Study Items for the PMP EXAM

September 9, 2017 | Author: ArunKumarTJ | Category: Project Management, Risk Management, Risk, Net Present Value, Scope (Computer Science)
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Study Items for the PMP EXAM This is a complete and very exhaustive list of major concepts, definitions and ítems to remember when you will try to pass the PMP Exam. Despite it is in English it can be used by everybody just because all the items above you should have been seen during PM courses or training. You must: 1. Read PMBOK once. Suggest reading 2 to 3 times. 2. Memorized the mapping of project management processes to the project management process groups and the knowledge areas. 3. Go through the terms mentioned in "Standards Glossary" 4. Suggest reading books of Rita Mulcahy, Kim Helman, Harold Kerzner two to three times 5. Flashcard from Rita Mulcahy, Clickme from Kim Heldman. 6. Sample Q&A from Kerzner (several times), Kim & Rita. PMBOK Q&A Book supplied by PMI or whatever source for practice Q&A. 7. Memorize the formulas for cost, time etc. 8. Discipline yourself to a schedule and stick with it. 9. Strong suggestion: take a course for preparing for the Exam. PMP websites: Following PMP materials on the web also helped. 1. free flashcard website for PMP with 1538 questions/flashcards. go to "Study". 2. In addition there are lot of materials , questions in the other flashcards 3. 75 free questions: 4.PMP Exam Tutorials, 200 questions: 5. Free 15 questions: 6. 20 practice questions: 7. Free PMP Certification Practice Questions: List of sites on web that provide some ‘free’ PMP exam questions (as demos) Some of these sites point to other sites with free sample demos ndex.htm • According to the Project Management Body of Knowledge (PMBOK), a “project” is a temporary endeavor undertaken to create a unique product or service.” • Triple constraint- project scope, time and cost • Ap o rtf o lio is a collection of projects or programs and other work that are grouped together to facilitate effective management of that work to meet strategic business objectives. The projects or programs in the portfolio may not necessarily be interdependent or directly related • Project Portfolio Management is a management process to select the projects thatshould be invested in. Specifically, it is the selection process based on the need,profitability, and affordability of the proposed projects. • A project management office (PMO) is an organizational unit to centralize and coordinate the management of projects under its domain. A PMO can also be referred to as a "program management office," "project office," or "program office." A PMO oversees the management of projects, programs, or a combination of both • Project management is a set of tools and techniques that are used to organize the work of the project to help bring about a successful project. • The contract between the organization and the vendor super cedes all other workrelated documents • Customers, internal or external, are the most importants take ho ld er s in a project • Scope verification must take place at the end of each phase • Money already spent on a project is called sunk cost and should not be taken into consideration when determining if a project should continue. Instead, the cost of the work to complete is one of the elements that should be taken into consideration when considering to kill a project • Phase end reviews are also called phase exits, phase gates, or kill points. • The project life cycle goes through a series of phases to create the product • Project managersman ag e things, but l ead people. What's the difference? Management is the process of getting the results that are expected by project stakeholders.Lead ersh ip is the ability to motivate and inspire individuals to work towards those expected results. • Project  Projects don't last forever. They are temporary and unique  Projects pass through logical phases to reach their completion  Purpose of Project is to attain its objective and then terminate

• Operations  Operations, however, do go on and on. They are ongoing and repetitive  Operations may be influenced, or even created, by the outcome of a project  Objective of an ongoing operation is to sustain business • Organization Structure  Functional  Matrix  Weak  Balanced  Strong • Projectized • Organization Structure And Project Characteristics o Functional  PM's Authority [Little or none]  Resource Availability [Little or none]  Who controls Project Budget [Functional Manager]  PM's Role [Part - Time]  PM Admin Staff [Part - Time] o Weak Matrix  PM's Authority [Limited]  Resource Availability [Limited]  Who controls Project Budget [Functional Manager]  PM's Role [Part - Time]  PM Admin Staff [Part - Time] o Balanced Matrix  PM's Authority [Low to moderate] 

Resource Availability [Low to moderate]  Who controls Project Budget [Mixed]  PM's Role [Full - Time]  PM Admin Staff [Part - Time] o Strong Matrix  PM's Authority [Moderate to high]  Resource Availability [Moderate to high]  Who controls Project Budget [Project Manager]  PM's Role [Full - Time]  PM Admin Staff [Full - Time] o Projectized  PM's Authority [High to almost total]  Resource Availability [High to almost total]  Who controls Project Budget [Project Manager]  PM's Role [Full - Time]  PM Admin Staff [Full - Time] • TheW B S is a decomposition of all the deliverables the project will create • Inspections may also be known as: a. Reviews b. Product reviews c. Audits d. Walk-throughs • Graphical evaluation and review technique (GERT) models allow for loops and conditional branching • Crashing adds more resources to activities to decrease their duration, which typically adds cost • Project calendar This calendar shows when work is allowed on the project. For example, a project may require the project team to work nights and weekends so as not to disturb the ongoing operations of the organization during working hours. In addition, the project calendar accounts for holidays, working hours, and work shifts that the project will cover • Resource calendar The resource calendar controls when resources, such as

project team members, consultants, and SMEs are available to work on the project. It takes into account vacations, other commitments within the organization, or restrictions on contracted work, overtime issues, and so on • Program Evaluation and Review Technique (PERT) uses a weighted average formula to predict the length of activities and the project. Specifically, PERT uses a 'pessimistic,' 'optimistic,' and 'most likely' estimate to predict when the project will be completed • The critical path is the longest path to completion in the network diagram. • Activities on the critical pathha v e no float or slack. • Free float is the amount of time an activity can be delayed without affecting the next activity's scheduled start date. • Total float is the amount of time an activity can be delayed without affecting the project end date. • Heuristic is simply a rule of thumb • Crashing involves adding resources, which typically increases cost. • Fast tracking adds risk as tasks are allowed to overlap • Each resource in the project must be accounted for and assigned to a cost category. Categories include the following: a. Labor costs b. Material costs c. Travel costs d. Supplies e. Hardware costs f. Software costs g. Special categories (inflation, cost reserve, and so on) • There are three generally accepted categories of estimating accuracy: a. Rough order of magnitude This estimate is “rough” and is used during the Initiating processes and in top-down estimates. The range of variance for the estimate can be –25 percent to +75 percent. b. Budget estimate This estimate is also somewhat broad and is used early in the planning processes and also in top-down estimates. The range of variance for the estimate can be –10 percent to +25 percent. c. Definitive estimates This estimate type is one of the most accurate. It is used late in the planning

processes and is associated with bottom-up estimating. The range of variance for the estimate can be –5 percent to +10 percent. • The opportunity cost is the amount of the project that was not chosen • Quality is the sum of the characteristics of a product that allow it to meet the demands or expectations of the project • Grade, according to the PMBOK, “is a category or rank given to entities having the same functional use but different technical characteristics.” For example, there are different grades of paint, different grades of metal, and even different grades of travel. • The design of experiments (DOE) approach relies on statistical what-if scenarios to determine what variables within a project will result in the best outcome. • Design of experiments is an analytical technique that identifies the elements or variables that will have the greatest effect on overall project outcomes • There are five types of powers the project manager yields: (R F C E R ) a.Reward b.Formal c.Coercive (penalty) • d.Expert e.Referent • Among the above powers Reward, Formal & Coercive (penalty) come with the"P os it io n" • Expert & Reward are considered the best types of powers and Coercive (penalty) is "Least" for obvious reasons • Seven reasons for conflict, in order of most common to least common: a.Schedules b.Priorities c.Resources d.Technical beliefs e.Administrative policies and procedures f.Costs g.Personalities • Five different approaches to conflict resolution a. Problem solving (win - win) [BEST] b. Forcing (win - lose) c. Compromising (lose - lose) d. Smoothing e. Withdrawal NOTE: Forcing (win - lose) and Problem Solving (win - win) are the ONLY two modes that result in a RESOLUTION to the conflict. •

The halo effect is the promoting the person to manage projects since he/she is good at a technology • Confronting (Problem Solving) is the best problem-solving technique since it meets the problem directly • In a Weak Matrix structure, functional management will have more authority than the project manager • Withinc omm un ic ating there are five characteristics that affect the message: a. Paralingual: pitch, tone, and voice inflections b. Feedback: sender confirmation of the message by asking questions, for a response, or other confirmation signals c. Active listening: receiver confirms message receipt d. Effective listening: receiver offers confirmation of the message, such as nodding their head, asking questions, or other interactions. e. Nonverbal: facial expressions, hand gestures, and body language • One of the first inputs to risk management is the project charter • Historical information is always an excellent source of information for risk identification • Brainstorming is likely the most common approach to risk identification • Force majeure is a powerful and unexpected event, such as a hurricane or other disaster • Contracts are known by many names: a. Agreement b. Subcontract c. Purchase order d. Memorandum of understanding • All contracts in the United States are backed by the US court systems • According to the Guide to the PMBOK, the project charter should be published by a manager external to the project but with sufficient power and authority to carry it off. • When a project is performed under contract, the contract can serve as the project charter • Cost reimbursable contracts are used when the degree of uncertainty is high and when the project requires a large investment prior to completion of the project • The scope statement contains an exhaustive list of the project deliverables, their requirements, and measurable criteria used to determine project completion • The scope statement is an output to the Scope Definition process and is used to create the WBS •

