CAPM 2024 VOCAB WITH COMPLETE SOLUTIONS.

CAPM 2024 VOCAB WITH COMPLETE SOLUTIONS. product management plan ️ the integration of people, data, processes, and business systems to create, maintain, and evolve a product + service through its life cycle. it is the iterative process of refining and working towards key outcomes of a product Management by Objectives (MBO) ️ a process of setting mutually agreed upon goals and using those goals to evaluate employee performance - setting objectives and making sure they are met, then doing what you can to make sure they are met in the future S-curve ️ plot off project expenditures that shows the bulk of t budget will be spent in the execution phase Some of the most common uses for s-curves are to measure progress, evaluate performance and make cash-flow forecasts. Concept Stage ️ phase of the project where the PM has the greatest level of influence. it is where the project charter is created, and where project initiation starts TQM (Total Quality Management) ️ A common approach to implementing a quality management program. it has a continued focus on: - customer satisfaction - employee commitment to the project/product - face-based decision making - continuous improvement - effective communication - strategic thinking it is focused on including the whole company in quality management, not just a quality department stretegic planning ️ planning that is based on goals and objectives opperational planning ️ planning that outlines the day-day activities to achieve a strategy tactical planning ️ more specific, shorter-term planning with more detailed data short term planning ️ based on goals that can be accomplished in one year or less OPM3 (Organizational Project Management Maturity Model) ️ provides a method for organizations to understand their processes and measure their capabilities in preparation for implementations in 3 steps: 1. knowledge / standardize 2. assessment / measure 3. control 3. improvement 3 organizational structure types where the PM has little to no authority ️ organic/simple functional multidivisional matrix structure ️ individuals work across teams and projects as well as within their own department or function. functional structure ️ an organization's reporting relationships are grouped based on specialty, or functional area. For example, there might be separate departments for marketing, accounting, and engineering. Generally, all the functional heads will report directly to the company president or CEO what organizational structures does the PM share authority with functional managers ️ matrix (strong/weak/balanced) structures project oriented structures virtual structures hybrid structures (PMO) project management office ️ PM has high/almost total authority over the project what are the triple constraints ️ scope time cost CPI (Consumer Price Index) ️ a method for calculating the cost efficiency and financial effectiveness of a specific project how do you calculate CPI ️ Earned value (EV) / Actual Cost (AC) CPI > 1 ️ project is within budget CPI < 1 ️ project is over budget CPI = 1 ️ neutral / at budget What are the 10 knowledge areas? ️ integration management scope management schedule management cost management quality management resource management communication management