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The PMP Quick Study Guide

TABLE OF CONTENTS PMBOK® Guide – 6th Edition Changes ............................................................................................... 1 Project Management Framework ........................................................................................................ 2 Role of PMO (Project Management Office) ......................................................................................... 2 Project Management Processes........................................................................................................... 3 Organizational Structures ................................................................................................................... 4 The Role of a Project Manager............................................................................................................ 5 Knowledge Area Summaries .............................................................................................................. 6 Integration Management......................................................................................................................................... 6 Scope Management ................................................................................................................................................. 7 Schedule Management ............................................................................................................................................ 8 Cost Management .................................................................................................................................................... 8 Quality Management............................................................................................................................................... 9 Resource Management ............................................................................................................................................ 9 Communications Management ............................................................................................................................. 10 Risk Management .................................................................................................................................................. 10 Procurement Management ................................................................................................................................... 11 Stakeholder Management ................................................................................................................................... 11 Professional Ethics ............................................................................................................................ 12 PMP Exam Taking Tips ..................................................................................................................... 13 About the Author .............................................................................................................................. 14

© The PM Tutor 2018. All rights reserved. ‘PMI’ and ‘PMP’ are registered trademarks of Project Management Institute, Inc.

The PMP® Quick Study Guide

The PMP® Quick Study Guide Hi this is Dan Ryan, The PM Tutor. I’m excited to share with you this quick study guide for the PMP® exam. Whether you’re a seasoned veteran or a Project Manager with just a few years of experience, the process of getting your PMP® can be overwhelming; that’s why I put together this guide to help you identify the most critical areas to study. I’ve consolidated all my coaching and PMP® resources to give you the basics of passing the PMP®;

if

you

have

questions

please

reach

out

to

me

at

[email protected]. Let’s jump right in!

PMBOK® Guide – 6 th Edition Changes Agile Comes to the PMBOK® Guide with expanded coverage. A new chapter on the role of the project manager that focuses on effective leadership – including necessary competencies, experience and skills. Two renamed Knowledge Areas that more accurately reflect which elements can be managed and which cannot: ▪

Schedule Management (formerly known as Time Management)

▪

Resource Management (formerly known as Human Resource Management)

Every Knowledge Area now features four new sections:

Key Concepts

Trends & Emerging Practices

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Tailoring Considerations

Agile/Adaptive Environments

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The PMP® Quick Study Guide

▪

Key Concepts, consolidating information fundamental to a specific knowledge area.

▪

Trends and Emerging Practices not yet widely used.

▪

Tailoring Considerations, describing aspects of the project or environment to consider when planning the project.

▪

Considerations for Agile/Adaptive Environments.

More emphasis on strategic and business

Technical Project Management

knowledge, including discussion of project management business documents. Information on the PMI Talent Triangle™ (Technical Project Management, Leadership and Strategic and Business Management) which are

Strategic & Business Management

Leadership

the essential skills for success in today’s market.

Project Management Framework Definition of a project: A project is a temporary endeavor with a beginning and an end. A project creates a unique product, service or result. Process or Operational work: Operational work is ongoing. It can be repetitive and the focus is on learning and improving the efficiency with time.

Role of PMO (Project Management Office) A PMO is an organization entity and is NOT an individual’s designation or role. A PMO in general would have the following roles: Provide policies, methodologies and templates to manage projects Facilitate and provide support and guidance to other practitioners in managing projects Page 2

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The PMP® Quick Study Guide

Cost

Quality

Schedule

Resources

Project Constraints

Scope

Risk

Law of Constraints: If one constraint is changed invariably there is a change required in at least any of the other constraints. Constraints help in evaluating competing demands. The project manager is responsible for analyzing the changes requested to the project and identifying its impact on all the constraints through change control.

Project Management Processes In the PMBOK® Guide, a set of related processes are combined into a group and is called a Process Group:

Initiation

Planning

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Execution

Monitoring and Controlling

Closing

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The PMP® Quick Study Guide

The project management Knowledge Areas are areas of specialization that are commonly employed when managing projects:

Integration Management

Stakeholder Management

Scope Management

Schedule Management

Cost Management

Quality Management

Resource Management

Communications Management

Risk Management

Procurement Management

According to the PMBOK® Guide – 6th Edition: there are 49 processes across all process groups and knowledge areas.

Organizational Structures Type of Organization

Work Groups Arranged By

Organic or Simple

Flexible; people working side by side

Functional (centralized)

Grouped by specialty

Multi-divisional (may replicate functions for

One of: product; production processes;

each division with little centralization)

portfolio; program; geographic region; customer type

Matrix – strong

By job function, with project manager as a function

Matrix- weak

Job function

Matrix – balanced

Job function

Project-oriented (composite, hybrid)

Grouped by projects

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Virtual

Network structure with nodes at points of contact with other people

Hybrid

Mix of other types

PMO*

Mix of other types

In a Strong Matrix, power is with the project manager, while in a Weak Matrix, power is with the functional manager. In a Balanced Matrix, both are equally powerful. In a Project-oriented (composite, hybrid), the authority of the project manager is high to almost total. According to PMBOK® Guide – 6th Edition, PMO refers to a portfolio, program, or project management office or organization.

The Role of a Project Manager A professional project manager - by his skill, knowledge and experience - educates other professionals regarding the value of a project management approach to the organization. Key skills include: Focus on the critical technical project management elements for each project Tailor both traditional and agile tools, techniques, and methods for each project Work to develop. Enhance, and have a balance of the PMI Talent Triangle® which focuses on three key skill sets (these components can support longer-range strategic objectives that contribute to the bottom line): ▪

Technical project management

▪

Leadership

▪

Strategic and business management

Explain to other practitioners the critical business aspects of a project

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The PMP® Quick Study Guide

Implement the strategy in a way that maximizes the value of a project Ability to guide, motivate, and direct a team Being a Visionary Being Collaborative Being a life-long learner with focus on achieving results in the best interest of their projects

Knowledge Area Summaries Integration Management The Knowledge area of Integration management ties together (integrates) all aspects of the project. The PMP® Exam questions on Integration will be broad in nature and relatively straightforward, but will cover a lot of different material. Study Integration Management closely, because if you look at the PMP exam by knowledge area, Integration will be the area with the greatest amount of questions. Items for special consideration: Develop Project Charter – study the project selection methods and be aware of how senior management and the sponsor interact with this process. Study examples of project charters and know all their elements. Direct & Manage Project Work – this process creates the deliverables that will be validated by the customer. You should understand how these deliverables flow out of this process and interact with Control Quality and Validate Scope. Work performance data is also important. Manage Project Knowledge – the process of using existing knowledge and then creating new knowledge to achieve the project’s objectives and thus contribute to organizational learning, which benefits the organization. Thus prior organizational knowledge is leveraged so as to produce or improve the project outcomes, and the knowledge created by the project, is therefore available to support organizational operations for future projects and even future Page 6

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The PMP® Quick Study Guide

phases. Close project or Phase – make sure you are aware of all the elements of this process. What are the exact things that the PM does when this process starts? Make sure that you are aware that closing a Phase can occur multiple times, but you only close a Project once.

Scope Management The PMP® exam will likely test your ability to understand the most important principle regarding scope – which is that scope management ensures that a project includes all the work required and ONLY the work required. You will likely need to be able to differentiate between Product Scope vs. Project Scope. According to the PMBOK® Guide – 6th Edition: Product scope – The features and functions that characterize a product, service, or result. Project scope – The work performed to deliver a product, service, or result with the specified features and functions. The term “project scope” is sometimes viewed as including the product scope. Items for special consideration: Collect Requirements – This is an extremely important process because it produces the requirements documentation, which the customer later uses as an input in the Validate Scope process to either accept or reject the project deliverables coming out of the Direct & Manage Project Work process. Define Scope – Also super important for Scope on the PMP® exam, because this process generates the Scope Statement. Study the scope statement and understand that it gives the full details on the work to be done on the project and is part of the Scope Baseline (Scope Statement, Work Breakdown Structure (WBS) & WBS dictionary). Decomposition – A technique that is effectively used for dividing and subdividing the project scope and project deliverables into smaller, more manageable parts. The work package is the work at the lowest level of the WBS for which cost and duration can be estimated and managed. For more information, visit www.thepmtutor.com

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The PMP® Quick Study Guide

Schedule Management Schedule Management was formerly known as Time Management. The PMP® exam may present questions to you on scheduling techniques, network diagrams, Gantt charts, critical path, schedule compression techniques (e.g. crashing and fast tracking) and PERT – Beta Distribution. You may be expected to calculate project duration, identify the critical path, know how to crash a schedule, use dependencies other than finish to start and you may have to analyze a difficult network diagram. Items for special consideration: Schedule planning processes – You should be very comfortable with understanding the sequence of time planning processes:

Plan Schedule Management

Define Activities

Estimate Activity Durations

Develop Schedule

Sequence Activities

Cost Management The Cost section of the PMP® exam is difficult for most test takers. It covers a broad range of cost concepts, and you may face several questions on Earned Value. The testing center will provide you a calculator, but you must make sure that in addition to studying Cost overall, that you have memorized and mastered the Earned Value Formulas. Items for special consideration: Estimate Costs – Make sure that you know the different types of estimates like Order of Magnitude, etc. You will also need to know the tools such as Analogous estimating, Bottom Up, Parametric and Three Point. Page 8

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Earned Value – This subset of the Cost knowledge area could be tested heavily; make sure you memorize the formulas listed in this chapter and summarized in Table 7-1. Earned Value Calculations Summary Table.

Quality Management Quality is among the three most difficult knowledge areas, because most people don’t have prior corporate experience or training on Quality. There are also some very challenging mathematical concepts involving process control and standard deviation. Items for special consideration: Perform Quality Assurance – This is a process-focused activity, done proactively by management, to make sure quality standards are being followed by the team; whereas Control quality occurs after the fact and is based upon inspections. 7 Basic Quality Tools – Make sure you know every one of these tools and how they analyze data. Also, be aware that these tools are used in both Perform Quality Assurance and Control Quality processes.

Resource Management The questions on the PMP exam for Human Resources are usually not very difficult; this is a section of the exam you want to ace if possible. Questions tend to be about people and behavioral issues, and some questions on HR administrative functions. Items for Special Consideration: Acquire Project Team - Know the differences between the colocation of teams and the use of virtual teams: Just because the team may be spread out geographically doesn’t mean we can’t run the project effectively. Develop Project Team – Make sure that you know the various forms of power, the theories of motivation, and you will likely see some questions on ‘Tuckman’s Ladder.’

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The PMP® Quick Study Guide

Manage Team – You are likely to face questions on Methods of Conflict Management as well as Constructive vs. Destructive Team Roles – be sure to know all of them.

Communications Management Communications Management, similar to Resource Management, is one of the easier sections of the PMP Exam; a lot of the questions are grounded in ‘common sense.’ Know the aspects of the Communication Management Plan and be aware the Project Managers spend as much as 90% of their time communicating. Items for Special Consideration: Manage Communications – Make sure you are familiar with the key output of this process. You need to know the elements of the communications models and communication Methods Stakeholder communication requirements are maintained in the communications management plan.

Risk Management Risk Management involves balancing a potential risk against a potential reward. Risk is an uncertain event (it may or may not happen) and can have a positive or negative effect. When a risk event does occur, then it becomes an Issue. Threats are risks that have a negative impact, and opportunities are risks that have a positive impact. Risk Management Planning Processes – The Risk Register is a key output; you should be aware of the tools for Identify Risk and Perform Quantitative Risk Analysis. Understand how Qualitative Risk Analysis and Quantitative Risk Analysis differ. Plan Risk Responses – Make sure you know the strategies for threats and positive risk. ▪

Escalate, Avoid, Transfer Mitigate

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▪

Escalate, Exploit, Share, Enhance

▪

Accept (Passive vs. Active)

Procurement Management Procurement is a tricky part of the PMP exam, where you might see a lot of unfamiliar terms. Procurement can account for a good number of questions as well, especially around the different contract types and the risk associated with each. However, the questions do seem to be more process-oriented than legaloriented. Remember, questions are generally asked from the buyer’s perspective, so put your ‘buyer’s hat’ on when answering them. Items for special consideration: Plan Procurement Management – It is very important for you to know the Procurement contract types and understand who has the risk: the buyer or the seller? Conduct Procurements – The major concept of this process (these are the outputs) is obtaining Selected Sellers and Agreements. Also relevant are the tools of Bidder Conference as well as Proposal Evaluation Techniques, Independent Estimates, and Advertising. Close Procurements – You should know that this process must be completely resolved or completed before you can move on to Close Project or Phase.

Stakeholder Management Project Stakeholder Management was a new Knowledge Area introduced in Edition 5 of the PMBOK® Guide. Though it’s been ‘tacked on’ after Procurement, Stakeholder Management might more logically follow Chapter 4, Integration Management. As an exam topic, this knowledge area should not be too difficult since there are no formulas or ‘body of technical issues’ to be mastered. This area is mostly dealing with stakeholders, and focuses more on interpersonal and people-management skills. It can be difficult and challenging in actual projects, but fairly straightforward as an exam topic.

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The PMP® Quick Study Guide

Items for Special Consideration: Identify Stakeholder – Study the stakeholder register and the various methods of categorizing stakeholders such as: power/interest grid, power/influence grid, or impact/impact grid. Stakeholder Engagement – Know the different strategies that could be applied to stakeholders who do or do not have influence and/or impact on the project.

Professional Ethics The PMI’s philosophy on ‘Code of Ethics and Professional Conduct’ is aimed at assisting the practitioners in the efficient conduct of the business and in meeting obligations to the stakeholders. The commitment to conduct of professional ethics is embodied in its values:

Responsibility

Respect

Fairness

Honesty

It is unethical to manage a project if the practitioner is not trained in project management. It is viewed as unethical if the practitioner prepares a project schedule which is not accurate. It is unethical for the practitioner to have a poorly planned project which results in wasting organizations’ resources. It is unethical to manage a project without having the project charter. PMI encourages practitioners to contribute to project management knowledge by building capabilities of colleagues, sharing lessons learned and enhancing individual capabilities, by applying professional knowledge to improve the quality of services and work. It is highly recommended that you read and study the Code of Ethics and Professional Conduct, which can be found on the PMI website.

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PMP Exam Taking Tips ✓ Do not study the knowledge areas in isolation in preparation for the final exam. ✓ Practice at least 6-7 full-length exams, and score a minimum 80% before taking the final exam. ✓ Always have the imagination of ‘Large Projects’ in mind when studying and taking the final exam. ✓ Decide in advance what notes you will write when given the scratch paper in the exam. ✓ Do not waste too much time pondering over a question. If unsure, ‘Mark as Review’ and come back later. ✓ Read all the available options and then decide on the answer. ✓ Eliminate choices which are improbable, so that you have in general 2 answers to choose from. ✓ There can be more than one right answer, but only one BEST answer. ✓ Use all exam time. Take deep breaths and focus on the exam. ✓ There is no negative marking in the exam; hence you MUST answer ALL questions. ✓ Lastly, do not forget to bring your authorization letter to take the exam, with sufficient ID proof with exactly the same name that you entered on the exam application.

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The PMP® Quick Study Guide

About the Author Dan Ryan is a PMP Exam Prep expert who is globally recognized for coaching students in passing the PMP exam, using techniques not used anywhere else. Best known for his straightforward study routine, his clients are often surprised by how simple it is to keep on track. During his own preparation for the PMP exam, Dan noticed that existing exam study strategies were confusing - everyone had a different opinion on what to study and in what order. Taking matters into his own hands, he reviewed all the resources and approaches offered, and then proceeded to boil it all down to a simple & straightforward study plan, which he shares in his coaching sessions and classes. Dan’s real-world experience provides expert insight into the passing the PMP; he’s spent much of his career as a Project Manager for many large and well-respected organizations, as well as a Professor at NYU, Dowling College and Molloy College. Dan has worked with and listened to thousands of PMP candidates worldwide, and has spent many years coaching professionals to successfully pass the PMP Exam. He currently lives in West Sayville, New York, with his wife and children.

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