CAPM, Revision Guide, Questions with solutions. 100% proven comprehension. Rated A

CAPM, Revision Guide, Questions with solutions. 100% proven comprehension. Rated A 5 process groups - Initiating Planning Executing Monitoring and Controlling Closing ten knowledge areas - Integration Scope Time Cost Quality HR Communications Risk Procurement Stakeholder management total float formula - total float = late finish - early finish normal distribution - bell curve - symmetrical distribution - 50% chance of falling below the mean and 50% chance of falling above the mean (1sigma=68.27%. 2sigma = 95.45%. 3sigma= 99.73%) triangular distribution - when there are 3 possible values w/ equal probability - distribution is a triangle. A= lowest value, B= highest value, M = most likely value beta distribution (PERT) - triangular distribution w/ more weight given to the most likely estimate (can be asymmetrical). O = optimistic estimate, ML=most likely estimate, P=pessimistic estimate mean for a beta distribution - mean = (O + 4ML + P)/6 standard deviation for beta distribution - standard deviation = (P-O)/6 statistical sums - project mean is the sum of the means of the individual tasks. project standard deviation is the square root of the project variance earned value management - used to monitor the progress of a project and is an analytical technique. uses 3 independent values - PV, AC, EV planned value (PV) - the budget or the portion of the approved cost estimate planned to be spent during a given period actual cost (AC) - the total of direct and indirect costs incurred in accomplishing work during a given period earned value (EV) - the budget for the work accomplished in a given period cost variance (CV) - CV = EV - AC schedule variance (SV) - SV = EV - PV cost performance index (CPI) - CPI = EV/AC schedule performance index (SPI) - SPI = EV/PV positive CV indicates, negative CV indicates - costs are below budget, costs are overrun positive SV indicates, negative SV indicates - a project is ahead of schedule, a project is behind schedule CPI greater than 1.0 indicates - costs are below budget SPI greater than 1.0 indicates - project is ahead of schedule CPI less than 1.0 indicates - costs are over budget SPI less than 1.0 indicates - a project is behind schedule estimate at completion (EAC) - the amount we expect the total project to cost on completion and as of the "data date" (time now) new estimate technique for finding EAC - EAC = AC/new estimate for remaining work new estimate is most applicable when: - the actual performance to date shows that the original estimates were fundamentally flawed or when they are no longer accurate because of changes in conditions relating to the project original estimate technique for finding EAC - EAC = AC/(BAC - EV) original estimate is most applicable when: - actual variances to date are seen as being the exception, and the expectations for the future are that the original estimates are more reliable than the actual work effort efficiency date performance estimate low technique for finding EAC - EAC = AC + (BAC - EV)/CPI or EAC = BAC/CPI performance estimate low formula is most applicable when: - future variances are projected to approximate the same level as current variances performance estimate high technique for finding EAC - EAC = AC + (BAC - EV) / (CPI)(SPI) performance estimate high formula is most applicable when: - the project is over budget and the schedule impacts the work remaining to be completed BAC - budget at completion. the total budgeted cost of all approved activities ETC - estimate to complete - the estimate for completing the remaining work for a scheduled activity ETC when past variances are considered to be atypical - ETC = BAC - EV ETC when prior variances are considered to be typical of future variances - ETC = (BAC - EV)/CPI communications channels - channels = (n(n-1))/2. n - number of ppl rule of seven - if 7 or more observations occur in one direction, or a run of 7 observations occurs either above or below the mean, they should be investigated to determine if they have an assignable cause. business value - the entire value of a business - the total sum of all tangible and intangible elements colocation - project team members are physically located close to one another in order to improve communications, working relations, and productivity constraint - a restriction or limitation that may force a certain course of action or inaction enterprise environmental factors - external or internal factors that can influence a project's success. includes controllable factors such as the tools used in managing project within the org, or uncontrollable factors that have to be considered by the project manager such as market conditions or corporate culture good practice - 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 - ongoing work performed by ppl, constrained by resources, planned, executed, monitored, and controlled. unlike a project bc they are repetitive organizational process assets - any formal or informal processes, plans, policies, procedures, guidelines, and ongoing or historical project info such as lessons learned, measurement data, project files, and estimates vs actuals portfolio - a collection of programs, projects, and additional work managed together to facilitate the attainment of strategic business goals product life cycle - the collection of stages that make up the life of a product. these stages are typically introduction, growth, maturity, and retirement program - a group of related projects managed in a coordinated way progressive elaboration - the iterative process of increasing the level of detail in a project management plan as greater amounts of information and more accurate estimates become available project - work performed by ppl, constrained by resources, planned, executed, monitored and controlled. has a definite beginning and end and creates a unique outcome project life cycle - the name given to the collection of various phases that make up a project - make the project easier to control and integrate project management - the ability to meet project requirements by using various knowledge, skills, tools, and techniques to accomplish project work project management info system - collection of