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Review CAPM Exam Domains
1. Section Overview
One of the things that a lot of peoplemiss when preparing to pass the CAPM exam isthat the focus is on the knowledge areas andthe processes within those knowledge areas. As you may be aware, a process is anactivity to bring about a predefined specified result. For example, quality planning will create a qualitymanagement plan and a process improvement plan. That's a predefined result. We call that an output. Every process will have a set of outputs. Outputs are the result ofthe activities within a process. Activities are called tools and techniques. It's how you do that process. And then in order to do a process,you need some different requirements, you need somedifferent documents or scenarios or information. Well, those items are called inputs. So every process has an input, atool and technique, and an output. And really, it's usually several inputs, severaltools and techniques, and several outputs. On your CAPM exam, you will be testedon inputs, tools and techniques and outputs. So there are really three big buckets, if you will, ofwhat you're going to be tested on the CA p.M, the processes. So the inputs, tools and techniquesand outputs, the process groups, initiating,planning, executing, monitoring, controlling and closing,and the ten knowledge areas. So project integration, management, scope,time, cost, quality, HR, communications,risk procurement, and stakeholder management. So the important thing here isthat imagine we have a table. Across the top of that table isinitiating, planning, executing, and so on. And then we have the first column wouldbe those ten knowledge areas project integration, management,scope, time, cost, quality, HR, and so on. The intersection of a knowledge area and aprocess group will show you the process. A process lives in the process group, butit also lives in the knowledge area. So while we say these are three differentbuckets, the reality is it's all the same. It's just a different way of looking at a process. Now, the reason why I'm stressing that here isall of this is about the Cam exam. This is how the exam is structured. We're looking at processes within the knowledge areas,but processes are also part of process groups. So in this section, we're going to look athow does that fit with the CAPM exam? What are the items that you're going to be tested on? So we'll look at some course resources, the CAPM assets,and then we're going to take a look at thePin box and how these different knowledge areas or chaptersin the Pinbock correlate to the CAPM exam. So that's what you can expect in this section. All right, let's hop and take a look at that now.
2. Download the Course Resources
All right, welcome back. Let's talk about some course resources that are available for you as part of the CAPM exam prep seminar. So, as part of the course resources, one resource I have for you is some online flashcards. And you can go right up to one of these corners, and we'll say resources, and you can click that, and you'll see that there are some flashcards that I've already prepared for you. It's really just a big glossary, and you can print those out and study them. You can put them on your phone. It's a PDF document. Yes, I provide those for you. However, I think there's a better flashcard you could have, and that's for you to create the flashcard for these three by five cards. You can take what I have and print them out or just look at them on your screen, but write out by hand the term, flip it over, and write out by hand the definition all at once. It's painful. It's no fun to do. However, by writing it out and writing out the definition, it will help you memorise or understand that term. So you need to know all of the terms. No, they are not listed by knowledge areas. No, they're not listed in the order of this course. The reason why is that you need to know all of them. I'm not going to chunk them out for each module. You need to know all of them. I know it's brutal and it's no fun, but if it were fun and if it were easy, everyone would do it. So that's my recommendation to you. Flasher. You don't like that. You want to just read what I've already created for you? Go right ahead. I won't get mad at you. However, in my experience, people who do it this way generally do better on the exam. I'm not going to say they pass, but they pass. All right. They have an easier time on the exam, let's put it that way. Okay, so create flashcards and know the terms. By knowing the terms, you will do better in the exam. This includes what you have probably seen in groups, online, and other places that you need to know. The EDOs, the inputs, tools, techniques, and outputs Flashcards are a great way to memorise EDOs. So I recommend you do that and thenbuzz to these terms every single day. Make it part of your steady habit. So knowing the terms will help you answer the questions correctly in the participant workbook. I didn't bring it with me. I have my workbook here in the workbook. It's an eight and a half by eleven PDF document. It's about 600 pages. It contains all of the images from the slides as we progress through the course. And at the end of the workbook, there are some memory sheets. The last six or seven pages are all of the key