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CAPM Certification
business value correct answer the entire value of a business; the total sum of all tangible and intangible elemtns colocation correct answer project team members are physically located close to one another in order to improve communication, working relations, and productivity. constraint correct answer restriction or limitation that may force a certain course of action or inaction Enterprise Environmental Factors correct answer external or internal factors that can influence a projects sucess good practice correct answer a specific activity or application of a skill, tool, or technique that has been proven to contribute positively to the execution of a process Operations correct answer ongoing work performed by people, constrained by resources, planned, executed, monitored and controlled. unlike a project, operations are repetitive- day to day business organizational process assets correct answer any formal or informal processes, plan, policies, procedures, guidelines, and on going or historical project ino (lessons learned, measurement data, project files, estimates versus actuals) portfolio correct answer collection of projects, projects, and additional work. product life cycle correct answer collection of stages that make up the life of a product. Typically: introduction, growth, maturity, and retirement.
program correct answer group of related project managed in a coordinated way. e.g. the design and creation of the prototype for a new airplane is a project, while manufacturing 99 more airplanes of the same model is a program progressive elaboration correct answer increasing the level of detail in a project management plan as greater amounts of info and more accurate estimates become available project life cycle correct answer collection of various phases that make up a project. (accomplished through the 5 process groups) standard correct answer document that describes rules, guidelines, methods, processes, and practices that can be used repeatedly to enhance the chances of success. Subproject correct answer a component of a project. Can be contracted out to an external enterprise or to another functional unit. Project charter correct answer a document issued b the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities 5 correct answer How many process groups are there? Initiating process group correct answer 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 correct answer those processes required to establish the scope of the project, refine the objectives, define the course of action required to attain the objectives that the project was undertaken to achieve. Executing process group correct answer those processes performed to complete the work defined in the project management plan to satisfy the project specifications.
Project Management information system (PMIS) correct answer the collection of tools, methodologies, techniques, standards, and resources used to manage a project. These may be formal systems and strategies determined by the organization or informal methods utilized by project managers. project management methodology correct answer any structured approach used to guide the project team through the project life cycle. This methodology may utilize forms, templates, and procedures standard to the organization. Work Breakdown Structure correct answer a framework for defining project work into smaller, more manageable pieces; it defines the total scope of the project using descending levels of detail Plan Scope Managment correct answer the process of creating a scope management plan that documents how the project scope will be defined, validated, and controlled Collect requirements correct answer the process of determining, documenting, and managing stakeholder needs and requirements to meet project objectives. define scope correct answer the process of developing a detailed description of the project and product create WBS correct answer the process of subdividing project deliverables and project work into smaller, more manageable components Validate scope correct answer the process of formalizing acceptance of the completed project deliverables Control scope correct answer the process of monitoring the status of the project and product scope and managing changes to the scope baseline.
Product scope correct answer the features and functions that characterize a product, service, result Project scope correct answer the work performed to deliver a product, service or result with the specified features and functions. chart of accounts correct answer the financial numbering system used to monitor project costs by category. usually related to an organization's general ledger code of accounts correct answer the numbering system for providing unique identifiers for all items in the work breakdown structure (WBS). It is hierarchical and can go to multiple levels, each lower level containing a more detailed description of a project deliverable. The WBS contains clusters of elements that are child items related to a single parent element; for example, parent item 1.1 contains child items 1.1.1, 1.1.2, and 1.1.3. control account correct answer the management control point at which integration of scope, budget, and schedule takes place and at which performance is measured. decomposition correct answer the process of breaking down a project deliverable into smaller, more manageable components. In the Create WBS process, the results of decomposition are deliverables, whereas in the Define Activities process, project deliverables are further broken down into schedule activities. parking lot correct answer technique for capturing ideas and recording them for future use planning package correct answer component of the WBS that is a subset of the control account to support known uncertainty in project deliverables. Planning packages will include information on a deliverable but without any details associated with schedule activities. requirements traceability matrix correct answer a matrix for recording each requirement and tracking its attributes and changes throughout the project life cycle to provide a structure for
sequence activities correct answer the process of identifying and documenting relationships among the project activities estimate activity resources correct answer the process of estimating the type and quantities of material, human resources, equipment, or supplies required to perform each activty Estimate activity durations correct answer the process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create the project schedule model. control schedule correct answer the process of monitoring the status of project activities to update project progress and manage changes to the schedule baseline to achieve the plan. Activity attributes correct answer describe detailed characteristics of each activity crashing correct answer alternative strategy for completing activities for the least additional cost. using outside resources critical path correct answer path with longest duration within a project fast tracking correct answer overlapping or performing parallel project activities float correct answer amount of time that a scheduled activity can be delayed without delaying the end of a project free float correct answer amount of time that a schedule activity can be delayed without delaying the early start date of any successor grade correct answer differentiate items with the same functional use but not the same characteristics
