Project Management
PMP
PMBOK Math Formulas
1. PERT (P + 4M + O )/ 6 Pessimistic, Most Likely, Optimistic 2. Standard Deviation (P – O) / 6 3. Variance [(P - O)/6 ]squared 4. Float or Slack LS-ES and LF-EF 5. Cost Variance EV – AC 6. Schedule Variance EV – PV 7. Cost Perf. Index EV / AC … Continue reading
PMP – Integration Management Questions
Integration Questions Lessons learned are completed by? Project team What are the major constraints on a project? Refers to the Triple Constraints: Cost, Time, Quality, along with customer satisfaction and scope of work. When many changes are made to a project, what should a project manager do? Make change as needed, but maintain a … Continue reading
PMP – Procurement Management Questions
Procurement Questions What is make or buy analysis? A technique used to determine whether a product can be produced cost effectively by the organization. What are contract incentives? Inducements provided by the buyer to the contractor in an attempt to ring the objectives and interests of the contractor in line with those of the … Continue reading
PMP – Quality Management questions
Quality Questions What are control limits as used in control charts? Control limits describe the natural variation of a process. Assignable cause is a point outside the control limits Define “kaizen”? Continuous improvement. Small improvements in products or procedures to reduce costs and ensure consistency of performance of product or service. What is gold-plating? … Continue reading
PMP – Risk Management Questions
Risk Questions Generally speaking, in what project phase are risk and opportunity greater than the amount at stake by the widest margin? Initiation Describe the difference between an internal risk and an external risk. An internal risk is under the control or influence of the project team; external is beyond control or influence. What … Continue reading
PMP – Cost management questions
Cost Questions What is life cycle costing? Concept of including acquisition, operating, maintenance, and disposal costs; total cost of ownership Which of the following includes an audit; Administrative Closure or Contract Closure? Contract Closure includes an audit. What is “chart of accounts”? Coding structure used to report financial information in general ledger. Code of … Continue reading
PMP – Time Management questions
Time Questions What is the critical path? The longest path through the network which represents the shortest amount of time in which the project can be completed. What is crashing? Taking action to determine how to obtain the greatest amount of duration compression for the least incremental cost; generally increases cost. What is fast … Continue reading
PMP – Communication Management Questions
Communications Questions What is a project “war room”? What is its primary benefit? A single location for the team to get together for any purpose. It provides a repository for project artifacts, records, and up-to-date schedules and status reports. It gives an identity to the project team. Describe the six parts of a Communications … Continue reading
PMP – Human Resource Management questions
HR Questions Which are the five methods of managing conflict is recommended? Why? Problem Solving/confrontation because both parties can be fully satisfied if the work together to find a solution that satisfies both their needs. What are the three types of project interfaces that serve as inputs to the organizational planning process. When can … Continue reading
PMP – Scope Management Questions
Scope Questions Why is a careful and accurate needs analysis important? To make sure customer or stakeholder expectations can be identified and satisfied. How is a change control board used? Can there be more than one? To approve or reject change requests according to responsibilities defined and agreed upon by key stakeholders. Multiple CCBs may … Continue reading
PMP Facts
The Project Management Professional (PMP)® is the most globally-recognized and independently validated credential for project managers, perfect if you have required experience and knowledge in leading project teams. Project Management Institute (PMI)®, Project Management Professional (PMP)® credential: Covers PMI Project Management Body of Knowledge (PMBOK®) Touted most popular in the world. Available immediately, uniform, PMI® Certification department … Continue reading
Summary of differences between PM methodologies
Employment perspective. In general, if you are applying for a position with a UK/European based Company PRINCE2 qualifications rate higher than US based qualifications PMP because of the differences in culture and approach to Project Management. Whereas if you are applying for a role with a US based Company (many IT Vendors), PMP is more likely to be preferred. … Continue reading