things that you need to know as you prepare to pass the CAPM. So memorise these memory sheets. So spend some time there looking at these memory sheets; it's everything: all your formulas, theories, and concepts. So dig into those memory sheets. Some people like to do a brain dump, where, at the beginning of the exam, they dump it all down. In the olden days, you used to be able to dump out your memory sheets or your notes in the 15 minutes prior to the tutorial for your exam. And maybe you've heard this as well. However, PMI just recently, just recently as I'm recording this, has said no more, and you can no longer write anything down on your scratch paper at the testing centre until the exam actually begins. So plan accordingly. If you have this game plan of going in and dumping out your notes during that 15-minute tutorial, it's no longer allowed. You can't do that until the exam starts. So you have 3 hours to complete the exam. Maybe you plan for 2 hours and 45 minutes so you can dump out your notes. I don't really think it's going to affect people that much. If you are that prepared and have memory sheets and whatnot, you should be fine. You can dump that and get going, but for the next quarter, I want you to go in expecting one thing and being surprised at the testing center. All right, so the memory sheets are part of the workbook. So what's the workbook? Well, the participant workbook, as I mentioned, is about a 600-page book. It follows the online course. So it's a PDF doc. It is all of the screen, all of my slides, basically. and it will help you keep all of your notes in one place. And it's a great place to keep your notes instead of keeping everything in one place, so you don't have stuff scattered around, it's all in one document. So this is the universal project management workbook that I use whenever I teach the CAPM course, whether in a live class, a self-paced course like this, or online learning, this is the workbook.You're getting the same course that Iteach offers live, online, self-led, wherever. It's a great workbook to have for study groups, if you're participating in a study group.However, I want to tell you right now that I don't want you to hit print ten times and give this to nine of your friends and keep a copy. Don't do that. It's just a tonne of work to create that thing. And I know you won't do that, but I'm talking to the other guy. So don't distribute my work. that other guy. Not you, that other guy. If you want a copy of it, tell them to join this course. This is a big workbook. It's a real book. It's on Amazon.com. And it's not just a PDF document. This is a real book that you can print out. It's a lot of pages, but I encourage you to do it because there are all kinds of Hive car holds up the street, but there are all kinds of places in there to put your notes and so on. So that is the workbook. I encourage you to use that throughout this course. I have some other resources throughout the course that, when we get to those, I will call your attention to those resources. Some of the resources are external to the scores. So, for example, I may occasionally have you go play a game that's not there; it's on my [email protected] just be aware that when you want to come back to the course, you're going to come back to this site to continue. But the game is on instructing.com. Respect the intellectual rights of others when you make comments and when you go to make comments or share information with others. So don't post questions from other resources, other writers, or even from me, okay? So just respect the intellectual property rights of others; we're not going to share other people's material. And again, I know that you won't do that, but I'm talking about that other guy. Alright, no big deal. You're doing great. We're just moving along here. Let's keep moving. I'll see you at the next lecture.
3. Explore the PMBOK Guide, fifth edition
The CAPM exam is based on the Pinbach Guide, Fifth Edition. And that's what we're going to take a look at in this lecture, the Pinbock Guide. So what is the purpose of the Pinball?It's the generally recognised approach to project management. It is a book that defines the best practises for project management. It also gives us a common setof terms that we can all use. So quality control, for example, is defined regardless of the discipline or the type of project that you're doing. It's fundamental for all of PMI's exams, whether you're taking the CAPM or the PMP or one of these other PMI exams; the Pinball Guide will play a role in your study efforts to pass all of PMI's exams. So let's look at the Pinback guy. It's all about the pinball. Well, as I mentioned, it's technically called a guide to the project management body of knowledge; that is, it's just a guide to everything about project management. the best practices. There are 13 chapters in The Pinbach, The CAPM, and The Pinbach Eye. They really focus on Chapters 4 through 13. Now, across chapters four through 13, you'll see the five process groups. And so you probably already know these as initiating, planning, executing, monitoring and controlling, and closing. Within those five process groups, there are 47 processes. We have 47 processes in project management. The 47 processes we'll be looking at throughout the scores