PROJECT MANAGEMENT C722 EXAM QUESTIONS AND ANSWERS
portfolio - CORRECT ANSWER✅✅a group of related programs that support a long-term company goal
or objective Pg 13
program - CORRECT ANSWER✅✅a group of related projects Pg 13
project - CORRECT ANSWER✅✅an activity or group of activities to generate a new, unique product,
service, or results to support that program Pg 13
charter - CORRECT ANSWER✅✅a document that, like a contract, is agreed upon by the sponsor and key
stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities, and
scope for the project Pg 13
Specific, measurable, attainable, relevant, timely - CORRECT ANSWER✅✅Criteria of specific objectives
that are unique to a project are referred to as SMART which stands for what Pg 15
triple constraint - CORRECT ANSWER✅✅cost (budget), schedule (time), and scope (deliverables) Pg 17
stakeholder analysis - CORRECT ANSWER✅✅analysis to define the relevant stakeholders, their
interests, and their communication needs Pg 19
Change Control Board (CCB) - CORRECT ANSWER✅✅a group of people who track changes in a project
and can be used as a governance tool Pg 19
Work Breakdown Structures (WBS) - CORRECT ANSWER✅✅a key tool so that people understand what
is expected of them and how they will be held accountable Pg 21
Project Management Institute (PMI) - CORRECT ANSWER✅✅Founded in 1969, it's headquartered in
Newton, PA, and has member chapters on every continent (except Antarctica). Publishes foundational
and practice standards and is the largest in the world. Pg 22
,Association for Project Management (APM) - CORRECT ANSWER✅✅A UK-based charter organization
that is the largest professional body of its kind in Europe. Formed in 1972, it's membership is primarily
limited to the United Kingdom. Pg 22
International Project Management Association (IPMA) - CORRECT ANSWER✅✅the world's first project
management association, founded in 1965. The leading authority on competent project, programme,
and portfolio management (PPPM) Pg 22
AXELOS, Ltd - CORRECT ANSWER✅✅a joint venture between the government of the United Kingdom
and Captia PLC. It was formed to manage and grow a number of standards and associated certifications
developed by the Cabinet office, including ITIL (Information Technology Infrastructure Library), PRINCE2,
and Managing Successful Programs (MSP). Pg 22
Functional (Departmentalized) Organization pros/cons - CORRECT ANSWER✅✅Pros: Lines of authority
are clear; work is easily prioritized by identified departmental authority
Cons: Utilizing resources across functions can be difficult; project is not managed holistically
Projectized Organization pros and cons - CORRECT ANSWER✅✅Pros: Clear lines of authority; project is
managed holistically; gain historical data from prior projects.
Cons: Approach is expensive because of the duplication of personnel; SME assigned may not have the
most appropriate knowledge or expertise for the project
Matrix Organization pros and cons - CORRECT ANSWER✅✅Pros: Central focus is the project; issues are
responded to quickly.
Cons: Requires cooperation and coordination between and among functional departments and project
managers; resource balancing between projects can lead to friction.
project management office (PMO) - CORRECT ANSWER✅✅A process for determining if the level of
documentation and best practices followed in project execution. Pg 26
, Project Management Maturity Level - CORRECT ANSWER✅✅Determined by the comprehensiveness of
written procedures to accomplish tasks in each of the process areas identified by PMI. Pg 26
alignment - CORRECT ANSWER✅✅Term used to describe connecting project outcomes to company
goals. Pg 30
Realistic - CORRECT ANSWER✅✅Model is appropriate to the level of resources available, the operating
environment, and capabilities of the company. Pg 31
Capable - CORRECT ANSWER✅✅The model is able to apply the pertinent factors of the evaluation,
including time, risk, cost, and internal and external environment. Pg 31
Flexible - CORRECT ANSWER✅✅Model should provide accurate measures across a reasonable range of
changing conditions. Pg 31
Easy to use - CORRECT ANSWER✅✅The model is not difficult to learn and understand in a relatively
short time; provides results readily understandable to the user.. Pg 31
Low Cost - CORRECT ANSWER✅✅Cost to run the model is economical relative to scale (budget) of
project Pg 31
Comparable - CORRECT ANSWER✅✅The model should be usable across a multitude of projects, and
not be project specific. Pg 31
Non-numeric project selection models - CORRECT ANSWER✅✅A process of selecting projects; not
limited to traditional numeric performance measures; includes Competitive Necessity, Operating
Necessity, Sacred Cow, and Checklist.
