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CAPM® in Depth: Certified Associate in Project Management Study Guide for the CAPM® Exam > 1. Project Management Framework > Flashcards

1. Project Management Framework Flashcards

1
Q

What is a project?

A

A project is a work effort made over a finite period of time with a start and a finish to create a unique product, service, or result.

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2
Q

What is a project phase?

A

A project phase is a set of logically related activities that usually completes one or more major deliverables of the project.

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3
Q

Define project life cycle.

A

The full project duration from beginning to end, including all project stages: initiating, planning, executing, monitoring and controlling, and closing.

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4
Q

What are process groups in project management?

A

The technical names for the project stages: initiating, planning, executing, monitoring and controlling, and closing.

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5
Q

What is a performing organization?

A

The organization that is performing the project.

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6
Q

Who is a project stakeholder?

A

An individual or an organization that can affect or be affected by the project execution.

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7
Q

What is a process in the context of projects?

A

A set of related tasks performed to manage a certain aspect of a project, such as cost, scope, and risk.

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8
Q

Define knowledge area in project management.

A

Defined by its knowledge requirements related to managing a specific aspect of a project, such as cost, using a set of processes.

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9
Q

What does tailoring mean in project management?

A

Selecting appropriate lifecycle phases and needed outputs, and choosing the right processes, inputs, and tools and techniques for a given project.

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10
Q

What is project management?

A

The use of knowledge, skills, and tools to manage a project from start to finish with the goal of meeting the project requirements.

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11
Q

What is a phase gate?

A

A review at the end of each phase leading to the decision to continue to the next phase as planned, continue with a changed plan, or end the project.

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12
Q

How do projects differ from operations?

A

Projects are temporary and unique, while operations are ongoing and repetitive sets of tasks.

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13
Q

Identify the four categories that originate projects.

A
  • Business/legal requirements
  • Stakeholder requests or needs
  • Business or technological strategies
  • Products, processes, or services
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14
Q

What are the two defining characteristics of a project?

A
  • Temporary
  • Creates a unique product
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15
Q

What is the outcome of a project referred to as?

A

A product, service, or result.

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16
Q

True or False: A project can be undertaken by a single individual.

A

True

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17
Q

What is the goal of project management?

A

To meet the project requirements by applying knowledge, skills, and tools.

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18
Q

Fill in the blank: A project is a temporary endeavor undertaken to create a unique _______.

A

product, service, or result

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19
Q

What is the relationship between projects and an organization’s strategic objectives?

A

Projects are initiated in response to situations that align with the organization’s strategic objectives.

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20
Q

What is the significance of project management knowledge areas?

A

They define the specific aspects of project management that need to be managed through processes.

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21
Q

What is project management according to the Project Management Institute (PMI)?

A

Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.

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22
Q

What does the Project Management Body of Knowledge (PMBOK) Guide present?

A

A subset of the project management body of knowledge that is generally recognized as good practice.

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23
Q

What are the two meanings of ‘generally recognized’ as stated by PMI?

A
  • Applicable to most projects most of the time
  • Consensus about its value and usefulness.
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24
Q

What are the consequences of poorly managed projects?

A

Missed deadlines, cost overruns, poor quality, dissatisfied stakeholders.

