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Project Life Cycle

A series of different project phases.

It's a series of phases that characterizes the path of a project from start to finish. It involves stages like initiation, planning, execution, and closure.
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The Project Life Cycle represents the sequence of phases a project passes through from initiation to closure. In CAPM terminology, these phases typically include: 1. Starting the project: This initial phase involves defining project goals, conducting feasibility studies, identifying key stakeholders, and obtaining formal authorization through a project charter. This establishes the project's purpose and parameters. 2. Organizing and preparing: This planning phase includes developing the project management plan, defining scope, creating work breakdown structures, establishing schedules, budgets, and resource requirements. Comprehensive planning here sets the foundation for execution. 3. Carrying out the work: During execution, the project team performs activities according to the project plan, creating deliverables that fulfill project objectives. This phase requires coordination, quality control, and active stakeholder management. 4. Closing the project: The final phase involves formally completing all activities, obtaining acceptance for deliverables, documenting lessons learned, releasing resources, and archiving project information. Key characteristics of project life cycles include: - Progressive elaboration: Details become clearer as the project advances - Resource loading: Resources typically ramp up during execution and down during closure - Risk and uncertainty: Highest at project start, decreasing over time - Stakeholder influence: Greatest at beginning, diminishing as the project progresses - Cost of changes: Increases significantly as the project advances Projects may follow predictive (traditional), adaptive (agile), iterative, or incremental approaches based on industry needs. The PMBOK Guide recognizes this variety while maintaining these fundamental phases apply universally across projects. Understanding the project life cycle helps project managers properly structure work, allocate resources effectively, and manage stakeholder expectations throughout the project's duration.

The Project Life Cycle represents the sequence of phases a project passes through from initiation to closure. In CAPM terminology, these phases typically include: 1. Starting the project: This initi…

Concepts covered: Project Human Resource Management, Closure, Initiation, Execution, Project Cost Management, Project Communication Management, Planning, Monitoring and Control, Project Risk Management, Project Time Management

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CAPM - Project Life Cycle Example Questions

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Question 1

Which of the following is NOT a component of the Cost Management Plan?

Correct Answer: Vendor selection criteria

The correct answer is 'Vendor selection criteria.'

The Cost Management Plan is a component of the Project Management Plan that outlines how project costs will be planned, structured, and controlled. It typically includes:

1. Control thresholds for monitoring cost performance
2. Description of how cost variances will be managed
3. Units of measure for each resource

These are all legitimate components of the Cost Management Plan and are included in the other answer options.

However, 'Vendor selection criteria' is not a component of the Cost Management Plan. This is more closely related to the Procurement Management Plan, which deals with how the project will acquire goods and services from outside the organization.

The other options are incorrect because:

- Control thresholds for monitoring cost performance are essential for identifying when corrective actions may be necessary.
- Describing how cost variances will be managed is crucial for maintaining project financial health.
- Specifying units of measure for each resource ensures consistent cost estimation and tracking.

These elements are integral to effective cost management and are therefore part of the Cost Management Plan.

Question 2

Project Zeta has completed, but the client is reluctant to sign off on project closure claiming some minor issues. What would be the correct approach?

Correct Answer: Investigate the issues, solve them if they are part of the original project scope, and then seek sign off

The correct approach in project management when a client is reluctant to sign off on project closure due to some minor issues is to investigate the issues, solve them if they are part of the original project scope, and then seek sign off. The reason why the other answers are wrong is as follows: Forcing the client to sign off on the project is not ethical or professional because it does not take into account the client's concerns and it might harm the relationship with the client. Ignoring the client's concerns and closing the project would not be a good practice as it might lead to dissatisfaction from the client and potential reputational damage for the project manager or the organization. Handing over the issues for the operations team to solve might not be within their skill set or responsibilities and may also risk the client's satisfaction, as the problem could potentially not be addressed promptly or appropriately.

Question 3

Which of the following cost estimation techniques is most appropriate when there is limited detailed information available about the project?

Correct Answer: Analogous estimating

The most appropriate cost estimation technique when there is limited detailed information available about the project is analogous estimating.

Analogous estimating uses historical data from similar projects to estimate the cost of the current project. This method is particularly useful when project details are scarce, as it relies on comparing the current project to past projects with similar characteristics.

This technique is quick and relatively easy to use, making it ideal for early project stages or when time constraints exist. It provides a rough order of magnitude estimate based on expert judgment and historical data.

Bottom-up estimating requires detailed information about project components, which is not available in this scenario. It involves estimating individual work packages and then aggregating them, which is not feasible with limited information.

Parametric estimating with complex algorithms typically requires more detailed project parameters and historical data to create accurate statistical relationships. This level of detail is not available in the given scenario.

Three-point estimating using PERT analysis involves calculating weighted averages of optimistic, most likely, and pessimistic estimates. While useful for considering uncertainty, it still requires more detailed project information than what is available in this case.

In summary, analogous estimating is the most suitable technique when project details are limited, as it leverages similarities with past projects to provide a reasonable estimate.

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