CAPM 2023 VOCAB||Exam Questions & Answers 100% Correct!!

product management plan - ANSWERthe 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) - ANSWERa 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 - ANSWERplot 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 - ANSWERphase 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) - ANSWERA 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 - ANSWERplanning that is based on goals and objectives opperational planning - ANSWERplanning that outlines the day-day activities to achieve a strategy tactical planning - ANSWERmore specific, shorter-term planning with more detailed data short term planning - ANSWERbased on goals that can be accomplished in one year or less