However, we will examine this from the beginning to the end. We're going to follow the same structure as the Pinbox and the same structure as the CPM Exam, which will be nine. I keep saying "nine," the ten knowledge areas. You know why I keep saying nine? For years, there were only nine knowledge areas. And then, of course, here in Pinball Five, we have the new knowledge area on stakeholder management. So forgive me if I occasionally say nine. I mean ten knowledge areas. So we know that there are ten. Chapters four through 1310 cover knowledge areas. So I'm getting embarrassed. I can see my face getting a little red. All right, great job for catching me there. Let's move forward. So what are these ten knowledge areas that are hidden in the Pinbock? Well, they start at chapter four, but in chapters one, two, and three of the Pinbock, we have an introduction to the Pinbock at a pretty high level. We have organisational influences in the project life cycle. Then we start getting into exam specifics. And chapter three, project management processes These are the 47 processes. It's worth 15% of the CAPM exam. So, yes, you need to know all about the 47 processes. This really shows that you have a good understanding of the material in the pinball machine. Chapters. Four: project integration, management 12% of the CAPM exam. Then chapter five, on scope management, 11% of the CAPM exam. Time Management, 12% of your exam. cost management, only 7% of your exam. So there are not a lot of questions on cost and quality management—only 6% of your exam. So you can see already where the big chapters are. Processes really intense on processes. Then HR 8% of your exam, communications Management 6%. Risk Management, which really is a big chapter, is only 9% of your exam. Procurement Management: 7% And the new TIFF knowledge areas—stakeholder management—are 7% of your exam. So you want to plan accordingly. As a result, we'll be going over all of the Pinbock chapters in this order throughout the course. So it follows the PIN box; it follows the CAM exam objectives. Are you ready to do another activity? I can tell that you are. So in this activity, you're going to go out to PMI.org. You're going to click on Certifications and choose CAPM. And you're going to download the exam content outline. This is the little box over here on the right-hand side. This is the box you're looking for. So the exam's content outline You can also download some sample questions. I think that's kind of cool—kind of a good thing. But I also want you to download the CAPM Handbook. So many people miss the content outline in the handbook. Really important, those two items. So get those, download them, and read them. So that's just a really quick activity. I want to keep you involved and keep you moving. All right, great job. We'll talk about in the next modulesome important things for the Cam. so I will see you coming up shortly. Bye.
4. Section Wrap
Great job finishing this section. When reviewing the CAPM Exam domains, we talked about a lot of information. in this section. We begin by talking about the inputs, tools, techniques, and outputs. That's a concept for processes. And so that's really setting us up for what we're going to see in the next section. And really, throughout the course, you're going to see a lot about inputs, tools, techniques, and output. So that is something that you want to know, of course, for your Cam exam. In this section, we also looked at the course resources, the flashcards, the course workbook, and the memory sheets within that workbook. And then throughout the course, I'll introduce some other resources. So I've got some worksheets that you'll use, and I'll call those out when we get to those different lectures. I will also occasionally take you over to other websites that will support your learning. Most often, you'll be going to instructing.com and playing some games to support the information in the course. So you'll have some course resources. We spend some time exploring the Pinball Guide, the Project Management Body of Knowledge, the Pinball Guide Fifth Edition, and the ten Knowledge Areas, and how those ten knowledge areas correlate to what you'll be tested on on your CAPM Exam. So we looked at Chapter 3, which really is the first thing you're tested on, and that is the Processes Chapter 3 and the Pinbok, which are all about the 47 processes. And then we'll see those over and over through the remaining chapters. So we got into project integration, management, time, cost, scope, quality, HR communications, risk procurement, and stakeholder management. as we talked about the distribution of questions in those different areas. And it was clear that the large stone was on processes, specifically the 47 processes. So if you haven't picked up on it yet, you need to know those 47 processes, really know them, to pass the CA P M.We then went on to talk about the CA PM assets. You completed a little activity and hopped out to PMI.org and checked out some sample questions and downloaded the handbook, and so that was a quick exercise that you did in this course. I want to keep you active. I want to keep us moving forward quickly. So great job finishing this section. Let's go ahead and press on with this course. You can do it. I have confidence that you can do it.
