Post on 07-Nov-2014
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David Geoffrey Litten
CasaBlanca Publishing Corp
Preparing For PMP
PMP EXAM Flash Summaries
Essential Exam
Aspects of
PMBOK
PMP Exam Flash Summaries Preparing For PMP
CasaBlanca Publishing Corp |© David Geoffrey Litten 2011 2
Hi and Welcome!
I thought long and hard about even producing this PMP Exam Flash Summaries product.
Believe me; I nearly tossed the whole thing in the trash!
You see, it’s a bit like naming your top ten favorite songs, my list would be different to yours,
and worst, you may claim that I missed out an obvious choice of your favorites.
My intention is to give you an easy read of the key PMP Certification Exam areas that you need
to know in preparing for the PMP Certification Exam, and if I was not careful, I could easily turn
my PMP Flash Summaries into an entire PMP topic list!
So I honed them down to just 65 essential PMP aspects…
So I resisted, and here is what I came up with. I’d recommend you skim through this using it
almost as an aide memoire – if you find yourself saying, know that, know that, hhhmmm, I’d
forgotten that…then Great! I just nudged you to look into a topic further.
So despite my grand title, if you find this short document helped you to better focus on your
revision, then I’ve achieved my objectives.
You probably know that I have created my PMP Video Primer, and yes, that will give you the
finest training to prepare for your impending PMP Certification Exam.
But I’m not here to try to sell you anything, my intent here is to help you on your way to having
the PMP Certification after your name, and to that goal, I give you my very best wishes.
Stay Focused,
Author and creator of the PMP Primer
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The PMP Exam Objectives
These are the broad topics that you must become competent in:
Initiating the project
Conduct project selection methods
Define scope
Document project risks, assumptions, and constraints
Identifying perform stakeholder analysis
Develop project charter
Obtain project charter approval
Planning the project
define and record requirements, constraints, and assumptions
identified project team and defined roles and responsibilities
create the WBS
develop change management plan
identify risks and defined risk strategies
obtain plan approval
conduct kickoff meeting
Executing the project
executing tasks defined in project plan
ensure common understanding and set expectations
implement the procurement of project resources
manage resource allocation
implement quality management plan
implement approved changes
implement approved actions and workarounds
improve team performance
Monitoring and controlling the project
measure of project performance
verify and manage changes to the project
in show project deliverables conform to quality standards
monitor all risks
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Closing the project
obtain final acceptance of project
obtain financial, legal, and administrative closure
release project resources
identify, document, and communicate lessons learned
create and distribute final project report
archive and retain project records
measure customer satisfaction
Professional and social responsibility
ensure individual integrity
contribute to the project management knowledge base
enhanced professional competence
promote interaction among stakeholders
The skills of a good project manager. Communication, problem solving, budgeting,
organizational, team building, team leading, negotiation and influencing, are the
skills of project management excellence.
The difference between a project and business as usual (operations). A project is temporary
in nature with a definite beginning and ending date. Projects produce products (deliverables),
services or results. Business as usual is an ongoing activity and use repetitive processes that
typically produce a similar result time and again.
Name the five project management processes. These are initiating, planning, executing,
monitoring and controlling, and closing.
Name the nine project management knowledge areas. These are integration management,
scope management, time management, cost management, quality management, human
resource management, communications management, risk management, and procurement
management.
Be able to compare and contrast the different organizational structures and the project
manager’s authority for each of them. The main structures are functional, projectized, and
matrix. There are three variants of the matrix organization, the weak matrix, the balanced
matrix, and the strong matrix. While the matrix organization is a balance between the project
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manager’s authority when comparing the other two, project
managers have the most authority in a projectized organization
and the least authority in a functional organization.
The six needs or demands that can create a project. These are
market need, business need, customer request, legal
requirements, social needs, ecological impact, or technological
advance.
Be able to calculate and describe the payback period. This is the time-frame it will take the
organization to recoup its investment from the product of the project. The calculation involves
the sum of the expected cash inflows, compared against the original investment, and to
calculate how many time periods (typically years), before the cash inflows equal the initial
investment.
State the inputs for the develop project charter process. These are the project statement of
work, the contract (if this is appropriate), the project business case explaining why the project is
being undertaken, the problem that it will solve and the benefit cost analysis, the enterprise
environmental factors and the organizational process assets.
The different project selection methods. These measure the value of the product or service
that the project will produce and compare this against the benefits realized by the organization,
and they fall into two categories; benefit measurement methods and mathematical models.
