CAPM EXAM PREP 97 Questions with Verified Answers,100% CORRECT, Exams of Business Economics

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CAPM EXAM PREP 97 Questions with Verified Answers

Initiation Process - CORRECT ANSWER Obtain authorization to start a new project or phase on an existing project Planning Process - CORRECT ANSWER Establish the scope of the project, refine the objectives and define the course of action required Executing Process - CORRECT ANSWER Complete the work defined in the project management plan to satisfy the project specifications Monitoring and Controlling Process - CORRECT ANSWER Track, review, and regulate the progress and performance of the project; identify areas which changes to the plan are required Closing Process - CORRECT ANSWER Finalize all activities across all Process Groups to formally close the project or phase Integration Management - CORRECT ANSWER Identify, define, combine, unify, and coordinate the various processes and project management activities Scope Management - CORRECT ANSWER All the work required, and only the work required, to complete the project successfully Time Management - CORRECT ANSWER Manage the timely completion of the project Cost Management - CORRECT ANSWER Planning, estimating, budgeting, financing, funding, managing, and controlling costs so that the project can be completed within the approved budget Quality Management - CORRECT ANSWER Policies and procedures used to implement the organization's quality management system and it supports continuous process improvement activities

Human Resource Management - CORRECT ANSWER Organize, manage, and lead the project team; people with assigned roles and responsibilities Communications Management - CORRECT ANSWER Timely and appropriate planning, collection, distribution, storage, retrieval, management, control, monitoring, and the ultimate disposition of project information Risk Management - CORRECT ANSWER Conducting risk management planning, identification, analysis, response planning, and controlling risk on a project Procurement Management - CORRECT ANSWER Purchase or acquire products, services, or results needed from outside the project team Stakeholder Management - CORRECT ANSWER Identify the people, groups, or organizations that could impact or be impacted by the project, analyze stakeholder expectations and their impact on the project, and develop appropriate management strategies for effectively engaging stakeholders in project decisions and execution Develop Project Charter - CORRECT ANSWER Expert judgement Facilitation techniques Develop Project Management Plan - CORRECT ANSWER Expert judgement Facilitation techniques Direct and Manage Project Work - CORRECT ANSWER Expert judgement Project management information system Meetings Monitor and Control Project Work - CORRECT ANSWER Expert judgement Analytical techniques Project management information system Meetings Perform Integrated Change Control - CORRECT ANSWER Expert judgement Meetings Change control tools

Close Project or Phase - CORRECT ANSWER Expert judgement Analytical techniques Meetings Plan Scope Management - CORRECT ANSWER Expert judgement Meetings Collect Requirements - CORRECT ANSWER Interviews Focus groups Facilitated workshops Group creativity techniques Group decision-making techniques Questionnaires and surveys Observations Prototypes Benchmarking Context diagrams Document analysis Define Scope - CORRECT ANSWER Expert judgement Product analysis Alternatives generation Facilitated workshops Create WBS - CORRECT ANSWER Decomposition Expert judgement Validate Scope - CORRECT ANSWER Inspection Group decision-making techniques Control Scope - CORRECT ANSWER Variance analysis Plan Schedule Management - CORRECT ANSWER Expert judgement Analytical techniques Meetings

Define Activities - CORRECT ANSWER Decomposition Rolling wave planning Expert judgement Sequence Activities - CORRECT ANSWER Precedence diagramming method (PDM) Dependency determination Leads and lags Estimate Activity Resources - CORRECT ANSWER Expert judgement Alternative analysis Published estimating data Bottom-up estimating Project management software Estimate Activity Durations - CORRECT ANSWER Expert judgement Analogous estimating Parametric estimating Three-point estimating Group decision-making techniques Reserve analysis Develop Schedule - CORRECT ANSWER Schedule network analysis Critical path method Resource optimization techniques Modeling techniques Leads and lags Schedule compression Scheduling tool Control Schedule - CORRECT ANSWER Performance reviews Project management software Resource optimization techniques Modeling techniques Leads and lags Schedule compression Scheduling tool