Cause-and-effect diagrams, also called Ishikawa or fishbone diagrams, show the relationship between the effects of quality problems and their causes • The primary function of the Closing process is to formalize project completion and disseminate this information to the project participants • According to the Guide to the PMBOK, the project manager is identified and assigned as an output of the Initiation process. In practice, project managers are very often assigned at the beginning of this process. • The work package level is the lowest level in the WBS. Time and cost estimation is easily determined at this level as are resource assignments. Quality control measurements can be determined at this level as well. • The code of accounts is assigned to the elements in the WBS • Each element in the WBS is assigned a unique identifier. These are collectively known as the code of accounts • The Responsibility Assignment Matrix (RAM) links project roles and responsibilities with project activities • TheW B S is the deliverables-oriented hierarchy of project work. • The staffing management plan details how and when human resources will be added to and taken off the project. It is an output of Organizational Planning • Analogous estimating is not a qualitatively based technique. It is a top-down estimating technique that considers previous similar activities when calculating estimates • Mandatory dependency, also known as hard logic. Mandatory dependencies are inherent in the nature of the work • Discretionary dependencies, also called preferred logic, preferential logic, and soft logic, are defined by the project management team • "Best Practice” often refers to a specific sequence of work, described in terms of “Soft Logic”. Sometimes "Experience" is also attributes to Soft Logic • Finish to start is the most commonly used logical relationship inP DMand most project management software packages • There are three major documents and each has a specific purpose: a. Project Charter. Formally authorizes the project. b. Project Scope Statement. States what work is to be accomplished and what deliverables need to be produced. c. Project Management Plan. States how the work will be performed • Philip Crosby devised the zero defects theory, meaning do it right the first time. Proper Quality Planning leads to less rework and higher productivity

• According to Bruce Tuckmann, “Forming, Storming, Norming and Performing ” are the stages of team development • The performing stage is similar to Maslow’s self-actualization • Myers Brigg’s theory states that “Sensing” and “Intuition” personality types are related to “Information” preference in other words ‘Hard Data verses what might be’ • Juran = Fitness for use, conformance. Quality by design. • Joseph M. Juran is noted for his fitness for use premise. Simply put, this means the stakeholders’ and customers’ expectations are met or exceeded. • W. Edwards Deming suggested that as much as 85 percent of the cost of quality is a management problem • Shewhart = Plan-Do-Check-Act cycle. • TQM = Quality must be managed in and must be a continuous process • Six Sigma = Six Sigma is a measurement-based strategy; no more than 3.4 defects per million. • Kaizen = Continuous improvement; improve quality of people first. • Continuous improvement = Watch continuously for ways to improve quality. • Statement of work (SOW) comprises of o Business Need o Product Scope Description and o Strategic Plan • Conflict should be addressed early and usually in private, using a direct, collaborative approach • Organization, Environmental & external assumptions should be addressed by the Project Charter • WBS Dictionary” is a document which describes the details for each component in the WBS. It includes a breif description of the of the “Scope” or “Statement of the work” , defined deliverables, a list of associated activities, and a list of milestones • Project Manager must consider “cultural differences” while deciding upon recongnization and rewards during team development. • Technical inability and poor risk management by the contractor is mostly the reason for the project not to meet the customer expectations • Critical Chain Project Management” is typically the “Management of Buffers”

• Critical Chain is another schedule network analysis technique that modifies the project schedule to account for limited resources • The Critical Chain method adds duration buffers that are non-work schedule activities to maintain focus on the planned activity durations • Cost Of Quality (COQ) are the cost types in modern quality management o “Prevention Costs”, o “Appraisal costs” & o “Failure costs” • The key components of the communication modelinc lud e : a. Encode. b. Message. c. Medium. d. Noise. e. Decode. • Common formats for performance reportsinc lu d e o Bar charts, o S curves, o Histograms, and o Tables. • Face-to-face meetings are the most effective means for communicatinga nd resolving issues with stakeholders. • Order of Magnitude estimates are also knows as conceptual, ballpark or preliminary estimates • “Tight Matrix” is putting all project personnel together. Also referred as “collocated” • Strategies for “Negative Risks or threats” (AvoidTransferMitigate) • Strategies for “Postive Risks or Opportunities” (ShareExploitEnhance) • Common Strategy for both threats and opportunities is “Acceptance” • There are 3 stages of “reaction to stress”(A la r m, Resistance & Exhaustion) • Some of thet ra it s /q ua l it ies exhibited by effective leaders are o Flexibility, o Ambition,

o Intelligence, o Decisiveness, o Creativity, o Persistence and o Energy • Detailed Tasks are detailed in “Project Schedule”, which is part of Project Plan and note its NOT WBS. WBS is a “deliverable oriented document” • An abnormal trend is formed when seven or more consecutive data points reflect a steadily increasing or decreasing pattern over time • Scope Verification is concerned with the acceptance of deliverables • Quality control is concerned with making sure the deliverables meet quality requirements. Quality Control is done first; both are Monitoring and Controlling processes. • Quality Assurance (Executing) is focused on process: process analysis, quality audits, etc. • Quality Control (Monitoring and Controlling) is focused on sampling results to see if they meet quality standards • Code of Accounts identifies WBS items; Chart of Accounts monitors project costs by category • In decision tree, a circle is a chance • In Precedence Diagramming Method (PDM) or Activity on Node (AON) network diagrams, nodes are activities and arrows are dependencies • In Arrow Diagramming Method (ADM) or Activity on Arrow (AOA) network diagrams, arrows are activities and nodes are dependencies • Dummies are only used onAD M • ADM tasks can only have FS relationships • PDM uses one time estimate to determine duration, while ADM can use more than one time estimate. • Scope Verification is done during Project monitoring and controlling BUT Product verification is done during the Project Closing • Audits: o Quality Audit in Perform QA, o Risk Audit in Risk Monitoring and Control,

o Inspections and Audits in Contract Administration, o Procurement Audits in Close Contracts • The outputs of process groupsar e : o initiating: charter and preliminary scope statement; o planning: project management plan; o executing: work results; o monitoring: corrective actions; o closing: project product. • Reporting formats: o Forecast Report (what is expected to happen on a project), o Progress Report (what happened since the last report), o Status Report (state of the project at the current time), o Earned Value Report (focuses on Earned Value Management), o Variance Report (what happened vs. what should have happened). • Performance Reporting is a Controlling process. It creates Performance Reports, which are comparisons of performance to the performance baselines. These are typically done in tabular or graphical format. • Information Distribution is an Executing process. It creates Organizational Process Assets such as project presentations, stakeholder notifications and status reports. • Develop Project Team is an Executing Process. It creates a Team Performance Assessment, and helps you determine what additional training would be beneficial. • Manage Project Team is a Controlling Process. It creates input to performance appraisals as well as recommended changes, corrective actions and preventative actions. • Scope Baselinei nc l ud es o Project Scope Statement, o WBS, & o WBS Dictionary • A large portion of the PM’s time while the work is being done is spent measuring and implementing corrective actions • Project Close Process includes creation of two procedures o Administrative closure procedure and o Contract closure procedure The difference between the two is focus, formality and frequency. Administrative closure focuses on closing the project or project phase

whereas Contract closure focuses on closing a contract that is part of the project • Contingency Reserve (Known Unknowns) is for the risks remaining after the Risk Response Planning Management Reserve (Unknown Unknows is any extra amount reserved that cover “unforeseen risks”. Cost Baseline will include the Contingency Reserve. Cost Budget will include the Management Reserve • Quality is defined as the degree to which the project fulfills requirement • Quality MUST BE PLANNED IN AND NOT INSPECTED IN • The Project Manager ultimately has the responsibility for the Product of the Project and • Senior Management is responsible for the Quality of entire Organization • Cost of Nonconformance is greater than the cost of conformance • Most projects will fit one of the six needs and demands o Market demand o Business need o Customer request o Technological advance o Legal requirement o Social need • The project charter (which is an output of the Develop the Project Charter process) is the written acknowledgment that the project exists. The project charter names the project manager and gives that person the authority to assign organizational resources to the project • Net present value (NPV) assumes reinvestment is made at the cost of capital • IRR assumes reinvestment at the IRR rate and is the discount rate when NPV is equal to zero • Payback period does not consider the time value of money and is therefore the least precise of all the cash flow analysis techniques • Preliminary project scope statement describes the objectives of the project and the high level requirements needed to satisfy stakeholder expectations • TheP MI S in the Develop Project Management Plan process includes a subsystem called the configuration management system • Change control system, which is a subsystem of the configuration management system • Stakeholder analysis is a tool and technique of Scope Definition used to determine and document the needs, wants, and expectations of stakeholders and prioritize and quantify those needs into project requirements

• The purpose of the project scope statement is to document the project objectives, deliverables, and requirements so that they can be used to direct the project team’s work and as a basis for future project decisions • The scope statement further elaborates the project objectives, deliverables, requirements, and constraints and assumptions defined in the preliminary scope statement. It serves as a basis for future project decisions • Alternatives identification is a tool and technique of the Scope Definition process that includes brainstorming and lateral thinking techniques • Poor scope definition might lead to cost increases, rework, schedule delays, and poor morale • According to the PMBOK Guide, functionality and specific conditions that must be met in order to satisfy the project, contract, standard, or specification describe the criteria for requirements, not objectives • Product analysis (TT Scope Definition) includes techniques such as value engineering, value analysis, systems analysis, systems engineering, product breakdown, and functional analysis • The product scope description can be used as an input to the Scope Definition process when the project charter and/or preliminary project scope statement are missing • The lowest level of any WBS is called the work package level • For the exam, remember that the key to DOE is that it equips you with a statistical framework that allows you to change the variables that have the greatest effect on overall project outcomes at once instead of changing one variable at a time. • Quality checklists are an output of the Quality Planning process, and checklist analysis is a tool and technique of the Risk Identification process • Cost-benefit analysis considers trade-offs in the Quality Planning process • Benchmarking compares previous similar activities to the current project activities to provide a standard to measure performance against. • Failure costs; is also known as the cost of poor quality. Failure costs include both internal and external costs. • Internal failure costs are costs associated with not meeting the customer’s expectations while you still had control over the product. This results in rework, scrapping, and downtime. • The process improvement plan is a subsidiary plan of the project management plan and targets inefficiencies in a process or activity. The quality baseline is used to document the quality objectives of the project and is used as a basis for future Quality processes •

