Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CAPM Prep > Foundational Elements > Flashcards

Foundational Elements Flashcards

1
Q

Definition of a Project

A

A project is a temporary endeavor undertaken to create a unique product, service, or result.

Projects are undertaken to fulfill objectives by producing deliverables. An objective is defined as an outcome toward which work is to be directed, a strategic position to be attained, a purpose to be achieved, a result to be obtained, a product to be produced, or a service to be performed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Definition of Deliverable

A

A deliverable is defined as any unique and verifiable product, result, or capability to perform a service that is required to be produced to complete a process, phase, or project. Deliverables may be tangible or intangible.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Examples of Deliverables

A

A unique product that can be either a component of another item, an enhancement or correction to an item, or a new end item in itself (e.g., the correction of a defect in an end item)

A unique service or a capability to perform a service (e.g., a business function that supports production or distribution)

A unique result, such as an outcome or document (e.g., a research project that develops knowledge that can be used to determine whether a trend exists or a new process will benefit society)

A unique combination of one or more products, services, or results (e.g., a software application, its associated documentation, and help desk services)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Four Characteristics of a Project

A

Have a unique product, service, or result

Temporary endeavor with a a definite beginning and end

Drive change in organizations.

Enable business value creation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Business Value

A

The benefits that the results of a specific project provide to its stakeholders. The benefits from projects may be tangible, intangible, or both.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Tangible Business Value

A 
Examples of tangible elements include:
Monetary assets,
Stockholder equity,
Utility,
Fixtures,
Tools, and
Market share.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Intangible Business Value

A 
Examples of intangible elements include:
Goodwill,
Brand recognition,
Public benefit,
Trademarks,
Strategic alignment, and
Reputation.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Project Initiation Context

Four Foundational Categories

A

Organizational leaders initiate projects in response to factors acting upon their organizations. T

There are four fundamental categories for these factors, which illustrate the context of a project.

  1. Meet regulatory, legal, or social requirements
  2. Satisfy stakeholder requests or needs
  3. Implement or change business or technological strategies
  4. Create, improve, or fix products, processes, or services
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Project Management Definition

A

Project management is the application of knowledge, skills, tools, and techniques to project activities
to meet the project requirements. Project management
enables organizations to execute projects effectively and efficiently.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Outcomes of effective project management

A
  • Meet business objectives
  • Satisfy stakeholder expectations
  • Be more predictable
  • Increase chances of success
  • Deliver the right products at the right time
  • Resolve problems and issues
  • Respond to risks in a timely manner
  • Optimize the use of organizational resources
  • Identify, recover, or terminate failing projects
  • Manage constraints (e.g., scope, quality, schedule, costs, resources)
  • Balance the influence of constraints on the project (e.g., increased scope may increase cost or schedule)
  • Manage change in a better manner
  • Tie project results to business goals
  • Compete more effectively in their markets
  • Sustain the organization
  • Respond to the impact of business environment changes on projects by appropriately adjusting project management plans
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Outcomes of ineffective project management

A
  • Missed deadlines
  • Cost overruns
  • Poor quality
  • Rework,
  • Uncontrolled expansion of the project
  • Loss of reputation for the organization
  • Unsatisfied stakeholders
  • Failure in achieving the objectives for which the project was undertaken
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Three Project Scenarios

A

A project may be managed in three separate

scenarios:
1. Stand-alone project (outside of a portfolio or program),
2. Within a program
3. Within a portfolio

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Program Definition

A

A program is defined as a group of related projects, subsidiary programs, and program activities managed in a coordinated manner to obtain benefits not available from managing them individually. Programs are not large projects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Portfolio Definition

A

A portfolio is defined as projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Portfolio Management

A

Facilitates the effective governance and management of the work that helps achieve organizational strategies and priorities. Focuses on doing the “right” programs and projects to align with the business strategy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Program Management

A

Focuses on the interdependencies between projects and the program level to determine the optimal approach for managing them. A program is made up of subsidiary programs and projects.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Operations Definition

A

Operations transforms resources or data inputs into desired goods, services, or results, and delivers value to the customer. They are different from projects since they are ongoing and managed by organizational managers.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Operations Management

A

Operations management is concerned with the ongoing production of goods and/or services. It ensures that business operations continue efficiently by using the optimal resources needed to meet customer
demands. It is concerned with managing processes that transform inputs (e.g., materials, components, energy, and labor) into outputs (e.g., products, goods, and/or services).

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Portfolio vs. Program vs. Project Management

A

Portfolio management aligns portfolios with organizational strategies by selecting the right programs or projects, prioritizing the work, and providing the needed resources.
Program management harmonizes its program components and controls interdependencies in order to realize specified benefits. Project management enables the achievement of organizational goals and objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Project life cycle

A

The series of phases that a project passes through from its start to its completion.

21
Q

Predictive life cycle

A

In a predictive life cycle, the project scope, time, and cost are determined in the early phases of the life cycle. Any changes to the scope are carefully managed. Predictive life cycles may also be referred to as waterfall life cycles.

22
Q

Iterative life cycle

A

In an iterative life cycle, the project scope is generally determined early in the project life
cycle, but time and cost estimates are routinely modified as the project team’s understanding of the product increases. Iterations develop the product through a series of repeated cycles, while increments successively add to the functionality of the product.

23
Q

Incremental life cycle

A

In an incremental life cycle, the deliverable is produced through a series of iterations that successively add functionality within a predetermined time frame. The deliverable contains the necessary and sufficient capability to be considered complete only after the final iteration.

