CAPM Exam Notes

Project

Project

A temporary endeavor undertaken to create a unique product, service, or result.

Business Analysis

Activities performed to support the delivery of solutions that align with business objectives and provides continuous value to the organization.

Project Vision Statement

A concise, high-level description of the project that states the project’s purpose and inspires the team to contribute to the project.

Project Charter

A document issued by the project initiator or sponsor that formally authorizes the existence of a project and provides the project manager with the authority to apply organizational resources to project activities.

Stakeholder

An individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project, program, or portfolio.

Project Management Office

A governance structure within larger organizations that supports project management work and initiatives.

Conflict Resolution

Focuses on issues, focuses on the present, search for alternatives together to resolve conflicts effectively.

Stakeholder Engagement Assessment Matrix

A tool to assess stakeholders based on their power, interest, and engagement level in the project.

PMI Talent Triangle

Comprised of the following: 1) ways of working, 2) power skills, and 3) business acumen, essential for project managers to succeed in their roles.

Emotional Intelligence

The capability to understand and influence one's own emotions and the emotions of others for effective project management.

Functions of a business analyst

o   Strategic business analysis

o   Eliciting and analyzing requirements

o   Feasibility studies and definition of new business opportunities

o   Scoping an opportunity and identifying a preliminary solution

o   Preparation of a business case for a solution

Requirements Traceability Matrix

A document that links requirements throughout the project life cycle to ensure they are managed successfully.

Business requirement

A high-level statement of a business objective or goal that is not technical in nature.

Functional requirements

Describe specific behaviors of a solution from the system's perspective.

Non-functional requirements

Describes environmental conditions or qualities for the product to be effective.

Transition requirements

Describes how the solution will be deployed and released into production.

Stakeholder Analysis

The process of systematically gathering and analyzing information to determine whose interests should be considered in a project.

Responsibility Assignment Matrix (RACI)

Defines roles and responsibilities for project tasks - Responsible, Accountable, Consulted, Informed.

Predictive vs Adaptive

Contrasts structured sequential progression with evolving requirements in project approaches.

Needs Analysis

Involves analyzing a current problem or opportunity to determine the best solution for the organization.

Return on Investment

The percentage return on an initial investment, calculated by dividing total projected net benefits by the cost of the investment.

Fast Tracking

Adding people or equipment to critical activities to shorten their durations.

Recommended Solution Option

One solution that best addresses the business need.

Project Roadmap

1) provides a high-level view of product features and their build and delivery order; 2) communicates the product vision and its life cycle highlighting how a product evolves; 3) facilitates understanding of how a product supports organizational strategy as it is refined and improved

Feature Model

Represents all features of a solution in a tree or hierarchical structure.

Product Vision

Sets the high-level direction for a product or product release.

Story Mapping

Orders user stories by business value and user actions.

Strategy Information

Details on how the product supports the overall organizational strategy.

Portfolio

Projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives.

Initiatives

An overview of different projects being considered or currently in development that are related to the product.

Product Vision

An explanation of the intended customers and how needs are to be met, tying together what is being developed with why it is being developed.

Success Criteria

Metrics used to determine solution success.

Market Forces

Any external issues that influence or shape the development of the product.

Product Releases

The process of identifying the expected product release dates and the themes or high-level features that each release includes.

Features

Capabilities that the product will provide, paired with the product releases, which are typically prioritized by a group of pre-set criteria.

Timelines

Expected delivery time window for feature sets.

Problem/Opportunity

What prompts the need for action.

Analysis of the Situation

This depicts how a potential solution supports and contributes to the business goals and objectives.

Recommendation

Results of feasibility analysis for potential options. You can specify any constraints, assumptions, risks, and dependencies for each option. You can rank the alternatives and list the recommended solution with an explanation.

Cost-Benefit Analysis

Explores costs and benefits related to the recommended option.

Predictive Approach

Testing the entire project solution at the end of the project, including user acceptance, testing, and solution release.

Adaptive Approach

Testing a solution incrementally, evaluating at the end of each iteration when delivering a minimal viable product increment.

Scope and Performance Validation

Involves sponsor or customer meetings to formally approve deliverables.

Requirements Analysis

A process used to determine the needs and expectations of a new product; led by the business analyst, involves traceability, testing, and evaluation.

Acceptance Criteria

Concrete and demonstrable conditions that have to be met for the business stakeholders or customers accept the item.

Peer Reviews

Coworkers review the work completed by the business analyst.

Inspections

Formal review by individuals close to the work to inspect completeness, consistency, and conformance to standards.

Project Life Cycle

Series of phases from initiation to closure, including ideation, planning, design, build, and closing.

