Highlights Of Domain 1: Initiating The Project

There include 6 tasks related to this domain 1. Task 1 is associated with implementing project assessment in light of available information as well as meetings with customers, sponsors and subject matter professionals in order to assess the feasibility of brand-new services or products within the certain assumptions or/and constraints. In task 2, you will identify the high level project scope in line with business cum compliance requirements, so as to live up to the customers’ project expectations. Task 3 carries out core stakeholder analysis based upon interviewing, brainstorming and data-collecting techniques in pursuit of addressing expectations and earning back-up for the project. Mentioning task 4, define and document high risks, assumptions as well as constraints pursuant to existing environment, historical data, and/or professional judgement, so as to define project limitations and bring up the implementation approach. Development of project charter will be included in task 5. And for task 6, gain sponsor and customer’s approval for the project charter (if necessary) for formalization of the project manager’s authority and attainment of commitment and project acceptance.

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Upgrade Yourself To Performance Domain 1 With 34 Free PMP Exam Sample Questions

Assign resources to complete work and meet the quality standards outlined in the project plan.

Project criteria, Resources and quality
Project criteria, Stakeholder satisfaction
Project criteria, Temporary
Project criteria, Unique

Mathematical models, some of which are very complicated. They require a detailed understanding of statistics and other mathematical concepts.

Constrained Optimization Models
Economic Model
Functional organization
Matrix Organization

A type of decision model that compares the benefits obtained from a variety of new project requests by evaluating them using the same criteria and comparing the results. They are the most commonly used of the two categories of decision models (Benefit and Constrained).

Benefit Measurement Methods
Net Present Value
Project management
Project Selection Methods

A grouping of related projects that are managed together using coordinated processes and techniques to capitalize on benefits that coudn't be achieved if the projects were managed separately.

Operations
Program
Strong Matrix
Project

It describes the benefits to the organization for undertaking the project.

Operations
Weak Matrix
Justification
Project

Formal endeavor that is undertaken to determine whether there is a compelling reason to perform the proposed project. It determines whether the project is viable, the probability of project success, and the viability of the product of the project. Not all business cases will or should include one. It should be conducted when the proposed project is highly complex, has a high potential for risk, or is a new type of project the organization has never undertaken before.

Justification
Feasibility Study
Business Case
Decision Model

Stakeholders must approve the project plan.

Project criteria, Stakeholder satisfaction
Project criteria, Resources and quality
Project criteria, Unique
Project criteria, Temporary

A written document or report that helps executive management and key stakeholders determine the benefits and rewards of the project. It formally documents components of the project assessment, including a description of the analysis method and the results.

Project
Scoring Model
Justification
Business Case

An organizational structure focused on projects. Project managers generally have ultimate authority over the project, and sometimes supporting departments such as human resources and accounting might report to the project manager. Project managers are responsible for making project decisions and acquiring and assigning resources. One of the biggest drawbacks of this organization is reassigning project team members once the project ends.

Matrix Organization
Project Selection Methods
Project-Based Organization
Functional organization

Meet a specific business objective.

Project Managers
Project criteria, Unique
Project management
Project criteria, Temporary

Economic model calculation. It compares the value of the future worth of the project's expected cash fows to today's dollars. Typically, projects with the highest discounted cash flows are chosen.

Balanced Matrix
Discounted Cash Flow
Justification
Business Case

Economic model calculation. Is a cash flow technique that calculates the revenues or cash flows the organization expects to receive over the life of the project in today's dollars. The rule is that if it is greater than zero, the project should be accepted.

Business Case
Strong Matrix
Net Present Value
Project

The people responsible for applying these tools to the various project activities. Their primary purpose is to integrate all the components of the project and bring it to a successful conclusion.

Program
Project Managers
Project management
Project

A benefit measurement method. A series of financial calculations, also known as cash flow techniques, which provide data on the overall financials of the project.

Scoring Model
Justification
Decision Model
Economic Model

A commonly used benefit measurement method that calculates the cost of producing the product, service, or result of the project and compares this to the financial gain the project is expected to generate. The weakness is that it does not account for strategic value.

Strong Matrix
Project Managers
Business Case
Cost-Benefit Analysis

It is the discount rate when the present value of the cash inflows equals the original investment. It states the profitability as an average percentage over the life of the investment. Project with higher values are considered better than projects with lower values.

Functional organization
Balanced Matrix
Net Present Value
Internal Rate of Return (IRR)

Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements.

