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PMP Exam
Three ways to run projects correct answer 1. Traditional
- Agile
- Hybrid Project correct answer A temporary endeavor that produces a unique product, service or result *Temporary in nature and has a definite beginning and ending Unique, Temporary, Progressively elaborated Progressively Elaborated correct answer As time is progressing, things become more elaborative One of the elements of a project You may not know much as you start a project, but as you work, you start to know more as the project progresses. You get more information from stakeholders, estimates become more precise, etc. Project Management correct answer The application of knowledge, skills, tools and techniques to satisfy project requirements Ex: -Preparing a business case to justify the investment -Estimating resources and times -Developing and implementing a management plan for the project -Leading and motivating the project delivery team -Managing the risks, issues, and changes on the project -Monitoring progress against plan -Closing the project in a controlled fashion when appropriate
Operations Management correct answer Deals with the ongoing production of goods and/or services Considers the acquisition, development, and utilization of resources that firms need to deliver the goods and services *Different from a project in that it is ongoing, not temporary Ex: something like sales; this is not a project, it is ongoing Portfolio Management correct answer A portfolio is a collection of projects, programs, subsidiary portfolios, and operations managed as a group to achieve strategic objectives. Used to accomplish the long-term goal of an organization Phase correct answer A collection of logically related project activities that culminates in the completion of one or more deliverables. Number of phases depends on the industry type and size and the complexity of the project Deliverable correct answer Any unique and verifiable product, service or result May be tangible or intangible Must be accepted by the customer or sponsor for the phase Who accepts a deliverable? correct answer A customer or a sponsor for the phase When does a phase finish/complete? correct answer When a deliverable is done, formally accepted by a customer or sponsor for the phase
Falls into agile Project Governance correct answer Framework, functions, and processes that guide project management activities in order to create a unique product, service, or result to meet a company goal -All companies have a different framework -Should be tailored to the business Stakeholders correct answer Individuals, group or organization that may affect, be affected or perceive to be affected by the project In exam, stakeholder means ANYONE affected by the project Examples of Key Stakeholders correct answer Project Manager - manages the project Customer - uses the project deliverable; potentially most important stakeholder Project Team - the collection of individuals completing the project work Project Sponsor - provides resources and support Functional Manager - departmental manager, i.e. manager of engineering, VP of marketing, Director of IT. Generally controls resources Who is generally the boss of you/the project manager? correct answer The project sponsor is typically the boss, they will give you approvals on changes, etc. Project Roles correct answer Project Manager (what you will always be in the exam): -Empowered to lead the project -Authorized to make decisions -Responsible for the success of failure of the project Project Coordinator: -Weaker than PM
-May be authorized to make decisions Project Expeditor: -Weakest role of the PM world -Very limited decision ability PMO correct answer Project Management Office Organizational Structure that standardizes the processes and facilitates the sharing of resources, methodologies, tools and techniques There to help PMs when they need a resource, don't know where to turn, etc. 3 Types: Supportive Controlling Directive Supportive PMO correct answer Supports the project manager, such as providing templates, training or lessons learned from other projects Controlling PMO correct answer Determines the framework or methodology and use of specific forms You do not report to them Directive PMO correct answer Controls the project. PM will be assigned and report to the PMO Organizational Structures correct answer Deals with who has power or control over resources
complete, the project team members moves on to other assignments within the organization (or released). PM has all the power, all resources report to you Note: often on exam, default is not projectized organization Hybrid Organization correct answer Organizational Structure, blended type of Functional, Matrix and Project Oriented (Projectized) Organizations 5 Process Groups correct answer 1. Initiation (2)
- Planning (24)
- Execution (10)
- Monitor & Control (12)
- Closing (1) Parentheses are the number of processes in each one 10 Knowledge Areas correct answer 1. Integration Management (7)
- Scope Management (6)
- Schedule Management (6)
- Cost Management (4)
- Project Quality Management (3)
- Resources Management (6)
- Communications Management (3)
- Risk Management (7)
- Procurement Management (3)
- Stakeholder Management (4)
Parentheses are the number of processes in each one Process Groups and Knowledge Areas Chart correct answer Andrew says we need to be able to write this entire process chart in under 5 minutes, memorize Print this chart out Section 4 of online class Knowledge Area: Integration correct answer Summary of all the other knowledge areas Project Constraints correct answer 1. Scope
- Schedule
- Cost
- Risk (ex: a new regulation may pass that affects the project, or a hurricane is coming when you are going to build a house)
- Quality