Return on Investment (ROI) - CORRECT ANSWER✅✅(NET PROFIT / COST OF INVESTMENT) * 100 Pg 32
Competitive Necessity Model - CORRECT ANSWER✅✅A process of selecting a project based upon
whether implementing the project will ensure the viability of the company in the competitive market.
portfolio - CORRECT ANSWER✅✅a group of related programs that support a long-term company goal
or objective Pg 13
program - CORRECT ANSWER✅✅a group of related projects Pg 13
project - CORRECT ANSWER✅✅an activity or group of activities to generate a new, unique product,
service, or results to support that program Pg 13
charter - CORRECT ANSWER✅✅a document that, like a contract, is agreed upon by the sponsor and key
stakeholders. It defines the project and authorizes the resources, roles, responsibilities, authorities, and
scope for the project Pg 13
Specific, measurable, attainable, relevant, timely - CORRECT ANSWER✅✅Criteria of specific objectives
that are unique to a project are referred to as SMART which stands for what Pg 15
triple constraint - CORRECT ANSWER✅✅cost (budget), schedule (time), and scope (deliverables) Pg 17
stakeholder analysis - CORRECT ANSWER✅✅analysis to define the relevant stakeholders, their
interests, and their communication needs Pg 19
Change Control Board (CCB) - CORRECT ANSWER✅✅a group of people who track changes in a project
and can be used as a governance tool Pg 19
Work Breakdown Structures (WBS) - CORRECT ANSWER✅✅a key tool so that people understand what
is expected of them and how they will be held accountable Pg 21
Project Management Institute (PMI) - CORRECT ANSWER✅✅Founded in 1969, it's headquartered in
Newton, PA, and has member chapters on every continent (except Antarctica). Publishes foundational
and practice standards and is the largest in the world. Pg 22
,Association for Project Management (APM) - CORRECT ANSWER✅✅A UK-based charter organization
that is the largest professional body of its kind in Europe. Formed in 1972, it's membership is primarily
limited to the United Kingdom. Pg 22
International Project Management Association (IPMA) - CORRECT ANSWER✅✅the world's first project
management association, founded in 1965. The leading authority on competent project, programme,
and portfolio management (PPPM) Pg 22
AXELOS, Ltd - CORRECT ANSWER✅✅a joint venture between the government of the United Kingdom
and Captia PLC. It was formed to manage and grow a number of standards and associated certifications
developed by the Cabinet office, including ITIL (Information Technology Infrastructure Library), PRINCE2,
and Managing Successful Programs (MSP). Pg 22
Functional (Departmentalized) Organization pros/cons - CORRECT ANSWER✅✅Pros: Lines of authority
are clear; work is easily prioritized by identified departmental authority
Cons: Utilizing resources across functions can be difficult; project is not managed holistically
Projectized Organization pros and cons - CORRECT ANSWER✅✅Pros: Clear lines of authority; project is
managed holistically; gain historical data from prior projects.
Cons: Approach is expensive because of the duplication of personnel; SME assigned may not have the
most appropriate knowledge or expertise for the project
Matrix Organization pros and cons - CORRECT ANSWER✅✅Pros: Central focus is the project; issues are
responded to quickly.
Cons: Requires cooperation and coordination between and among functional departments and project
managers; resource balancing between projects can lead to friction.
project management office (PMO) - CORRECT ANSWER✅✅A process for determining if the level of
documentation and best practices followed in project execution. Pg 26
, Project Management Maturity Level - CORRECT ANSWER✅✅Determined by the comprehensiveness of
written procedures to accomplish tasks in each of the process areas identified by PMI. Pg 26
alignment - CORRECT ANSWER✅✅Term used to describe connecting project outcomes to company
goals. Pg 30
Realistic - CORRECT ANSWER✅✅Model is appropriate to the level of resources available, the operating
environment, and capabilities of the company. Pg 31
Capable - CORRECT ANSWER✅✅The model is able to apply the pertinent factors of the evaluation,
including time, risk, cost, and internal and external environment. Pg 31
Flexible - CORRECT ANSWER✅✅Model should provide accurate measures across a reasonable range of
changing conditions. Pg 31
Easy to use - CORRECT ANSWER✅✅The model is not difficult to learn and understand in a relatively
short time; provides results readily understandable to the user.. Pg 31
Low Cost - CORRECT ANSWER✅✅Cost to run the model is economical relative to scale (budget) of
project Pg 31
Comparable - CORRECT ANSWER✅✅The model should be usable across a multitude of projects, and
not be project specific. Pg 31
Non-numeric project selection models - CORRECT ANSWER✅✅A process of selecting projects; not
limited to traditional numeric performance measures; includes Competitive Necessity, Operating
Necessity, Sacred Cow, and Checklist.
Return on Investment (ROI) - CORRECT ANSWER✅✅(NET PROFIT / COST OF INVESTMENT) * 100 Pg 32
Competitive Necessity Model - CORRECT ANSWER✅✅A process of selecting a project based upon
whether implementing the project will ensure the viability of the company in the competitive market.