Define Project Foundations
1. Section Overview
At the end of the last section, it talked about how you're making good progress. Well, you are. You've done something already that a lot of people have not done. I have seen in my course completion ratio that a lot of people might start with chapter one and rush right into chapter two or section two there. Then they get tired, and they take a break. And then there starts to be a bit of a falloff in these next few chapters where people have good intentions. They paid for the course, and they started the course. And then they'd realize, wow, this is going to be a lot of work. and they begin to fade off. Not you. You are not going to do that. and I'm going to encourage you. I'm going to help you keep going. You've got to be invested in this process. So that's what you're doing. You're serious about getting your PMP. You're going to be serious about completing this course. So don't fade off. Keep going. Make a commitment. Make a real commitment, just like you would for a project. You're a project manager, so you know how to get things done. The only way you're going to get this done is to put in the time. You've got to put in the effort. You can do this. You can earn your PMP. In this section, we're going to talk all about the fundamentals of project basics. I know, kind of boring, right? You already know what a project is and what a programme is. We're going to make certain we have a good, clean foundation because we wanted to find out what is a project, what's a program, and what's an organization. According to the terms of the exam, we'll make sure there's no misunderstanding or assumption. As a result, we have a good solid foundation to look at what happens in the rest of the course. We're going to build on this. So I know some of this may be pretty easy remedial work, but I encourage you to go ahead and do it to make sure there are not any gaps. And there will be some things that you may not be aware of when we discuss organisations and how they operate. So, right on the pinball, we're going to talk about, like, what's a project? I know you realise the project is a temporary endeavor. It's going to create something unique. It's going to involve one person, at least. only one person. One person or, more likely, lots of people. Then we'll talk about: according to PMI, what exactly is project management? that it's more than just 47 project management processes. It's the application of the knowledge, skills, tools, and techniques to meet the project requirements. So, what exactly is project management, according to PMI? something we need to know for the exam. We're also going to look at how a project fits into an organisational structure. So we're going to talk about portfolio management, programme management, and then project management. And then what about OPM organisational project management? How does that work out? So we're going to look at this right out of the PIN box. So we'll also talk about projects and operations. What's the difference between a project and an operation? How do you know if you're redoing a project versus an operation? For some businesses, everything they do is a project that may or may not be legal, based on the PIN box. So we want to check that out. In this section, we're also going to establish the project manager's roles and responsibilities. So what do project managers do? What are they responsible for? So this will introduce the idea of some general management skills. So things like planning, but also accounting, sales, and marketing Did you know you do sales and marketing and project management? What about procurement? the logistics of managing your project and human resources. So, lots of general management skills And then of course, on the other side of the equation, we have interpersonal skills. So some emotional intelligence, problem solving and motivation, communication, leadership, and negotiating. So some interpersonal skills In this section, I've got a little surprise for you. It's not really a surprise, but it's a fun activity. Throughout this course, I've created some learning games. These are Flash-based, so you'll need Flash installed on your system. You can click on them, and it's going to take you over to my website. And these are just some learning games that support this section specifically, so you can try them out. should work just fine on your phone. I think they're about 20 to 30 minutes each, which is what it should take you to go through them and check your answers and whatnot. But check it out. This is a nice little brain break while keeping you somewhat grounded in each section as we move through the course. Okay, let's hop in and get going now and knock out this information.
