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CAPM > PREPARING FOR THE EXAM > Flashcards

PREPARING FOR THE EXAM Flashcards

1
Q

What is a project?

A

A temporary endeavor undertaken to create a unique product, service or result.
- Definite beginning and ending
- over when the product, service or result is created. Scope is fulfilled and customer accepted end result.

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2
Q

Project uniqueness

A
  • Projects need to be unique
  • e.g. New car, new Doftware etc
  • not operations like building the car in the factory
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3
Q

PROGRESSIVE ELABORATION

A
  • Process of starting a project with a very broad idea or concept and narrowing it down through project discussions.
  • Finally the project scope statement is formed
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4
Q

Why do projects?

A
  • Opportunity - new product, Service or Solution
  • Organizational needs- reducing costs, increase revenue etc.
  • Customers - requests
  • Technology - adapt to technological change to keep up with the competition
  • Legal requirements - e.g Cybersecurity, Occupational Safety etc.
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5
Q

Project business case

A
  • Created and maintained by the project sponsor
    DEFINES:
  • Why project needed
  • what it will accomplish
  • high level scope
  • Affected stakeholders
  • root cause of problem and opportunity
  • known risks
  • critical success factors

Additional criterias:
- required, desired, optional
- Should and should not

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6
Q

PROJECT BENEFITS MANAGEMENT PLAN

A
  • Created and maintained by the project sponsor and the project manager
  • Target benefits
  • Strategic alignments: how the benefits support the business strategy
  • Timeframe: when the benefits will be available
  • benefits owner: person whomonitors, tracks and measures benefits
  • Metrics: How benefits will be measured
  • Assumptions: things believed about the project and benefits
  • risks
  • Maintenance of Benefits plan is ongoing activity during project life cycle
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7
Q

Project Management Definitiin

A
  • Application of knowledge, skills, tools and techniques to project activities to meet project requirements
    Centers on 4 things:
  • Identifying project requirements
  • Establishing clearly defined objectives
  • managing stake holders by adapting plans and approaches
  • keeping scope, schedule, costs, risk, resources and quality in balance
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8
Q

IRON triangle of project management

A
  • Time, Cost and Scope
  • All sides must be in balance otherwise project quality will suffer or the project will fail
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9
Q

PROJECT PORTFOLIO

A
  • project portfolio management is selection, management, collection of projects in an organization
  • projects are nit directly related but contribute to organizations overall strategy
  • Project portfolio defines the rules for selecting, maintaining and funding projects in the organization
  • Project portfolio management defined the projects to be selected based on needs, risk reward an return on investments
  • normally done by senior management. The management of the programms and projects in the portfolio is done by Project managers and programm managers
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10
Q

PROGRAM

A
  • Collection of related projects, organized to gain benefits that would not be realized if the projects would be managed individually
  • not a large Project but a Collection of projects
  • Program managers manage programs and each project within has a project manager
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11
Q

SUBPROJECT

A
  • Smaller project within the confines of a larger project
  • managed as it’s own project but constrains and requirements within the larger project
  • examples: Single phase within the project, specialized technology, materials or activities
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12
Q

SUBPROJECT

A
  • Smaller project within the confines of a larger project
  • managed as it’s own project but constrains and requirements within the larger project
  • examples: Single phase within the project, specialized technology, materials or activities
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13
Q

PROJECT MANAGEMENT OFFICE

A
  • Oversees all of the projects and supports all of the project managers within the organozation
  • Also called a project office or program office
  • Supports project manager and project team through software, training, templates, standardized policies and procedures
  • Coordinate communications across projects, offer mentoring to project managers and help resolve issues between project team members, project managers and stakeholders
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14
Q

PROJECTS VS OPERATIONS

A
  • projects are temporary. Operations are ongoing.
  • Operations are ongoing activities of the business such as manufacturing, construction an consulting
  • team members also have organizational day to day Operations but might be assigned to projects as well
  • Operational transfer often happens at the end of the project when the deliverables are transferred to the operations
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15
Q

