CAPM Exam Questions with Verified Answers |Latest 2024/2025

CAPM Exam Questions with Verified Answers 2024. Domain 1: What are the 8 Project Management performance domains? ️ 1. Stakeholder 2. Team 3. Development Approach and Life Cycle 4. Planning 5. Project Work 6. Delivery 7. Measurement 8. Uncertainty - These domains run COCURRENTLY. No specific order. - Interactive, interrelated, and interdependent that work in unison to achieve desired project outcomes. Domain 1: Project vs. Program vs. Portfolio ️ Project - Temporary endeavor undertaken to create a unique product, service, or result. - Goals & deliverables. - Clear "vision", start & end dates. - Clear scope & objectives. - Specific resources & budgets "KPIs" - Adaptive, Predictive & Hybrid Program - Related projects, subsidiary programs, and program activities that are managed in a coordinated manner to obtain benefits not available from managing them individually; collection of projects working towards a COMMON objective. - Larger scope than just 1 project. - Multiple projects with interdependencies. - "Orchestration" - Larger timeline and scope. - Cost efficient. Portfolio - Suite of investments; collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. - BIG UMBRELLA; large & BROAD scope. - Alignment with long-term goals. Domain 1: Project vs. Operations ️ An operation is different from a project in the following way: - It does not create a unique product, service or a result. - It does not have a definite beginning and an end (indefinite). - Not temporary. - Ongoing costs & production. A project is a temporary endeavor with specific goals and objectives and a defined budget. It is different day-to-day and has start and end dates. Domain 1: Predictive "Waterfall" Approach ️ The assumption that the future of the project can be predicted based on past trends and data. - Long-term planning; less up-front planning. - Intense - Detailed plans & budgets. - Forecasting. - Less flexibility & adaptiveness to change. - Move through project by PHASES. - Specific CHANGE CONTROL PROCESS. - Scope changes add to uncertainty of project. Examples: Construction, financial, weather, and industrial-type projects. Domain 1: Adaptive "Agile" Approach ️ The assumption that the future of the project IS UNCERTAIN. - Ability to ADAPT to change. - Increment planning. - Iterative / iterations (not phase-by-phase). "Sprints" - Short-term planning. - Flexible planning & decision-making. - Less efficient & costly due to frequent adjustments. - "Knowledge work" Examples: Software development, crisis management, and marketing. Domain 1: Overview of Risks ️ *Be able to understand the difference between issues, risks, assumptions & constraints* RISKS - Uncertain event or condition that, if occurs, has a positive or negative effect on one or more project objectives. - To navigate risk effectively, the project team needs to know what level of risk exposure is acceptable in pursuit of the project objectives. - Measurable risk thresholds - express acceptable variation around an objective that reflects the risk appetite of the organization and stakeholders. - Scales of probability and impact. - Risk Register: Each risk to be identified, analyzed, documented and responded to; to create contingency and fallback plans. - Pure Risk: Loss of life or limb; dangerous; negative. Safety measures should always be followed to prevent! Ex: Tower climbing. - Business Risk: Loss of return of investment; positive or negative; time or cost savings. Ex: Stock market. Negative Risks: THREATS (strategies when dealing with this - avoid, escalate, transfer, mitigate, or accept). - Positive Risks: OPPORTUNITIES (strategies when dealing with this - exploit, escalate, share, enhance, or accept). - Risk Processes: 1. Risk Identification 2. Qualitative Risk Analysis (Probability x Impact = Risk Score / Expected Monetary Value) 3. Quantitative Risk Analysis 4. Risk Response Planning (Negative and Positive - strategies listed above) 5. Risk Monitoring and Controlling Domain 1: Overview of Issues ️ *Be able to understand the difference between issues, risks, assumptions & constraints* ISSUES - The risk event that HAS HAPPENED. - There should be an issue log and owner. Domain 1: Overview of Project Management Lifecycle / Process Groups ️ UNIVERSAL to all project approaches. 1. Initiating - Project Charter & Identify Stakeholders. 2. Planning - Forecast & Set Intentions of Project 3. Executing - Accomplish Tasks 4. Monitoring & Controlling - Can Lead BACK to Planning 5. Closing - Per Phase and/or Project (Phase Gate) "IPECC" Domain 1: Overview of Assumptions ️ *Be able to understand the difference between issues, risks, assumptions & constraints* - A factor in the PLANNING PROCESS that is considered to be true, real, or certain, without proof or demonstration (both positive and negative).