- Resources Processes correct answer Inputs, outputs and tools/techniques combined to execute a specific purpose on the project Input (in the context of process) correct answer Starting point for the process, the raw materials to begin the execution -Could be the output of a previous process Tools and Techniques (in the context of process) correct answer The actions or methods that are used to transform the raw materials into the output Output (in the context of process) correct answer The end result of our efforts. The raw materials into a polished stone -Maybe the input into another process
Twelve Principles of Project Management correct answer (may not need to specifically memorize these, just know the principals and keep them in the back of your mind)
- Stewardship - be a diligent, respectful and caring steward
- Team - create a collaborative project team environment; teams have their own culture and defined processes
- Stakeholders - effectively engage with stakeholders
- Value - focus on value, continually evaluate and adjust project alignment to business objectives and intended benefits and value; ultimate indicator of project success, can be realized at any point of the project
- Systems Thinking - recognize, evaluate and respond to system interactions; understand dynamic circumstances/interdependencies; holistic view
- Leadership - demonstrate leadership behaviors, able to keep team motivated
- Tailoring - tailor based on context, each project is unique; iterative and continuous process
- Quality - build quality into processes and deliverables; meeting the acceptance criteria for deliverables
- Complexity - navigate complexity; complexity is the outcome of human behavior, system interactions, uncertainty and ambiguity; complexity can be introduced by events or conditions
- Risk - optimize risk responses; risks can be positive (opportunities) or negative (threats)
- Adaptability and Resiliency - embrace adaptability (ability to respond to changing conditions) and resiliency (ability to absorb impacts and recover quickly from a setback or failure)
- Change - enable change to achieve the envisioned future state Stewardship correct answer One of the 12 Principles of PM The act of taking care of or managing something. Stewards act sensibly to carry out actions with integrity, care and trustworthiness while keeping compliance with internal and external guidelines. Considers financial, social, technical and sustainable environmental awareness. Includes: Integrity Care
Trustworthiness Compliance Accountability vs. Responsibility correct answer Accountability - the condition of being answerable for an outcome. Accountability is not shared. Responsibility - the condition of being obligated to do or fulfill something. Responsibility can be shared. Ex: PM is accountable for completion of project, but 2 other team members are all responsible for completion How are principals and performance domains connected? correct answer Principals guide our behavior, within the 8 domains Performance domains are the things you do working on the project Eight Performance Domains correct answer 1. Stakeholder Performance Domain
- Team Performance Domain
- Development Approach Life Cycle Performance Domain
- Planning Performance Domain
- Work Performance Domain
- Delivery Performance Domain
- Measurement Performance Domain
- Uncertainty Performance Domain Stakeholder Performance Domain correct answer Addresses activities and functions associated with stakeholders. A productive working relationship with stakeholders throughout the project. Stakeholder agreement with project objectives.
Desired outcomes: -Shared ownership -High-performing team -Appropriate leadership and interpersonal skills demonstrated by all team members Servant Leadership correct answer Servant leadership is a method of leadership that is based on the understanding and addressing the needs and development of project team members. Important agile term. Being a servant to your team, building the right environment for them, getting them resources Servant leaders place emphasis on developing project team by focusing on addressing questions like: are project team members growing as individuals? becoming healthier/wiser/autonomous? Servant leadership behaviors include: -Obstacle removal -Diversion shield -Encouragement and development opportunities -(Re)communicate project vision -Carry food and water Common aspects of team development includes: correct answer -Vision and objectives -Roles and responsibilities -Project team operations -Guidance -Growth Factors that contribute to a high-performing team correct answer -Open communication -Shared understanding -Shared ownership
-Trust -Collaboration -Adaptability -Resilience -Empowerment -Recognition Development Approach Life Cycle Performance Domain correct answer Deals with activities and functions associated with the development approach, cadence, and life cycle phases of the project. Delivery cadence refers to the timing and frequency of project deliverables. Projects can have a single delivery, multiple deliveries or periodic deliveries. A development approach is the means used to create and evolve the product, service or result during the project lifecycle. Outcomes include: -Correct development approaches -A project lifecycle that connects the delivery of business and stakeholder value from the beginning to the end of the project -A project life cycle consisting of phases that facilitate the delivery cadence and development approach required to produce the project deliverables Three common development approaches correct answer Predictive approach Adaptive approach, including both iterative and incremental Hybrid approach Planning Performance Domain correct answer Deals with activities and functions associated with the initial, ongoing and evolving organization and coordination necessary for delivering project deliverables and outcomes.
