Free CAPM Exam Flashcards

A project is a temporary endeavor undertaken to create a unique product, service, or result with a defined beginning and end. Operations are ongoing, repetitive activities that sustain the organization. Projects drive change while operations maintain business functions.

The application of knowledge, skills, tools, and techniques to project activities to meet project requirements. It involves balancing competing constraints including scope, schedule, cost, quality, resources, and risk while delivering value to stakeholders.

The series of phases a project passes through from initiation to closure. Phases may be sequential, iterative, or overlapping depending on the project approach. Each phase has specific deliverables and review points before proceeding to the next phase.

An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a project decision, activity, or outcome. Stakeholders include sponsors, customers, team members, suppliers, and regulatory bodies who have varying levels of interest and influence.

A document issued by the project sponsor that formally authorizes the existence of a project and provides the project manager with authority to apply organizational resources. It includes high-level requirements, objectives, success criteria, and key stakeholders.

The framework, functions, and processes that guide project management activities to create a unique product, service, or result. It defines roles, responsibilities, decision-making authority, and oversight mechanisms to ensure projects align with organizational objectives.

The traditional model showing the interdependency of scope, time, and cost in project management. A change in one constraint typically affects the others. Modern project management expands this to include quality, resources, and risk as additional constraints.

Eight interrelated areas of focus for project delivery: Stakeholder, Team, Development Approach and Life Cycle, Planning, Project Work, Delivery, Measurement, and Uncertainty. Performance domains work together to achieve project outcomes and deliver value.

Guiding principles including: Be a diligent steward, Build a collaborative team environment, Engage stakeholders effectively, Focus on value, Recognize system interactions, Demonstrate leadership behaviors, Tailor based on context, Build quality into processes, Navigate complexity, Optimize risk responses, Embrace adaptability, and Enable change.

The collection of strategic business activities aimed at building, sustaining, and/or advancing an organization. Projects exist within this system to create value by delivering benefits that support organizational strategy and stakeholder needs.

A framework that links project, program, and portfolio management with organizational enablers to achieve strategic objectives. It ensures projects align with organizational strategy and that resources are allocated to the highest-priority initiatives.

The person assigned by the performing organization to lead the team responsible for achieving project objectives. The project manager balances technical, leadership, strategic, and business management skills to guide the project through its life cycle.

A person or group who provides resources and support for the project and is accountable for enabling success. The sponsor champions the project at executive levels, secures funding, removes organizational barriers, and makes key decisions on scope and priorities.

A set of individuals performing project work to achieve project objectives. Teams may include full-time or part-time members with varying skills and expertise. Effective teams demonstrate collaboration, accountability, mutual respect, and shared commitment to project goals.

How an organization arranges its people and resources affects project authority. Functional organizations have limited PM authority; projectized organizations give PMs high authority; matrix organizations (weak, balanced, strong) share authority between functional managers and project managers.

Conditions not under the immediate control of the project team that influence, constrain, or direct the project. Internal EEFs include organizational culture and infrastructure; external EEFs include marketplace conditions, legal restrictions, and stakeholder risk tolerances.

Plans, processes, policies, procedures, and knowledge bases specific to and used by the performing organization. Include lessons learned repositories, templates, historical information, and standardized guidelines that support consistent project execution.

The deliberate adaptation of the project management approach, governance, and processes to make them more suitable for the given environment and work at hand. Tailoring considers project characteristics, organizational context, and stakeholder needs to optimize project outcomes.

A development approach where scope, schedule, and cost are determined early in the project life cycle. Work proceeds through sequential phases with formal gate reviews. Best suited for projects with well-defined requirements and low uncertainty.

A hierarchical decomposition of the total scope of work to be carried out by the project team. The WBS organizes and defines the total scope, with each descending level representing increasingly detailed work packages that can be scheduled, cost-estimated, and assigned.

An output of a schedule model presenting linked activities with planned dates, durations, milestones, and resources. It shows when project work will be performed and serves as a baseline for measuring progress using techniques like critical path analysis.

A schedule network analysis technique used to determine the longest path through the project, which establishes the shortest possible project duration. Activities on the critical path have zero float; any delay directly extends the project end date.

A methodology combining scope, schedule, and cost measurements to assess project performance and progress. Key metrics include Planned Value (PV), Earned Value (EV), Actual Cost (AC), and performance indices (CPI, SPI) that indicate whether the project is on track.

An EVM metric measuring cost efficiency calculated as EV/AC. A CPI greater than 1.0 indicates under-budget performance; less than 1.0 indicates over-budget performance. CPI is the most critical EVM metric for forecasting final project costs.

An EVM metric measuring schedule efficiency calculated as EV/PV. An SPI greater than 1.0 indicates ahead-of-schedule performance; less than 1.0 indicates behind-schedule performance. SPI helps forecast whether the project will meet its timeline.

