PMP Exam Day One Notes

A set of vocabulary flashcards summarizing key PMP exam concepts, project approaches, financial measures, organizational structures, and agile terminology discussed during the seminar.

Predictive Project

Plan-driven or waterfall approach where scope is fixed and work is executed in sequential phases.

Agile Project

Iterative, incremental approach emphasizing customer collaboration, adaptive planning, and frequent delivery.

Hybrid Project

Combination of predictive and agile practices tailored to fit project needs.

Scrum

Popular agile framework using time-boxed sprints, defined roles, and empirical process control.

Sprint / Iteration

Fixed-length time box (commonly 1–4 weeks) in which a Scrum team delivers a usable increment.

Product Backlog

Ordered list of everything that might be needed in a product; source of sprint work items.

Product Owner

Agile role accountable for maximizing product value and managing the product backlog.

Scrum Master / Team Lead

Facilitator who removes impediments and coaches the Scrum team in agile practices.

Project Sponsor

Person who authorizes and funds the project and provides high-level support.

Triple Constraint (Traditional)

Balancing scope, time, and cost where scope is usually fixed and time/cost vary.

Triple Constraint (Agile)

Time and cost are fixed by a stable team and cadence; scope is variable and prioritized.

Incremental Delivery

Supplying finished portions of a product on a regular basis to gain feedback and value early.

Minimum Viable Product (MVP)

The smallest usable release that provides value and enables learning (common agile target).

Project Management Office (PMO)

Organizational unit that standardizes governance and supports or controls projects and programs.

Supportive PMO

Provides templates, best practices, and training but little authority over projects.

Controlling PMO

Audits and enforces compliance with project management standards and methodologies.

Directive PMO

Directly manages projects and supplies project managers to business units.

Agile Center of Excellence

Group that mentors, coaches, and promotes agile practices across the enterprise.

Organizational Process Assets (OPA)

Plans, templates, guidelines, historical data, and knowledge bases used by the project team.

Enterprise Environmental Factors (EEF)

Organizational or external conditions that influence project execution but are outside the PM’s control.

PESTLE Analysis

Tool for scanning Political, Economic, Social, Technological, Legal, and Environmental factors.

SWOT Analysis

Technique that identifies internal Strengths & Weaknesses and external Opportunities & Threats.

VUCA

Acronym for Volatility, Uncertainty, Complexity, Ambiguity—describes turbulent environments.

Business Case

Document justifying a project by comparing benefits, costs, and strategic alignment.

Benefits Management Plan

Plan describing how and when project benefits will be delivered, measured, and sustained.

Net Present Value (NPV)

Present value of benefits minus costs; positive NPV indicates a financially attractive project.

Internal Rate of Return (IRR)

Discount rate at which NPV equals zero; higher IRR means better financial performance.

Return on Investment (ROI)

Benefit-to-cost ratio expressed as a percentage of cost returned as profit or savings.

Payback Period

Time required to recoup the initial project investment from net cash inflows.

Opportunity Cost

Value lost by selecting one project over the next best alternative.

Objective & Key Results (OKR)

Goal-setting framework linking strategic objectives to measurable key results.

Organizational Change Management (OCM)

Structured approach to transition individuals and organizations to a desired future state.

ADKAR Model

OCM model: Awareness, Desire, Knowledge, Ability, Reinforcement.

Functional Organization

Structure where staff report to functional managers; projects handled within departments.

Projectized Organization

Structure where project managers have full authority and teams are dedicated to projects.

Matrix Organization

Blended structure where team members report to both functional and project managers.

Stakeholder Management

Processes to identify, analyze, engage, and communicate with individuals affected by the project.

Emotional Intelligence

Ability to recognize and manage one’s own emotions and those of others; key leadership skill.

Tailoring

Selecting and adapting processes, tools, and techniques to fit the project’s context.

Systems Thinking

Understanding how project components interact within larger organizational and environmental systems.

Risk Management

Systematic process of identifying, analyzing, and responding to project uncertainties.

Design Thinking

Human-centered, iterative approach to problem solving that incorporates customer feedback.

Lean

Philosophy focused on eliminating waste and maximizing value; origin in Toyota production.

Kanban

Visual workflow management method that limits work in progress and emphasizes continuous flow.

Six Sigma

Data-driven quality methodology aimed at reducing defects and process variation.