PROJECT LIFE CYCLE

A
  • Duration of the project from start to finish
  • Initiation, Planning, Execution, Monitoring&Controlling, Closure
  • Each project phase has a phase-end review which is done to review if the phase deliverable has met all obligations
  • also known as phase exit, phase gate, kill point
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16
Q

PREDICTIVE LIFE CYCLE

A
  • plan-driven or waterfall approach
  • predicts work that will happen in each phase
  • output of one phase enables the next phase to begin
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17
Q

ITERATIVE LIYFE CYCLE

A
  • Project work is divided into iterations/chunks of time
  • allow to apply lessons learned to future iterations
  • apply top requirements first
  • in IT projects they are often called sprints
  • or time boxed
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18
Q

INCREMENTAL LIFE CYCLE

A
  • Deliverables are created in increments
  • Additional features/deliverables are added in each increment. Similar to assembly line
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19
Q

PROJECT LIFE CYCLE VS PRODUCT LIFE CYCLE

A
  • Project: Accumulation of phases from Start to finish during a project
  • product: life cycle of a product that the project has created
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20
Q

PROJECT MANAGEMENT PROCESSES

A
  • Process: Set of actions and activities to achieve a product, result or service
  • 49 project management processes
  • 5 success factors of a project:
    1) Use appropriate process to the appropriate time
    2) Following a defined project management approach for execution and project control
    3) Develop and implement solid project management plan
    4) Conforming to the customer requirements and expectations
    5) Balance time, cost, scope, quality, resources and risks while meeting project objectives
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21
Q

DEMINGS PDCA CYCLE

A
  • Plan Do Check Act
  • Each component is process group
  • process groups are collections of processes to be performed in different situation in the project
  • ## Initiation, Planning, Execution, Monitoring and Controll, Closure
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22
Q

PROJECT PHASES

A
  • Initiation
  • Planning
  • Execution
  • Monitoring and Controlling
  • Closure

You can move on between each phase if need. ALL PHASES CAN ALSO APPLY TO A SPECIFIC SUB PROJECT OR PROCESS

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23
Q

PROCESS GROUPS

A

1) Initiation:
- management and/or customer is authorizing the project or phase to begin
2) Planning:
- PM and stake holders are defining the goals and objectives
- once defined planning for how to reach the objectives will commence
3) Execution:
- put plan into action. WORKING THE PLAN
4) Monitoring and controlling
- Measure and monitor to ensure project work is done as planned
- discrepancies will show between what has been planned and what has been executed
5) Closing
- formal acceptance of the projects finl deliverables
- result of the verify scope process and monitoring and controlling process
- often done formally through a project sign off

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24
Q

WORK PERFORMANCE DATA

A
  • Gathered and stored in project management information system (PMIS). For example Microsoft Project
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25
Q

WORK PERFORMANCE INFORMATION

A
  • Processes and analyzed data that helps to make project decision
  • unlike work performance data, work performance information is usefull
26
Q

WORK PERFORMANCE INFORMATION

A
  • Processes and analyzed data that helps to make project decision
  • unlike work performance data, work performance information is usefull
27
Q

WORK PERFORMANCE REORT

A
  • Status reports, dashboards based on work performance information
  • Used to make decisions , help stakeholders become aware and keep stakeholders aware of overall project health and status
  • You gather data to process it into information, to create reports
28
Q

WORK PERFORMANCE REORT

A
  • Status reports, dashboards based on work performance information
  • Used to make decisions , help stakeholders become aware and keep stakeholders aware of overall project health and status
  • You gather data to process it into information, to create reports
29
Q

PMBOK GUIDE

A
  • Project Management body of Knowledge
  • defines widely accepted project management practices
30
Q

PMBOK GUIDE

A
  • Project Management body of Knowledge
  • defines widely accepted project management practices
31
Q

APPLICATION AREAS

A
  • Area of expertise, industry or function in which a project is centered. E.g architecture, IT and healthcare
32
Q

APPLICATION AREAS

A
  • Area of expertise, industry or function in which a project is centered. E.g architecture, IT and healthcare
33
Q

BUSINESS VALUE

A
  • quantifiable return on investment
  • e.g tangible equipment, money or market share
  • intangible: bran’s, recognition or trademarks
34
Q

