CAPM 2023 Exam Review with Verified Solutions

CAPM 2023 Exam Review with Verified Solutions. Operations Management ️ ongoing production of goods and services Program Management ️ group of related projects managed in a coordinated way to obtain benefits and control that are not available from managing them individually Portfolio Management ️ collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve objectives Phase ️ collection of related activities that leads to completion of deliverables Deliverable ️ product from phases Project Life Cycle ️ representation of the phases that the project goes through Predictive Life Cycle ️ having set plan, resources, etc.; may start and complete project with minimal interaction with customers Adaptive Life Cycle ️ gather requirements and begin building product but gain more insight/feedback from customer/stakeholders throughout project Hybrid Life Cycle ️ combo of predictive and adaptive life cycles Governance ️ framework that guides activities to achieve goal; Does the organization have formal or informal audit and governance policies, procedures, and guidelines Key Stakeholders ️ Project Manager Customer Project Team Project Sponsor Functional Manager PMO ️ has ability to provide project manager with tools, resources, methods, techniques for project and guidance Supportive, Controlling, Directive Functional Organization ️ project team reports to functional manager Matrix Organization ️ Weak, Balanced, Strong different levels based on project manager's stance in the organization/field in comparison to the functional manager Project Oriented Organizations (Projectized) ️ project manager has highest authority where team is assigned to PM full time Hybrid Organization ️ blend amongst different organizational structures Project Constraints ️ Scope Schedule Cost Risk Quality Resources Process Groups ️ "Initiating, Planning, Executing, Monitoring and Controlling, and Closing" Common ITTOs ️ EEFs OPAs