Phase Gate

Decision point in a project to continue or terminate, often reviewed by a steering committee.

Product Life Cycle

Evolution of a product from conception through delivery, growth, maturity, and decommissioning.

Project Governance

The framework, functions, and processes that guide project management activities to create a unique product, service, or result to meet organizational, strategic, and operational goals.

Organizational Structures

Can have an impact on project work, including leadership style and project management.

Agile Center of Excellence

Emerging PMO for organizations favoring adaptive life cycles.

Steering Committee

Sets project direction, consisting of executives and reviewing major project risks.

Organizational Process Assets (OPAs)

Project knowledge base and information specific to the organization; assets used by the performing organization, such as templates, business plans, and processes.

Enterprise Environmental Factors (EEFs)

External factors affecting the project, including internal and external influences.

Development Approach

Method used to create and evolve a product during the project life cycle, such as predictive, adaptive, or hybrid. The development can demonstrate specific characteristics such as being iterative or incremental.

Project Performance Domain

Group of activities critical for effective project delivery, including stakeholder, team, and planning activities.

Project and Product Scope

Defines the "what" of the project, including fixed, flexible, and hybrid scope.

Scheduling Basics

Tailoring schedules to project type, work, and stakeholder engagement frequency.

Predictive Project Schedule

Sets start and end points with milestones and key dates, using tools like Critical Path Method and Work Breakdown Structure.

Adaptive Project Schedule

Includes roadmap, story mapping, backlog, sprints, feedback loops, and repetition.

Hybrid Scheduling Approach

Combines aspects of predictive planning with adaptive flexibility.

Budgeting Processes

Predictive and adaptive budgeting approaches, including funding limits, baselines, and Earned Value Management.

Resourcing Introduction

Human resources for the project, including procurement plans and tools like Responsibility Matrix.

Adaptive Teams

Cross-functional teams that self-organize, engaging procurement process when needed.

Procurement Contract

Agreement between buyer and seller, with different types like fixed-price, cost-plus, and time and materials contracts.

Quality

Degree to which inherent characteristics fulfill requirements, including compliance and quality management plans.

Change

Modification to deliverables, project plans, or documents, managed through formal control.

Change Management Plan

Establishes the change control board (CCB), documents its authority, and describes the implementation of the change control system.

Change Request

Created by anyone, logged in the change log, sent to CCB, and either rejected or approved; can be tracked as indicators of project volatility.

Adaptive Change

Emphasizes flexibility and experimentation-based approaches for more effective projects.

Constraints

Project boundaries like time, cost, or scope that may shift, requiring trade-offs and balancing.

Risks

Uncertain events affecting project objectives, categorized as threats (negative) or opportunities (positive).

Inherent Risk

Involves profit or loss in business endeavors, including competitive, legislative, monetary, and operational risks.

Risk Appetite

The degree of uncertainty an organization or individual is willing to accept for potential rewards.

Risk Threshold

Level of risk exposure triggering risk management actions.

Trigger Condition

An event indicating a risk is about to occur.

Assumptions

Factors assumed true without proof, influencing project planning and execution.

Issues

Risks that have occurred, impacting project objectives.

Communication Techniques

Include feedback, attentive listening, and interpretation of nonverbal cues.

Communication Blockers

Impedes effective communication, such as filters and barriers.

Communication Methods

Formal written/verbal and informal written/verbal for project communication.

Project Charter

Authorizes a project's existence, providing high-level project details and authority to the project manager.

Resource Calendar

Identifies resource availability during project activities for estimating resource utilization.

Resource Management Plan

Guides resource categorization, allocation, management, and release in a project.

Procurement Management

Process of acquiring goods and services from external sources for a project.

Bid Document

Includes procurement contract, statement of work, and background context for procurement.

Project Management Plan

Describes project execution, monitoring, control, and closure.

Estimate activity durations

Estimating the number of work periods needed for individual activities with estimated resources.

Identify risks

Identifying project risks and documenting their characteristics.

Create work breakdown structure

Subdividing project deliverables and work into manageable components.

Develop schedule

The process of analyzing activity sequences, durations, resource requirements, and schedule constraints to create a schedule model for project execution and monitoring and controlling.

Plan risk responses

Developing strategies to address project risks and overall risk exposure.

Define activities

Identifying specific actions to produce project deliverables.

Plan quality management

Identifying quality requirements and documenting compliance with standards.

Scope baseline

Establishing project goals and work needed through a work breakdown structure.

Schedule baseline

Approved version of a schedule model to track task durations and milestones.

Cost baseline

Approved project budget version to track actual costs against the budget.

Change Management Plan

Establishes the change control board (CCB); documents the extent of its authority; and describes how the change control system will be implemented.