-Appropriate comms with stakeholders -Improved team capability due to continuous learning and process adjustments Delivery Performance Domain correct answer Deals with the activities and functions associated with delivering the scope and quality that the project was undertaken to achieve. Project delivery is about meeting requirements, scope, and quality expectations to produce the expected deliverable. Some projects deliver value throughout, others deliver the bulk at the end. PM will need to understand how the deliverable is able to deliver value to the stakeholder. Need to gather requirements, evolve them, manage them, maybe adjust the scope. Outcomes include: -Projects contribute to business objectives -Projects realize the outcomes -Project benefits are realized in the time frame -Project team has an understanding of requirements -Stakeholders accept and are satisfied with project deliverables Measurement Performance Domain correct answer Deals with activities and functions associated with assessing project performance and taking appropriate actions to maintain acceptable performance. Involves measuring project performance and implementing appropriate responses to keep the project on track. This domain evaluates the amount to which the work is done in the Delivery Performance Domain is meeting the metrics identified in the Planning Performance Domain. Identify thresholds for your measures (ex: delivery date +/- a week)
Outcomes include: -A reliable understanding of the status of the project. -Actionable data to enable decision making -Timely and appropriate actions to keep the project on track -Achieving targets and generating business value Ways to measure performance (Measurement Performance Domain) correct answer -Key Performance Indicators (KPIs):
- Leading indicators - predict changes or trends in the project
- Lagging indicators - measure project deliverables or events. Provide information after the fact -Effective Metrics Use of SMART criteria: specific, meaningful, achievable, relevant, timely Pitfalls associated with measurement includes: correct answer -Hawthorne effect: when you measure something too much, people only do that (ex: try to rush product out the door bc you are constantly measuring time) -Vanity metric -results reflect on team -Demoralization -Misusing the metrics -Confirmation bias Uncertainty Performance Domain correct answer Addresses activities and functions associated with risk and uncertainty. Effective execution of this domain results in: -An awareness of the environment in which projects occur -Proactively explore and respond to uncertainty -Awareness of interdependence of multiple variables on the project -Capacity to anticipate threats AND opportunities
*don't need to memorize, just understand. these are common ones Enterprise Environmental Factors correct answer Common Input, ITTO Internal EEF and External EEF -Things that impact the project -Influence the organization, the project and its outcome -Can enhance or constrain project management options and may have negative or positive influences on the outcomes Ex: Internal: company's organizational structure/governance/culture, appetite for risk, resource availability External: regulation/laws for drug approval, political climate, legal restrictions, financial considerations Organization Process Assets correct answer Common Input, ITTO -Organizations have assets such as information, policies, procedures, documents or knowledge bases which are called Organizational Process Assets (OPA) to help them in achieving their objectives -Kept in some central repository to that they can be used when required -Project team members update and add to OPA throughout project Ex: -Project templates -Software tool -Historical info -Project closure guidelines -Risk control procedures
Project Documents correct answer Common Input, ITTO Any documents related to the project Project documents are additional documents that are created and used throughout the 49 processes that are not part of the project management plan "Included but not limited to" Project Management Plan correct answer Common Input, ITTO Defines how the project is executed, monitored and controlled, and closed 18 components, 14 plans and 4 baselines "included but not limited to" Expert Judgement correct answer Common Tools + Techniques, ITTO One of the most common tools in the planning process. Includes hiring an expert or subject matter expert (SME) to help you plan a process or conduct a process. People with specialized knowledge or training in a particular process, industry or technology Data Gathering correct answer Common Tools + Techniques, ITTO Gather data about a particular process that you're working on. On certain processes, you will need to gather additional data before coming up with an output for that process Methods:
