CAPM Study Guide

Topics: Project management, Management, Risk management Pages: 55 (7756 words) Published: September 26, 2013
CAPM certification and I wish to make it available to those studying for other PMI related courses. I used resources from all over the web, Project Management Body of Knowledge – PMBOK and other various sources.

Also note, I have done my best not to plagiarize any work without first mentioning the person or organizations name and that I have tried to only use information that has been made freely available. If I have inadvertently used information found in another’s document, publication, etc, please let me know and I will remove the offending information or update this document to properly recognize the contributors accordingly. I have not nor will I use this document for any monetary gain. I distribute this study guide solely for the purpose of following PMI Code of Conduct – Distribute lessons learned to others.

Project Life Cycle
 Definition: What you need to do to do the work.
 Sometimes referred to as the organization’s methodology for projects.  Changes by industry or organization.
 Temporary endeavor with a beginning and an end
 Creates a unique product, service or result
 Is progressively elaborated (More detailed as the project progresses) Operation: The key differentiator of projects and operations is that, projects are temporary in nature, resulting in unique outputs - where as operations are ongoing in nature.

Projects are often conducted to support the organizations’ strategic plan, and to support one or more strategic elements, such as: Market demand, Organizational need, customer request, technological advance and/or a legal requirement. Project chartering - The process of selection and approval of the right projects for execution is called project chartering. This ensures that, only the approved projects are funded.

 Select the right projects - Select the right projects to execute, which are in line with the organizations strategy.
 Opportunity cost - the opportunity given up, by selecting one project over the other.
 Continuous alignment to the organizational strategy - An organization’s business strategy is not static. It changes with the market conditions, hence is very dynamic in nature. When the organizational strategy itself changes, some of the projects can become redundant and at the same time it can open room for some new projects. The right selection of projects, coupled with continuous alignment to the organizations strategy is called as project portfolio management.

Programs - are a collection of projects, which when executed together yields in some additional benefits, than when performed one after the other.

PMO – Project Management Office – A department that centralizes the management of projects. Provides:
 Policies, methodologies, and templates for managing projects  Support and guidance to others as how they should manage a project  Project Managers for projects and being responsible for the projects end results

Organizational structures
Functional organization
 Least authority for the project manager
 Project manager plays the role of an Expeditor or Coordinator  The project team will have a home to go, at the end of the project Projectized organization
 In a projectized organization, the project manager has maximum authority  All the project managers, report to the program manager
 No home for project team members after project is finished Matrix organization
 2 Bosses – Functional Manager and Project Manager
 A matrix organization is a mix of projectized and functional organization  A matrix organization can take 3 forms:
o Strong matrix, the project manager has more authority
o Weak matrix, the functional manager has more authority
o Balanced matrix, both share an equal power. (Assume for test) Triple Constraints
 Time, Scope, and Cost (also includes: Quality, Risk, Customer Satisfaction)  Fast, Good or Cheap (a handy way to remember)
 Affecting any one of the constraints and you...
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