CAPM Exam 7th Edition Outline Guaranteed A+

undertaken to create a unique product, service or result Program -ANSWER- A grouping of related projects that are managed together to capitalize on benefits that couldn't be achieved if the projects were managed separately Portfolio -ANSWER- includes programs, individual projects, and other related operational work that is prioritized and implemented to achieve a specific strategic business goal Project vs. Operations -ANSWER- 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. Predictive vs. adaptive approaches -ANSWER- Predictive = the scope of the project is clearly defined and fixed at the start of the project and any changes to the scope require rigorous change control procedures Adaptive = the scope isn't fixed and can evolve over time. agile, iterative, or incremental. Scope is defined and approved before start of an iteration. Also known as change-driven life cycles. Issues vs. Risks vs. Assumptions vs. Constraints -ANSWER- Issue = already has occurred Risk = is a potential issue that may or may not happen and can impact the project positively or negatively Assumptions = conditions that are supposed to be true. If these assumption terms turn false, they may become risks and issues Constraints = limitations imposed on the project. If they turn false, they would be beneficial for the project Review/critique project scope -ANSWER- Must be specific and measurable Work performed to create a deliverable that can be defined at the beginning of a project life cycle, or over the course of multiple iterations. Completion of a scope is measured against the original project management plan. Scope must be defined, validated, and controlled through the whole process. PMI Code of Ethics and Professional Conduct -ANSWER- responsibility, respect, fairness, and honesty Explain how a project can be a vehicle for change -ANSWER- The actual work that is performed in transitioning from the current state to a future state is the project. Projects are necessary to implement change to an organization. They transfer new deliverables to operations for a smooth transition of rules, ideas, and other processes to help improve operations. Describe the purpose and importance of cost, quality, risk, schedule, etc. -ANSWER- Integration - coordinating the various activities within various process groups. Processes to keep the project together. Scope - determines the work required, and only that work, needed to complete a project. Processes to define tasks & deliverables. Schedule - Managing timely completion of the project. Processes for time management. Cost - Approved budget and its planning and management. Processes to identify budget. Quality - Incorporation of company quality policy and continuous process improvement to meet stakeholder expectations. Processes for quality assurance. Resources - availability and management of righ