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CAPM Exam prep > Chapters 1-7 > Flashcards

Chapters 1-7 Flashcards

1
Q

What are the different types of project environments that a project can be influenced by?

A

Enterprise Environmental Factors
Organizational Process Assets
Organizational system
Organizational Process Assets

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2
Q

What are OPAs (Organizational Process Assets)?

A

They are the plans, processes, policies, procedures, and the corporate knowledge base.

Examples include: project schedules, contract templates, financial databases, lessons learned from previous projects like RCAs, or previous project documentation.

OPAs are “Assets,” Which are usually good

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3
Q

What are Enterprise Environmental Factors?

A

Refers to conditions that are not under the direct control of the project team, that can influence, or constrain the direction of the project.

Examples include: Organizational Culture, existing infrastructure, staff skill levels and risk tolerance.

EEFs are “Factors,” which can be good or bad for your project.

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4
Q

What is an organization within the project environment?

A

It is the framework of how the company governs itself, how work is arranged, how to get work done, and who reports to who.

Structures in an org can include the following
QA, Risk, Compliance, Collections, Servicing, etc

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5
Q

What is the role of the Project Manager

A

A project manager is involved in leading a team through communication and engagement throughout a project to achieve business value objectives.

They do the following:
Balance the competing objectives TimeXScopexBudget
Communicate with stakeholders
Contribute to business value-

The project manager can be involved before and after the project

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6
Q

What is Business Value

A

It is the project worth:

Brand Recognition
Money
Community Role

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7
Q

What are the processes in the Project Integration Management knowledge area?

A 
Develop the project Charter
Develop project management Plan
Direct and manage project work
Manage project knowledge
Monitor and control project work
Perform integrated change control
Close the project or phase
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8
Q

What are the processes in the Project Scope Management knowledge area?

A 
Plan Scope Management
Collect Requirements
Define Scope
Create the WBS (Work Breakdown Structure)
Validate Scope
Control Scope
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9
Q

What are the processes in the Project Schedule Management knowledge area?

A 
Plan Schedule Management
Define Activities
Sequence Activities
Estimate Activity Durations
Develop Schedule
Control Schedule
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10
Q

What are the processes in the Project Cost Management Knowledge area?

A

Plan Cost
Estimate Cost
Determine Budget
Control Costs

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11
Q

What are the processes in the Project Quality Management knowledge area?

A

Plan Quality management
Manage Quality
Control Quality

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12
Q

What are the processes in the Project Resources Knowledge Area?

A 
Plan Resource Management
Estimate Activity Resources
Acquire Resources
Develop Team
Manage Team
Control resources
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13
Q

What are the processes in the Project Communication Management knowledge area?

A

Plan Communications management
Manage communications
Monitor communications

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14
Q

What are the processes in the Project Risk Management knowledge area?

A 
Plan Risk Management
Identify Risk
Perform Qualitative Risk Analysis
Plan Risk Responses
Implement Risk Responses
Monitor Risks
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15
Q

What are the processes in the Project Procurement Management knowledge area?

A

Plan Procurement Management
Conduct Procurements
Control Procurements

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16
Q

What are the processes in the Project Stakeholder Management knowledge area?

A

Identify Stakeholders
Plan Stakeholder engagement
Manage stakeholder engagement
Monitor Stakeholder engagement

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17
Q

Who is a stakeholder

A

Those affected by the project or can be effected

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18
Q

Why are Projects Created

A

Regulatory, Legal, or Social Requirement
Stakeholder Request
Technological Advances
Create, Improve, Fix Products Processes or Services

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19
Q

What is the MAIN difference between projects and operations

A

Projects have a definite start and end

Operations are ongoing and never end

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20
Q

When do projects end?

A 
Objectives Met
Objectives cannot or will not be met
Funds are depleted
Need no longer exists
Resources are no longer available
Legalities or convenience terminates the project
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21
Q

What is Tangible business value

A

Monetary assets
Stakeholder equity
Fixtures and tolls
Market Share

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22
Q

What is Intangible business value:

A 
Goodwill and rep
				Brand Rec
				Public benefit
				Trademarks
				Strategic alignment
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23
Q

What is the Definition of Project Management?

A

Application of knowledge, skills and techniques to meet the project requirements

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24
Q

How many project management processes are there?

A

49

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25
Q

What are the five project management groups?

A
  1. Initiating
  2. Planning
  3. Executing
  4. Monitor and Controlling
  5. Closing
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26
Q

What is Typically involved in Project Management?

A

Identifying requirements:
Addressing needs, concerns, and expectations of stakeholders
Setting up, maintaining, and carrying out communication
Managing stakeholders
Balancing competing project constraints

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27
Q

What are the constraints of a project?

A

Time, Scope Budgets, Schedule, Resources, Risks

28
Q

What are the similarities of the project Vs. Operations

A

Both involve employees
Both typically have limited resources: people, money or both
Both are designed and executed

29
Q

How are Projects different from Operations?

A

Projects are temporary
Developing new products or services
Moving adding Changing or deleting (MACD)
Implementing new service or solution

30
Q

How are operations different from projects?

A

Operations are ongoing:
Repetitive actions
Maintenance
Core business

31
Q

What is Organization Project Management -OPM and Strategies

A

Organizational Project Management:

Coordinate, manage, and control projects, programs, and portfolio management in a—
Uniform, consistent effort.
Consistently deliver better.

32
Q

What are the goals of the OPM?

A

Determine what is the business value
Determine Which approach gets work done with the most return on investment
Determine how to measure business value

33
Q

What are External Enterprise Environment Factors?

A

Laws and regulations

Fractions in Company

Code of conduct in the org

Perception- I don’t understand the software so I respect them
Is that actually true?

