Tag: pmp

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…

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…

Formula:  (O + ML+P)/3  

PERT: Program Evaluation and Review Technique Also called Beta Distribution Formula: PERT =  (O + (4xML)+P)/6  

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…

There are 4 types of Cost: Direct Cost Indirect Cost Variable Cost Fixed Cost

4 values that drive ethical conduct for the project management profession: Honesty Responsibility Respect Fairness  

ITTO based questions Definition based questions Situation based question Formula based questions Interpretational questions Questions on Professional and Social Responsibility

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…

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…

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…

Crashing: crashing is a schedule compression technique to shorten the activity duration by adding extra resources (money and/or human resources) involves additional costs as extra resources are needed for overtime extra manpower outsourcing normally to be explored after Fast Tracking Project Manager needs to judge which activities can be “crashed” with the lowest cost for the maximum…

Project Scope: includes all the work required to deliver the required project product, service or results (collectively known as “deliverables”) Project Scope is the about the project (including all the processes described in the PMBOK® Guide) to deliver the product Project Scope involves the requirements of the product as well as the methods/processes involved to deliver the…