CAPM

A
  • Certified Associate in Project Management
35
Q

CAPM

A
  • Certified Associate in Project Management
36
Q

CULTRURAL AND SOCIAL ENVIRONMENT

A
  • Defines how project affects people and how they affect the project
  • Include economic, educational, ethical, religious, demographic and ethnic composition of the people affected by the project
37
Q

DELIVERABLE

A
  • Product, Service, result created by the project
  • Projects can have multiple deliverables
38
Q

GENERAL MANAGEMENT SKILLS

A
  • include application of accounting, procurement, sales and marketing, contracting etc.
39
Q

GENERAL MANAGEMENT SKILLS

A
  • include application of accounting, procurement, sales and marketing, contracting etc.
40
Q

INTERPERSONAL SKILLS

A
  • ability to interact, lead, motovatr and manage people
41
Q

INTERPERSONAL SKILLS

A
  • ability to interact, lead, motovatr and manage people
42
Q

IRON TRIANGLE OF PROJECT MANAGEMENT

A
  • time, COST and scope
  • if any side of the triangle is not balanced than the project will suffer
  • also known as triple constrains of project management
43
Q

IRON TRIANGLE OF PROJECT MANAGEMENT

A
  • time, COST and scope
  • if any side of the triangle is not balanced than the project will suffer
  • also known as triple constrains of project management
44
Q

Process Groups

A
  • Collectionnof related processes in project management
  • 5 process groups and 49 project management processes
  • Initiation, Planning, Execution, monitoring and controlling, closure
45
Q

PROGRAM

A
  • Collection of related projects working in unison towards a common deliverable
46
Q

PROGRAM

A
  • Collection of related projects working in unison towards a common deliverable
47
Q

PROGRESSIVE ELABORATION

A
  • Process of gathering project details
  • uses deductive reasoning, logic and information gathering techniques to identify details about a project , product or solution
48
Q

PROJECT

A
  • temporary endeavor to create unique product, service or result
  • end result of a project is a deliverable
49
Q

PROJECT BENEFITS MANAGEMENT PLAN

A
  • created and maintained by project sponsor and project manager
  • defines benefits the project will create when they are realized and how they are measured
50
Q

PROJECT BUSINESS CASE

A
  • document created and maintained by project sponsor
  • shows financial validity why a project is chartered and launched in the organization
  • typically created before the launch of the project
  • may be used as a go/no go decision point
51
Q

PROJECT ENVIRONMENT

A
  • location and culture of the environment in which the project will reside
  • Includes social, economic, environmental variables the project mus work with or around
52
Q

PROJECT LIFE CYCLE

A
  • group of phases that make up the project
  • unique to the type of work performed, not universal to all projects
53
Q

PROJECT MANAGEMENT INSTITUTE (PMI)

A
  • Organization of project management professionals
  • Supporting, promoting carreers values and concerns of project managers
54
Q

PROJECT MANAGEMENT OFFICE (PMO)

A
  • Central office that oversees all projects within an organization or functional department
  • Supports project manager through Software, Training, templates, policies, communications, dispute resolution and other services
  • Also called project office or program office
55
Q

PROJECT MANAGEMENT PROFESSIONAL

A
  • Person who has proven project management experience, has qualified and passed PMP examination
56
Q

PROJECT PORTFOLIO MANAGEMENT

A
  • management and selection of projects that support organizations vision, mission
  • Senior management process
  • balance of project priority, risk reward and return on investment
57
Q

SUB PROJECTS

A
  • Smaller project managed within a larger parent project
  • often contracted work allowing larger project to progress
58
Q

TRIPLE CONSTRAINS OF PROJECT MANAGEMENT

A
  • Iron triangle of PM
  • 3 constrains affect every project: Time, COST and scope
59
Q

WORK PERFORMANCE DATA

A
  • raw data, observations and measurements
  • gathered and stored in PM information system (PMIS)
60
Q

WORK PERFORMANCE INFORMATION

A
  • processed and analyzed data that will help the PM to make project decisions
61
Q

WORK PERFORMANCE REPORTS

A
  • formatted communication of work performance information
  • communicate project status and progress through status reports, memos, dashboards other modalities

CAPM (4 decks)

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