A collection of projects managed as a group to achieve strategic objectives is referred to as a:
Answer(s): D
1.2.1. The Relationships among Portfolios, Programs, and ProjectsThe relationship among portfolios, programs, and projects is such that a portfolio refers to a collection of projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. Programs are grouped within a portfolio and are comprised of subprograms, projects, or other work that are managed in a coordinated fashion in support of the portfolio. Individual projects that are either within or outside of a program are still considered part of a portfolio. Although the projects or programs within the portfolio may not necessarily be interdependent or directly related, they are linked to the organization’s strategic plan by means of the organization’s portfolio.1.4.2 Portfolio ManagementA portfolio refers to projects, programs, subportfolios, and operations managed as a group to achieve strategic objectives. The projects or programs of the portfolio may not necessarily be interdependent or directly related. For example, an infrastructure firm that has the strategic objective of “maximizing the return on its investments” may put together a portfolio that includes a mix of projects in oil and gas, power, water, roads, rail, and airports. From this mix, the firm may choose to manage related projects as one program. All of the power projects may be grouped together as a power program. Similarly, all of the water projects may be grouped together as a water program.Thus, the power program and the water program become integral components of the enterprise portfolio of the infrastructure firm.
Sharing good practices introduced or implemented in similar projects in the organization and/or industry is an example of:
Answer(s): A
8.2.2.2 Quality AuditsA quality audit is a structured, independent process to determine if project activities comply with organizational and project policies, processes, and procedures. The objectives of a quality audit may include:Identify all good and best practices being implemented; Identify all nonconformity, gaps, and shortcomings;Share good practices introduced or implemented in similar projects in the organization and/or industry;Proactively offer assistance in a positive manner to improve implementation of processes to help the team raise productivity; andHighlight contributions of each audit in the lessons learned repository of the organization.The subsequent effort to correct any deficiencies should result in a reduced cost of quality and an increase in sponsor or customer acceptance of the project’s product. Quality audits may be scheduled or random, and may be conducted by internal or external auditors. Quality audits can confirm the implementation of approved change requests including updates, corrective actions, defect repairs, and preventive actions.8.2.2.3 Process AnalysisProcess analysis follows the steps outlined in the process improvement plan to identify needed improvements. This analysis also examines problems experienced, constraints experienced, and non-value-added activities identified during process operation. Process analysis includes root cause analysis—a specific technique used to identify a problem, discover the underlying causes that lead to it, and develop preventive actions.
Which Process Group's purpose is to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes?
The formal and informal interaction with others in an organization industry, or professional environment is known as:
9.1.2.2 NetworkingNetworking is the formal and informal interaction with others in an organization, industry, or professional environment. It is a constructive way to understand political and interpersonal factors that will impact the effectiveness of various staffing management options. Human resource management benefits from successful networking by improving knowledge of and access to human resource assets such as strong competencies, specialized experience, and external partnership opportunities. Examples of human resources networking activities include proactive correspondence, luncheon meetings, informal conversations including meetings and events, trade conferences, and symposia. Networking can be a useful technique at the beginning of a project. It can also be an effective way to enhance project management professional development during the project and after the project ends.
Which process is included in the Project Integration Management Knowledge Area?
Knowledge Area: 4. Project Integration ManagementProcess: 4.3. Direct and Manage Project WorkDefinition: The process of leading and performing the work defined in the project management plan and implementing approved changes to achieve the project’s objectives.Key Benefit: The key benefit of this process is that it provides overall management of the project work.Inputs1. Project management plan2. Approved change requests3. Enterprise environmental factors4. Organizational process assetsTools & Techniques1. Expert judgment2. Project management information system3. MeetingsOutputs1. Deliverables2. Work performance data3. Change requests4. Project management plan updates5. Project documents updates
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