You may find these also describes as decision models, which compares different criteria, and
calculation methods which calculate the value of the project. Both are used to aid project
selection decision making.
Mathematical models are complex formulas and algorithms, also known as constrained
optimization methods. Benefit measurement methods which you must understand and
calculate include benefit cost ratio (BCR), internal rate of return (IRR), economic value add
(EVA), present value (PV), net present value (NPV), payback period, return on investment (ROI),
opportunity cost, and return on invested capital (ROIC).
Make decisions based on NPV and IRR. Any project with an NPV greater than zero should be
accepted, and any NPV less than zero should be rejected. When comparing two or more
projects, the project with the highest IRR should be chosen. IRR is the discount rate at the point
when NPV is equal to zero, and therefore assumes reinvestment at the IRR rate.
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Describe the project charter, its creation and purpose. The project
charter officially recognizes and acknowledges that the project exists,
it is created during the develop project charter process and it explains
the business need of the project. It names and authorizes the project
manager and is signed off by the performing organizations senior
management.
It contains the high-level project requirements, and a milestone view
of the project schedule. It will also have a summary level preliminary project budget. It is used
as a key input for the development of the project management plan.
State the purpose of the develop project management plan process. The project management
plan process defines, coordinates, and integrates all of the subsidiary project plans, and as such
specifies the who, what, when, where, and how of the project. The project management plan is
progressively elaborated which means that it is developed in the first place and then refined,
revisited, and updated.
State the purpose of the project management plan. The project management plan consists of
the 15 component plans integrated together, and so will need to be assembled after these
component plans have been created. It describes how the project is to be executed, what is to
be monitored and controlled, and how it is to be closed. It therefore documents the outputs of
the planning group processes, and the level of detail contained here will reflect the size and
complexity of the project.
Describe the project constraints and assumptions. Project constraints often restrict or dictate
future actions and they limit the options available to the project team. Classic constraints that
the project must work within are time, cost, and scope, although there may be others for
example the amount of risk that is acceptable or maybe quality or benefits constraints.
Assumptions are merely some future condition that at the present are presumed to be real or
true. Assumptions may be the underlying cause leading to risks and as such should be
continually monitored and checked.
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Define the purpose of the project scope statement. This provides a
common understanding of the project scope across all of the project
stakeholders. It lays out the project goals and objectives, project
requirements, the project products or deliverables along with their
quantifiable criteria, and any constraints, assumptions, and scope
related risks. This document is used at the end of the project to agree
its successful completion, and therefore objective criteria must be
included for accepting the final product of the project.
Define the work breakdown structure (WBS) and its component parts. This is created in the
create WBS process and as such is a very important topic. The WBS is the hub of information
for the project and is used later to determine the project activities, costs, risks, quality
attributes, and procurement decisions.
It is a deliverable-oriented hierarchy, and the main inputs for its creation are the project scope
statement, the requirements documentation, and the organizational process assets (which
might include templates, tools, or previous project examples). It uses the projects products
derived from the project scope statement and decomposes them into logical and manageable
units of work. The lowest level of a WBS is called a work package.
The tool used to create it is called decomposition, and the WBS is accompanied by its WBS
dictionary providing detailed information for each WBS node. Another main output here is the
scope baseline which represents the combination of the project scope statement, the WBS, and
the WBS dictionary. As with all baselines, once the scope baseline is created it is placed under
change control as laid out within the scope management plan.
Describe the purpose of the communications management plan. Fundamentally, this plan lays
out the communication needs of the stakeholders, and for that reason it uses the stakeholder
register and the stakeholder management strategy document as the primary inputs. The
communications management plan describes who should receive project communications,
what those communications should be, how and to whom the communications should be sent
and how often it will be updated.
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The plan quality process. Quality is planned in from the start and not
inspected in after the product has been constructed. Being able to
meet quality requirements, leads to an increase in stakeholder
satisfaction, lower costs, less rework and an increase in productivity.
The plan quality process is where the project identifies what such
quality specifications are, and how all of those will be met. Two of the
main outputs are the quality management plan describing how the
quality policy will be met and the process improvement plan which
covers how quality activities will be refined and improved.
Define the cost of quality (COQ). This is the total cost of all the work to produce the product or
service of the project such that it meets the required quality standards. The three costs
associated with the cost of quality are prevention costs – those associated by creating a defect-
free product, appraisal costs which are those associated with inspections and testing, and
failure costs – which are typically reworks costs so that the requirements are met, or failure
costs wants the customer has been using the product.