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25
What does effective project management help to manage?
* Cost * Scope * Stakeholders.
26
What is the purpose of progressive elaboration in project management?
To develop a project plan in incremental steps as ideas and information about the final product are refined.
27
Fill in the blank: Uncontrolled changes in a project are called _______.
scope creep.
28
What are the three parts of a project management process?
* Input * Tools and Techniques * Output.
29
What is the project lifecycle?
The timespan from the project’s beginning to its end.
30
What are the five stages of a project lifecycle known as in PMBOK?
* Initiating * Planning * Executing * Monitoring and Controlling * Closing.
31
What is the purpose of the initiating stage of a project?
To define and authorize the project and align its purpose with business needs and stakeholder expectations.
32
What document officially launches a project?
The project charter.
33
What is developed in the planning stage of a project?
The project scope, objectives, and the project management plan.
34
What are the three baselines that constitute the project performance measurement baseline (PMB)?
* Scope baseline * Schedule baseline * Cost baseline.
35
What is the main output of the executing stage of a project?
The project deliverables.
36
What is the goal of monitoring and controlling a project?
To ensure the project stays on track and to take corrective actions if it deviates from the plan.
37
What steps are involved in monitoring and controlling a project?
* Collect actual project performance data * Analyze it against the project performance baseline * Generate change requests based on deviation.
38
What is a significant cause for change requests during project execution?
Monitoring and controlling the project.
39
True or False: The project lifecycle is the same as the product lifecycle.
False.
40
What is meant by the term 'high-level' in project management?
Lacking details or not referring to specifics.
41
What does the term 'process' refer to in project management?
A set of interrelated activities performed to obtain a specified set of products, results, or services.
42
What is the primary function of processes in project management?
To accomplish tasks such as developing a project schedule, managing project work, and managing the project team.
43
What does the project management plan contain?
A collection of several plans and documents outlining the course of action required to achieve project objectives.
44
What is the significance of the project performance measurement baseline (PMB)?
It is used to assess project performance by comparing actual results against planned baselines.
45
What is the primary purpose of the monitoring and controlling process group?
To ensure the project stays on track and to take action if it goes off track.
46
What are the steps involved in monitoring and controlling a project?
1. Collect actual project performance data. 2. Analyze it against the performance baseline. 3. Generate change requests based on deviation.
47
True or False: Monitoring and controlling begins only after project execution starts.
False.
48
What is included in the closing stage of a project?
1. Verify all project processes are complete. 2. Close all project-related contracts. 3. Turn over project outcomes. 4. Disband the project team. 5. Conduct a project review for lessons learned.
49
Fill in the blank: The processes used to perform the closing stage fall into the _______ process group.
[closing]
50
What is the difference between project stages and project phases?
Project stages refer to process groups, while project phases are parts of the project with specific milestones.
51
What are the three important project baselines?
* Scope baseline * Schedule baseline * Cost baseline
52
Define project integration management.
It involves coordinating efforts to develop and integrate different subsidiary plans into the project management plan.
53
What is the primary purpose of project scope management?
To ensure all required work, and only the required work, is performed to complete the project.
54
What does project schedule management primarily focus on?
Developing and managing the project schedule to complete the project on time.
55
What is the primary task of project resource management?
To identify, obtain, and manage the resources needed to complete the project.
56
What is the goal of project cost management?
To estimate and control project costs to complete the project within the approved budget.
57
What is the primary purpose of project stakeholder management?
To identify stakeholders and manage their engagement in the project.
58
True or False: Communication is not a critical component of project management.
False.
59
What are the three processes offered by project communication management?
* Plan communication * Manage communication * Monitor communication
60
What does project quality management aim to ensure?
That the project and its deliverables meet the quality requirements and conform to quality standards.
61
What is a project risk?
An event that, if it occurs, has a positive or negative effect on meeting project objectives.
62
What is the primary purpose of project procurement management?
To manage the acquisition of products, services, or results from outside the project team.
63
What is the relationship between projects, programs, and portfolios?
Projects are managed at the project level, programs consist of interrelated projects, and portfolios contain projects and programs to achieve strategic objectives.
64
Define a program in project management.
A set of interrelated projects working toward the same objectives.
65
What is the role of a program manager?
To oversee program components and manage project-level aspects.
66
What is portfolio management focused on?
Making sure programs and projects are prioritized for resources to serve the organization’s strategy.
67
Fill in the blank: A portfolio may include _______ work as part of its structure.
[operational]
68
What is the importance of intraorganization coordination?
To avoid and resolve conflicts among projects, programs, and portfolios.
69
What are the main components of the triangular relationship in project management?
* Projects * Programs * Portfolios
70
What are some common concepts encountered in project management?
* Probability * Baseline * Project team * Project management team
71
What is the definition of probability?
Probability is defined as a chance that something will happen.
72
What is the simplest example of probability?
Tossing a coin.
73
What is the probability of a coin landing heads up?
1 out of 2, or 50 percent, or 0.5.
74
How is combined probability calculated?
By multiplying the individual probabilities.
75
What is a random variable?
A random variable can acquire any value within a given range or out of a set of values.
76
What is expected value in probability?
The expected value of an outcome is calculated based on the probabilities of different outcomes.
77
What is variance?
Variance is the deviation from the expected value, computed as the average squared deviation of each number from its mean.
78
What is standard deviation?
The standard deviation is the square root of the variance.
79
Fill in the blank: The project baseline is defined as the approved plan for certain aspects of the project, such as the cost, ______, and scope of the project.
schedule
80
What are the five stages of the project lifecycle?
* Initiating * Planning * Executing * Monitoring and Controlling * Closing
81
What are the ten project management knowledge areas?
* Integration management * Scope management * Time management * Cost management * Resource management * Communication management * Stakeholder management * Quality management * Risk management * Procurement management
82
True or False: A project can be standalone or part of a program or portfolio.
True
83
What is the primary purpose of project management?
To apply knowledge and skills to project activities in order to meet project objectives.
84
What is the relationship between projects and an organization's strategic objectives?
Projects are performed to contribute to meeting the strategic objectives of an organization.
85
What does the term 'progressive elaboration' refer to?
Taking the project from concept to project management plan.
86
What is the probability of independent events occurring?
Calculated by multiplying the probabilities of occurrence of all the individual events.
87
What happens to the ability to influence project characteristics over time?
It decreases as the project progresses.
88
What is the significance of the project baseline?
It is used to measure project performance.
89
What kind of factors can lead to the initiation of projects?
* Business or legal requirements * Opportunities offered by the market
90
Fill in the blank: A program is a collection of interrelated ______.
projects
91
True or False: Operations consist of ongoing routine work, while projects have a planned beginning and end.
True
92
What is the outcome of a successful project completion?
It adds to the organization’s business value.
93
What is not true about project management processes?
C. The output of one process cannot be an input to another process. ## Footnote This statement is incorrect because outputs from one process can serve as inputs for another process.
94
Which process group do you conduct procurements when outsourcing a piece of your project?
B. Planning ## Footnote The Planning process group is where procurement planning occurs, including identifying what to procure and how.
95
True or False: The same document may be an input to more than one process.
True ## Footnote In project management, documents can serve multiple purposes across different processes.
96
True or False: The same tool or technique may be used in more than one process.
True ## Footnote Tools and techniques can be applicable in various processes within project management.
97
Fill in the blank: It’s possible that a process will be executed only once in a project and _______ in another project.
multiple times ## Footnote This flexibility in process execution can depend on the project's specific needs.

CAPM® in Depth: Certified Associate in Project Management Study Guide for the CAPM® Exam (14 decks)

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