hammock correct answer summary ctivities used in a high level project network diagram lag correct answer the amount of time a successor's start or finish is delayed from the predecessor's start or finish. In a finish-to-start example, activity A (the predecessor) must finish before activity B (the successor) can start. If a lag of three days is defined, it means that activity B will be scheduled to start three days after activity A is scheduled to finish. lead correct answer (negative lag): the amount of time a successor's start or finish can occur before the predecessor's start or finish. In a finish-to-start example, activity A (the predecessor) must finish before activity B (the successor) can start. A lead of three days means that activity B can be scheduled to start three days before activity A is scheduled to finish. logical relationships correct answer finish to start, start to start, etc project network schedule calculations correct answer (negative lag): the amount of time a successor's start or finish can occur before the predecessor's start or finish. In a finish-to-start example, activity A (the predecessor) must finish before activity B (the successor) can start. A lead of three days means that activity B can be scheduled to start three days before activity A is scheduled to finish. resource leveling correct answer a technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand for resources with the available supply. scheduling charts correct answer gantt chart, milestone chart, the network diagram, the time scaled network diagram traingular distribution or three point estimating correct answer takes the average of three estimated durations: the optimistic value, the most likely value, and the pessimistic value. By using the average of three values rather than a single estimate, a more accurate duration estimate for the activity is obtained
rough order of magnitude estimate (ROM) correct answer an estimate with a range of -25% to +75% often used during project initiation Analogous Estimates correct answer estimate that compares to past experience. Parametric estimates correct answer based on specific "parameters" or metrics that can be used to predict costs and are typically more accurate than analogous estimates. (use statistics) three point estimating {estimate=(optimistic+4MostLikely+pessimistic)/6} correct answer beta/pert estimating technique bottom up estimates correct answer estimating tool that takes the costs at the lowest level of detail available and rolls those costs up to a high level for reporting and tracking purposes (defining at the work package level) (CV)= EV-AC (negative number means project is over budget) correct answer Cost Variance formula (SV)= EV-PV (negative number means project is behind schedule) correct answer schedule variance formula (CPI) = EV/AC (less than 1.0 indicates we are getting less than a dollar's worth of value for each dollar we have actually spent. Measures cost efficiency) correct answer Cost performance index (SPI)= EV/PV (less than 1.0 means the project is receiving less than a dollar's worth of work for each dollar we are scheduled to spend- measures schedule efficiency) correct answer schedule performance index
New estimate- EAC=AC+ New estimate for remaining work correct answer actual performance to date shows that the original estimates were fundamentally flawed or changed original estimate- EAC=AC + (BAC-EV) correct answer actual variances to date are seen as being the exception and the expectations for the furture are that the original estimates are more reliable than the actual work effort efficiency to date performance estimate low- EAC=AC+(BAC-EV)/CPI SHORTCUT- EAC=BAC/CPI correct answer future variances are projected to approximate the same level as current variances Performance estimate high- EAC=AC+(BAC-EV)/ (CPI x SPI) correct answer when the project is over budget and the schedule impacts the work remaining to be completed Capability maturity model integration (CMMI): correct answer defines the essential elements of effective processes. It is a model that can be used to set process improvement goals and provide guidance for quality processes. malcolm baldrige award correct answer the national quality award given by the U.S. National Institute of Standards and Technology. Established in 1987, the award program recognizes quality in business and other sectors. It was inspired by Total Quality Management (TQM). organizational project management maturity model (OPM3) correct answer focuses on an organization's knowledge, assessment, and improvement elements. project quality correct answer typically defined within the project charter, project quality is usually expressed in terms of meeting stated schedule, cost, and scope objectives. Project
contigency plan correct answer response to a risk event that will be implemented only if the risk event occurs decision theory correct answer technique for assisting in reaching decisions under uncertainty and risk. points to the best possible course residual risk correct answer the risk that cannot be eliminated in implementing a risk response plan risk appetite correct answer the degree of uncertainty an entity is willing to take on in anticipation of a reward risk threshold correct answer the measures, along the level of uncertainty or the level of impact, at which a stakeholder may have a specific interest. Risk will be tolerated under the threshold and not tolerated over the threshold. Risk tolerance correct answer degree, amount, or volume of risk that an organization or individual will withstand secondary risk correct answer when implementing a risk response, a new risk that is introduced as a result of the response. threat correct answer a risk event or condition that is unfavorable to a project workarounds correct answer unplanned responses to risks that were previously unidentified or accepted. bidder conference correct answer the buyer and potential sellers meet prior to the contract award to answer questions about the scope of work and clarify requirements; the intent is for all sellers to have equal access to the same information.
commercial off the shelf (COTS) correct answer a product or service that is readily available from many sources; selection of a seller is primarily driven by price letter contract correct answer a written preliminary contract authorizing the seller to begin work immediately; it is often used for small-value contracts letter of intent correct answer this is not a contract, but simply a letter without legal binding that says the buyer intends to hire the seller. point of total assumption correct answer in a fixed price contract, the point above which the seller will assume responsibility for all costs; it generally occurs when the contract ceiling price has been exceeded. privity correct answer the contractual relationship between the two parties of a contract. If party A contracts with party B and party B subcontracts to party C, there is no privity between party A and party C. single source correct answer selecting a seller without competition. This may be appropriate if there is an emergency or prior business relationship Sole Source correct answer selecting a seller because it is the only provider of the needed product or service affiliation power correct answer power that results from whom you know or whom an individual has access to change log correct answer comprehensive list of changes made during a project expert power correct answer power that results from an individuals knowledge, skills, and experience