Plan Cost Management - CORRECT ANSWER Expert judgement Analytical techniques Meetings Estimate Costs - CORRECT ANSWER Expert judgement Analogous estimating Parametric estimating Bottom-up estimating Three-point estimating Reserve analysis Cost of quality Project management software Vendor bid analysis Group decision-making techniques Determine Budget - CORRECT ANSWER Cost aggregation Reserve analysis Expert judgement Historical relationships Funding limit reconciliation Control Costs - CORRECT ANSWER Earned value management Forecasting To-complete performance index (TCPI) Performance reviews Project management software Reserve analysis Plan Quality Management - CORRECT ANSWER Cost-benefit analysis Cost of quality Seven basic quality tools Benchmarking Design of experiments Statistical sampling Additional quality planning tools Meetings

Perform Quality Assurance - CORRECT ANSWER Quality management and control tools Quality audits Process analysis Control Quality - CORRECT ANSWER Seven basic quality tools Statistical sampling Inspection Approved change requests review Plan Human Resource Management - CORRECT ANSWER Organization charts and position descriptions Networking Organizational theory Expert judgement Meetings Acquire Project Team - CORRECT ANSWER Pre-assignment Negotiation Acquisition Virtual teams Multi-criteria decision analysis Develop Project Team - CORRECT ANSWER Interpersonal skills Training Team-building activities Ground rules Colocation Recognition and rewards Personnel assessment tools Manage Project Team - CORRECT ANSWER Observation and conversation Project performance appraisals Conflict management Interpersonal skills

Plan Communications Management - CORRECT ANSWER Communication requirements analysis Communication technology Communication models Communication methods Meetings Manage Communications - CORRECT ANSWER Communication technology Communication models Communication methods Information management systems Performance reporting Control Communications - CORRECT ANSWER Information management systems Expert judgement Meetings Plan Risk Management - CORRECT ANSWER Analytical techniques Expert judgement Meetings Identify Risks - CORRECT ANSWER Documentation reviews Information gathering techniques Checklist analysis Assumptions analysis Diagramming techniques SWOT analysis Expert judgement Perform Qualitative Risk Analysis - CORRECT ANSWER Risk probability and impact assessment Probability and impact matrix Risk data quality assessment Risk categorization Risk urgency assessment Expert judgement

Perform Quantitative Risk Analysis - CORRECT ANSWER Data gathering and representation techniques Quantitative risk analysis and modeling techniques Expert judgement Plan Risk Responses - CORRECT ANSWER Strategies for negative risks or threats Strategies for positive risks or opportunities Contingent response strategies Expert judgement Control Risks - CORRECT ANSWER Risk reassessment Risk audits Variance and trend analysis Technical performance measurement Reserve analysis Meetings Plan Procurement Management - CORRECT ANSWER Make-or-buy analysis Expert judgement Market research Meetings Conduct Procurements - CORRECT ANSWER Bidder conference Proposal evaluation techniques Independent estimates Expert judgement Advertising Analytical techniques Procurement negotiations Control Procurements - CORRECT ANSWER Contract change control system Procurement performance reviews Inspections and audits Performance reporting Payment systems Claims administration Records management system

Close Procurements - CORRECT ANSWER Procurement audits Procurement negotiations Records management system Identify Stakeholders - CORRECT ANSWER Stakeholder analysis Expert judgement Meetings Plan Stakeholder Management - CORRECT ANSWER Expert judgement Meetings Analytical techniques Manage Stakeholder Engagement - CORRECT ANSWER Communication methods Interpersonal skills Management Skills Control Stakeholder Engagement - CORRECT ANSWER Information management systems Expert judgement Meetings PERT Expected Activity Duration (EAD) - CORRECT ANSWER (P+4M+O)/ Standard Deviation (SD) - CORRECT ANSWER (P-O)/ Variance of an Activity - CORRECT ANSWER ((P-O)/6)^2 or SD^ Range of an Activity Duration - CORRECT ANSWER EAD+/-SD Total Float - CORRECT ANSWER LS-ES or LF-EF Cost Variance (CV) - CORRECT ANSWER CV=EV-AC Schedule Variance (SV) - CORRECT ANSWER SV=EV-PV Cost Performance Index (CPI) - CORRECT ANSWER CPI=EV/AC

