General CAPM Flashcards
What is the definition of a project?
A temporary endeavor undertaken to create a unique product, service, or result.
What is the definition of operations?
Ongoing activities that produce repetitive outputs, such as goods or services, to sustain the business.
How does the duration of a project differ from operations?
A project is temporary, with a defined start and end. Operations are ongoing and do not have a fixed end date.
What is the primary purpose of a project?
To achieve a specific goal or deliverable, often driving change or creating something new.
What is the primary purpose of operations?
To maintain and sustain business functionality, focusing on efficiency and consistency.
What type of output does a project produce?
Unique deliverables such as a product, service, or result.
What type of output do operations produce?
Repetitive outputs like routine services or manufactured goods.
How are resources managed in a project?
Resources are allocated temporarily to complete the project and are released once the project ends.
How are resources managed in operations?
Resources are permanently assigned to ensure the continuous execution of operational activities.
How is the scope of a project defined?
A project has a clearly defined scope that is managed and adjusted as needed throughout the project lifecycle.
How is the scope of operations defined?
Operations have a broader, more consistent scope focused on maintaining existing processes.
How is success measured in a project?
Success is determined by whether the project meets its specific objectives, deliverables, and timeline.
How is success measured in operations?
Success is measured by the efficiency and consistency of ongoing processes.
How does a project handle change?
Projects often introduce change and adapt to achieve their objectives.
How do operations handle change?
Operations focus on stability and minimize changes to maintain consistency.
What are examples of projects?
Developing a new product, implementing a new software system, or constructing a building.
What are examples of operations?
Manufacturing goods, processing payroll, or managing customer service.
How is the team structure different in projects versus operations?
Project teams are temporary and disband after project completion. Operational teams are permanent and focus on ongoing tasks.
What is a project?
-Temporary effort
-Agile
-responsive to change
-focused on specific goals
What is a program?
-Group of realted projects that work towards a common objective.
-Multiple projects with interdependencies.
-Larger scope than a single project
-Longer timeline
What is a portfolio?
-Collection of projects, programs, and operations that align with strategic objectives
-Broad scope that encompasses all work within an organization
-Used to manage and prioritize projects and programs
Summation of Projects, Program, and Portoflios
Q1: What defines a project in project management?
Q2: What defines a program in project management?
Q3: What defines a portfolio in project management?
A1: A project is temporary, focused on achieving specific goals and deliverables.
A2: A program consists of multiple projects with common objectives and a larger scope.
A3: A portfolio is a collection of work, including programs and projects, aligned with strategic objectives and a broad scope.
Advantages of Projects, Programs, and Portfolios
Q1: What are the advantages of a project?
Q2: What are the advantages of a program?
Q3: What are the advantages of a portfolio?
A1: Projects are agile, responsive to change, and focused on specific goals.
A2: Programs are efficient, cost-effective, and enable coordination of multiple projects.
A3: Portfolios ensure strategic alignment with long-term goals and manage work with a broad scope.
Disadvantages of Projects, Programs, and Portfolios
Q1: What are the disadvantages of a project?
Q2: What are the disadvantages of a program?
Q3: What are the disadvantages of a portfolio?
A1: Projects can be risky, have potential for failure, and are limited in scope.
A2: Programs are complex, face challenges in coordination, and often have longer timelines.
A3: Portfolios can be difficult to manage, may struggle with aligning to changing priorities, and cover a broad scope.
What is a predictive project in project management?
Also known as a waterfall project, is a structured approach where the scope, time, and cost are determined early in the project lifecycle.
What are the advantages of predictive projects?
Clear structure and documentation.
Well-defined scope and deliverables.
Easier to track progress against the plan.
Ideal for projects with stable and predictable requirements.
What are the disadvantages of predictive projects?
Inflexibility to adapt to changes.
High risk if requirements are misunderstood or change later.
Less suited for innovative or fast-changing environments.
What are key features of predictive projects?
Sequential phases (e.g., Initiation, Planning, Execution, Closure).
Heavy reliance on detailed upfront planning.
Minimal customer involvement during execution phases.
What types of projects are best suited for predictive methods?
Construction projects, infrastructure development, or projects with fixed and well-understood requirements.
What is an adaptive project in project management?
Also known as an agile project, uses iterative and flexible processes to accommodate changing requirements and deliver value incrementally.
What are the advantages of adaptive projects?
Highly flexible and responsive to change.
Delivers incremental value throughout the project.
Encourages frequent collaboration with stakeholders.
Improves customer satisfaction by adapting to evolving needs.
What are the disadvantages of adaptive projects?
Requires high levels of stakeholder engagement.
Difficult to predict timelines and costs precisely.
May lack structure for teams unfamiliar with agile methodologies.
What are key features of adaptive projects?
Iterative cycles (e.g., sprints in Scrum).
Continuous stakeholder involvement.
Flexibility to adapt scope, timeline, and deliverables.
Focus on delivering usable increments frequently.
What types of projects are best suited for adaptive methods?
Software development, research and development, or projects with uncertain or rapidly changing requirements.
What is the Waterfall method in project management?
It is a linear and sequential project management approach where each phase depends on the deliverables of the previous phase.
What are the advantages of the Waterfall method?
Clear structure and well-defined phases.
Easy to track progress against milestones.
Suitable for projects with fixed requirements.
What are the disadvantages of the Waterfall method?
Inflexibility to adapt to changes during execution.
High risk if initial requirements are incomplete or incorrect.