2. Define Project Basics
Now we're going to move into the project management content that really focuses on what you'll be tested on in your exam. So let's begin by creating a good foundation for what a project is and a good foundation for project management. So let's talk about project basics. So, straight from the pin box, sections one and two, what exactly is a project? Well, the project is a temporary endeavour to create a unique product, service, or result that has a definite beginning and a definite ending. Now, an example that I like to use when I talk about project management is you building a house for me. And so if you're going to build a house for me, it is temporary; it's not going to go on forever. There's a definite beginning and a definite ending to that house project. and you are creating something unique. Even if it's a model home, like it's the same typeof home you build over and over, it's still unique. That it's. Unique resources, a unique place, a unique time, a unique customer There's going to be something unique about every house that you build. So it's something unique, a uniqueproduct, a service, condition or result. Now, projects can involve a single person. Just one person can complete a project. It doesn't have to be a whole bunch of people, though usually a lot of people are involved. But it could be one person. It could be a single organisational unit, like just the sales department or just the IT department. Or it could be multiple organisational units where you have sales and manufacturing all working together on the project. So the big thing here is that projecting is temporary; it does not last forever. Projects really create an item, an enhancement, or a component of another item. So you are creating a house, remodelling a house, or just installing the windows for the house. So it's a component of another item. You also might be creating a service or a capability to perform a service. like you're upgrading a retail store or setting up a call center. So those are services or the ability to perform a service. Like creating a website, it could be an improvement to an existing item. So if you're a software developer or managing a software project, you might have version two and now you're developing on version one, two, five, or version three, whatever scheme you use, or it's a result, an outcome, or a document. So maybe your project is to remove all the old monitors and put new ones in. So that's an outcome. Or your result is that you're going to clean up the field, so that's going to have a result. So there's some type of outcome that's clear, and when you reach that outcome, the project is done. We also need to talk about the relationships among portfolios, programs, and projects. So a portfolio is kind of a suite of projects. It's what we can invest in in our organization. So our portfolio is the amount of money we have to invest in projects and programs. Now, a programme is a collection of projects working towards a common objective. A great example of a programme is building a skyscraper. So you think about the skyscraper, this massive building, and then all of the little projects that could happen inside of that program. So the foundation, the framing, the elevator, the doors, the carpet—those could all be projects within the program. And then of course, a project is the smallest of a portfolio and a program, and that's the individual effort to bring about that unique product, service, condition, or result. So when we think about programs, we're talking about a coordinated, orchestrated effort for organisational goals, a portfolio, and we're talking about strategy and prioritisation Portfolios and programmes have a common government, meaning that they follow the same rules and the same framework, so that everyone knows what to expect when operating within that programme or within that portfolio. Programs, in particular, follow a uniform change control so that if a change enters any of the projects, it follows the same logical approach and rules and governance so that everyone takes the same approach to allowing or preventing change from entering the projects. And we also use a uniform approach to performance measurement. So in a program, especially, we all have the same KPIs (key performance indicators) for time, cost, scope, and technical performance that we're all measuring against the same type of performance measurement. So very quickly, I can see which projects are doing well and which projects need a little bit more attention. Section One, Three: What is the project management focus of this course? What is project management? It is the application of knowledge, skills, tools, and techniques to meet project requirements. Knowing when to use which of the 47 project management processes is key. Here's something that you may not know. You do not need to use all 47 processes in a project. You use the most appropriate processes in a project, but the key is knowing when to use them and how to effectively use the specific process. Of the 47, there are five project management process groups. And these are not phases. These are process groups initiating, planning, executing, monitoring, controlling, and closing. Now these process groups, as you'll see coming up, make up the project management lifecycle. But these are not phases. Let's talk about typical project management here—that we identify requirements and that we're addressing the needs, concerns, and expectations of stakeholders. We're setting up, maintaining, and carrying out communication. And then we're managing stakeholders. We want to keep stakeholders engaged. So if you can see just these first few points here on typical project management, it's very stakeholder focused.You identify the requirements. Well, your stakeholders are going to help you do that because that's what you're creating for them. You're addressing the needs, concerns, and expectations of stakeholders. your customers and then carrying out communications You have to talk to people. You're talking with stakeholders and then managing stakeholders so that you are keeping people involved, engaged, and excited about your project. Now, the reason why I'm stressing this so