The tools and techniques of the plan quality process. These include cost-benefit analysis,
COQ, statistical process control (Control Charts), design of experiments (DOE), statistical
sampling, benchmarking and flow charting (e.g. Cause and effect diagrams).
The purpose of the scope management plan. This describes the process for determining the
project scope and facilitates the creation of the work breakdown structure(WBS). It also
describes how the project product or service is to be verified and accepted, and details how
changes to scope will be managed. This document forms part of the project management plan.
The purpose of the requirements documentation. This contains an understanding of what is
needed to satisfy the stakeholders, why each requirement is important, and it covers both the
project itself and the products to be created. It is a significant lever on determining the project
schedule, budget, quality specifications, risk factors and both human and non human resource
requirements. The requirements documentation is accompanied by the requirements
management plan, describing how the requirements will be managed, and that goes on to
define the team activities needed to gather and manage the project requirements.
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Name the define scope tools, techniques and outputs. This
process uses the project charter, requirements
documentation, and organizational process assets as inputs.
The tools and techniques used are product analysis, expert
judgment, alternatives identification, and facilitated
workshops. The two outputs of this process are the project
scope statement and the many project document updates.
These may include the requirements documentation, the
requirements traceability matrix, the stakeholder register, and changes or additions to project
risk and issues.
Key quality techniques. Phillip B. Crosby invented the zero defects practice and the quote,
‘doing it right first time’, Joseph M Juran coined the term ‘fitness for purpose’, and W Edwards
Deming was the major contributor of total quality management (TQM). Six Sigma focuses on
achieving very high levels of quality both by controlling the process and reducing defects. Also
be aware of continuous improvement, ‘Kaizen’, that advocates constant process improvement
via small changes in products or services.
The risk management plan purpose and definition. This describes how you will define,
monitor, and control risks throughout the project, and is created in the plan risk management
process. It does not define responses to individual risks. It defines what level of risk (risk
appetite) is tolerable, how risk will be managed, who will be responsible for risk activities, cost
and time to be allocated to risk activities, and how risk will be communicated. It also includes
how risks will be categorized, and a risk breakdown structure can be helpful in achieving this.
The purpose of the identify risks process. This identifies all the risks which may impact the
project and also to understand the characteristics or nature of each. The output from this
process is the risk register, containing a list of all known risks at this time, their causes, and if
possible, any responses that can be identified.
Define the risk register and its contents. This is an output of the identify risks process,
and for each risk, the following aspects should be captured; the risk ID number, a
description of the risk itself, the chosen responses, the root cause of the risk, the risk
triggers, the risk owners, and what category the risk falls into.
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Defining the perform qualitative risk analysis process. For each risk, its
impact on the project will be determined and the probability of that
particular risk occurring. This process then ranks each risk according to their
impact on project objectives in rank order.
Defining the perform quantitative risk analysis process. This assigns a
projected value to each risk, normally specified in terms of cost or time. This
can be done by pre-assigning numeric probabilities to each risk and their
potential impacts on the objectives of the project.
Defining the plan risk responses process. This creates the plan for how each risk will be
handled. Remember that a risk may have a negative impact or it may have a positive impact
(normally called an opportunity). They are both risks because they both have uncertainty.
Responses for negative risks or threats, are avoid, transfer, mitigate (reduce), or accept.
Responses for positive risks or opportunities are, exploit, share, enhance, and accept (also used
for negative threats – it is the ‘do nothing’ option.
The purpose of the plan procurements process. This determines which products, components
or services of the project will be created internally, and which will be procured externally. In
addition the project manager must determine the most appropriate types of contracts to be
used for each procurement. The two main outputs from this process are the procurement
management plan; defining how procurement will be conducted, and the procurement
statements of work, which explains the relevant parts of the project scope to potential Sellers
to decide if they wish to bid for the working question.
Identify the contract types and their use. There are three categories of contracts. Fixed price
contracts (lump sum contracts), of which there are three variances; firm fixed price (FFP), fixed
price incentive fee (FPIF), and fixed price economic price adjustment (FP-EPA). The second type
are called cost reimbursable contracts and there are two types of these; cost plus fixed fee
(CPFF), and cost plus incentive fee (CPIF). The final type is a time &materials contract, which is
a combination of fixed and cost reimbursable contracts.
The point of total assumption. This is the point within a contract where the subcontractor
assumes responsibility for all additional costs, and is therefore motivated to bring their work to
a swift conclusion because they have consumed all the costs, and any further spending will be
funded by themselves.