The WBS dictionary should be documented with the code of account identifier, an SOW, the responsible organization, and a milestone schedule for the WBS components • Design of experiments is a tool and technique of the Quality Planning process that provides statistical analysis for changing key product or process elements all at once (not one at a time) to optimize the process • According to the PMBOK Guide, the risk management plan should include the following elements: o Methodology o Roles and responsibilities o Budgeting o Timing o Risk categories o Definitions of risk probability and impact o Probability and impact matrix o Revised stakeholder tolerances o Reporting formats o Tracking • The output of the Risk Identification process is the risk register. The risk register contains the following elements: o List of identified risks o List of potential responses o Root causes of risks o Updated risk categories • Risk urgency assessment is a tool and technique of Qualitative Risk Analysis process • Qualitative Risk Analysis is a fast and easy method of determining probability and impact • The risk management plan details how risk management processes will be implemented, monitored, and controlled throughout the life of the project. • The risk management plan does not include responses to risks or triggers. Responses to risks are documented in the risk register as part of the Risk Response Planning process • The information-gathering techniques in the Risk Identification process are o brainstorming, o the Delphi technique, o interviewing, o root cause identification, and o SWOT analysis. • Quantitative Risk Analysis analyzes the probability of risks and their consequences using a numerical rating

• Monte Carlo analysis is a simulation technique & not a Modeling technique • When the question describes sensitivity analysis, which is a tool and technique of the Quantitative Risk Analysis process. Tornado diagrams are often used to display sensitivity analysis data • The simplest form of “Risk Analysis” is “Sensitivity Analysis” • Following options are diagramming techniques of the Risk Identification process o Ishikawa diagram o Process flowchart o Influence diagram • Passive acceptance is when the team has decided to take no action and make no plans for the risk. This is a strategy that can be used for either positive or negative risks. • The PMBOK Guide divides contracts into three categories: o Fixed price or lump sum (biggest risk is borne by the seller & good when original scope is well defined) o Cost reimbursable (biggest risk is borne by the buyer) o Time and materials (T&M) • Understand the difference between bid and/or quotation and proposal for the exam. Bids or quotations are used when price is the only deciding factor among bidders. Proposals are used when there are considerations other than price • A contract statement of work (SOW) contains the details of the procurement item in clear, concise terms. It includes the following elements: o The project objectives o A description of the work of the project and any post project operational support needed o Concise specifications of the product or services required o The project schedule, time period of services, and work location • According to the PMBOK Guide, using templates and checklists is one way to ensure that you don’t miss any key responsibilities when planning the project and will help reduce the amount of time spent on project planning • According to the PMBOK Guide, theRAM (Responsibility Assignment Matrix) relates the OBS to the WBS to assure that every component of the work of the project is assigned to an individual. • The letters in the acronymRA CI (sample portion of a type of RAM) are the designations are o R = Responsible for performing the work o A = Accountable, the one who is responsible for producing the deliverable or work package and approves or signs off on the work

o C = Consult, someone who has input to the work or decisions o I = Inform, someone who must be informed of the decisions or results • The RAM and RACI charts are tools and techniques of Human Resource Planning process • Standard forms are a tool and technique of the Plan Contracting process. Standard forms can be nondisclosure agreements, standardized contracts, and so on. • Plan Purchases and Acquisitions can directly influence the project schedule, and the project schedule can directly influence this process • Resource availability is an output of the Acquire Project Team and Select Seller processes • For the exam, remember that resource availability isn’t determined until the Executing stage and becomes an input to the Activity Resource Estimating process • Remember that you cannot perform Schedule Development until you have completed all the following processes of project Planning: Scope Planning, Scope Definition, Create WBS, Risk Identification, Risk Response Planning, Plan Purchases and Acquisitions, Activity Resource Estimating, Activity Definition, Activity Sequencing, and Activity Duration Estimating • Schedule Development has 10 tools and techniques: o Schedule network analysis (produces the project schedule) o Critical path method () o Schedule compression o What-if scenario analysis o Resource leveling o Critical chain method o Project management software o Applying calendars o Adjusting leads and lags o Schedule model • The higher the standard deviation is for an activity, the higher the risk. Since standard deviation measures the difference between the pessimistic and the optimistic times, a greater spread between the two, which results in a higher number, indicates a greater risk. Conversely, a low standard deviation means less risk • Monte Carlo is a simulation technique that shows the probability of all the possible project completion dates • Monte Carlo analysis can be used in the Schedule Development process to determine multiple, probable project durations • Resource leveling can cause the original critical path to change. • CPM manages the total float of schedule networks paths, whereas critical chain manages buffer activity durations and resources

• Cost aggregation (TT of Cost Budgeting) is the process of tallying the schedule activity cost estimates at the work package level and then totaling the work package levels to higher level WBS component levels • Funding limit reconciliation (TT of Cost Budgeting) involves reconciling the amount of funds spent with the amount of funds budgeted for the project • Cost baselines are displayed as an S curve. • The primary output of Cost Estimating is activity cost estimates • Parametric estimating multiplies a known element—such as the quantity of materials needed—by the time it takes to install or complete one unit of materials. The result is a total estimate for the activity • The project schedule determines the start and ending dates of activities, determines float times, generally shows resource assignments, and details the activity sequences and durations. • Motivation can be extrinsic or intrinsic. o Extrinsic motivators are material rewards and might include bonuses, the use of a company car, stock options, gift certificates, training opportunities, extra time off, and so on o Intrinsic motivators are specific to the individual. Some people are just naturally driven to achieve—it’s part of their nature • The introduction of a new team member will start the formation and development of the team all over again with the forming stage • Teams in the norming stage of Develop Project Team exhibit affection and familiarity with one another and make joint decisions • Request Seller Responses obtains bids and proposals from vendors. • Select Sellers is the receipt of bids and proposals and the selection of a vendor Independent estimates (TT of Select Sellers), also called should cost estimates, are a way to check proposed pricing • Fait accompli is a tactic used during contract negotiations where one party convinces the other that the particular issue is no longer relevant or cannot be changed • The process analysis technique (TT of Perform Quality Assurance process) includes root cause analysis to analyze a problem and solution and to create preventive actions • You are preparing project performance appraisals and have decided you’d like each team member to get feedback regarding their performance from several sources, including peers, superiors, and subordinates. This is called 360-degree feedback and is part of the project performance appraisals tool and technique of the Manage Project Team process. •

Understand for the exam that configuration managementinvo l ves o identifying the physical characteristics of the product, service, or result of the project (or its individual components); o controlling changes to those characteristics; and o Documenting changes to verify that requirements are met. o It also includes the change management system and o documents the process for requesting, tracking, and determining whether change requests should be approved or denied. • Activities associated with configuration change management in the Integrated Change Control process o Configuration identification o Configuration status accounting and o Configuration verification and auditing • Integrated Change Control, Schedule Control, and Cost Control are all concerned with three issues: o influencing the things that cause change, o determining that change is needed or has happened, o and managing the change • Change control systems are documented procedures that describe o How to submit change requests. o They track the status of the change requests, o document the management impacts of change, o track the change approval status, and o define the level of authority needed to approve changes. • Change control systems do not approve or deny the changes—that’s the responsibility of the configuration control board (CCB) • The configuration control board (CCB) has the authority to approve or deny change requests. Their authority is defined and outlined by the organization • “Recommended” corrective action is an output of several of the change control processes, including Scope Change Control, Schedule Control, Cost Control, Risk Monitoring and Control, and Perform Quality Control. • “Approved” corrective action is an output of the Integrated Change Control process. Remember that Integrated Change Control is where all change requests are processed and either approved or denied. • Also note that corrective action is an output of the Monitoring and Controlling processes and an input to the Executing processes • Cost variances (both positive and negative) are calculated using a performance measurement analysis tool (specifically earned value techniques) •

EVT (earned value techniques) compares what you’ve received or produced to what you’ve spent. • Workarounds are unplanned responses. Workarounds deal with negative risk events as they occur. • Schedule variances will sometimes—but not always—impact the schedule. Changes to noncritical path tasks will not likely impact the schedule, but changes to critical path tasks will always impact the schedule • Budget updates might require cost rebaselining • You can remember the difference between Scope Verification and Perform Quality Control this way: o Scope Verification = accepting work results o Perform Quality Control = checking for correct work results (assuring that the quality requirements are met) • Projects come to an end for several reasons: o They’re completed successfully. o They’re canceled or killed prior to completion. o They evolve into ongoing operations and no longer exist as projects. • Four formal types of project endings exist that you might need to know for the exam: o Addition o Starvation o Integration o Extinction • For the exam, remember that product verification performed during the Closing processes determines whether all of the work of the project was completed correctly according to the contract terms and satisfactorily according to stakeholder expectations, whereas product documentation is verified and accepted during the Scope Verification process. One more note: when projects end prematurely, the Scope Verification process is where the level of detail concerning the amount of work completed gets documented. • Contract documentation is an input to both the Close Project and Contract Closure processes • Note PMI defines “Scope Statement” as the basis for making future project decisions and for confirming or developing common understanding of project scope among project stakeholders. • Scope Verification o Verified work results • Perform Quality Control o Assured quality requirements were met • Close Project

o Product verification (work was correct and satisfactory) o Collecting project documents o Disseminating final acceptance notice o Documenting lessons learned o Archiving project records • Contract Closure o Product verification (work was correct and satisfactory) o Formal acceptance and closure • WBS element changes are scope changes. Schedule revisions are often required as a result of scope changes. • Close Project and Contract Closure are the processes in the Closing process group and are performed in that order • The work performance information is reviewed to determine the status of project activities and make certain the project goals and objectives are met. This is an input to the Close Project process • According to the PMBOK Guide, the procurement audit examines the procurement process from Procurement Planning through Contract Administration • Integrity means adhering to an ethical standard • Hammocks are summary-level activities or aggregate activities shown as a summary activity on a project schedule network diagram. • Contract Negotiation has “5’ Sequential steps (Note Agreement is AFTER Closure) o Protocol o Probing o Scratch Bargaining o Closure and o Agreement • The Primary Objective of establishing a Quality Assurance Process is “For Quality Improvement” • “Quality Function Deployment Process” identifies what the customer’s needs are (Spoken/unspoken words) and translates those needs into technical requirements. Appropriate for each stage of the product development life cycle • Decision Tree is a diagram that describes a decision under consideration and the implications of choosing one of the alternatives • The Project Charter provides the o high level requirements, o constraints, o assumptions,

o stakeholders and o the measures of success. • Based on this information, or the lack of it, the Charter is an excellent source to start to identify the Project Risks • 9 ‘bilities’ Maintainability: The ability of a unit to be restored within a specified time to its performance capability under the environmental operating conditions within a specified, average period of time Usability: is the ability of a product to perform its intended function for the specified user under the prescribed conditions Reliability: is the degree to which a unit of equipment performs its intended function under specific conditions for specified period of time Availability: is the probability of the product being capable of performing a required function when called upon • Activity Resource Estimating involves determining what physical resources (People, Equipment, etc) and what quantities should be used and when they would be needed to perform project activities • Physical limitations are an attribute of “Mandatory Dependencies” • A Project Phase is “Marked by the completion of one or more deliverables” • A “ Product Description” should define the relationship between the product that is being created and the business need • Contingency Plans can be best described as “Planned responses to Risk Events” • Staff assignments and resource availability are the outputs of “Acquire the Project Team” Process • Complex and large projects would be more effectively managed in “Strong” and ‘Projectized” Structure • If Changes are well defined, its Fixed Price Contract but if they are not then its T & M • Contract Management Plan is an OUTPUT to “Select Seller Process” • Punitive Damages are the damages intended to punish the wrong doer • “Utility Theory” considers the pains or tolerance level a stakeholder has to risk • There are three key components to a Risk o Risk Event (The Event) o Probability of the Event o Impact or Effects of the Event (Amount at Stake)

• Delhi technique is a “Consensus Technique” • Residual Risk are those that “Remain” after Risk Responses have been taken • Inputs to Performance Reportinga r e o Work Performance Information o Performance Measurements o Forecasted Completion o QC Measurement o Project Plan o Approved Change Requests and o Deliverables • Interpersonal communication takes three forms o Verbal o Non-verbal and o Written • When distributing information, the total message impact from the sender is o 7% words , o 38% vocal tones and o 55% body language • A ‘Planning Package” is a WBS component below the control account but above the work package. It is used for planning unknown work content that does not have detailed schedule activities • There are two types of “Decision Models” that can be used for Project Selection during the initiation Process o Comparative (Benefit measurement Rating) Models o Constrained (Mathematical Decision Models) • Comparative (Benefit measurement Rating) Models o Decision Tree o Criteria Profiling o Weighted Factor o Q-Sorting o Delphi Technique • Constrained (Mathematical Decision Models) o Logical Framework Analysis o Linear Program Programming • The “Control Points” in the WBS used for isolated assignment to work centers are referred to as the “Control Account Plan” • Control account Plan (CAP) is a management control point where the

integration of scope, budget and schedule take place and where the measurement of performance takes place. These CAPS are placed at the selected management points in the WBS. • Cost Estimates include All Resources to be charged to the Project • A Control Account is a management control point that can be placed at selected management points of the WBS above the Work Package Level • To convey information between two or more parties, the communication process must have a medium. The three most common mediaa re o Visual o Auditory and o Tactile • Four steps of performing RCA (Root Cause Analysis) are o Data Collection o Casual Factor Charting o Root Cause Identification o Recommendation Generating and Implementation • Scatter Diagrams are used to investigate the possible relationship between two variables that both relate to the same “EVENT” • BCR (Benefit Cost Ratio) compares the benefits to the costs of the project where the Benefits are the same as Revenues or often referred to as the “Payback period” • Project performance is impacted by Four Basic Cultures o World o National o Business and o Leadership • When one considers their Culture to be superior, they are called “Ethnocentric” • Use of personal space during social interaction is known as“Prox em ic s ” • Risk is the notion of dealing with “Uncertainty” o Knows at the extreme end of the Uncertainty Spectrum will definitely affect you, although you

have no control over them




Knows-Unknowns are items that will affect you although you are not able to predict how or how much they will effect Unknown – Unknowns are items or situations whose existence we cannot imagine • A Records Management Systems is a specific set of processes, related control functions and automation tools used by the PM to manage contract documentation and records. Its the TT of Contract Administration Process • Parametric (Top – Down) uses historical data and statistical relationships to determine costs • Constructive team roles include Initiators, Information seekers, Information givers, Encouragers, Clarifiers, Harmonizers, Summarizers and Gate Keepers • Destructive team roles include Aggressor, Withdrawer, Blocker, Devil’s advocate, Recognizer, Topic Jumper and Dominator • “To Complete Performance Indicator” (TCPI) determines the cost performance efficiency required to complete the project within the original budget (BAC) or revised budget (EAC); • TCPI > 1 is NOT good; To calculate TCPI, take the value of the work remaining over the value of funds remaining • “Eustress” is a stress that will motivate and contribute to an increase in performance • Quantitative based durations (Parametric technique) multiply a known element, like lines of code required by the time it takes to develop one line of code. The result is the total estimate for the activity • Quality Metrics are the Outputs of Quality Planning. It is an operation definition that describes “what” something is and “how” it will be measured in very specific terms • Straight-line depreciation is the simplest method of depreciating an asset and is frequently utilized on a project to determine its economic feasibility. Straight-line depreciation is a method that divides an asset’s cost and its expected salvage value by its expected utilization period • Performance Reporting is an INPUT to all “Control” Process (Except Quality Control) •

Decision Trees are considered Quantitative while Influence diagramare considered Qualitative. • Influence diagram shows the dependencies among the variables more clearly than the decision tree • A “ Bill of Material” (BOM) describes the product in terms of its assemblies, sub-assemblies and basic parts • Allowing “Automatic Approval” of changes is a function of the Change Control System and NOT Configuration Management • Contingency Plan document outlines the actions to be taken if an identified risk event should occur • Variable and attribute sampling are forms of acceptance sampling. Variable sampling evaluates a characteristic measured on a numerical scale Attribute sampling tests for defective or non defective • Parametric Modeling applies to only Project with Similar characteristics • The point of total assumption (PTA) is a price determined by a fixed price plus incentive fee contract (FPIF) above which the seller bears all the loss of a cost overrun. It is also known as the "most pessimistic cost • Variance analysis involves comparing actual project results to planned or expected results • Trend analysis involves examining project results over time to determine if performance is improving • Historical Records – need to collect and use for planning, estimating and risk • Kickoff meetings are important • Do not introduce benefits that are not stated in requirements • Needs of all stakeholders should be taken into account during all projects • Team Members must be involved in project planning • Project Mangers must be pro-active • Project Phases are marked by the completion of a deliverable o Tangible, verifiable work product o Review of deliverables and approval/denial are “phase exits, stage gates, or kill points” • Phases are collected into the Project Life Cycle • Set of defined work procedures to establish management control •

Project Management Skills o General Business Management (consistently producing results expected by stakeholders) o Leading (establishing direction, aligning resources, motivating) o Communicating (clear, unambiguous, and complete) o Negotiating (conferring with others to reach an agreement) o Problem Solving (definition and decision making) o Distinguish causes and symptoms o Identify viable solutions o Influencing Organization (understanding power and politics) • Socioeconomic Influences o Standards – document approved that provides common, repeated use, rules and guidelines o Compliance is not mandatory o Regulations – document that identifies products, services or characteristics o Compliance is mandatory o Standards often become “de facto” regulations o Internationalization o Cultural Influences • Initiating and Planning Processes • Committing the organization to begin • Initiation, High-level planning, Charter • Amount of planning proportional to the scope of the project – Core Planning o Scope Planning – written statement o Scope Definition – subdividing major deliverables into more manageable units o Activity Definition – determine specific tasks needed to produce project deliverables o Activity Sequencing – plotting dependencies o