early is because this is a new topic in Pinbuck Five about stakeholder management. Not much stakeholder management follows communication management, but it's a really important topic that we want to address from the very beginning of the project. One of our first activities is to identify stakeholders. So it's very important upfront to have a stakeholder mindset, a servant leadership mindset, where I am serving and working for project stakeholders. We'll talk a lot more about stakeholders later in the course, but it's a theme that we'll see throughout the PIN box. All right. also balancing competing project constraints. Now, a constraint is anything that limits your options. So the scope is a constraint in that this is what you have to create in order for the project to be done and in order for the project to be considered successful. Quality is a constraint. That quality is the ability of an entity, the thing you're creating, to satisfy stated or implied needs. It is fit for purpose and meets the requirements. It's giving exactly what was promised to the stakeholders. And then, of course, scheduling If you have a deadline, that's a constraint. You have a budget; you have a financial budget, so that is a constraint. Resources can be a constraint because you may have to share them with other projects, you don't have full-time access to all the resources, or you have to use a particular type of material. That's a constraint. Risk can then become a constraint in how you operate in order to manage risk that could constrain your project. So a constraint is anything that limits your options, and there are a lot of constraints in project management. A term that you need to know is "progressive elaboration." Progressive elaboration means that we start very broad, and then we go to something very specific. So we have an idea or a concept, and we formulate the idea. We might create a business case—a feasibility study—and then that leads us ultimately to project initiation. So we're starting from very broad to very specific. You want to build a house for me. So you're going to ask me, well, what type of house do you see? Well, I want a four-bedroom, three-car garage with a big swimming pool. Okay, well, of these four bedrooms, are they all master bedrooms? Do they each have a bathroom? What about the kitchen? How many floors are there? And so on. That's progressive elaboration. You start very broad, and by doing research and talking to people, talking with your stakeholders, you get to that idea of formulating the idea.The business case talks about the value of the project. How much will it cost? What's the expected return? Often, the business case is done by a business analyst. The feasibility study then is, "is it feasible?" Can we deliver on what's promised? And then ultimately it launches the project, so that's progressive elaboration. Finally, we have the idea of a project management application area. This is just the discipline or the industry where your project will take place. So you might be an It, and then anotherguy is over here in construction or in healthcareor government or some other industry manufacturing. So an application area. When you hear me say that term, or you read that term in the pin box, it's just a possible discipline in which a project can take place. All right, good job. We've reached the end of this lecture with "building a good foundation and project management." In the next lecture, we're going to talk a little bit more about projects and how they operate in different organisational structures. Structures. So I'll see you real soon.
3. Manage Projects and the Organization
In this lecture, we're going to talk about how projects can exist in many different organisational types and organisational structures. Let's begin our conversation talking about portfolio management, programme management, project management, and how that all fits together with organisational project management. Now, this is from a table in the Pinball Guide. The very first table, table one, one in the Pinbachguide, fifth edition, where basically the day being PMI showsus in this table how all of these entities managescope change, have a common approach to planning. They have a common approach and mentality towards management. identifying success factors. How do you know your portfolio manager programme has been successful? And then how do you monitor the project while it's in motion, or the portfolio, or the program? Portfolios are all about maximising returns on investment. Now, this is not a big deal for your exam. You might have a couple of questions where you're operating within a programme or your project is part of a portfolio, but you won't really have to know too much about programmes or portfolios for your exam. It's more about those tasks that we looked at that you'll do as a project manager. To be clear, projects, programs, and portfolios all share the same common mindset in terms of managing and monitoring and controlling scope, changes, success planning, objective management, and team management. What defines success? very important to define upfront. How do you know when you're done? How do you know when you're successful? No vague terms. We'll talk more about that in chapter five on scope management and then monitoring and controlling the project, program, or portfolio. Portfolios, you know, are all about return on investment. So a portfolio is a collection of programmes and projects. Any type of endeavour that a company is going to invest in is typically just labelled as part of a portfolio. The most common entities in a portfolio are programs. Programs, of course, are endeavours that have multiple projects, all working towards a common goal. Like the construction of AskyScraper, this is a good program. Portfolios could also have a bunch of individual projects. They don't have to be in a program. And yes, you can have more than one programme in a portfolio. Another way to look at a portfolio is by decomposing it. So you can have individual projects. You could have a programme with little projects inside of that program.You could also have a sub-program, so you have a programme to build, let's say, a skyscraper, but you