CAPM Review Flashcards
Application Areas
Areas of expertise, industry, or function where a project is centered. Examples include architecture, IT, health care, and manufacturing.
Business Value
Quantifiable return on investment. Return can be tangible, such as equipment, money or market share. Can also be intangible, such as brand recognition, trademarks and reputation.
Certified Associate in Project Management
Person who has slightly less PM experience than a PMP, but has qualified for an passed the CAPM examination.
Cultural and Social Environment
Defines how a project affects people and how those people may affect the project. Includes economic, educational, ethical, religious, demographic, and ethnic composition of the people affected by the project.
Deliverable
A product, service, or result created by a project. Projects can have multiple of these.
General management skills
Includes the application of accounting, procurement, sales and marketing, contracting, manufacturing, logistics, strategic planning, HR management, standards and regulations, and IT.
International and Political Environment
Consideration of local and international laws, languages, communication challenges, time zone differences, and other non-collocated issues that affect a project’s ability to progress
Interpersonal Skills
Ability to interact, lead, motivate and manage people
Iron Triangle of PM
Triangle with characteristics of time, cost and scope. Each constitute one side of triangle, if any side is not in balance with the others the project will suffer.
Physical Environment
Physical structure and surroundings that affect a project’s work.
Process Groups
Collection of related processes. There 5 of these and 49 PM processes. These consist of planning, executing, monitoring and controlling, and closing
Program
Collection of related projects working in unison toward a common deliverable
Progressive Elaboration
Process of gathering project details. Uses deductive reasoning, logic, and a series of information gathering techniques to identify details about a project, product or solution.
Project
A temporary endeavor to create a unique product, service, or result.
Project Benefits Management
Plan A document created and maintained by the project sponsor and the PM. This defines what benefits the project will create, when the benefits will be realized, and how the benefits will be measured.
Project Business Case
Created and maintained by the project sponsor and shows the financial validity of why a project is chartered and launched within the organization. Typically created before the launch of the project and may be used as a go/ no go decision point.
Project Environment
Location and culture of the environment where the project work will reside. This includes the social, economic, and environmentable variables the project must work with or around.
Project Management Institute
An organization of project management professionals from around the world, supporting and promoting the careers, values, and concerns of PMs
Project Life Cycle
The phases that make up a project. This is unique to the type of work being performed and is not universal to all projects.
Project Management Office
Oversees all projects within an org or within a functional department. THis supports the PM through sofwtware, training, templates, policies, communication, dispute resolution, and other services
Project Management Professional
A person who has proven project management experience and has passed the PMP exam
Project portfolio management
Management and selection of projects that support an orgs vision and mission. It is the balance of project priority, risk, reward, and ROI. This is a senior management process
Subprojects
A smaller project managed within a larger parent project. Often contracted work whose deliverable allows the larger project to progress.
Triple Constraints of Project Management
This theory posits that time, cost and scope are 3 constraints to every project
