CAPM Project Closure & Benefits Realization Flashcards

What is the primary purpose of the 'Close Project or Phase' process in the PMBOK Guide?

Answer: To formally finalize all activities, transfer deliverables, and close out the project or phase

Close Project or Phase finalizes all activities, ensures formal acceptance, transfers deliverables, and releases project resources.

Which document formally confirms that the customer has accepted the project deliverables?

Answer: Formal acceptance document (or signed acceptance)

A formal acceptance document, signed by the customer or sponsor, officially records that project deliverables meet requirements and are accepted.

Benefits realization management is BEST described as:

Answer: The processes that ensure the intended business benefits of a project are actually achieved

Benefits realization management ensures that the outcomes a project was initiated to deliver are actually achieved and sustained after project completion.

Which artifact captures the business benefits a project is expected to deliver and is often used to justify project initiation?

Answer: Business case

The business case documents the justification for a project, including the expected benefits, which are later verified during benefits realization.

During project closure, final project records and lessons learned are typically stored in:

Answer: The organizational process assets

Organizational process assets, including historical records and lessons learned repositories, are updated during project closure for future project use.

What happens to unused project budget at the time of project closure under most organizational policies?

Answer: It is returned to the organization or sponsor per governance rules

At project closure, unspent budget is typically returned to the performing organization or sponsor in accordance with financial governance policies.