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1. What is the definition of a project?
A temporary endeavor undertaken to create a unique product, service, or result.
A series of phases that represent a product life-cycle from concept through delivery, growth, maturity, to retirement.
A group of related activities managed in a coordinated way to obtain benefits not available from managing them individually.
2. Within the context of project management, what is the typical hierarchical relationship between portfolios, programs, and projects?
Project is the building block. Programs are a group of related projects. Portfolios are a group of programs and projects managed together to achieve a strategic objective.
Portfolios are a group of projects that are managed together to maximize their benefit. A program is a business initiative that may or may not use projects for implementation.
Programs are deliverables within a project. Portfolios are a group of related projects managed together to achieve a strategic objective.
3. In what ways are the measures of success different for a project and program?
Project success is measured by whether the project achieves stakeholder acceptance at the end of the project. Whereas program success is measured by whether all of the related projects stay integrated throughout the life of the program.
Project success is measured by timeliness and budget compliance. Whereas program success is measured by the test performance and quality conformance of the project results.
Project success is measured by product and project quality, timeliness, budget compliance, and degree of customer satisfaction. Whereas program success is measured by the degree to which the program satisfies the needs and benefits for which it was undertaken.
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