have a sub-program that is all of the landscaping for the different balconies on the skyscraper, and those could have individual projects. It's possible that you could have a sub-portfolio within your organisational portfolio. So, for example, you might have an organisation portfolio, but then each line of business has its own portfolio. So it projects, manufacturing projects, sales projects, logistics projects—every business line could have its own sub-portfolio. And it's possible that within the sub-portfolio, you'd have programmes and individual projects just like you would in the organization's portfolio. All right, so I think we've got the idea here. Let's talk about something that's a little bit more relevant to us, and that's programme management. These projects are frequently carried out within the framework of a program. So when we are working on a program, we're working with multiple related projects like the skyscraper. Our goal is to achieve benefits that we would not be able to achieve if these projects were managed independently of one another. That it makes more financial and time sense to manage all of these projects through a program. Program managers run the program. Project managers manage projects. Project managers often have to report to a programme manager. So in your organization, you might have a level of autonomy as a project manager that may not exist. In other organisations that are working with programme managers, it's important to understand how much authority and autonomy you have as the project manager when you're operating within a program, because you don't want to overstep your bounds, but you also want to make sure that you're meeting expectations as the project manager. This is really PMI setting us up for one of their certifications, the PGMP, the programme management professional. So you might have one or two questions, as I mentioned, about programme management. Just know that project managers report to programme managers, and it's a uniform way of managing projects within this collection of related projects to achieve benefits that you would not achieve if the projects were managed independently of one another. Projects in strategic planning also go together, as I mentioned earlier, in that you have to do projects that support the vision and the strategy of your company. If you manufacture cars, you're probably not going to start a project to design a bicycle. It simply does not fit into the vision or strategic planning of your company. Projects answer market demands. So if your company is hearing demands from customers, like you can see later here when I talk about a customer request, that's the market. That means there's an opportunity to createa project to satisfy this demand. Opportunities are what businesses look for, right? that opportunity to be more profitable or to cut costs. But those are two opportunities that most organisations are always on the lookout for: how can I be more profitable, and how can I cut costs? Well, when you identify one of those opportunities, you are likely to have a project to satisfy or reach that opportunity. There could be a social need that is causing this project to be launched, like a new website or information, or building something in your community to enhance the lives of your customers or stakeholders or people in your organization. So there's a social need that could go along with this project. There may now be environmental considerations, yes, we're talking about the environment with pollution and water and nature, but there is also the environmental consideration of a political environment in your company. Or if two organisations come together, that creates an environment where you have to bridge or meld these two organisations into one. So projects could be launched because of that type of environment. As I mentioned, a customer request seems to be the most common if you're an organisation that you do projects for; others could be advanced in technology. So a new version of software comes out, or new hardware comes out, or new capabilities. So you start a project to take advantage of these new technological advances. It might also be a legal requirement. So there are new laws or regulations that you have to adhere to. So there are lots of reasons why projects happen, but all of these must adhere to the strategic planning of your company. So the vision and strategy your projects must support If not, you're just setting yourself up for failure. Some of you may operate within a PMO. A project management office is sometimes just called a project office. But a PMO is there to support project managers; they are there to help projects be run uniformly and to support the PM. They will also coordinate if you have to share resources across the PMO. Now, resources—yes, our people—that's it's.Often, we think about my project team members, but resources could also be things like equipment or facilities, like a meeting room. The PMO will often manage those types of shared resources between projects. The PMO is often responsible for coaching, mentoring, or training the project team or the project manager. So the PMO does have a real supportive role. The PMO may be responsible for conducting project audits. So did you achieve the goals of the project? Were you within a particular range with your key performance indicators? And then where did the money go that you spent on the project? Were you wasteful or were you a good steward of company resources? The monies that were invested in the project The PMO may also develop and manage processes and procedures. So how you procure, how you get people on or off your team, and how you do reviews of your team could all be led by the PMO, where they could set guidelines on how you do those types of activities. They may also provide facilitation across projects. And we're going to see some organisational types come upwhere I may be using Bob on my project, but Sally is also using Bob on her project. So we have to communicate and coordinate with one another as to when we can use Bob. Well, the PMO may do that for us or help us have that conversation to ensure that we aren't overworking Bob and that we aren't scheduling