Not ideal for dynamic or evolving projects.
What are the key features of the Waterfall method?
Phases are sequential: Requirements → Design → Implementation → Testing → Deployment → Maintenance.
Progress flows in one direction, like a waterfall.
What types of projects are best suited for the Waterfall method?
Construction, manufacturing, and other projects with clear, fixed requirements.
What is the Scrum method in project management?
It is an agile framework that uses iterative cycles, called sprints, to deliver value incrementally and adapt to changing requirements.
What are the advantages of the Scrum method?
Encourages collaboration and frequent communication.
Provides flexibility to adapt to changing priorities.
Focuses on delivering usable increments quickly.
Improves transparency and accountability through regular reviews.
What are the disadvantages of the Scrum method?
Requires a high level of commitment from team members.
Success depends on experienced Scrum roles (e.g., Scrum Master).
May lack structure for teams unfamiliar with agile principles.
What are the key features of the Scrum method?
Iterative cycles called sprints (usually 2–4 weeks long).
Roles include Product Owner, Scrum Master, and Development Team.
Regular ceremonies like sprint planning, daily stand-ups, and sprint reviews.
Deliverables are prioritized in a product backlog.
What types of projects are best suited for the Scrum method?
Software development, research projects, and projects with rapidly evolving requirements.
What is project risk in project management?
It refers to an uncertain event or condition that, if it occurs, can positively or negatively impact project objectives like scope, schedule, cost, or quality.
What are the types of project risks?
Positive Risks (Opportunities): Risks that can lead to beneficial outcomes, such as finishing early or under budget.
Negative Risks (Threats): Risks that can harm the project, like delays or cost overruns.
What are the key components of risk management?
Identifying risks.
Performing qualitative and quantitative risk analysis.
Developing risk response plans.
Monitoring and controlling risks throughout the project lifecycle.
How can risks be managed effectively?
Use a risk register to document and track risks.
Develop contingency and mitigation plans.
Engage stakeholders to identify and assess risks early.
Regularly review and update the risk management plan.
What is project scope in project management?
It refers to the detailed set of deliverables or features of a project, defining the work that needs to be accomplished.
Why is project scope important?
It establishes boundaries for the project, ensures stakeholder alignment, and helps manage expectations.
What does project scope typically include?
Project objectives.
Deliverables.
Boundaries.
Acceptance criteria.
Constraints and assumptions.
What is Product Integration Management in Project Management?
It involves coordinating and combining all project components and deliverables into a cohesive, functional product or system. It ensures that individual project elements align with project goals and work seamlessly together.
What are the Key Elements of Product Integration Management:
Key Elements:
1. Integration Planning: Developing a strategy to integrate components throughout the project lifecycle.
- Change Control: Managing changes to ensure consistent alignment between components.
- System Testing: Validating that integrated components meet functional and performance requirements.
- Risk Management: Identifying and mitigating risks associated with integration.
- Stakeholder Coordination: Ensuring collaboration among teams and stakeholders involved in various components.
Why is Product Integration Management important?
All components function as intended.
Project objectives and deliverables are met.
Risks of system failures or misalignments are minimized.
What is a Project Charter?
A formal document that authorizes a project and provides a high-level roadmap of objectives, scope, stakeholders, and responsibilities.
What are the Key Steps in Developing a Project Charter?
- Identify Project Purpose: Define the problem or opportunity the project addresses.
- Define Objectives and Goals: Clearly outline what the project intends to achieve.
- Determine Scope: Establish the boundaries of the project, including deliverables and exclusions.
- List Key Stakeholders: Identify individuals or groups affected by or influencing the project.
- Assign Project Roles: Designate the project manager and team members.
- Set High-Level Requirements: Document key requirements and constraints.
- Outline Milestones and Schedule: Provide a preliminary timeline and key deliverables.
- Identify Risks and Assumptions: Highlight potential risks and any assumptions made.
- Gain Approval: Obtain signatures or approval from sponsors and stakeholders.
Why is a Project Charter Important?
It is important because it:
Provides clear authority and alignment for the project.
Acts as a reference document for the project team and stakeholders.
Ensures shared understanding of project goals and boundaries.
What is the first step in developing a Project Charter?
Identify Project Purpose: Define the problem or opportunity the project addresses, ensuring alignment with organizational goals.
What comes after identifying the project purpose?
Define Objectives and Goals: Clearly outline what the project intends to achieve, including measurable outcomes.
Why is defining the scope important in a Project Charter?
Define Scope: Establish the boundaries of the project, specifying what is included and excluded to prevent scope creep and ensure clarity.
How do stakeholders factor into the Project Charter?
List Key Stakeholders: Identify individuals or groups affected by or influencing the project. Include their roles and expectations.
Why is assigning project roles a key step in developing a Project Charter?
Assigning roles, such as the project manager and team members, ensures accountability and clarifies responsibilities.
What role do high-level requirements play in a Project Charter?
Set High-Level Requirements: Document critical needs and constraints to provide a foundation for detailed planning and execution.
Why is outlining milestones and schedules important in a Project Charter?
It provides a preliminary timeline and key deliverables, helping stakeholders understand project progress expectations.
How are risks and assumptions handled in a Project Charter?
Identify Risks and Assumptions: Highlight potential risks and outline assumptions made to manage expectations and prepare for uncertainties.
What is the final step in developing a Project Charter?
Gain Approval: Obtain signatures or formal approval from sponsors and key stakeholders to authorize the project officially.
