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By elroyking, March 30, 2010 8:45 am

Get Ready For The PMP Exam

A company’s culture is influenced by the organizational structure it employs. As for project managers, the company organizational structure determines how much authority and responsibility the project manager ends up with. The three types of organizational structure are outlined below. The advantages and disadvantages of each are discussed.

Functional

Projectized

Matrix

In a functional organization project managers find they have the least authority. In a projectized organization, the project manager has the most authority, but also the most responsibility to the project team and team members. In a matrix organization, project managers have lots of authority over the project, but may have little authority over resources.

PMP Exam Tip

When referring to organizational structures on the PMP exam, and asking about advantages or disadvantages, it is usually implied that they are the advantages or disadvantages over the functional organization, if the organizational structure being referred to is not mentioned.

Be sure to understand the company organizational structure when referring to some questions on the PMP exam. The best answer for a company with a matrix organization will not be the same as for a company with a functional organization. I think the default is assumed that you are working in a matrix organization, unless otherwise stated.

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By elroyking, March 28, 2010 7:38 am

Get Ready For The PMP Exam

There are many things that project managers have to take into consideration on a project. Although the projects objectives and the products of the project are the most important things to the project, the resources, the time it takes to perform the projects, the risk of project failure and others weigh heavily on what can be accomplished by the project and what cannot. The factors that may limit the project are classified as the project constraints. They include, but are not limited to, Time, Cost, Scope, Risk, Quality, and Resources. The three common constraints recognized universally are Time, Cost, and Scope. The reason they are called constraints is that they are inter-dependent. When you change one of them, the others will be affected. For example, if you try to cut the time to accomplish a project by say 20 percent, the only way to accomplish that is usually adding more resources. The end result is that the cost goes up significantly. The other things that may be affected is the quality, for instance. Perhaps shortening the product cycle will reduce the time and iterations for testing–which means that more defects will be missed and the over-all quality of the project will suffer.

The chronic antithesis of projects is “scope creep”. This condition is realized when more features are added onto a product, or it is changed significantly from its inception as more stakeholders add more requirements. When the scope is changed to add, yet another feature, the time to complete the project grows, the cost grows, the quality may suffer, and the risk of completing the project on time grows exponentially. Can you see how the constraints are connected? Any change to one of the constraints usually results in a consequence for the others. From past experience the best way to control scope creep is to identify all of the stake holders early in the project and get their agreement to the requirements before the start of the project. From that point forward, good communication, good stakeholder management, and a good process for adding requirements to the “next version” of the product can do wonders for controlling the scope and the rest of the constraints.

For the PMP exam, remember the constraints and that one cannot be changed without affecting the other. For a more in-depth discussion about the triple constraints, look at

The Triple Constraints in Project Management by Michael S. Dobson

The Triple Constraints in Project Management (Project Management Essential Library) (Paperback)

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By elroyking, March 26, 2010 8:25 am

Get Ready For The PMP Exam

Who are the stakeholders on your project? Let’s name the obvious ones–the customers, the sponsors, the project manager, and the project team. All of these people have influence on the project and are affected by the progress and the outcome of the project. But this is not the complete list of stakeholders. It also includes the management team, the project management office, the portfolio managers, the program managers, functional managers, operations managers, support personnel, resellers, stockholders, investors, and partners! Think about this second list. What kind of influence do these interested, but not usually directly engaged in the project, people have on your project? I have seen many projects fail, because project team members did not identify all of the stakeholders early in the project, and then found that in order to please all of the stakeholders the scope of the project would have to be increased dramatically. Realize that stakeholders are those people who can influence your project, or who will be affected by it. It is best to think of stake holders as semi-team members. As a project manager, you may not have any formal reporting to all stakeholders, but they are central to its success. You need to keep these people and groups informed about project progress, solicit input from them, and perform to meet their needs and expectations. Much of the stakeholder management will be performed during the communications process of your project. Identifying stakeholders early and understanding their needs will be the most effective method for controlling the project scope and preventing the expansion of project requirements. Stakeholders will be your best proponents if you understand them, communicate to them, and perform to their needs. Identify your stakeholders and include them in the project early.