Bob for the same work at the same time because Bob can only be in one place at once. There are three project management office typesyou need to be familiar with. We have supportive people. That's my favourite kind because this PMO has more of a consultative role and they're providing templates and training that are really helping me do my job. Now, controlling is where it's more about compliance through a framework. So you have specific forms, templates, rules, and governance. That's all there is to controlling. Now, a directive is where the PMO actually owns the project. So all projects in a group flow through the PMO, and the project manager works as a member of the PMO. So that one is a little bit more controlling in that they are directing the project. Now, it's tricky here, as you can see, even though I did say controlling and directive. Think more about governments when controlling them. directive means that the PMO owns the project. So, supportive, controlling, and directive are the three different PMO types. For your exam, I would likely suspect you're going to have a question or two about what PMO you might be operating in based on the characteristics they've given a question.I mentioned strategic planning a little bit. So I'd like to just take a moment to make certain that we're all clear on this idea of strategic planning. There are a small number of executives in your organization, and they ask questions like, "Why are we doing this?" They set the vision, the mission, and the long-term goals of your company or organization. Then we have functional management, a little bit broader. There are more people in the functional management role than there are in the executive role. In the functional management role, they're all about strategy and tactics. What are we going to do? What will we do? Then we have operations. And that is the greatest number of people. The bulk of your organisation is operations. It's the people that work in different lines of business or in your core functions. And they're all about how we'll achieve the strategy and tactics that support the vision, mission, and goals of management. So projects and strategic planning go hand in hand. Now, projects and operations are not the same. Projects, you know, are temporary; we're developing a new product, service, or result. Typically, when you're doing a project, you're doing a move and adding a change or deletion. So sometimes we call that MACD. MACD and that you're implementing a new service or solution. Operations are ongoing, meaning they are repetitive actions like maintenance, your core business functions, or operations. So designing a car could be a project. Manufacturing the car could be an operation. There is a relationship between projects, operations, and organisational strategy. So we have operations and project management. They have to support one another. So sometimes a project is created to support operations. Operations, though, often give the requirements that the project manager needs to know in order for the project to be successful. At the end of a project, we close it out. You could also do a close-out at the end of a project phase. And sometimes, when we close out the project as it moves forward, we close out each phase. There are deliverables or benefits that the operations can immediately begin using. Now, sometimes that's not true. You have to wait till the end of the project. But there are instances where there are intermittent deliverables for operations. Now, operations may cue us to do product development. It could be that our projects exist to improve operational processes and the life cycles of our products. It could be that we are sunsetting or starting a new product. So it's a product life cycle. A lifecycle just describes how long something lives. So a product lifecycle is: you have a new product, and then at some point it gets replaced by a better product. So I mentioned cars earlier. So you think about the different makes and models and years of a car. That could be a product. It could also be a project to do knowledge transfer. So if two companies come together to form one new company, there's definitely some knowledge transfer. But all of this fits into operations and organisational strategy. But you may have a project to facilitate those activities. Organizations and Project Management There are some other things we need to talk about here. project-based organizations, project management, and organisational governments. Let's look at those two first. A project-based organisation is a company that only does projects as its core income. So if you're a construction company or a roofing company or a web development company, everything you do is a project. Well, organisational governance refers to the procedures and processes you have to follow in your company in order to manage projects. So it's the rules and the framework. Now, organisational strategy is how we grow our company, get a better piece of the market, or grow our market share. So projects support that as well. Projects are also influenced by the culture of your company. So a startup environment may have a different culture than a bank that's been around for 50 years. So the culture influences how you manage your project as well. Finally, we have business value. Business value describes the entire value of your business and how your project contributes to that value. So it's everything that makes your company worthwhile. So tangible elements like money, fixtures, and equipment, any equity that people own in your company, Intangible elements are things like your reputation. You can't buy your reputation, but you build it. And there is value in that reputation. If you have brand recognition, there's value in that. And then any trademarks that you own contribute to your business' value. But why is this important? with project management? Your projects contribute to business value. So it's important for us to see as project managers that what we do has a direct effect on the value of our organization. All right, I know that was a big lecture. Good job. Let's keep moving forward. I'll see you at the next lecture.
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