Schedule Performance Index (SPI) - CORRECT ANSWER SPI=EV/PV Estimate at Completion (EAC) - multiple formulas - CORRECT ANSWER EAC=AC+ETC EAC=BAC/CPI EAC=AC+(BAC-EV) EAC=AC+((BAC-EV)/CPI) Estimate at Complete (ETC) - CORRECT ANSWER ETC=EAC-AC Variance at Completion (VAC) - CORRECT ANSWER VAC=BAC-EAC Communication Channels - CORRECT ANSWER N(N-1)/ Expected Monetary Value (EMV) - CORRECT ANSWER EMV=PI Point at Total Assumption (PTA) - CORRECT ANSWER (Ceiling Price - Target Price)/Buyer's share ratio + Target Cost Prototyping - CORRECT ANSWER Receiving feedback and creating a working model before actually building it. Test Model Benchmarking - CORRECT ANSWER Comparing processes and operations to others in the organization to identify best practices, generate ideas for improvement, and provide a basis for measuring performance Context Diagram - CORRECT ANSWER Example of a scope model; visually depict the product scope by showing a business system and how people and other systems interact with it Decomposition - CORRECT ANSWER A technique used for dividing and subdividing the project scope and project deliverables into smaller, more management parts Variance Analysis - CORRECT ANSWER A technique for determining the cause and degree of difference between the baseline and actual performance

Rolling Wave Planning - CORRECT ANSWER The work to be accomplished in the near term is planned in detail, while the work in the future is planned at a higher level; Progressive elaboration Seven Basic Quality Tools - CORRECT ANSWER Cause and effect diagrams Flow charts Checksheets Pareto diagrams Histograms Control charts Scatter diagrams Cause and Effect Diagrams - CORRECT ANSWER Fishbone diagrams or Ishikawa diagrams; problem statement placed at the head of the fishbone is used as a starting point to trace the problem's source back to its actionable root cause Pareto Diagrams - CORRECT ANSWER Exist as a special form of vertical bar chart and are used to identify the vital few sources that are responsible for causing most of a problem's effects; organized into categories that measure either frequencies or consequences Histograms - CORRECT ANSWER special form of bar chart and are used to describe the central tendency, dispersion, and shape of a statistical distribution Control Charts - CORRECT ANSWER Used to determine whether or not a process is stable or has predictable performance; upper and lower control limits-max and min values allowed Colocation - CORRECT ANSWER Tight Matrix; placing many or all of the most active project team members in the same physical location to enhance their ability to perform as a team Depreciation Methods - CORRECT ANSWER Straight Line Depreciation: property depreciates the same amount every year Accelerated Depreciation: property depreciates more rapidly in initial years; Examples - Double Declining Balance, Sum of the Year's Digits

Five Interpersonal Influences - CORRECT ANSWER Legitimate Power - being officially empowered to issue orders Reward Power - capable of directly or indirectly dispensing valued organizational rewards such as salary, promotion, bonus, and future work assignments Penalty Power - capable of directly and indirectly dispensing penalties that they wish to avoid Expert Power - possessing special knowledge or expertise Referent Power - personally attracted to the project manager or project Management by Objectives (MBO) - CORRECT ANSWER a systems approach for aligning project goals with organizational goals, project goals with the goals of other subunits of the organization, and project goals with individual goals Milestone - CORRECT ANSWER A significant point or event in a project, program, or portfolio; duration is always equal to Zero Procurement Audit - CORRECT ANSWER To identify successes and failures that warrant recognition in the preparation or administration of other procurement contracts on the project, or on other projects within the performing organization Expected Profit - CORRECT ANSWER Sum of (Probability X Profit) (of each alternative) Discount Rate - CORRECT ANSWER The interest rate used to calculate present value of expected yearly benefits and costs Parkinson's Law - CORRECT ANSWER Work expands to fill the time available for its completion