closure - completing and settling each contract, including the resolution of any open items, and closing each contract applicable to the project or a project phase 

Plan-do-check-act cycle

Project Stakeholders are individuals and organizations that are actively involved in the project, or whose interests may be affected as a result of project execution or project completion.

Stakeholders may have a positive or negative.

Positive stakeholders are those who would normally benefit from a successful outcome from the project, while negative stakeholders are those who see negative outcomes from the project's success.

A Portfolio is a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives.

I. Inputs

• Enterprise environmental factors


• Organizational process assets


• Project Scope statement


• Project Management plan

II. Tools and Techniques

• Planning meetings and analysis

III. Outputs

• Risk Management Plan