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PMP Exam Preparation

Points to Remember-1

9 Aprojectisatemporaryendeavortocreateauniqueproductorservice.Operationsareongoingactivities.9 Progressiveelaborationistheprocessoftakingaprojectconceptthroughtotheprojectplan.Astheplanningand

researchactivitiescontinue,themoredetailedandfocusedtheconceptbecomes.Progressiveelaborationhappens

throughouttheproject.Itistheprocessofelementswithintheprojectbecomingmoreandmoreexactasadditional

informationanddetailsbecomeavailable.

9 Milestonesarecompletedbytheprojectteamastheresultsofactivities.9 Projectscopedefinestherequiredwork,andonlytherequiredworktocompletetheproject.9 Scopeverificationistheproofthattheprojectmanagerhascompletedtheproject.9 Qualitypolicyistheorganizationwiderulesandrequirementsforquality.9 Programsareacollectionofprojectswithacommoncause.9 Businessesexisttomakemoney.9 Customers,internalorexternal,arethemostimportantstakeholdersinaproject.9 Adifferenceinrequirementsresolvedinfavorofthecustomer.However,itistheprojectmanager'sresponsibilityto

informthecustomerofotheroptions.

9 Theprojectmanagementofficecanbeestablishedtoofferservicesrangingfrombasicsupporttototalmanagementofprojects.

9 Maintenanceactivitiesarenotpartofprojects.9 Managementbyobjectivestriestofocusallactivitiesonmeetingthecompany'sobjectives.Iftheproject'sobjectivesa

not

in

line

with

the

company's

objectives,

the

project

may

be

impacted

or

cancelled.

9 Theprojectcoordinatorreportstoahigherlevelmanagerandhasauthoritytomakesomedecisions.Theprojectexpediterhasnoauthoritytomakedecisions.

9 Crossdisciplinarymeansthattheprojectcoversmorethanonedepartmentortechnicalareaofexpertise.Insuchacasamatrixorganizationisneededwithrepresentativesfromeachdepartmentordiscipline.

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9 Effectiveprojectmanagementrequiresalifecycleapproachtorunningtheproject.9 ThePMOdetermineswhetheraprojectsupportstheorganization'sstrategicplanandcanauthorizeexceptionsto

projectsnotlinkedtothestrategicplan.

9 Itisaresponsibilityoftheprojectmanagementofficetoprioritizethecompany'sprojects.Whenprioritizationisclear,ieasiertoallocateresourcesamongprojects.

9 VerifyScopeprocessoccursduringprojectmonitoringandcontrolling,butproductverificationisdoneduringprojectclosing.

9 Deliverablesaredeterminedinpartbythecustomer,butnotthesponsor.9 Theprojectmanagerortheprojectmanagementteamdetermineshowbesttoaccomplishtheproject.9 Duringthemonitoringandcontrollingprocessgroup,projectperformanceismeasured,andneededchangesare

identifiedandapproved.

9 Theprojectchartergivesauthorizationtobeginaprojectorprojectphase.Theprojectcharterisapprovedintheinitiatprocessgroup.

9 EnterpriseEnvironmentalFactorsOrganizationalProcessAssetsmustbetakenintoaccountforeveryprocess,eveniftheyarenotexplicitlylistedasinputsintheprocessspecification.

9 ProjectManagementTeamActivities:9 Analyzeandunderstandthescope.Thatincludestheprojectandproductrequirements,criteria,assumptions,

constraints,and

other

influences

related

to

aproject,

and

how

each

will

be

managed

or

addressed

within

the

projec

9 Understandhowtotaketheidentifiedinformationandthentransformitintoaprojectmanagementplanusingastructuredapproach.

9 Performactivitiestoproduceprojectdeliverables.9 Measureandmonitorallaspectsoftheproject'sprogressandtakeappropriateactiontomeetprojectobjectives.

9 Scope,Schedule,andCostBaselineswillbecombinedintoaPerformanceMeasurementBaselinethatisusedasanoverallProjectBaselineagainstwhichintegratedperformancecanbemeasured.