Activity Duration Estimating – determine amount of work needed to complete the activities o Schedule Development – analyze activity sequences, duration, and resource requirements o Resource Planning – identify what and how many resources are needed to perform the activities o Cost Estimating – develop resource and total project costs o Cost Budgeting – allocating project estimates to individual work items o Project Plan Development – taking results from other planning processes into a collective document • Planning/Facilitating Processes – manage the interaction among the planning processes o Quality Planning – standards that are relevant to the project and determining how to meet standards o Organizational Planning – identify, document, and assigning project roles and responsibilities o Staff Acquisition – obtaining the human resources o Communications Planning – determining rules and reporting methods to stakeholders o Risk Identification – determining what is likely to affect the project and documenting these risks o Risk Quantification – evaluating risks and interactions to access the possible project outcomes o Risk Response Development – defining enhancement steps and change control measures o Procurement Planning – determining what to buy and when o Solicitation Planning – documenting product requirements and identifying possible sources • Executing Processes o Project Plan Execution – performing the activities o Complete Tasks/Work Packages o Information Distribution o Scope Verification – acceptance of project scope o Quality Assurance – evaluating overall project performance on a

regular basis; meeting standards o Team Development – developing team and individual skill sets to enhance the project o Progress Meetings o Information Distribution – making project information available in a timely manner o Solicitation – obtaining quotes, bids, proposals as appropriate o Source Selection – deciding on appropriate suppliers o Contract Administration – managing vendor relationships • Controlling Processes – needed to regularly measure project performance and to adjust project plan • Take preventive actions in anticipation of possible problems o Change Control – coordinating changes across the entire project plan o Scope Change Control – controlling “scope creep” o Schedule Control – adjusting time and project schedule of activities o Cost Control – managing project budget o Quality Control – monitoring standards and specific project results; eliminating causes of unsatisfactory performance o Performance Reporting – status, forecasting, and progress reporting schedule o Risk Response Control – responding to changes in risk during the duration of the project • Closing Processes o Administrative Closure – generating necessary information to formally recognize phase or project completion o Contract Close-out – completion and delivery of project deliverables and resolving open issues o Procurement Audits o Product Verification o Formal Acceptance o Lessons Learned o

Update Records o Archive Records o Release Team • Project Integration Management o Ensures that the project processes are properly coordinated o Tradeoffs between competing objectives and alternatives in order to meet stakeholder approval o Project Plan Development o Project Plan Execution o Overall Change Control o These processes may occur repeatedly over the project duration o Historical Records are needed to perform project management well, they are inputs to continuous improvement o Files o Lessons Learned o Actual Costs o Time Estimates o WBS o Benchmarks o Risks • Project Plan Development o Uses outputs from other planning processes to create consistent document to guide project execution and control o Iterated several times o Documents planning assumptions o Documents planning decisions that are chosen o Facilitates communication o Defines key management reviews o Provides a baseline to track progress measurement and project control •

Project Plan Development Inputs o Other planning outputs: primarily the planning process outputs (WBS, base documents, application area inputs) o Historical information – verify assumptions, records of past project performance o Organizational policies – quality management, personnel administration, Financial controls o Constraints – factors that limit performance, contractual provisions, budget o Assumptions – risk factors • Tools & Techniques for Plan Development o Project Planning Methodology – any structured approach (software, templates, forms, start-up meetings o Stakeholder Skills & Knowledge – tap into plan development; use expertise for reasonableness o PMIS – Out of the box approach to support all project aspects through closure • Project Plan Development Outputs o Project Plan is a collection that changes over time as more information about the project becomes available o Baseline will change only in response to approved scope change o Project Plan includes some or all of the following: o Project Charter o Project Management approach or strategy o Scope statement o Work Breakdown Structure (WBS) o Budget, schedule, risks o Key Staff, Major Milestones o Change Control Plan, Management and Communications Plan •

Project Plan Execution o Primary process for carrying out the project plan o Most costly aspect of project management o Direction of organizational resources and interfaces • Project Plan Execution Inputs: o Project Plan o Supporting Detail o Organizational Policies o Corrective Action – anything to bring expected performance in line with the project plan • Tools & Techniques for Plan Execution o General Management Skills o Product Skills and Knowledge – defined as part of planning, provided by staffing o Work Authorization System – formal procedure for sanctioning work to ensure completion – written or verbal authorization o Status review meetings – regular exchanges of information o Project Management Information System o Organizational Procedures • Project Plan Execution Outputs o Work results – the outcome of activities performed is fed into the performance reporting process o Change Requests – expand/shrink project scope, modify costs and schedule estimates • Overall Change Control o Influencing factors that create change to ensure beneficial results; ensure that change is beneficial o Determining that change has occurred o Managing actual changes as they occur  Evaluate impact of change  Meet with team to discuss alternatives 

Meet with management to present decision • Change control requires o Maintaining integrity of performance measurement baselines (project plan) o Ensuring changes to scope are accurately recorded o Coordinating changes across knowledge areas (scheduling, risk, cost, quality, etc.) o Determine all factors that control change and pro-actively preventing the occurrence; evaluate the impact of change • Inputs to Change Control o Project Plan – baseline performance o Performance Reports – issue tracking, risk management o Change Requests – orally or written, externally or internally initiates, legally mandated or optional • Change Control Tools & Techniques o All Changes must be evaluated before a decision can be reached o Change Control System – collection of formal procedures, paperwork, tracking systems, approval levels o Change Control Board – decision making authority o Configuration Management – documented procedure to apply technical and administrative direction  ID and document functional and physical characteristics  Control changes to these characteristics  Record and report change and implementation status  Audit items and system to verify requirements o Performance Measurement – earned value, plan variance analysis o Additional Planning – revised cost estimates, modify activity sequences, plan adjustments o Project Management Information System o Change Control System may have  Change Control Plan 

Change Control Board  Change Control Procedures, Corrective Action plans  Performance Statistics, Reports, Change forms  Specification reviews, Demonstrations, Testing, Meetings o Configuration Management • Change Control Outputs o Project Plan Updates o Corrective Actions o Lessons Learned – variance causes and reasoning documented for historical purposes • Configuration Management o Rigorous Change Management as it relates to scope  Subset of the change control system • Work Authorization System o Controls “gold plating”; defines what task is/is not • Meetings o Most are inefficient; keep minutes o Status can be determined without meeting • Lessons Learned o Project is not complete until a Lessons Learned is completed o What have we done, how can we do it better  Technical Aspects of the project  Project Management (WBS, plans, etc.)  Overall Management (communications, leadership)  Best to have whole team complete and made available  Also called “Post – Mortem” • Project Scope Management o Processes required to ensure that the project includes all, and only, work required o

Defining what “is/is not” included in the project o Project scope – work that must be done – measured against project plan o Product scope – features and functions included in the product or service – measured against requirements • Initiation – process of formally recognizing that a new project exists, or an existing project continue to next phase • Involves feasibility study, preliminary plan, or equivalent analysis • Authorized as a result of: o Market Demand o Business Need o Customer Request o Technological Advance o Legal Requirement • Initiation Inputs: – Product Description – characteristics of the product/service that the project was to create • Less detail in early phases, more comprehensive in latter • Relationship between product/service and business need • Should support later project planning • Initial product description is usually provided by the buyer – Strategic Plan – supportive of the organization's goals – Project Selection Criteria – defined in terms of the product and covers range of management concerns (finance, market) – Historical Information – results of previous project decisions and performance should be considered • Signed contract • Project Manager Identification & Authority level • Senior Management approval • Project’s Goals and Objectives • Constraints – factors that limit project management team’s

options • Assumptions – factors that are considered true for planning purposes. Involve a degree of risk • Scope Planning – process of developing a written statement as basis for future decisions • Scope Definition – subdividing major deliverables into smaller, manageable components – Improve accuracy of cost, time, and resource estimates – Define a baseline for performance measurement – Clear responsibility assignments – Critical to project success – reduces risk of higher cost, redundancy, time delays, and poor productivity – Defines “what” you are doing; WBS is the tool • Scope Change Control: – Influencing factors to ensure that changes are beneficial – Determining scope change has occurred – Managing changes when they occur – Thoroughly integrated with other control processes • Project Time Management – Processes required to ensure timely completion of the project – No consensus concerning differences between activities and tasks – Activities seen as composed of tasks –most common usage – Other disciplines have tasks composed of activities • Activity Definition: identifying and documenting specific activities to produce project deliverables identified in the WBS – Must be defined to meet the project objectives • Activity Sequencing – identifying and documenting interactive dependencies among activities. Support later development of a realistic schedule – Project Management software often used • Network Diagrams –

Shows how the project tasks will flow from beginning to end – Proves how long the project will take to complete – Takes project tasks from low levels of WBS and placing them into their order of completion (beginning to end) • Activity Duration Estimating – Involves assessing number of work periods needed to complete identified activities – Requires consideration of elapsed time, calendars, weekends, and day of week work starts • Schedule Development – Determining start and finish dates for project activities – Without realistic dates, project unlikely to be finished as scheduled – Schedule development process often iterates as more information becomes available (process inputs) • Key Definitions: – Slack (Float): the amount of time a task can be delayed without delaying the entire project. Tasks on critical path have no slack. • Slack is calculated by the difference between Early Start and Late Start of a task – Free Slack (Float): the amount of time a task can be delayed without delaying the early start date of its successor – Total Slack (Float): the amount of time a task can be delayed without delaying the project completion date – Lag: inserted waiting time between tasks • General Comments: – Projects can have more than 1 critical path (increases risk) and can involve dummy tasks – Negative float indicates that you are behind – Resource Leveling involves possibly letting schedule and cost slip – Heuristics – just means “rule of thumb” e.g. 80/20 rule – Schedules are calendar based – makes this different than a time estimate •

