CAPM Certification

business value - Answer-the entire value of a business; the total sum of all tangible and intangible elemtns colocation - Answer-project team members are physically located close to one another in order to improve communication, working relations, and productivity. constraint - Answer-restriction or limitation that may force a certain course of action or inaction Enterprise Environmental Factors - Answer-external or internal factors that can influence a projects sucess good practice - 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 - 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 - 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 - Answer-collection of projects, projects, and additional work. product life cycle - Answer-collection of stages that make up the life of a product. Typically: introduction, growth, maturity, and retirement. program - 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 - 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 - Answer-collection of various phases that make up a project. (accomplished through the 5 process groups) standard - Answer-document that describes rules, guidelines, methods, processes, and practices that can be used repeatedly to enhance the chances of success. Subproject - Answer-a component of a project. Can be contracted out to an external enterprise or to another functional unit.