9 ThePerformanceMeasurementBaselineisusedforEarnedValueMeasurements.9 ConfigurationManagementSystem(CMS):IsasubsystemofthePMIS,whichincludestheprocessesthatdefinehow

projectdeliverablesanddocumentsarecontrolled,changed,andapproved.AnditincludestheChangeControlSystem

provideastandardized,effective,andefficientwaytocentrallymanageapprovedchangesandbaselineswithinaproje

9 ConfigurationManagementActivities:1.ConfigurationIdentification,2.ConfigurationStatusAccounting,and3.ConfigurationVerificationandAudit.

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9 Faitaccompli:Anaccomplishedfact;anactionwhichiscompletedbeforethoseaffectedbyitareinapositiontoqueryreverseit.

9 WBS:WBSadeliverableorientedhierarchicaldecompositionoftheworktobeexecutedbytheprojectteam.TheWBSfinalizedbyestablishingControlAccountsfortheworkpackagesandauniqueidentifierfromacodeofaccounts.The

WBSrepresentsallproductandprojectwork,includingtheprojectmanagementwork(Thisissometimescalledthe100

rule).

9 TheWBScanbestructuredasanoutline,anorganizationalchart,afishbonediagram,orothermethod.9 Differentdeliverablescanhavedifferentlevelsofdecomposition.9 Excessivedecompositioncanleadtononproductivemanagementeffort,inefficientuseofresources,anddecrease

efficiencyinperformingthework.

9 Decompositionmaynotbepossibleforadeliverableorsubprojectthatwillbeaccomplishedfarintothefuture.9 WorkPerformanceInformation:FocusonWHAThasbeendone(providesinformationontheStatusofaDeliverable.9 PerformanceReports:FocusonHOWitwasdone.(FocusonCost,Time,andQualityperformance).ActualResultsare

comparedagainsttheBaselinestoshowhowtheprojectisperformingagainstthePlan.

9 ProjectCostBaseline=ProjectEstimates+(Cost)ContingencyReserves.9 ProjectCostBudget=ProjectCostBaseline+ManagementReserves9 ResidualRiskscompriseof:1.Riskthatremainafterapplyingriskresponsestrategies,and2.RisksthatwesimplyACCE

if

it

happens,

it

happens,

we

have

aplan

to

deal

with

it.

9 ContingencyPlansdealwiththeoutcomeofResidualRisksonproject.9 ContingencyReservecoverstheoutcomeofResidualRisk,andaccountforthe"KnownUnknowns".9 FallbackPlansareemployedforResidualRiskswhentheContingencyPlansfail.9 SecondaryRisksarenewrisksthatemergeasaresultofRiskResponsePlan.9 Watchlist:Allnoncritical/nontop/lowratingrisksareputontheWatchlistandmonitored(Watched)regularly.Itis

createdatPerformQualitativeRiskAnalysisProcess.

9 ManagementReservesaccountfortheUnknownUnknowns.9 UtilityTheory:AnappropriatemethodfordescribingRiskTolerance.

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9 RiskAverse:Wherethereismoremoneyatstake,theRiskAverter'ssatisfactiondiminishes;heorsheprefersamorecertainoutcomeanddemandsapremiumtoacceptprojectsofhighrisk.

9 RiskNeutral:Toleranceforriskremainsthesameasthemoneyatsakeincreases.9 RiskSeeker:Thehigherthestakes,thebetter;asriskincreases,theriskseeker'ssatisfactionincreases;heorsheiseve

willingtopayapenaltytotakeonprojectsofhighrisks.

9 ForceMajeureRisks,suchasEarthquakes,Floods,ActsofTerrorism,Etc.,shouldbecoveredunderDisasterRecoveryProceduresinsteadofRiskManagement.

9 MonteCarloAnalysiswouldshowyouWHERESCHEDULERISKEXISITS(PointsofScheduleRisk).ItisaComputerbasedAnalysis&usefulforrevealingScheduleRisks

9 Committeedecisionscanhavetheparadoxoutcome,thatajointlymadeorapproveddecisionisnotdesiredbyanyindividualgroupmember.

9 Whatisaconstructivechange?Adirectionbythebuyeroranactiontakenbythesellerthattheotherpartyconsidersundocumentedchangetothecontract."

9 Liquidateddamages(LDs)arecontractuallyagreedpaymentsinordertocoverthecustomer'scostscausedbylatecompletionorfailuretomeetspecificationsbythecontractor.

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