Values- What’s important to the manager, project manager

Culture

34
Q

What is Organizational Culture and Structure?

A 
Vision
Mission
Values and beliefs
Cultural norms
Hierarchy and authority
Organizational and management style
Internal enterprise environmental factor
35
Q

What are Infrastructure Environmental Factors?

A 
Facilities
Equipment
Telecommunication channels
IT hardware and usability
Learning curves?
Internal enterprise environmental factor
      Things created by the company
      Must use our email server
      No phones
      No social media, etc
36
Q

What are the process groups of a project plan?

A 
Initiating
Planning
Executing
Monitoring and controlling
Closing
37
Q

What are the steps in Integration Management?

A 
Develop project charter
Develop a project management plan
Direct and Manage the project work
Manage project knowledge
Monitor and Control Project Work
Perform Integrated Change Control
Close project or phase
38
Q

What are the steps in the Scope Management knowledge area?

A 
Plan scope management
Collect requirements
Define scope
Create WBS
Validate scope
Control scope
39
Q

What the steps in the Schedule management knowledge area?

A 
Plan schedule management
	Define activities
	Sequence activities
	Estimate activity durations
	Develop schedule
	Control schedule
40
Q

What are the steps in the Cost Management knowledge area?

A

Plan cost management
Estimate costs
Determine budget
Control costs

41
Q

What the steps in the Quality Management knowledge area?

A

Plan Quality Management
Manage quality
Control Quality

42
Q

What are the steps in the Resource Management knowledge area?

A 
Plan resource management
Estimate activity resources
Acquire resources
Develop team
Manage team
Control resources
43
Q

What are the steps in the Communications Management knowledge area?

A

Plan communication management
Manage communications
Monitor communications

44
Q

What are the steps in the Risk Management knowledge area?

A 
Plan risk management
Identify risks
Perform qualitative risk analysis
Perform quantitative risk analysis
Plan risk responses
Implement risk responses
Monitor risks
45
Q

What are the steps in the Procurement Management knowledge area?

A

Plan Procurement management
Conduct procurements
Control procurements

46
Q

What are the steps in the Stakeholder Management knowledge area?

A

Identify stakeholders
Plan stakeholder engagement
Monitor stakeholder engagement

47
Q

What is Work Performance Data?

A 
Raw Data and facts about project work
Status of project work assignments
Percent complete
What’s in Progress
Start and finish dates
48
Q

What is Work Performance Information?

A

Information to be worked, studied, and orgnaized data to be worked and studied that can then be acted upon.

49
Q

What are Work Performance reports?

A

Communicable formatting of information that helps stakeholders make decisions.

Memos,
Dashboards,
Project Updates

50
Q

What are Predictive Life Cycles?

A 
Usually Associated with Construction
Plan driven
Waterfall approach
Do work and go down, to the end or bottom like a waterfall
Predicts the project life cycle

Changes to scope are tightly controlled

51
Q

What are Iterative and Incremental Life Cycles?

A

Phases through iterations
Iterations created deliverables
Go through to create product over time
The detailed scope is elaborated for each iteration
Changes to the project scope are expected

52
Q

What are some Business Documents?

A

Project business case
Project charter
Project management plan
Benefits management plan

53
Q

What are some Business Documents for Project Performance?

A

Phase gate review within the project:

Review of what was spent, what are the deliverables,
and ensuring everything is completed

Actual performance compared to business documents

Exception report or variance report

Why was I late or over budget report
Decisions of comparison include?

54
Q

What do the Decisions of comparison include?

A

Is this going to our kill point or where the project ends?
Decisions include:
continue to the next
phase.

		Continue to the next phase with 
                    modification.

		End the project

		Remain in the phase or—
		Repeat the phase of the element of it.

		Questions to ask:
			Is this too expensive?
			Is our quality there?
55
Q

What is the Project Business Case?

A

Economic feasibility study

Questions to ask:
Can we afford to do the project?
Does it make sense to invest?

56
Q

Business Case: Project Determination

A

Does it:
Support Organizational strategies, goals, and objectives.

The root cause of contributors of an opportunity

Gap Analysis of capabilities
Example:
Let’s say you want to use new software, but don’t
have the skills

Known Risks
Critical success factors
Know what to work toward

57
Q

What is involved in the Analysis of a Situation, Phase or Project?

A

3: steps

Required:
To be fulfilled to address the problem or opportunities
I.e. Data must be secure

Desired:
To address the problem or opportunity
We want it, but don’t really “need”
       I.e. Make a website first then if time make a mobile 
        app

Optional:
Not essential
I.e. being able to print from the mobile app

58
Q

What are the Recommendations for a project?

A

Do nothing- “business as usual” option

Do the min wok possible

Do more than the minimum work possible

59
Q

What is the Project Benefits Management Plan?

A

Creates the Project Benefits

Something project creates to make value

60
Q

What is a benefit?

A

Is a project outcome that provides value to the org and the project beneficiaries.

 i.e. It’s one thing to just do a project but what did it 
        do.
61
Q

What are the target benefits?

A

Expected Tangible and Intangible Value.

62
Q

What are Strategic alignments?

A

The project aligns with the business strategies.

63
Q

What are Timeframe Benefits?

A 
When will benefits be realized?
By Phase,
Short term 
Long term
Ongoing
64
Q

What are Metrics in a project?

A

The measure to be used to show benefits realized, direct measures, and
Indirect measures

65
Q

What are Assumptions in a project?

A

The factors expected to be in place or to be in evidence, What has remained in place in order to realize the benefits

66
Q

What is risk in a project?

A

The risks for realizations of the benefits.
Example:
In new software there may be a learning curve,

CAPM Exam prep (2 decks)

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