PMBOK 5th edition -- Some key words and tips

Syllabus

5 Process groups- Initiating, Planning, Executing, Monitoring & Controlling(M&C) and Closing

10 Knowledge areas—Integration, Scope, Time, Cost, Quality, Human Resource, Communication, Risk, Procurement and Stakeholder

There are 47 processes embedded between 10 knowledge areas and 5 process groups.

Framework-Key words or definitions

Project –Temporary and Unique in nature

Program-Related projects

Portfolio- To achieve Strategic Business Objectives

Triple Constraints- Time, Scope and Cost

Types of organization –Projectized, Functional, Matrix (Strong, Weak and Balanced)

Highest authority for Project Manager-Projectized and Strong

Weak Matrix- Project Manager is coordinator or expediter

Relationship between product lifecycle and project lifecycle-Product life cycle consists of multiple project lifecycle

Risk is high and cost of changes is low in the beginning of project

Project Data converted to Information and then Report

Integration Management

6 processes- 1 each under Initiating, Planning, Executing & Closing and 2 under M&C

Project selection method- For Present Value, Net Present Value, Benefit Cost Ratio and Internal Rate of Return go for highest value and for Pay Back Period go for lowest value

Scope Management

6 Processes, First 4 comes under Planning and last 2 M&C

Scope creep-Adding scope in an uncontrolled way

Gold plating- Adding extra to delight customer

Time Management

7 Processes, First 6 comes under Planning and last one M&C

Lead- Advance

Lag- Delay

Dependency- Mandatory, Discretionary, External and Internal

Relationships- FS (Most widely used), FF, SS and SF (Rarely Used)

Estimation techniques- Analogous (History), Parametric (Mathematical), Three point(range of estimate)

Bottom Up is most accurate

Reserves- Contingency reserve and Management reserve

Resource optimization- Resource leveling and resource smoothing

Compression techniques—Crashing (adds cost) and Fast Tracking (Risk increases)

Cost Management

4 Processes, First 3 comes under Planning and last one M&C

CV is negative and CPI less than one, Project is over budget

CV is positive and CPI greater than one, Project is under budget

SV is negative and SPI less than one, Project is behind the schedule

SV is positive and SPI greater than one, Project is ahead of the schedule

Quality Management

3 Processes, one each under Planning, Executing and M&C

Cost of quality-Cost of Conformance (Preventive) and Cost of non-conformance (corrective)

Quality tools- Fishbone/Ishikawa/Cause & Effect (Causes), Control chart (within the limits), Pareto chart or 80/20 rule (prioritize), Scatter diagram (correlation between variables), Histogram (Bar chart), Run chart (Trend), Flow chart (Process flow), Check sheet (tally sheet)

1 sigma-68.26%, 2 sigma-95.46%, 3sigma-99.73% and 6 sigma – 99.99%

Deming (Plan- Do-Check-Act), Kaizen (Small improvement)

HR Management

4 Processes, 1in Planning and rest 3 under Executing

RACI-Responsibility, Accountability (Ownership), Consult and Inform

RAM- Responsibility Assignment Matrix

Tuckman law- Forming, Storming, Norming, Performing and Adjourning

McGregor- Theory X(negative) and Theory Y(Positive)

Maslow- Physiological, Safety, social, esteem and self actualization (Highest)

Herzberg- Hygiene and motivational factors

Communication Management

3 Processes, one each under Planning, Executing and M&C

90% of time Project manager communicating

Communication Model- Sender, encoder, media, decoder and receiver

Communication methods- Interactive, push and pull method

Risk Management

6 Processes, 5 under Planning and last under M&C

Positive (Opportunity) and Negative (Threat)

Procurement Management

4 Processes, 1 each under Planning, Executing, M&C and Closing

Contract- Always win-win

Procurement documents- RFP, RFQ, RFB

Type of contracts- FP (Scope is clear to buyer and seller is at risk), CR (Scope is not clear to Buyer and Buyer is at risk), T&M (Project is short duration)

Stakeholder Management

4 Processes, 1 each under Initiating, Planning, Executing and M&C

High Power High Interest Manage

High Power Low Interest Satisfy

Low Power High Interest Inform

Low power Low Interest Monitor

Engagement level of stakeholders-Unaware, resistant, neutral, Supportive, Leading