tools, methodologies, techniques, standards, and resources used to manage a project stakeholder - an individual, group, or organization who may affect by, or perceive itself to be affected by a decision, activity, or outcome of a project standard - a document that describes rules, guidelines, methods, processes, and practices that can be used to enhance the chances of success subproject - a component of a project program management - the act of managing a group of related projects in a coordinated way project management office (PMO) - an additional layer of organization dedicated to helping project managers project managers roles - focus on the immediate needs of the project, control the project management team and participants, control scope, schedule, cost, and quality trade-offs PMO manager roles - review program scope changes for opps and risks, attempt to maximize/optimize/satisfy shared resources, manage overall risk, opportunities, and interdependencies of all projects at their level of the enterprise project management knowledge competency - what project managers know project management performance competency - what project managers do personal competency - how project managers behave based on their attitudes and personal characteristics role of the project participant - work as subject matter experts - give cultural, social, international, political, and physical contexts to the project environment functional organizations - each employee is in a hierarchical structure with one superior. staff is often grouped by specialty pros of a functional organization - flexibility in staff use, availability of experts for multiple projects, grouping of specialists, technological continuity, normal advancement path cons of a functional organization - client is not the focus of activity, function rather than problem oriented, no one fully responsible for project, slow response to the client, tendency to sub optimize, fragmented approach to a project project expeditor - a facilitator - has little formal authority - communicates information btwn the executive and the workers. used when project costs are relatively low project coordinator - reports to a higher level in the hierarchy, usually holds a staff position. has more formal authority than a PE. can assign work to functional workers. useful when project costs are relatively low compared to those in the rest of the organization pros of matrix organizations - project is the point of emphasis, access to a reservoir of technical talent, less anxiety about team future at project completion, quick client response, better firm-wide balance of resources, minimizes overall staff fluctuations cons of matrix organizations - two-boss syndrome, more time and effort needed to get team members, functional managers may be reluctant to share top performers, conflicts of authority between project manager and functional manager, careful project monitoring required, political infighting among project managers projectized organizations - team members are often collocated, project manager has a large amount of independence and authority pros of projectized organizations - one boss, project manager has independence/authority, team members are collocated, treated as insiders, most resources are involved in project work cons of projectized organizations - hourly costs may become inflated while specialists are waiting between assignments or are on call, bureaucracy, standards, procedures, and documentation may result in an abundance of red tape expert judgment - tool and technique used in every process group 2 characteristics of a corporate knowledge base - identify gatekeepers of a knowledge base, have unstructured pathways for access that simplify the relationship of a current need to prior attempts/successes gatekeeper - an individual or team that has experience with a variety of projects, problems, and processes examples of enterprise environmental factors - organizational culture and structure, government or industry standards, infrastructure, existing human resources, personnel administration, company work authorization systems, marketplace conditions, stakeholder risk tolerances, commercial database, project management information systems phases of project life cycle - concept phase, development/planning phase, implementation/execution phase, termination/close phase at what phase in the project life cycle are resources necessary at their highest - implementation/execution phase deliverables of the concept phase - 1. feasibility studies that clarify the problems to be solved 2. order of magnitude forecasts of cost 3. a project charter to grant permission for the project to proceed deliverables of the development/planning phase - 1. scope statement 2. WBS 3. schedule baseline 4. determination of budgetary costs and a developed budget 5. identification of resources and team members w/ levels of responsibility 6. a risk assessment 7. communications management plan 8. a project plan 9. control systems and methods for handling change control deliverables of the implementation and execution phase - 1. execution results for work packages 2. status reports and performance reporting 3. procurement of goods and services 4. managing, controlling, and redirecting of scope, quality, schedule and cost 5. resolution of problems 6. integration of the product into operations deliverables of the termination and close phase - 1. formal acceptance 2. documented results and lessons learned 3. reassignment or release of resources sequential phases - often called for bc of the absence/uncertainty of info needed to proceed w the dependent phase overlapping phases - when a project has low uncertainty and/or commitment of funding for the duration of the project. may increase risk predictive life cycles - preferred when the product to be delivered is well understood iterative or incremental life cycle2 - used when scope details become clear as each phase is completed. works well in highly complex projects adaptive, agile, or change-driven life cycles - work well in a rapidly changing environment code of ethics and professional conduct - responsibility, respect, fairness, and honesty tailoring - project managers and their teams consider each process and determine if it is appropriate to their specific situation input - a tangible item internal or external to the project that is required by a process for the process to produce its output output - a deliverable, result, or service generated by the application of various tools or techniques within process technique - a defined systematic series of steps applied by one or more individuals using one or more tools to achieve a product or result or to deliver a service tool - a tangible item such as a checklist or template used in performing an activity to produce a product or result initiating - defining and authorizing the project or phase planning - defining objectives, refining them, and planning the actions required to attain them executing - integrating all resources to carry out the project plan monitoring and controlling - measuring progress to identify variances and taking corrective action when necessary closing - bringing the project or phase to an orderly end, including gaining formal acceptance of the result tuckman's team stages - forming, storming, norming, performing, adjourning data - raw observations and measurements that are identified as activities are performed. usually an output information - data that has been analyzed in context. usually an input reports - the physical or electronic representation of work performance information compiled in project documents. can be either input or output application area - a category of projects that share components that may not be present in other categories or projects change control - the procedures used to identify, document, approve, and control changes to the project baselines change management - the process for managing change in a project. should be incorporated into the project management plan objective - something 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 project management information system (PMIS) - the collection of tools, methodologies, techniques, standards, and resources used to manage a project. can be formal or informal project management methodology - any structured approach used to guide the project team through the project life cycle. may utilize forms, templates, and procedures standard to the org develop project charter phase - used to formally authorize a new project or validate an existing project for continuation into the next phase statement of work - an input in the form of a narrative description of the products or services to be delivered by the project business case - provides the business perspective for which the project is being initiated. deals w the business needs being addressed by the project examples of business reasons addressed by a project - market demand, business needs, customer request, technological advancement, legal requirement, social need validate a good objective - SMART - specific, measurable, achievable, realistic, timely agreement - request initiated by an external entity, will include a defined SOW and the business case and a rationale for the request project charter - an agreement btwn the sponsor and the assigned project manager. this document names the project manager considerations when developing the project charter - enterprise environmental factors and organizational process assets work breakdown structure - the ruling scope document - a framework for defining project work by breaking it down into smaller, more manageable pieces, it defines the total scope of the project using descending levels of detail schedule - reflects the work to be performed and defined by the WBS over time and is used to measure project performance time-phased budget - summarizes the effort expressed in resource costs that are depended to produce each deliverable s curve - displays cumulative costs, total planned cost, and actual cost 3 baseline plans - scope baseline plan, schedule baseline plan, cost baseline plan enterprise environmental factors that could constrain project management plan - government or industry standards, project management info systems, infrastructure, personnel administration primary process whereby the project management plan is put into action - direct and manage project work tools and techniques used in direct and manage project work process - expert judgment, PMIS, meetings outputs of the direct and manage project work process - deliverables, change requests, and work performance data project requirements - defined by stakeholders - what is expected of the project output types of meetings - information exchange, brainstorming/option evaluation/design, decision making work performance data - gathered thru work execution and passed to the controlling processes for analyis types of work performance data - work completed, key performance indicators, technical performance measures, start and finish dates, # of change requests, # of defects, actual costs 3 ways change requests are generated - 1. sponsors and stakeholders generate thru the integrated change control process 2. project team members contacted directly by sponsor or stakeholders to make a change 3. project participants make a change request based on observations or based on quality management responsibilities reasons for change requests - corrective action, preventive action, defect repair, updates project documents that require periodic updates - risk registers, stakeholder registers, data and WBS dictionaries monitor and control project work process - project manager and team monitor performance and compare actual performance to the project management plan and determine if corrective/preventive action is necessary outputs of monitor and control project work process - change requests (primary), work performance reports, project plan updates, and project document updates types of analytical techniques used by project manager - root cause analysis, forecasting methods, failure mode and effect analysis, fault tree analysis, reserve analysis, trend analysis, earned value management, variance analysis, regression analysis, grouping methods, causal analysis perform integrated change control process - coordinates changes across the entire project by determining that a change has occurred, managing a change, and ensuring a change is controlled change management log - log that shows the status of each change request configuration control - systematic procedure that refers to change management - protects customer and team members from unauthorized changes inputs of perform integrated change control process - project management plan, change requests, work performance reports, enterprise environmental factors, and org process assets change control boards - ppl who provided resources to screen and prioritize change requests - involved in meetings change control tools - managing change requests and their associated decisions outputs of perform integrated change control - approved changes, a change log, project plan updates, and project document updates lack of tracking updates in project plan may result in - scope creep lack of tracking updates in project documents may result in - weakened end results for a project close project or phase - occurs at the end of the project AND at the end of each phase. involves expert judgment, analytical techniques, meetings outputs of close project or phase - final product/service/result and updates to the organizational process assets organizational process assets at close project or phase process - formal acceptance/project closure documentation, project files, historical info scope management - defining the intent of the project and defining the work necessary to complete the project role of project manager in scope management - defining the work, ensuring that only the project work is being competed, preventing scope creep chart of accounts - the financial numbering system used to monitor project costs by category code of accounts - the numbering system for providing unique identifiers for all items in the WBS. hierarchical and can to multiple levels, each lower level containing a more detailed description of a project deliverable control account - the management control point at which integration of scope, budget, and schedule takes place and at which performance is measured decomposition - the process of breaking down a project deliverable into smaller, more manageable components parking lot - a technique for capturing ideas and recording them for future use planning package - a component of the WBS that is a subset of the control account to support known uncertainty in project deliverables requirements traceability matrix - a matrix for recording each requirement and tracking its attributes and changes throughout the project life cycle to provide a structure for changes to product scope rolling wave planning - a progressive elaboration technique that addresses uncertainty in detailing all future work for a project scope baseline - the approved detailed project scope statement along w the WBS and WBS dictionary scope creep - the uncontrolled expansion of a product or project scope without adjustments to time, cost, and resources WBS dictionary - houses the details associated w the work packages and control accounts. it is the level of detail needed as defined by the project team work package - the lowest level of a WBS; cost estimates are made at this level plan scope management process - the process that documents how scope will be defined, validated, and controlled primary tools and techniques needed for the plan scope management process - expert judgment and meetings requirements management plan - describes how requirements will be analyzed, documented, and managed outputs of the plan scope management process - scope management plan, requirements management plan, collect requirements process - defines and documents what is needed to meet project objectives inputs of collect requirements process - scope management plan, requirements management plan, stakeholder management plan, project charter, stakeholder register tools and techniques for collect requirements process - interviews, focus groups, facilitated workshops, group creativity techniques, questionnaires and surveys, observations, prototypes, benchmarking, context diagrams, document analysis interviews - can be formal or informal w various stakeholders- must stay on topic w project objectives - ultimate goal is to determine the needs of the stakeholders. must develop an interview plan for each stakeholder group decision making - project team must gather and assess alternatives to detrmine which path/paths should be followed in order to best meet project objectives unanimity - gaining a consensus in which everyone agrees w a single course of action majority - applying a greater than 50% criteria for voting on a recommended action plurality - when no majority is available, the option w the greatest number of votes will be selected dictatorship - a single person is identified as the sole person responsible for making a decision group creativity techniques - brainstorming, nominal group technique, idea/mind mapping, affinity diagram, multicriteria decision analysis nominal group technique - a technique that enhances brainstorming w a voting process used to rank the most useful ideas for further brainstorming or prioritization idea/mind mapping - a technique in which ideas created thru individual brainstorming sessions are consolidated into a single map to reflect commonality and differences in understanding, and generate new ideas affinity diagram - a technique that allows large numbers of ideas to be classified into groups for review and analysis key performance indicator - ex revenue, costs, attendance - should be defined based on the objectives in the project charter multicriteria decision analysis - a technique that utilizes a decision matrix to provide a systematic analytical approach for establishing criteria, such as risk levels, uncertainty, and valuation, to evaluate and rank many ideas prototyping - a method of obtaining early feedback on requirements by providing a working model of the expected product before actually building it benchmarking - comparing actual or planned practices to those of comparable organizations to identify best practices, generate ideas for improvement, and provide a basis for measuring performance outputs of collect requirements process - requirements documentation and requirements traceability matrix requirements documentation examples - business requirements, stakeholder requirements, solution requirements, project requirements, transition requirements