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Name the outputs of the plan procurements process. These are the
procurement management plan, the procurement statements of
work, make or buy decisions, procurement documentation, the
source selection criteria, and if needed, change requests relevant to
changes in procurement.
Name the tools and techniques of the conduct procurements process. These are bidder
conferences, proposal of valuation techniques, independent estimates, expert judgment,
advertising, Internet search, and procurement negotiations.
Name the outputs of the develop human resource plan process. This of course is the human
resource plan itself, and consists of three parts; roles and responsibilities, organization charts,
and the staffing management plan. The staffing management plan explains how and when the
project will be staffed, including their release, and if appropriate how they will be trained.
Name the purpose of the define activities process. This takes the WBS and decomposes it into
the activity list (each one should match that to a unique work package), it defines the activity
attributes such as resources needed and any procurement activities, and a milestone list.
Identifying the tools and techniques of the sequence activities process. The main output here
is the project schedule network diagrams, which basically show the sequence and
dependencies between each activity but do not include start or finish dates. The main tool is
the precedence diagramming method (PDM) which is a graphical representation showing the
correct order and sequence of the various project activities. The dependencies between each
activity must be determined whether mandatory, discretionary, or external. Activity leads and
lags must also be incorporated. For similar previous projects it may be possible to use existing
schedule network templates.
Name the purpose of the estimate activity resources process. The purpose is to determine the
types of resource needed (human, materials, facilities, or equipment), and to determine how
many are needed for each activity. The resource availability must also be taken into
consideration, and all of these aspects will determine the duration of each activity.
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Name the tools and techniques of the estimate activity durations process. These are expert
judgment, analogous estimating (top down estimating), parametric estimating (linear
extrapolation), three-point estimates (PERT estimates), and reserve analysis, also called
contingency which consists of extra time added to an activity duration estimate.
State the difference between analogous estimating and bottom-up estimating. Analogous
estimating is also known as top-down estimating, and is when the actual duration of a similar
activity on a previous project is used to help calculate the duration of an activity on this project.
This is combined with expert judgment to determine how similar the two activities really are.
Bottom-up estimating is where an activity is decomposed into small pieces of work and these
are estimated by adding them up to give a total estimate. It can be used in terms of work effort
and cost and also when developing the project schedule by summing the estimates given at
each activity level.
Calculate the critical path and its definition. This occurs in
the develop schedule process, and it is vital that you
understand how to do this using forward pass, backward
pass, and float calculations. The critical path determines
the duration – and hence the earliest finish date, of the
project. The terms float, early start, late start, early finish,
late finish, free float, and negative float need to be understood. A critical path activity is a
project activity with zero float.
Describe and calculate three point estimates (PERT estimates). These use three data points
called the pessimistic estimate, the most likely or realistic estimate, and the optimistic estimate
for each activity. We then use a weighted average technique via the formula: pessimistic, plus
four times the realistic, plus the optimistic estimate, and divide the result by six.
Name and describe the duration compression techniques. There are two techniques; crashing
and fast-tracking. Crashing consists of adding extra resources to a project activity so that the
work can be shared so the activity will be completed more quickly. This normally increases
project costs. Fast-tracking entails reordering the sequence of activities so that some are
performed in parallel. This does not normally increased costs but often increases project risk
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due to dependency rules being broken and multiple activities
occurring at once adding risk and complexity.
Name and describe the main output of the estimate costs
process. The primary output here is the activity cost estimates
describing how much it would cost to complete each activity on the
project.
Describe the cost performance baseline. This is another term for the project budget, and it
shows not just the total cost but when such costs will be incurred. Since a traditional project
starts off slowly and finishes in a similar way, when plotted as cumulative cost, forms a
characteristic S Pattern and hence is called an S Curve. As with all baselines, this is under
change control and is used to measure the cost performance of the project.
The characteristics of the direct and manage project execution process. This is where the
project work is performed, where the team are executing the work packages, and the project
products or deliverables are being created. For this reason, most of the budget is spent during
this process.
Name the five stages of group formation. This is Alan Tuckman’s model of forming, storming,
norming, performing, and adjoining.
Define Maslow’s highest level of motivation. This is self-actualization and occurs when an
individual is living and working at full potential, and that all lower level needs have been met.
Name the five forms of power. These help the project manager maximize their ability to
influence and manage the team. These are reward power, expert power, legitimate or formal
power, referent power, and punishment or coercive power. The best forms of power are
reward and expert with punishment as the least affective form.
