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

02/25/2015 Marie Hall 0 Comment

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.

For your further practice:
38 Free Online PMP Question Bank For Initiating The Project
20 Free PMP Sample Questions On Initiating The Project

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

Proportion of this performance domain is 13%, and you need work diligently to ace it. Following are exam style and friendly laid-out PMP questions in multiple choice format intended for your knowledge enhancement and development of critical thinking. Prompt answers and your score will crop up as fast after your pushing submit button. Then you can pick it up to upgrade yourself to this domain, well gear up for the next exam, train your steel spirit to face the challenging exam and further your career.

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

The world's leading professional project management association.
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.
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.
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.
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.
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.
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.
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.
Published by the Project Management Institute, it documents project management standards.
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.
Operations typically involve ongoing functions that support the production of goods or services. They don't have a beginning or an end.
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.
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.
Mathematical models, some of which are very complicated. They require a detailed understanding of statistics and other mathematical concepts.
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.
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.
It relies on the expertise of stakeholders, subject matter experts, or those who have previous experience to help reach a decision regarding project selection.
It describes the benefits to the organization for undertaking the project.
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.
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.
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.
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.
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.
Type of matrix organization. It shares equal emphasis between projects and functional work.
Definite start and end dates.
Applying skills, knowledge, and project management tools and techniques to fulfill the project requirements.
Stakeholders must approve the project plan.
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.
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.
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).
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.
Meet a specific business objective.
Type of matrix organization. It emphasizes project work over functional duties. The project manager has the majority of power in this type of organization.
Assign resources to complete work and meet the quality standards outlined in the project plan.

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