Bar Chart a.k.a. Gantt chart (track progress, report to entire team including stakeholders, control tool) • Network Diagram (to show task inter-dependencies, show project organization, basis for project control) • Milestone chart (report to Senior management, shows major events) – To shorten project schedule examine the critical path • Crashing – add more resources to the critical path tasks – Usually results in increased cost • Fast Tracking – performing tasks in parallel – Can result in re-work and increased risk – Best to select method that has least impact on the project – Bar (Gantt) Charts • Weak Planning Tool, effective progress and reporting tool • Does not show interdependencies of tasks • Does not help organize the project more effectively – Network Diagrams (PERT, CPM, PDM) • Shows task interdependencies • Aids in effectively planning and organizing work • Provides a basis for project control – Milestone Charts • Only shows major events • Good for reporting to management and customer – Flow Charts • Depicts workflow and not commonly used for project management – Free Slack (Float) – amount of time a task can be delayed without delaying the early start date of its successor – Total Slack (Float) – amount of time a task can be delayed without delaying the project completion date • Lag – inserted waiting time between tasks

• Resource Leveling – level peaks of resource usage; stable number of resources – allows schedule and cost slip in favor of leveling resources • Heuristic – rule of thumb (80/20 rule) • Project Cost Management – Ensure that the project is completed within budget – Concerned with cost of resources needed to complete activities; consider effect of project decisions on cost of using product “life-cycle costing” – Most prospective financial impact of using the product is outside the project scope – Consider information needs of stakeholders, controllable and uncontrollable costs (budget separately for reward and recognition systems) – Estimating should be based on WBS to improve accuracy – Estimating should be done by the person performing the work – Having historical records is key to improving estimates – Costs (schedule, scope, resources) should be managed to estimates – A cost (schedule, scope, baseline) should be kept and not changed – Plans should be revised as necessary during completion of work – Corrective action should be taken when cost problems (schedule, scope and resources) occur. • Resource Planning: – Determining what physical resources and quantities are needed to perform work • Cost Estimating: – Develop approximate costs of resources – Distinguish estimating from pricing • Estimating – likely amount • Pricing – business decision – Identify alternatives and consider realigning costs in phases to their expected savings

• Cost Budgeting – Involves allocation of total estimate to individual work to establish a cost baseline to measure performance • Cost Control – Concerned with influencing factors that create changes to the cost baseline that are beneficial – Determining that the cost baseline has changed – Managing actual changes as they occur • Monitor cost performance to detect variances • Record all appropriate changes accurately in the cost baseline • Preventing incorrect, unauthorized changes being included in the cost baseline • Informing stakeholders of authorized changes • Determine the “why’s” of positive and negative variances • Integrated will all other control processes (scope, change, schedule, quality) • Earned Value Analysis – Terms: • BAC – Budget at Completion (how much did you budget for the total job) • EAC – Estimate at Completion (what do we expect the total project to cost) • ETC – Estimate to Completion (how much more do we expect to spend to finish the job) • VAC – Variance at Completion (how much over/under budget do we expect to be) – Formulas • Variance (Plan – Actual) • Cost Variance (CV): BCWP – ACWP; negative is over budget • Schedule Variance (SV): BCWP – BCWS; negative is behind schedule •

Cost Performance Index (CPI):B CWP ACWP • Schedule Performance Index (SPI):B CWP BCWS – I am only progressing x % of the planned rate • Estimate at Completion (EAC):BA CCPI – As of now we expect the total project to cost x$ • Estimate to Complete (ETC): EAC – ACWP; how much will it cost from now to completion • Variance at Completion: BAC – EAC; when the project is over how much more or less did we spend (most common way of calculating EVA – Accuracy of Estimates – Order of Magnitude Estimate: -25% - 75%; usually made during Initiation Phase – Budget Estimate: -10% - 25%; usually made during the Planning phase – Definitive Estimate: -5% - 10%; usually made during the Planning phase – Accounting Standards – Sunk Costs: expended costs. Sunk costs should not be considered when determining to continue with a troubled project – Law of Diminishing Returns: the more that is put in the less of an outcome is received – Working Capital: current assets – current liabilities – Variable Cost: costs that change with the amount of production or the amount of work (materials, wages) – Fixed Cost: non-recurring costs that do not change – Direct Cost: directly attributable to project work (travel, wages, materials) – Indirect Cost: overhead items or costs for the benefit of more than one project (taxes, fringe benefits) – Depreciation: assets lose value over time • Straight Line depreciation: same amount is taken each year •

Accelerated Depreciation: 2 forms – Double Declining Balance – Sum of the Years Digits – Life Cycle Costing: includes operations and maintenance phases – Value Analysis: find a less costly way to do same work – Make or Buy decisions – at Development (Planning) phase, not conceptual phase – Definitive Estimate –most precise/accurate estimate for determining project costs – Management Reserve – over time PM wants no change to reserve; customers wants $ back – Cost and Schedule Data – predicts future performance – ROI, Nest Present Value and Discounted Cash Flow – all can be used to measure total income vs. total $ expended – Undistributed budget – budget that contains approved scope changes but are not planned yet – Depreciation is not a measurement of profitability – Pay Back Period - # of periods required to recover the initial investment –– Project Quality Management – Processes required to ensure that the project will satisfy the needs for which it was designed – Includes all activities of the overall management function that determine the quality policy, objectives, and responsibilities. These are implemented by quality planning, quality control, quality assurance, and quality improvement. – 3 major processes: – Quality Planning – identifying quality standards that are relevant to the project (Plan); Project Manager, Project Owner – Quality Assurance – evaluating overall project performance to provide confidence that project will satisfy relevant quality standards (Implement or Execution); Project Team – Quality Control – monitoring specific results to comply with quality standards and eliminating unsatisfactory performance causes (Check or Control); Project Manager, Project Team •

Compatible with ISO 9000 and 10000 series • Proprietary and non-proprietary approaches (total quality management • Must address the management of the project and the product of the project – Quality – the totality of characteristics of an entity that bear on its ability to satisfy stated or implied needs – Critical aspect is to turn implied needs into stated needs through project scope management – Do not confuse with grade – category or rank given to entities having the same functional use but different requirements for quality – Customer satisfaction – conformance to specifications (must produce what is stated) and fitness for use (must satisfy real needs) – Prevention – avoid mistakes vs. cost of correction – Management responsibility – requires participation of team; responsibility of management to provide resources – Processes within phases – plan-do-check-act cycle • Recognize that the investment in product quality improvements may be borne by the performing organization since the project may not last long enough to reap reward – Quality Planning – Identify quality standards are relevant and how to satisfy – Quality Assurance – All planned and systematic activities implemented within the quality system to provide confidence that the project will satisfy quality standards – Quality Control – monitoring specific results to determine if they comply with quality standards and identifying ways to eliminate causes of unsatisfactory results – Includes project (deliverables) and management (cost and schedule performance) results – Awareness of statistical quality control • Prevention (keep errors out of process) and inspection (keep errors from customers) • Attribute sampling (result conforms) and variable sampling

• Special Causes (unusual events) and random causes • Tolerances (acceptable range) and control limits (result falls within range) – Tips from the Review Guide – Philosophy: definition of quality, avoidance of “gold plating” – giving customer extras, prevention over inspection – “Conformance to requirements, specifications and fitness of use” – Quality Management – processes required to ensure that the project will satisfy the needs for which it was undertaken – Continuous Improvement- small improvements to reduce costs and ensure consistency – Marginal Analysis – optimal quality is reached at the point when revenue from improvement equals the costs to secure it – Just in Time- decrease amount of inventory/decrease investment – ISO 9000 or 10000 – standards to ensure that corporations follow their own quality procedures – Total Quality Management – continuous improvement in business practices – Normal Distribution – most common probability – used to measure variations – Standard deviation (sigma) – measure how far away from the mean (dotted vertical line) – 3 or 6 sigma – represents level of quality • +/- 1 sigma equal to 68.26% • +/- 2 sigma equal to 95.46% • +/- 3 sigma equal to 99.73% • +/- 6 sigma equal to 99.99% – Responsibility to quality – entire organization • Ultimate – employee • Overall or Primary – Project Manager • Design and Test Specifications – engineer – Prevention over inspection – quality must be planned in not inspected in

– Cost of conformance vs. non-conformance • Quality Training vs. rework • Studies vs. Scrap • Surveys vs. Inventory Costs and warranty costs – Quality Planning (Plan) – determine what will be quality on project and how quality will be measured – done during Planning Phases • Identifying which standards are relevant to project – how to satisfy them • Benchmarking – look at past projects to determine ideas for improvement • Cost Benefit Analysis • Flowcharts (fishbone) • Design of Experiments – Quality Assurance (Implement) – determine if your measurement of quality is appropriate – done during Execution phases • Process of evaluating overall performance on a regular basis • Quality Audits – structured review of quality activities that identify lessons learned – Quality Control (Check) – perform the measurement and compare to the quality plan – done during Control phases • Process of monitoring specific project results to determine if they comply with relevant quality standards and identify ways of eliminating unsatisfactory performance • Performance of the measurement or process, using quality control tools – checking work • Quality Control Tools – Pareto Diagrams– 80/20 rule – the chart presents the information being examined in its order of priority and helps focus attention on the most critical issues – Fishbone diagram (Cause and Effect) – A creative way to look at the causes or potential causes of a problem –

Helps stimulate thinking, organizes thoughts and generates discussion – Can be used to explore a desired future outcome and the factors to which it relates – Checklists – list of items to inspect – Control Charts – graphic displays of the results over time – used to determine if a process is in control – Upper and Lower Control Limits – two dashed lines – show the acceptable range of a variation – range determined by company’s quality standard (sigma) – Mean – line in the middle – shows middle of the range of acceptable results – Specification Limits – 2 solid lines outside the upper and lower control limits – represent the customer's expectations/requirements of quality • Quality Control Tools – Out of Control – process is out of control when: – A data point falls outside of the upper or lower control limit – Non-random data points are within the upper control and lower control limits – Rule of 7 – non-random points outside the mean - process should be investigated – Assignable Cause – data point the requires investigation to determine the cause of the variation • PMI and Deming – Cost of conformance – 85% of costs of quality are responsibility of Management – Quality Training – Rework – Studies – Scrap – Surveys – Inventory and Warranty costs • Crosby – absolutes of quality –

Performance standard is zero defects; measurement system is cost of non-conformance • Continuous Improvement – Japanese (Kaizen) • Marginal Analysis – optimal quality is reached when incremental revenue from improvement equals incremental cost to secure • Variable – characteristic to be measured • Attribute – measurement (objective or subjective) • Increase quality = increased productivity, increased cost effectiveness, decreased cost risk –– Project Human Resource Management – Processes required to make the most efficient use of people – 3 major processes: • Organizational Planning • Staff Acquisitions • Team Development – Keep in mind of transient nature of projects – Apply techniques that apply to current project needs – Ensure HR compliance with project management activities – Project Organization • Conflict between PM and Functional Managers • Dual allegiance of team members • Complex prioritization of resources • Loss of developed procedures on project dissolution – Compromise = both sides will lose – Delegation • Defer the decision • Interpreted as passive • Emphasize task vs. personnel •

Can be frequently used – If there is a team of experts, PM decisions will promote high satisfaction – Functional/Project Managers likely to exercise: • Power • Authority • Influence – Traditional organization forms have no single point of contact for client/sponsor – Organizational Planning – Identifying, documenting and assigning project roles, responsibilities, and reporting relationships • Individual and group assignments • Internal and external employees • Linked with communication planning – Staff Acquisition – Ensure resources are available for project work – Team Development – enhancing stakeholders to contribute along with maintaining the project team’s functionality – Personal development is the foundation – Team members often balance responsibilities to a functional manager and project manager • Critical to success of project – Review Guide Tips – Roles and responsibilities • Project Manger – plan, estimate and schedule of project • Team – help prepare the WBS, Network Diagrams, and estimate time for tasks, complete tasks • Senior Management – approve Overall project plan, budget and schedule and to approve any changes that are made to those figures • The person experiencing the problem must try to solve it

themselves as long as means are in their control – Powers: • Formal (legitimate) • Reward • Penalty (coercive) • Expert (earned) • Referent – authority of a higher position – Best are Expert and Reward; Penalty is the worst • Formal, Reward and Penalty derived from PM’s position within the company – Conflict • Inevitable consequence of organizational interactions • Can be beneficial • Resolved by identifying the causes and problem solving by people that are involved & their immediate manager • Nature of project • Limited power of the project manager • Necessity for obtaining resources from functional managers – Conflict Sources (in order of frequency) • Schedules • Project Priorities • Resources • Technical opinions • Administrative Procedures • Cost • Personality – Motivational Theories • Maslow’s Hierarchy of Needs – people work to get a chance to contribute and use their skills – ‘self-actualization’

• McGregor’s Theory of X and Y – X – people need to be watched every minute – Y – people willing to work without supervision • Herzberg’s Theory – poor hygiene factors destroy motivation but improving them will not improve motivation – Motivating Agents – Responsibility – Self-actualization – Professional growth – Recognition – Responsibility Charts • Matrix – cross references team members with tasks (does not show time – when job is done) • Histogram – months vs. number of resources • Gantt Chart – shows when staff allocated to tasks – Leadership Skills • Directive • Facilitating • Coaching • Supportive – Team Building Skills – Projectized Organization • Conflict between PM and Functional Managers • Dual Allegiance of team members • Complex prioritization of resources • Loss of developed procedures on project dissolution – Compromise – both sides will lose – Delegation •

Defer the decision • Interpreted as passive • Emphasize task vs. personnel • Can be frequently utilized –– Project Communications Management – Processes to ensure timely and proper generation, collection, dissemination and disposition of project information – General communications management • Communications Planning – determining informational needs, who needs what and when; 90% of PM’s time is spent communicating • Information Distribution – making information available • Performance Reporting – collecting and disseminating project information • Administrative Closure – formalize project/phase completion – Communications Planning – Determining information requirements of stakeholders – Tightly linked with organizational planning – Information Distribution – making information available in a timely manner by implementing the communications plan; responding to requests for information – Performance Reporting – Collecting and disseminating performance indicators to provide stakeholders information how resources are achieving project objectives • Status reporting • Progress reporting • Forecasting • Project scope, schedule, cost and quality, risk and procurement – Administrative Closure – Projects/phases after achieving results or terminated require closure

– Verifying and documenting project results to formalize acceptance – Collection of project records, analysis of effectiveness, reflect final specifications and archiving of material – Tips from Review Guide – Understand all concepts and major points – Memorize the communications model – Understand the inputs/outputs of Administrative Closure – Understand how administrative closure differs from contract closeout • Contract closeout has product verification and administrative closeout but the contract terms may have special provisions/procedures for closeout – Communication Model – Messages are encoded by sender and decoded by receiver based on receiver’s education, experience, language and culture • Sender should encode message carefully – Nonverbal – Paralingual (pitch and tone) – Active Listening – receiver confirms they are listening, confirms agreement and ask for clarification – Effective Listening – watching speaker, think before speaking, ask questions, repeating and providing feedback – Communication Methods – Pick the form of communication that is best for the situation • Formal Written – complex problems, All Plans, communicating over long distances • Formal Verbal – Presentations, speeches • Informal Written – memos, e-mail, notes • Informal Verbal – Meetings, conversations – Communication Blockers – Noise, Distance, Improper en-coding, “bad idea”, Hostility, Language,

Culture – Performance Reporting – Status Reports (where project stands) – Progress Reports (what has been accomplished) – Trend Report (project results over time) – Forecasting Report (projecting future status) – Variance Report (actual results vs. planned) – Earned Value – Communication Channels – communications grow at a linear rate – N (N-1)/2 where N = the number of people – Example 4 people equals 6 communication channels – To determine if someone understands message feedback must be obtained – Unanimous Agreement – All members committed – Decisions reached slowly – Integrity is developed – Future decision making is enhanced – Clearly defined group goals – Motivate team behavior – Cause tension until completed – Encourage member identification – Complex messages need oral, written and non verbal methods – There are 5 directions of communication – Façade – when an individual processed needed information but withholds the information – Least effective form of communication for complex situations is verbal and formal – If there are a team of experts, PM decisions will likely promote high satisfaction – Functional/Project Mangers likely to exercise

– Power – Authority – Influence – Traditional organization forms have no single point of contact for clients/sponsors – To determine if someone understands message, must obtain feedback – Unanimous Agreement – all members committed, decisions reached slowly, integrity is developed, future decision making is enhanced – Clearly defined group goals: motivate team behavior, cause tension until completed, encourage member interaction – Complex messages need oral, written and non verbal methods – Least effective form of communication for complex issues: verbal and formal –– Project Risk Management – Includes identifying, analyzing, and responding to risk areas; maximizing results of positive events and minimizing consequences of adverse events • Risk Identification – which are likely to affect the project • Risk Quantification – evaluation of risk to assess the range of possible outcomes – Sometimes treated as single process; risk analysis/assessment • Risk Response Development – defining enhancement steps for opportunities and response – Sometimes called response planning/mitigation • Risk Response Control – responding to changes in risk over course of project – May be combined as risk management – Tips from Review Guide – Definition of risk: a discrete occurrence that may affect the project for good or bad – Definition of uncertainty: an uncommon state of nature, characterized by the absence of any information related to a desired outcome

– Definition of risk management: The processed involved with identifying, analyzing, and responding to risk. Maximize results of positive events; minimizing consequences of negative events – Inputs to Risk Management: • All project background information • Historical records • Past Lessons Learned • Project Charter • Scope Statement • Scope of work • WBS • Network Diagram • Cost and Time estimates • Staffing Plan – Risk Management Process • Risk Identification – majority during Planning; onset of project to close of project – 2 Types – Business: Risk of a gain or loss – Pure (insurable): only a risk of loss – Sources: – External: Regulatory, environmental, government – Internal: Schedule, cost, scope change, inexperience, planning, people, staffing, materials, equipment – Technical: Changes in technology – Unforeseeable: small (only about 10%) – Risk Management Process • Risk Factors – determine: – Probability that it will occur (what)

– Range of possible outcomes (impact, amount at stake) – Expected Timing (when) – Anticipated frequency (how often) • Symptoms – early warning signs determined by PM • Risk Tolerances – amount of risk that is acceptable – Common Stumbling Blocks • Risk identification is completed without knowing enough about the project • Project Risk evaluated only by questionnaire, interview or Monte Carlo; does not provided a per task analysis of risk • Risk identification ends too soon • Project Risk identification and Evaluation are combined – results in risks that are evaluated when they appear; decreased total number of risks and stops identification process • Risks are identified too generally • Categories of risks are forgotten (technology, culture) • Only 1 identification method is used • First risk response strategy is used without other consideration • Risks are not devoted enough attention during the Execution phase – Risk Management Process • Risk Quantification – assess risks to determine range of possible outcomes; which risk events warrant a response – Probability – Amount at stake (impact) – Develop a ranking (priority) of risks – Qualitative – take an educated guess – Quantitative – estimation by calculation • Risk Assessment = Risk Identification + Risk Quantification