Compare and contrast senders and receivers of information. Senders must ensure that their
message is clear concise and complete, while receivers must ensure that they understand the
message correctly.
Name the six styles of conflict management. These are problem-solving, collaboration,
compromise, forcing, smoothing, and or withdrawal. The latter is not so much a resolution to
conflict but a means of avoiding it, so this is not the best method to use as the conflict is never
actually resolved.
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Describe the purpose of the perform quality assurance process.
This process is focused on improving the activities and processes
that are undertaken to achieve the project quality standards, and
should not be confused with perform quality control, which is
about inspecting the product for quality or measuring defects.
Describe the purpose of the monitor and control project work
process. This compares actual work results to the plan and then
makes appropriate adjustments to ensure that the two match. It
make sure that both the products, and the way in which they are being produced, fall in line
with the plan, it also looks at how the overall project is progressing and takes any corrective
action if needed via change requests.
Name the tools and techniques of the manage project team process. These are observation
and conversation, project performance appraisals, conflict management, the issue log, and
interpersonal skills.
Describe the purpose of the manage stakeholder expectations process. This is an executing
process to ensure that the project stakeholders are actively managed and kept informed; it
focuses on identifying and resolving any stakeholder concerns in a timely manner.
Define the purpose of the report performance process. This process uses work performance
information and work performance measurements to report back to the stakeholders on how
the project is progressing against the plan and the various baselines (scope, time, cost, and
quality). The main output is the performance report.
Name the purpose of the perform integrated change control process. This process is where
you assess the change’s impact on the project, because whenever a change occurs in one area,
it must be evaluated for its impact across the entire project. This process is focused on
managing change to the project’s scope.
Define the purpose of a configuration management system. It describes how change requests
are submitted; it includes processes for tracking the changes and their authority levels. A
configuration management system must include configuration identification describing the
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characteristics of each product, configuration status accounting
to determine the true status of each product, and configuration
verification and auditing.
Describe the purpose of the control costs process. This process
monitors project costs to prevent unauthorized or incorrect
costs from entering the cost baseline. The focus here is on cost
variance. It does this by measuring what was executed against
what was planned. If they do not match, then go on to
harmonize the planned and actual costs; this may mean altering future plan forecasts or
changing the way in which the work is being carried out.
Be able to define and calculate earned value. There are 13 key formulas that need to be
understood and memorized. The technique continuously monitors the planned value, earned
value, and actual costs expended to produce the work of the project. There are performance
measures, performance indexes, and forecasting and variance analysis techniques.
Describe the purpose of the monitor and control risks process. This is performed almost
continually throughout the project because existing risks can change and new risks may arise.
The main outputs here are updates to the risk register and as a consequence may need new or
modified risk responses resulting in a change to the activities within the project.
Name the tools and techniques of the perform quality control process. These are cause and
effect diagrams (Ishikawa diagrams), control charts, and flowcharting, histograms such as a
pareto chart, run charts, scatter diagrams, statistical sampling, and inspection.
The purpose of the verify scope process. This verifies that the product, service, or result of the
project matches the documented scope baseline. Verify scope focuses on completeness and
acceptance of the product by the appropriate stakeholders.
The purpose of the close project or phase process. The focus here is to ensure that the project
or phase comes to a controlled shut down. This will typically create any appropriate
documentation and archive it, capture the lessons learned, and ensure the contract (if any), is
closed properly. The purpose of lessons learned is to document the project successes and
failures, make recommendations, and is used as information learned for future projects.
Be able to apply professional responsibility. The project manager should deal with issues in a
direct swift, open and honest manner, and should act ethically and legally. The project
manager should act with integrity by a adhering to ethical standards. If in doubt always do the
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right thing. Aspirational standards are those that we strive to uphold whereas mandatory
standards establish firm requirements that must be adhered to.
Project management knowledge areas.
There are Nine PMBOK® Guide project management knowledge
areas that are used throughout the project management
processes.
They are:
Project Integration management
Project Scope management
Project Time management
Project Cost management
Project Quality management
Project Human resource management
Project Communications management
Project Risk management
Project Procurement management
Let’s consider each PMBOK® Guide in turn:
Project Integration management.
This consists of six processes:
Develop project charter
Develop project management plan
Direct and manage project execution
Monitor and control project work
Perform Integrated change control
Close project or phase
This knowledge area is concerned with identifying defining the work of the project and then
combining and integrating with the appropriate processes
It also includes managing issues and change, and re-planning if required.
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There are two tools which fall with this process. They are earned Value management and the
use of project management software such as Microsoft Project.
Project Scope management.
This has five processes:
Collect Requirements
Define Scope
Create WBS
Verify Scope
Control Scope
There are two aspects of Scope management, one is product Scope and the other project
Scope.
Product Scope covers the required features of the product and clarifies the boundaries what is
not included.
Project Scope is concerned with the work of the project, and again clarifies the boundaries of
what is not included.
Project Scope management within PMBOK will use the following PMP areas:
The end-product requirement details
measurement techniques to verify those details
creating the project Scope management plan
creating the work breakdown structure
controlling changes to these processes
Project Time management
Project Time Management
This includes estimating task schedules, determining the project schedule and project
completion date. It will also include monitoring and controlling a project schedule throughout
the project. It is closely aligned with Project Cost Management, in particular with the Estimate
Activity Resources and the Estimate Activity Durations, since it is these along with their cost
implications that must be finalized before the schedule can be developed.
This knowledge area has six processes:
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Define Activities
Sequence Activities
Estimate Activity Resources
Estimate Activity Durations
Develop Schedule
Control Schedule
Project Cost management
In a similar way, this knowledge area is there to estimate the resources required, and the
project budget.
Resource costing is not just about people. It should also include other types of resource such as
Materials, equipment, facilities, and project related services such as letting contracts.
This knowledge area has three processes:
Estimate Costs
Determine Budget
Control Costs
Here are two techniques used to determine options and optimize the process: Value
engineering, and life-cycle costing. These will be discussed in detail in a later article.
Project Quality management
This covers two main areas, creating the products to an acceptable quality level, and the quality
of the project management process itself.
This uses three processes:
Plan Quality
Perform Quality Assurance
Perform Quality Control
Performing Quality Assurance is the act of auditing and comparing the quality requirements
against the quality control measurements to check that appropriate quality standards and
operational definitions are used. Compare and contrast this to:
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Perform Quality Control. This is the monitoring the results of carrying out quality activities
which will include the project deliverables/products and project management results such as
how the project is performing against schedule and budget.
Project Human resource management
This knowledge area is to do with managing people. It includes aspects such as acquiring the
team, developing the oervall team performance, and then managing that performance such as
performance appraisals, leading and coaching, and resolving resource issues and optimizing the
project performance. The objective here is to ensure that all human resources are used
effectively, and draws upon skills such as leadership, team building, and communication.
This knowledge area contains four processes:
Develop Human Resource Plan
Acquire Project Team
Develop Project Team
Manage Project Team
Project Communications management
Communications is not just about the human kind, but includes information such as meeting
management and actions, risk actions and assessments, project plans, reviews and walk-
throughs, etc. This information must be shared with all of the project stakeholders — both
internal and external to the project.
The Communications plan should document all of these aspects and along with other
documents, be reviewed and updated as needed.
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This knowledge area contains five processes:
Identify Stakeholders
Plan Communications
Distribute Information
Manage Stakeholder Expectations
Report Performance
Project Risk management
The PMBOK Guide advises that risks include both threats and opportunities. An opportunity
should also be seen as a type of risk because just like a negative threat, an opportunity also has
uncertainty. Risks predict potential give negative impacts, and any actions should strive to
reduce or remove these.
By the same token, opportunity actions should strive to make them more probable and
increase their potential positive outcomes. Put another way, opportunities should be grasped,
and action taken to ensure that they are realized.
This knowledge area contains six processes:
Plan Risk Management
Identify Risks
Perform Qualitative Risk Analysis
Perform Quantitative Risk Analysis
Plan Risk Responses
Monitor and control risks
Risk identification is best done during planning, and as many people should be involved as
possible, so that the complete picture of risk threats and positive opportunities to the project
can be identified.
Project Procurement management
Most projects work within a customer/supplier environment. Generally the project team are
working on behalf of the customer, and suppliers are responsible for the creation of the project
deliverables/products — there can be both internal suppliers and external suppliers.
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Project Procurement is used when it is necessary to purchase or acquire products, services, or
results needed from outside the project team. This knowledge area includes contract
management and change control.
Activities in this knowledge area will include working with suppliers, vendors, contractors,
service groups, etc.
This knowledge area contains four processes:
Plan Procurements
Conduct Procurements
Administer Procurements
Close Procurements
If you need help to get the PMP Exam results you deserve by mastering the
PMBOK knowledge areas, then CLICK HERE
“PMI” and “PMP” are registered marks of Project Management Institute, Inc.
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