SG PMP Exam Coach

Monday, December 28, 2015

Monitor & Control Project Work - Schedule Forecasts vs Cost Forecasts

Forecasting is an important business tool to anticipate future trends and to undertake relevant preventive or corrective measures to achieve the desired outcomes.

In the PMP syllabus, there are 2 types of forecasting and they are both included in the Input and Output of some processes.

1. Schedule Forecasts - Estimation of conditions and events in the project's future based on known or available information in order to project schedule status. Usually, the Schedule Variance (SV) and Schedule Performance Index (SPI) are used as part of the reporting.

2. Cost Forecasts - Estimation of cost progress with respect to the Cost Baseline and Estimate To Completion (ETC). Usually, Cost Variance (CV) and Cost Performance Index (CPI) are used as part of the reporting.

PMP Exam Coach (Singapore) - Email sgpmpexamcoach@gmail.com to Gary for your PMP exam coaching needs now! Please indicate your name, contact details and status of exam prep so that I can tailor to your needs.

Wednesday, December 23, 2015

Monitor & Control Project Work - PMIS vs CMS vs CCS

In the PMP syllabus, there is a myriad of systems for the PMP exam candidates to take note of as they form an integral part of the overall project coordination, change management and information dissemination.

The following diagram is an illustration of the type of systems in relation to the Project Management Information System (PMIS):

Tuesday, December 22, 2015

Direct & Manage Project Work - Change Request

A Change Request is activated when there is a proposed change to the project document, deliverable or baseline. Only formally documented requested changes are being administered as part of change management procedures. Validated and approved change requests are then implemented.

There're 4 main types of Change Requests seen in the table below:

Monday, December 21, 2015

Develop Project Charter - Objectives of Project Charter

The Project Charter is the first and most important document for project initiation because it contains the necessary high-level information such as the following:

1. Project Sponsor & Stakeholders
2. Statement of Work (Scope)
3. Business Case
4. Agreements
5. Schedule (Timeline)
6. Budget
7. Risks
8. Assumptions

Ultimately, the Project Charter formally authorizes the initiation of the project (through Project Sponsor) and gives the Project Manager the authority to use allocated resources and carry out planned project activities.

PMP Exam Coach (Singapore) - Email sgpmpexamcoach@gmail.com to Gary for your PMP exam coaching needs now! Please indicate your name, contact details and status of exam prep so that I can tailor to your needs.

Saturday, December 19, 2015

PMP Course Fundamentals - Project Information Pyramid

In a project, information is a very important source to allow collection of relevant data, analyze the data, interpret data with meaningful correlation to trends or outcomes.

The following pyramid model will illustrate the quantitative amount and stratification of data, information and reports components.

PMP Course Fundamentals - OPA vs EEF

PMP exam candidates may sometimes find it confusing between Organizational Process Assets (OPA) and Enterprise Environmental Factors (EEF) as there are some items which do overlap with each other.

I experienced similar thoughts as well when I was studying for the PMP exam but it got clearer as I studied deeper. Therefore, the diagrams below made me understood better on the differences between OPA and EEF:

Thursday, December 17, 2015

PMP Course Fundamentals - Types of Organizational Structures

There are namely 3 types of organizational structures:

1. Functional
Highly hierarchical and each employee has one clear superior (aka Functional Manager) and staff are grouped into areas of specialization, managed by the superior.

2. Matrix
Functional and Project Managers share responsibilities in assigning priorities and directing work of staff assigned to the project.

3. Projectized
Project Manager has full authority to assign priorities, apply resources and direct the work of staff assigned to the project.

There is another form of organizational structure which is known as Composite, which includes the involvement of all of the above structures at various levels. Project team may comprise of full-time staff from different functional departments and may operate outside of the standard reporting structure. An example is a taskforce.

PMP Exam Coach (Singapore) - Email sgpmpexamcoach@gmail.com to Gary for your PMP exam coaching needs now! Please indicate your name, contact details and status of exam prep so that I can tailor to your needs.