A repository containing the results of risk analysis and risk response planning. It documents identified risks, risk owners, potential responses, and current status. The risk register is progressively elaborated throughout the project as new risks emerge.

The processes for incorporating the organization's quality policy regarding planning, managing, and controlling project and product quality requirements. It includes quality planning, quality assurance (process-focused), and quality control (deliverable-focused) activities.

A way of thinking and behaving underpinned by the four values and twelve principles of the Agile Manifesto. It emphasizes individuals and interactions, working solutions, customer collaboration, and responding to change over rigid processes and documentation.

Four core values: (1) Individuals and interactions over processes and tools, (2) Working software over comprehensive documentation, (3) Customer collaboration over contract negotiation, (4) Responding to change over following a plan. Items on the right have value, but items on the left are valued more.

An agile framework for developing and sustaining complex products through iterative, incremental work cadences called sprints. Scrum defines three roles (Product Owner, Scrum Master, Development Team), five events, and three artifacts to enable team collaboration and continuous improvement.

A time-boxed iteration in Scrum, typically 1-4 weeks, during which a potentially releasable product increment is created. Sprints have consistent duration throughout the project, and a new sprint begins immediately after the previous one concludes.

An emergent, ordered list of everything that is known to be needed in the product. The Product Owner is responsible for its content, availability, and ordering. Items are prioritized based on value, risk, dependencies, and business need.

A brief description of functionality from the end-user perspective, typically written as: 'As a [user], I want [functionality] so that [benefit].' User stories capture requirements in agile projects and include acceptance criteria to define completion.

A 15-minute time-boxed event for the development team to synchronize activities and create a plan for the next 24 hours. Team members typically share what they completed, what they will work on next, and any impediments blocking progress.

A meeting at the end of each sprint where the team inspects itself and creates a plan for improvements. The team discusses what went well, what could be improved, and commits to specific action items for the next sprint to support continuous improvement.

An agile method that visualizes workflow, limits work in progress (WIP), and optimizes flow efficiency. Unlike Scrum, Kanban does not prescribe roles, ceremonies, or time-boxed iterations. Work items are pulled through the system as capacity permits.

An agile metric measuring the amount of work a team completes during a sprint, typically expressed in story points. Velocity is used for planning future sprints and forecasting release dates. It becomes more reliable as historical data accumulates.

The practice of enabling change in an organization by defining needs and recommending solutions that deliver value to stakeholders. Business analysis bridges the gap between business objectives and technical solutions through requirements management and stakeholder engagement.

The process of identifying and analyzing business problems or opportunities to understand the current state, define the desired future state, and determine the gap between them. It establishes the business case for undertaking a project or initiative.

A technique for systematically gathering and analyzing information about stakeholders to determine whose interests should be considered, their level of influence and interest, and how to effectively engage them throughout the project.

Conditions or capabilities needed by a stakeholder to solve a problem or achieve an objective. Requirements include business requirements (organizational needs), stakeholder requirements (user needs), solution requirements (functional and non-functional), and transition requirements.

The process of drawing out requirements from stakeholders using techniques such as interviews, workshops, observation, questionnaires, prototyping, and document analysis. Effective elicitation ensures complete understanding of stakeholder needs before solution design.

A grid that links requirements throughout the validation process, tracking each requirement from origin through implementation and testing. The RTM ensures all requirements are addressed and helps manage scope changes by showing the impact of modifications.

A strategic planning technique that identifies Strengths, Weaknesses, Opportunities, and Threats related to a business situation or project. Strengths and weaknesses are internal factors; opportunities and threats are external factors affecting success.

A problem-solving method used to identify the underlying causes of problems or defects rather than just addressing symptoms. Techniques include the 5 Whys, fishbone (Ishikawa) diagrams, and Pareto analysis to systematically investigate and eliminate root causes.

A documented economic feasibility study establishing validity of project benefits. It includes cost-benefit analysis, ROI projections, risk assessment, and alignment with strategic objectives. The business case justifies resource investment and is used for go/no-go decisions.

A high-level visual summary that maps out the vision and direction of a product over time. It communicates strategic goals, planned features, and release timelines to stakeholders while remaining flexible enough to accommodate changes in priorities.

A version of a product with just enough features to satisfy early customers and provide feedback for future development. MVPs validate business hypotheses with minimal investment, enabling iterative refinement based on actual user data rather than assumptions.

The process of assessing whether a proposed or implemented solution meets the business need and delivers expected value. It includes defining success metrics, measuring actual performance against expected outcomes, and identifying opportunities for improvement.

A process for managing requests to modify project documents, deliverables, or baselines. It includes evaluating the impact of changes, obtaining appropriate approval, and updating affected plans and documents. Ensures changes are systematically assessed and documented.