For more stakeholder management education in preparation for the PMP exam see PMP Exam Prep, Sixth Edition: Rita’s Course in a Book for Passing the PMP Exam Rita covers stakeholder management and really preps the reader for passing the PMP exam. You won’t find a better PMP prep course out there.

For a more in depth study of stakeholder management try this book by R. Andrew Davison Project Pre-Check: The Stakeholder Practice for Successful Business and Technology Change The book explains how to identify stakeholders and how to involve them in the critical decisions that will make or break your project.

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By elroyking, March 24, 2010 7:21 am

Get Ready For The PMP Exam

Lessons learned is part of your company’s historical database of previous projects. It will document some of the most important discoveries made while performing the project. Lessons learned is a PMI-ism, it is part of the organizational process assets. Lessons learned should include what was done right, what was done wrong, and what would be done differently if the project could be done over. It should include the causes of any issues faced by the project, how those issues were resolved, and the reasoning behind any changes that resulted from the issues rising. It is assumed that the project manager is should be the one to take care of the lessons learned, but the reality is that any and all stakeholders have both a responsibility to make sure the lessons learned are documented and become part of the company historical assets, and should benefit in any previous lessons learned from older projects. There is no reason to repeat the same issues on all new projects, document the lessons learned and become familiar with the lessons learned from previous projects in your organization, it may make your project much more successful.

For great instruction on lessons learned in preparation for the PMP test see PMP Exam Prep, Sixth Edition: Rita’s Course in a Book for Passing the PMP Exam Rita covers lessons learned and really preps the reader for passing the PMP exam. This is really the best PMP Prep course out there.

For a more in depth discussion try this book by Terry Williams Post-Project Reviews to Gain Effective Lessons Learned As a Project Management Institute staff member, Terry writes with authority on the issue of Lessons Learned on projects.

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By elroyking, March 22, 2010 9:02 am

Earned Value Is Important On The PMP Exam

Earned Value is a method for managing projects that helps determine project costs and schedules. Earned Value is determined through the use of the project plan, the actual work completed, and the value of the current work completed. It is a method used to measure project performance against the project baseline. Earned Value integrates time, cost, and work performed. The PMI likes the use of Earned Value, and many of the formulas found on the PMP exam will be around the earned value method. Earned Value can be an effective communications tool, and can be found in the Cost Management Processes and the Communication Management Processes. Earned value is not just a way to determine the status of projects, but is also an effective way to forecast completion costs, completion dates, and future performance. Earned value can tell you your cost variance–or the amount that you are over budget at any snapshot along the way, it can tell you your schedule variance–or the amount that you are behind schedule at any given snapshot. Although earned value doe not solve all project problems or create a project utopia, it is a widely accepted method for project management, monitoring and control. As for understanding it well enough to pass the PMP exam, I would suggest Cornelius Fichtner’s PM Formulas®. And Rita Mulcahy covers it well in her PMP Exam Prep, Sixth Edition

For a deeper discussion and great implementation help, try the book by Quentin Fleming and Joel Koppelman Earned Value Project Management.

Get your projects back on schedule, get them back on budget. Use the Earned Value methodologies to make your projects more successful.

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By elroyking, March 20, 2010 7:54 am

Get Ready For The PMP Exam

A project is a temporary endeavor that has a definite beginning and a defined end. It also creates a unique product, service or result.

The definition of a project is very important for the PMP™ exam. Not all work can be defined as a project. Work that is repetitive in nature is classified as operations. For example most sales, maintenance, and continued production of products would be classified as operations. They are a continual endeavors, and have no definite end. Work such as creating a help desk, implementing a certification process, or building most anything is generally classified as a project. You know when the work of creating the help desk or something tangible begins, and it is also possible to determine when it should end.

Some of the questions on the PMP exam will purposely put in answers that would be correct for endeavors that are on going, that would be primarily an operations task, but would not be correct if it were applied to a project. So keep the definition of a project in mind when taking the PMP exam.

This definition of a project is a PMI-ism, a perspective that is important to the PMI. It is estimated that 40% of those that take the PMP exam and don’t pass it, fail because of not being completely familiar with the PMI-ism. For a great tool that will help prepare you for the PMI exam, and that is full of PMI-isms, I would suggest the PM FLASHCARDS. developed by Cornelius Fichtner. They are a deck of 1750 cards developed around the central concepts of the PMP exam from the PMI perspective.

Cornelius is the author of the The PM-PrepCast® He has helped thousands of people achieve that PMP status. He can help you get yours as well.

I hope to see you as a member of that elite group of Project Management Professionals in the near future.

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By elroyking, March 18, 2010 7:50 am

Get Ready For The PMP Exam

Studying can be a long and difficult process. I have tried a lot of study aids, programs, and processes to improve my retention. I have a number of work books and sample PMP exam questions to help my in my studying. But, I have found what works really well for me is FLASH CARDS.

Flash cards are portable. You can carry them with you where ever you go. I would shove a stack in my pocket so that I could use the time standing in line, or when I was waiting on hold on the telephone. When ever I had a spare minute, I could pull out my flash cards and do some drills.

The reason that flash cards seem to work is that they are both repetitive and visual. When I am studying, if I can see a short concise answer, there is a good chance that I would remember it. Using a subsection of the stack of flash cards lets me repeat the same information several times until it become second nature. Flash cards are the best way to learn the PMP Exam information, and the best way to get those cards is to create your own. Even just the process of writing down the information on the card and a hint or question about the information on the back of the card helped me with my data retention.

However, if you don’t have time to create your own flash cards, or if you are worried you will miss the most important information, then the next best thing to do is get an already created set of flash cards.

The best set that I have found is 1,750 PMP flash card from PM FLASHCARDS.

All based on the PMBOK guide v.4, these flash cards will have you not just learning the PMP Exam material, but really assimilating it, as only flash card can do. Stop studying for the PMP exam, and start really getting ready to take the Exam.

For some great help with the PMP formulas try

Turbo charge your PMP exam preparation with the PM PrepCast.

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By elroyking, March 16, 2010 7:44 am

Project Management Terms

There are three entities that you need to be aware of for the PMP exam. These are the Project Expediter, the Project Coordinator, and the Project Manager. The terms are not interchangeable, however each role may perform some of the same functions.

Three PMP Terms

The terms Project Coordinator and Project Expediter are associated with a weak matrix organization. This organization gives more power and authority to the functional managers and less power and authority to the project manager, or project management roles.

Project Expediter

The Project Expediter has the least authority of any of the three project management functional roles. This person has responsibilities as staff assistant, who will coordinate communication, facilitate meetings, and follow up on assignments. This role, however, has no authority to make and enforce decisions.

Project Coordinator

The Project Coordinator performs the same functions as the Project Expediter, but the Project Coordinator has more authority, and is more involved in the decision making process. The Project Coordinator may also report to a higher authority.

Project Manager

The Project Manger, however, is in charge of the project. He has full authority to direct and execute the project. The Project Manager makes project decisions and has the ultimate responsibility for the state of the project. The difference between the three functions comes down to authority and responsibility.

The terminology used on the PMI PMP Certification Exam include a lot of PMI-isms, those are the things that PMI stresses and the terms that have specific PMI meanings. Although there are a number of Project Management books of terms, not all of them define things the way the the PMI does. I would suggest getting study materials that are based on PMI-isms such as PMP Exam Prep, Sixth Edition: Rita Mulcahy’s Course in a Book for Passing the PMP Exam And to supplement the book with the exam simulation software, Fastrack PMP Exam Simulation Software.
Make sure and get the most out of your study time by concentrating on what the PMI deems important. The PMP certification will proved you the credential to get your career back on track. Now is the time to do something about it and get the training that you need.

If you have any questions about the PMP exam or Project Management in general, leave the questions for me in a comment, and I will try to answer them.

Elroy King

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By elroyking, March 14, 2010 7:29 am

Get Ready For The PMP Exam, Learn The PMP Exam Formulas

There are 49 PMP Exam Formulas you need to be familiar with to pass the PMP Exam.

Do you know how to work with Earned Value? Do you know how to figure ROI or Schedule Variance?

Look at these Sample Exam Questions Below.

1. EV = 240,000, AC = 260,000, PV = 250,000, SPI = 0.96, BAC = 700,000. How much is your new ETC assuming that current variances are typical?

2. What is the target cost on the following contract: Point of Total Assumption: 1,800,000; Target Profit: 150,000; Target Price: 1,700,000; Ceiling Price: 1,850,000; Share Ratio: 75% buyer–25% seller for overruns, 60%–40% for underruns.

3. Your team size will go from 12 to 11 people. How many fewer communication channels are there on your project?

4. EV = 105 and SPI = 0.9375. How much is the Schedule Variance (SV)?

5. You estimate that a task will take anywhere from 60 – 70 days to complete. Assuming that you estimated towards 3 sigma, how certain are you about this duration?

6. What information does the EAC contain?

7. You have received the following values from your statistical sampling: 80, 83, 85, 90, 82, 88, 90, 91, 94, and 79. What is the median of this number set?

8. Your project has an SPI of 1.1 and a CPI of 0.9. What does this mean?

9. Which of the following 4 projects will you select? Project Gold: Profit: 200,000, EV: 450,000, ROI: 8%. Project Bear: Investment: 350,000, ROI: 8.1%, Payback Period: 4 years. Project Stellar: Lowered expenses: 45,000, Profit: -8,000, ROI: 7.5%. Project HHGTTG: PV: 50,000

10. You are manufacturing screws and your control limits for the weight of these screws are set from 2.51 grams to 2.58 grams. Your customer informs you that they would like to have their control specifications set from 2.54 grams to 2.57 grams. What do you tell your customer?

Could you answer the above questions successfully?

If not, we can help.

For help learning all of the PMP formulas Use the PMP® Exam Formula Study Guide and Cheat Sheet .

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By elroyking, March 10, 2010 8:41 am

Get Ready For The PMP Exam With A Real PM Study Plan

Let’s face it, getting ready for the PMP® Exam is hard work. My biggest fear was that I would study all of the wrong things. I read that it would take 1 to 3 months to get ready for the test, and that was if I studied 1-2 hours per day. But, that didn’t answer my questions about what I should study. The Guide to the Project Management Body of Knowledge: (Pmbok Guide) (Paperback) version 4 has information broken down into process groups and knowledge areas, but that guide is really dry. I found free sample questions on the web, and others that I could pay for. Working through the questions sometimes left me more confused and worried rather than more confident and more prepared. What I really wanted was a good study course, something that would take me through the basics, then fill in the details.

I Found Study Material But It Was All So Overwhelming

I picked up a course and some books, but it was so overwhelming, what I really needed was some PMP® coaching. The PM StudyCoach™. provides a roadmap to the PMP® exam! It is a 10 week course that really guides you through the PMP® Exam material and gets you ready to take the exam. No more guessing what to study and what to really know, the PM StudyCoach® has the curriculum laid out for you, and how to do the learning over a 10 week period of time.

Stop Guessing, And Get Ready For The PMP Exam With The PM StudyCoach

Take the guess work out of what to study for the PMP® Exam, start learning today with The PM StudyCoach™.

With the coach on your side, and a real study plan on the books you are going nail getting ready for this exam.

The PM Study Coach will be your guide to what to study, but you may want some of the following books and courses as your study material.

Get Ready For The PMP Exam With The Free PMP Process Memorization Tool

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