24
Q

Adaptive life cycle

A

Adaptive life cycles are agile, iterative, or incremental. The detailed scope is defined and
approved before the start of an iteration. Adaptive life cycles are also referred to as agile or
change-driven life cycles.

25
Q

Hybrid life cycle

A

A hybrid life cycle is a combination of a predictive and an adaptive life cycle. Those elements
of the project that are well known or have fixed requirements follow a predictive development
life cycle, and those elements that are still evolving follow an adaptive development life cycle.

26
Q

Project Phase

A

A project phase is a collection of logically related project activities that culminates in the completion of one or more deliverables.

27
Q

Phase Gate

A

A review at the end of a phase in which a decision is made to continue to the
next phase, to continue with modification, or to end a program or project.

28
Q

Project Management Processes

A

The project life cycle is managed by executing a series of project management activities known as project management processes, which is a systematic series of activities directed toward causing an end result where one or more inputs will be acted upon to create one or more outputs.

Input + Tool/Technique= Output

29
Q

Five Project Management Process Group

A

Initiating Process Group: Those processes performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.

Planning Process Group: Those processes required to establish the scope of the project, refine the objectives, and define the course of action required to attain the objectives that the project was undertaken to achieve.

Executing Process Group: Those processes performed to complete the work defined in the project management plan to satisfy the project requirements.

Monitoring and Controlling Process Group: Those processes required to track, review, and regulate the progress and performance of the project; identify any areas in which changes to the plan are required; and initiate the corresponding changes.

Closing Process Group: Those processes performed to formally complete or close the project, phase, or contract.

30
Q

Project Integration Management

A

Includes the processes and activities to identify, define, combine, unify, and coordinate the various processes and project management activities within the Project Management Process Groups.

31
Q

Project Scope Management

A

Includes the processes required to ensure the project includes all the work required, and only the work required, to complete the project successfully.

32
Q

Project Schedule Management

A

Includes the processes required to manage the timely completion of the project.

33
Q

Project Cost Management

A

Includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget.

34
Q

Project Quality Management

A

Includes the processes for incorporating the organization’s quality policy regarding planning, managing, and controlling project and product quality requirements, in order to meet stakeholders’ expectations.

35
Q

Project Resource Management

A

Includes the processes to identify, acquire, and manage the resources needed for the successful completion of the project.

36
Q

Project Communications Management

A

Includes the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and ultimate disposition of project information.

37
Q

Project Risk Management

A

Includes the processes of conducting risk management planning, identification, analysis, response planning, response implementation, and monitoring risk on a
project.

38
Q

Project Procurement Management

A

Includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team.

39
Q

Project Stakeholder Management

A

Includes the processes required to identify the people, groups, or organizations that could impact or be impacted by the project, to analyze stakeholder expectations and their impact on the project, and to develop appropriate management strategies
for effectively engaging stakeholders in project decisions and execution.

40
Q

Work performance data

A

The raw observations and measurements identified during activities performed to carry out the project work. Examples include reported percent of work physically
completed, quality and technical performance measures, start and finish dates of schedule activities, number of change requests, number of defects, actual costs, actual durations, etc. Project data are usually recorded in a Project Management Information System (PMIS) and in project documents.

41
Q

Work performance information

A

The performance data collected from various controlling processes, analyzed in context and integrated based on relationships across areas. Examples of performance information are status of deliverables, implementation status for change requests, and forecast estimates to complete.

42
Q

Work performance reports

A

The physical or electronic representation of work performance information compiled in project documents, which is intended to generate decisions or raise issues, actions, or awareness. Examples include status reports, memos, justifications, information notes, electronic dashboards, recommendations, and updates.

43
Q

Project business case

A

The project business case is a documented economic feasibility study used to establish the validity of
the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities. The business case lists the objectives and reasons for project initiation. It helps measure the project success at the end of the project against the project objectives.

44
Q

Needs Assessment

A

A needs assessment often precedes the business case. The needs assessment involves understanding business goals and objectives, issues, and opportunities and recommending proposals to address them. The results of the needs assessment may be summarized in the business case document.

45
Q

Components of the business case

A
  • Business needs
  • Analysis of the situation (criteria: required, desired, optional)
  • Identification of a set of options to be considered for addressing the business problem or opportunity. (Do nothing, do the minimum, do more than the minimum)
  • Recommendation
  • Evaluation, which is Statement describing the plan for measuring benefits the project will deliver,
46
Q

Project Benefits Management Plan

A

A business documents that includes statement describing the plan for measuring benefits the project will deliver. A project benefit is defined as an outcome of actions, behaviors, products, services, or results that
provide value to the sponsoring organization as well as to the project’s intended beneficiaries.

47
Q

Elements of the Project Benefits Management Plan

A

-Target benefits (e.g., the expected tangible and intangible value to be gained by the
implementation of the project)
-Strategic alignment (e.g., how well the project benefits align to the business strategies of the organization)
-Timeframe for realizing benefits (e.g. short-term, long-term, and ongoing)
-Benefits owner (e.g., the accountable person to monitor, record, and report realized benefits)
-Metrics (e.g., the measures to be used to show benefits realized, direct and indirect measures)
-Assumptions (e.g., factors expected to be in place or to be in evidence)
-Risks (e.g., risks for realization of benefits).

48
Q

Project Charter

A

The project charter is defined as a document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

49
Q

Project Management Plan

A

Document that describes how the project will be executed, monitored, and controlled.

CAPM Prep (2 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions