Category: PMP STUDY NOTES
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PMP Study Notes – Project Initiation
A project charter clearly defines the project and outlines the necessary details for the project to reach its goals. A well-documented project charter can be a project manager’s secret weapon to success. It is a living document. Project charters will vary but usually include some combination of the following key information:
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Project Vendor vs Project Stakeholder
In project management, there are different terms used to describe people or entities involved in a project, including project vendors and project stakeholders. A project vendor is a person or organization that provides goods or services to a project, usually under a contract. They may also be referred to as a supplier, contractor, or service…
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PMP: Types of Cost Estimate
There are 3 types of Cost Estimate: 1. Rough order of magnitude: -25% to +75% Done during Initiation phase 2. Budget estimate -10% to + 25% Done during Planning – Obtain funds and approval 3. Definitive estimate -5% to + 10% Done during Planning for proposals, bid evaluations, contract changes; Done during Design for final…
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PMP: Sigma Level
Sigma Level a.k.a. Standard Deviation On a standard bell curve, +/- one standard deviation is referred to as one sigma. 1 sigma ~ 68.26% of data points will fall in this range 2 sigma ~ 95.46% of data points will fall in this range 3 sigma ~ 99.73% of data points will fall in this…
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PMP: PERT Estimates
PERT: Program Evaluation and Review Technique Also called Beta Distribution Formula: PERT = (O + (4xML)+P)/6
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PMP: Types of Cost Estimate
There are 3 types of Cost Estimate: 1. Rough order of magnitude: -25% to +75% Done during Initiation phase 2. Budget estimate -10% to + 25% Done during Planning – Obtain funds and approval 3. Definitive estimate -5% to + 10% Done during Planning for proposals, bid evaluations, contract changes; Done during Design for final…
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PMP: Code of Ethics and Professional Conduct
4 values that drive ethical conduct for the project management profession: Honesty Responsibility Respect Fairness
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PMP: Six types of questions
ITTO based questions Definition based questions Situation based question Formula based questions Interpretational questions Questions on Professional and Social Responsibility
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PMP: 49 Project Management Processes
Project Management Process Groups KNOWLEDGE AREA Initiating – 2 Planning – 24 Executing – 10 Monitoring & Controlling – 12 Closing – 1 4. Integration Management 4.1 Develop Project Charter 4.2 Develop Project Management Plan 4.3 Direct & Manage Project Work 4.4 Manage Project Knowledge 4.5 Monitor & Control Project Work 4.6 Perform Integrated Change…
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PMP: 5 Project Management Process Groups
Initiating Planning Executing Monitoring and Controlling Closing Planning and Executing are iterative. Monitoring and Controlling is exercised over Planning and Executing. A phase is not a process group. The 5 process groups will usually be included in any single phase. The process groups are not to be carried out in sequence as some are iterative and…
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PMP: 10 Knowledge Areas
Project Integration Management – assemble and combine all the various parts of the project into a coherent whole Project Scope Management – plan, execute and control the project scope Project Schedule Management (formerly Project Schedule Management) – plan, execute and control the project schedule Project Cost Management – plan, execute and control the project cost…