Project Management Flashcard

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What is project initiation?

Back

The first phase of the project management life cycle where project objectives, scope, stakeholders, and team are defined.

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What are the key components of project planning?

Back

Defining project goals and objectives, creating a project schedule, identifying project stakeholders, allocating resources, and developing a communication plan.

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What is project execution?

Back

Process of implementing planned activities, tasks, and deliverables of a project.

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What is the purpose of project monitoring?

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The purpose of project monitoring is to track and evaluate the progress and performance of a project to ensure it is on track and meeting its objectives.

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What activities are involved in project closure?

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Conducting a final project review, documenting lessons learned, archiving project documents, releasing project resources, and obtaining formal acceptance of the project deliverables.

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Why is project initiation important in project management?

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Project initiation is important in project management because it sets the foundation for the entire project.

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What are the benefits of effective project planning?

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Improved time management, better resource allocation, increased productivity, enhanced communication and collaboration, and higher chances of project success.

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How does project execution contribute to project success?

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By ensuring effective implementation of project plans and coordination of resources.

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What are the key metrics (standards) used in project monitoring?

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project progress, budget variance, schedule variance, resource utilization, and quality metrics

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What are the challenges faced during project closure?

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ensuring all project deliverables are completed