– Risk Management Process • Monte Carlo simulation – simulates cost and schedule results of project – Indicates risk of a project and each task by providing a percent probability that each task will be on the critical path – Accounts for path convergence (where tasks in a Network diagram converge into 1 task – more risk) • Expected Monetary Value – multiply probability by impact – Helps define and prove what the project reserve should be • Decision Trees – Takes into account future events when making a decision today – Makes use of expected value calculations and mutual exclusivity – Be able to draw one; boxes are decisions, circles are what can happen as a result of the decision – Risk Management Process • Outputs from Risk Quantification – Determination of top risks – Opportunities to pursue – Opportunities to ignore – Threats to respond to – Threats to ignore – Risk Management Process • Risk Response Development (what will be done, how to make risk smaller or eliminate) – Not all risks can be eliminated – Alternative Strategies (risk mitigation) – Avoidance – eliminate the cause – Mitigation – effect the probability or impact of

risk – Acceptance – do nothing – Deflection (transfer, allocate) – make another party responsible, insurance, outsourcing – Risk Management Process • Outputs from Risk Response Development – Insurance – exchange an unknown risk for a known risk (response to pure risks) – Contracting – hire experience to perform work – Contingency Planning – specific actions to take if risk event occurs – Reserves (contingency) – recommended total of 10% to account for known and unknown risks • Risk Management Plan – documents risks identified and how they are addressed; non-critical risks should be recorded to revisit during the execution phase – Risk Management Process • Risk Response Control – executing and updating the Risk Management Plan – Workarounds – Unplanned responses to risks; addressing risks that were unanticipated – Contingency Plans – planned responses to risks; risk response development actions – Risk Mitigation – does not involve ID of risks (they are already known) – Self Insurance – can lead to failure to ensure funds for low probability events and confuse business risks with pure risks – Risk mitigation – can purchase insurance – Schedule Risk – critical path adjusted by High Risk activity float – Sensitivity Analysis – estimate the effect of change of one project variable on overall project – Standard Deviation of project completion – relationship of uncertainty of critical path activities; indicator of project end target confidence –– Project Procurement Management

– Processes required to acquire goods and services from outside the organization – Discussed from the perspective of the buyer • Terms and conditions of the contract is a key input to many processes • Buyer is the customer, thus a key stakeholder • Seller’s project management team must be concerned with all processes of project management, not just their knowledge area – Procurement Planning – Identify project needs that can best be met by acquiring resources – Consideration whether to procure, how to, how much, when to purchase – Subcontractor decisions may provide flexibility • Internal procurement does not involve formal solicitation and contract – Solicitation Planning – Preparing documents needed – Source Selection – Apply evaluation criteria (seldom straight-forward) • Price (lowest price may not always result in lowest project cost) • Technical (approach) vs. commercial (price) • Multiple sourcing may be needed for same service – Contract Administration – Ensuring that the seller’s performance meets contractual requirements • Project Team must be aware of legal ramifications of all actions taken • Apply project management processes to contractual relationships and integrate outputs within the project – Project Plan Execution (authorize work)

– Performance Reporting (monitor cost, schedule) – Quality Control (verify contractor’s output) – Change Control – Financial Management – Contract Close Out – Similar to administrative closure; involves product verification and administrative paperwork • Early termination is a special case • Contract terms and conditions may prescribe procedures – Tips from Review Guide – Most questions are process oriented – Most questions are from the buyer’s perspective – Contracts are formal agreements – All requirements should be specifically stated in the contract – All contract requirements must be met – Changes must be in writing and formally controlled – US Government backs all contracts by providing a court system – What forms a contract • An offer • An acceptance • Consideration - something of value • Legal Capacity – separate legal parties, competent parties • Legal Purpose – can not perform illegal goods or services – Project Manager’s role for procurement • Risk identification and evaluation • Work within the procurement process – Procurement Process • Procurement Planning = Make or buy •

Solicitation Planning = Request for Proposal • Solicitation = Questions and Answers • Source Selection = Pick vendor • Contract Administration = Admin • Contract Closeout = Finish – Make or Buy: consider out of pocket costs and indirect cost of managing procurement – Buy – to decrease risk (cost, schedule, performance, scope of work) – Make • Idle plant or workforce • Retain control • Proprietary information/procedures • Buy vs. lease questions (use X = number of days when purchase and lease costs are equal) – Contract Type Selection – reasonable risk between the buyer and seller and greatest initiative for seller’s efficient and economic performance • Scope – well defined? • Amount or frequency of changes expected after start date • Amount of effort and expertise the buyer can devote to manage the seller • Industry standards – Cost Reimbursable (CR); seller’s cost are reimbursed; buyer bears highest risk (cost increases) • CPFF – cost plus fixed fee, buyer pays all costs – fee (profit) established • CPPC – cost plus percentage of costs; bad for buyers (seller not motivated to control costs) • CPIF – cost plus Incentive Fee; seller costs + fee + bonus for meeting/exceeding target (incentive clause) – Time and Materials; priced on per hour basis, elements of fixed price contract and cost reimbursable contracts – buyer has medium risk –

Fixed Price (lump sum, or firm fixed price) - most common (1 price for all work), risk of costs is upon seller • FPIF – Fixed Price Incentive Fee • FPEPA – Fixed Price Economic Price Adjustment – long duration projects – Incentives – help bring seller’s objectives in line with buyer’s – Incentive Fee and Final Price Calculations • Must Have: – Target Cost – Target Fee – Target Price – Sharing Ratio (buyer/seller) – Actual Cost • Fee = (Target Cost – Actual Cost) x Seller Ratio (%) • Total Fee = Fee + Target Fee • Final Price = Actual Cost + Total Fee – Procurement Documents, Contract Type and Scope of Work • Request for Proposal – Cost Reimbursable – Performance or Functional Scope (can be somewhat loosely defined) • Invitation for Bid – Time & Materials – Design Scope (moderately defined) • Request for Quotation – Fixed Price – Any Scope (must be detailed) – Terminology (Terms and Conditions) • Force majeure – act of God • Indemnification – who is liable • Liquidated damages – estimated damages as a result of contract breach • Material breach – a breach so large the project may not continue • Special Provisions – provided by the Project Manager to contracts so that particular needs are addressed •

Privity – contractual relationship • Single Source – contract directly with preferred seller • Sole Source – only one supplier available in market – Evaluation Criteria • Understanding of need • Overall or life-cycle cost • Technical ability • Management Approach • Financial Capacity • Project Management Ability – Invitation for Bids are usually not evaluated with entire criteria (lowest rate is chosen) – Solicitation • Bidder’s Conference – Benefit both buyer and seller – Watch out for – Collusion – Sellers not asking questions in front of their competition – Make sure all questions and answers are in writing and issued to all sellers (respond to same scope in work) – Source Selection • Negotiation Objectives – Obtain a fair and reasonable price – Development a good relationship with seller – Project manager must be involved – Main Terms to negotiate – Responsibilities – Authority

– Applicable Law – Technical and Business Management approaches – Contract Financing – Price – Contract Administration – assure that seller’s performance meets contractual requirements • Project Managers must understand the contract and manage its completion – Sometimes contract is in conflict with Scope of Work – Only the contracting officer (CO) can change contract language – Often a source of conflict – Need to deal with a different company’s set of procedures – It is not as easy to “see” problems – Greater reliance on reports to determine if a problem exists – Greater reliance on relationships between buyer and seller’s project managers – Contract Closeout – more attention to documentation and completion of files • All documentation must be preserved and filed • Centralized vs. decentralized contracting – Contract Interpretation • Based on analysis of intent – Fee = Target Cost – Actual Cost X Seller Ratio ($) – Total Fee = Fee plus Target Fee – Final Price = Actual Cost plus Total Fee – Contractor = seller – Purchasing Cycle – define need, prepare and issue purchase order –

Functional Spec – delineates specific end-use capabilities that are tested in acceptance procedure – Measurable Capabilities = Performance Specifications – Requisition Cycle – review of specification completeness – Requirements Cycle – develops the statement of work – Understand Project Management Professional Code of Conduct – Ethics – Legal Issues – Cultural Sensitivity – Managing conflicts of interest – Integrity and Professionalism – Understand the legal requirements surrounding the practice of projects – Know ethical standards that should govern the behavior of project managers – Comprehend the values of the community and the various project stakeholders – Practice proper judgment in the pursuit of successful project work – Compliance with all organizational rules and policies • Upon a reasonable and clear factual basis report violations • Responsibility to disclose circumstances that could be construed as a conflict of interest or appearance of impropriety – Provide accurate and truthful representation to the public – Maintain and satisfy the scope and objectives of professional services – Maintain the confidentiality of sensitive information – Ensure a conflict of interest does not compromise legitimate interests of client/customer or interfere with professional judgment – Refrain from accepting gifts, inappropriate payments, compensation for personal gain unless in conformity with applicable laws or customs – Contribute to advancing the project management profession

– Overall understanding of project management principles – Understand the community and media surrounding projects – Knowledge of research strategies available and proper communication techniques – Learn to communicate and transfer knowledge effectively as a coach and mentor and to use available research strategies – Respect and recognize intellectual property – Enhance Individual Competence – Understand the project manager’s strengths and weaknesses and learning style – become aware of instructional processes and tools – Know the useful competencies for project managers and possible training – Be able to perform self-assessment and competencies development plan – Ability to apply lessons learned – Balance Stakeholder’s Objectives – Understand the various competing stakeholders’ interests and needs – Comprehend the conflict resolution techniques useful in handling differing objectives – Be able to resolve conflicts in a fair manner – Exercise negotiation skills based on proper information – Interact with team and stakeholders in a professional and cooperative manner – Understand cultural diversity, norms and stakeholders’ communication styles – Show flexibility towards diversity, tolerance and self control – Becoming empathetic to differences

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