Project Managers
Project management
Expert Judgment
Project

Published by the Project Management Institute, it documents project management standards.

Project Management Institute (PMI)
Project management
Project Selection Methods
A Guide to the Project Management Body of Knowledge (PMBOK Guide)

A benefit measurement method. It has a predifined list of criteria against which each project is rated. Each criterion has a scoring range and weighting factor.

Scoring Model
Decision Model
Economic Model
Strong Matrix

Used to determine which proposed projects are approved to move forward. The exact criterion varies, but selection methods usually involve a combination of decision models and expert judgment.

Project criteria, Temporary
Project Managers
Project criteria, Unique
Project Selection Methods

It relies on the expertise of stakeholders, subject matter experts, or those who have previous experience to help reach a decision regarding project selection.

Operations
Project
Expert Judgment
Project management

Formal method of project selection that helps managers make the best use of limited budgets and human resources. Includes benefit measurement methods and constrained optimization models. It uses a fixed set of criteria agreed on by the project selection committee to evaluate the project requests.

Decision Model
Scoring Model
Economic Model
Business Case

Type of matrix organization. It shares equal emphasis between projects and functional work.

Strong Matrix
Payback Period
Weak Matrix
Balanced Matrix

The world's leading professional project management association.

Project Management Institute (PMI)
Project Managers
Project criteria, Unique
Project management

A temporary endeavor that has definite beginning and ending dates, and it results in a unique product, service, or result. It starts once the project has been identified, the objectives have been outlined in the project charter and the appropriate stakeholders have approved the project plan. They are considered a success when the goals they set out to accomplish are fulfilled and the stakeholders are satisfied with the results.

Project Managers
Project
Operations
Program

Type of matrix organization. It emphasizes project work over functional duties. The project manager has the majority of power in this type of organization.

Strong Matrix
Balanced Matrix
Weak Matrix
Scoring Model

Type of matrix organization. It emphasizes functional work over project work and operates more like a functional hierarchy. Functional managers have the majority of power.

Payback Period
Strong Matrix
Balanced Matrix
Weak Matrix

An organizational structure where employees report to one functional manager and at least one project manager. Functional managers assign employees to projects and carry out administrative duties, while project managers assign tasks associated with the project to team members and execute the project. They are typically organized along departmental lines, but resources assigned to a project are accountable to the project manager for all work associated with the project. Team members working on the project often have two or more supervisors. A trouble area is availability of resources (labor). Addressing resource committents at the beginning of the project, both during pre-project setup and again during the planning phase, helps.

Project-Based Organization
Functional organization
Matrix Organization
Justification

A form of organizational structure. They are traditional organizations with hierarchical reporting structures. The staff is organized along departmental lines. Each department is managed independently with a limited span of control. The project deliverables are worked on independently in different departments. Project managers have no means of holding team members from other departments accountable for completing project deliverables. Building a relationship with the functional managers and maintaining open communications is the key to successful projects.

Project-Based Organization
Functional organization
Justification
Matrix Organization

Definite start and end dates.

Project criteria, Unique
Project Selection Methods
Project management
Project criteria, Temporary

Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end.

Program
Justification
Project
Operations

The difference is that NPV subtracts the total cash flow in today's dollars from the initial project investment. It totals the value of each period's expected cash flow to come up with a total value for the project in today's terms.

Discounted Cash Flow
Internal Rate of Return (IRR)
Discounted Cash Flow vs Net Present Value
Net Present Value

It can be also included within the business case, and should describe how the project and its outcomes will align to the organization's overall strategic plan.

Functional organization
Net Present Value
Alignment to the strategic plan
Internal Rate of Return (IRR)

A benefit measurement method. It is a cash flow technique that identifies the length of time it takes for the organization to recover all the costs of producing the project. It is the least precise of all the cash flow techniques.

Weak Matrix
Payback Period
Operations
Balanced Matrix

Upgrade Yourself To Performance Domain 1 With 34 Free PMP Exam Sample Questions

Highlights Of Domain 1: Initiating The Project

Upgrade Yourself To Performance Domain 1 With 34 Free PMP Exam Sample Questions

Upgrade Yourself To Performance Domain 1 With 34 Free PMP Exam Sample Questions

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Highlights Of Domain 1: Initiating The Project

Upgrade Yourself To Performance Domain 1 With 34 Free PMP Exam Sample Questions

Upgrade Yourself To Performance Domain 1 With 34 Free PMP Exam Sample Questions

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