Pmp Notes

Chap 2 • Project results in unique product, temporary in nature, has a begin & end date, & is progressively elaborated • Progressive elaboration uses incremental steps to better understand objectives • Both project & operational work are performed by people, constrained by resources, planned, executed & controlled. Project results in unique product & temporary while ongoing work is repetitive & ongoing • Project management is the application of knowledge, skills, tools & technique of the 5 management process to fulfill project objectives • Program is a grouping of related projects that are managed together. Program management is a centralized coordinated management of a group of projects to achieve program’s objective & benefits • Portfolio is a collection of projects/programs that meet a specific business goal/objective. Each project might not be directly related. • PMO is established by organization to create & maintain PM procedures & standards • Project life cycles defines technical work deliverables to be produced, who’s involved, & how to control & approve for each phase • Phases are sequential, cost & staff is low at start, peak in intermediate, & drop rapidly in conclusion. Certainty of completion gets better as project continues, stakeholder’s influence decreases as cost increases. Each phase should have a phase-end review. • All projects are planned & implemented in a social, economic & environment context & have intended/unintended positive/negative impact • Product life cycle goes through business plan, idea, product, ongoing operations, etc. Project life cycle goes through phases to create product • Stakeholders are people that are actively involved in project, or interest may be affect by project execution/completion • Functional Organization: centered on specialties & grouped by function. 1 supervisor, clear career path, communicates across function through supervisor. PM has no formal authority, gets no loyalty from