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What are the Benefits of using the Gantt Chart in Project Management?

What are the Benefits of using the Gantt Chart in Project Management?

It’s never easy managing a project. In fact, it is very challenging and the project manager is the important driver for the project’s success. Project Manager will require all the resources possible and that includes tools and techniques in achieving the positive outcome for the project. There are a lot many tools employed by the project manager and this blog will deal with one of the significant and specialty tools called Gantt Chart.

What is the Gantt Chart in Project Management?

Wikipedia  describes the Gantt Chart as a “ type of bar chart that illustrates a project schedule and shows the dependency relationships between activities and current schedule status.”

Gantt Chart, in simpler terms, is a Data visualization tool that depicts in a graphical format by mapping the tasks and activities of a project against time. All the activities performed in a project are outlined in the chart in an organized order displaying critical information.

The information presented on the Gantt Chart specifies the tasks of the project, the resources assigned to the task, duration of the task, and also the activities that might overlap. Gantt Chart helps the Project Manager to plan, schedule, track, and manage all the tasks effectively.

What is the History of Gantt Chart

Joseph Priestly in his “Charts of Biography” introduced the idea of bar charts in 1765. William Playfair in 1786 pioneered the Gantt Chart in his Commercial and Political Atlas. Karol Adamiecki, a Polish engineer built something close to Gantt Chart in his construction project in the year 1896. Then came an American Engineer named Henry Gantt introduced his version somewhere between 1910 to 1925 that rose to prominence and became popular in the form of mass adoption in a very short span of time. Gantt Charts were used in wartime during 1917-18 for the tracking of arms and ammunitions. Wallace Clark’s book named “The Gantt Chart – A Working Tool of Management“ released in the year 1923 mentioned Gantt Chart, which by then became an official term.  With the passage of time, the adoption of the Gantt Chart kept growing in a wide range of domains and fields.

 

What is Gantt Chart Elements?

A typical Gantt chart is made up of several elements. The various elements in a Gantt Chart  are detailed below:

 

Tasklist: depicted on the extreme left of the Gantt chart, the task list that runs down vertically describes the project work. The tasks can be grouped together and it is possible to create sub-groups.

Timeline: depicted as the horizontal bar that runs on top of the Gantt Chart. In order to keep track, the time is displayed in terms of months, weeks, days, and years

Dateline: depicted as a vertical line on the Gantt chart. that highlights the current date

Bars: depicted on the right side of the Gantt Chart. as horizontal markers, the bars display the tasks, duration, progress,  tasks’ start dates and end dates for project completion.

Milestones: depicted as yellow diamonds, Milestones show up between the Bars denote an important achievement in a project especially dates,  goals, events and deliverables.

Dependencies: depicted as the light gray lines linking tasks, Dependencies specify the relationships between tasks and the execution of tasks in a specific order.

Progress: depicted as a percentage of completion in the form of shading in the bar indicating the progress made in the project work.

The resource assigned: depicted the resource (team member) or the team assigned to complete the task.

 

Benefits of Gantt Chart in Project Management

1. Get to know your projects

Gantt charts acts as a great visualization and prioritization tool as it provides the total overview of the project and presents critical information like resources deployed in the project, the tasks and its orders, the duration,  the start and end dates, the dependencies, and progress made in the project at any given point in time. Hence, it’s a great tool for project managers to equip themselves with the information to plan, coordinate and manage the project.

2. Enhance communication and team organization

Communication is critical to the success of a project. A study observed in the public domain revealed that 86% of employees cited the communication gap and issues are the worst reasons for the failure of the project. With regard to ti communication Gantt Chart as very effective as it provides clarity in communication. Project managers use the Gantt Chart to find out ‘who is working on what tasks’, secure information and provide inputs in getting the tasks completed. The communication with the team members is enhanced as the same tool can be used for both communication and tracking, resulting in a better relationship as a team.

3. Eliminate resource overload

There could instances when resources could be tasked with more than the permissible bandwidth. It does happen in a project wherein resources could be overloaded or stretched out. Effective use of resources is facilitated by Gantt Chart that aligns with the project timeline. Resources can be delegated tasks without saddling with too much work, which helps the project manager in proper and effective utilization of resources.

4. Assess the progress of projects

Gantt chart helps in scheduling and also tracks the project’s tasks. This assists the project manager in keeping under check the progress made in the project and also enables in shifting strategy to introduce necessary changes in case of slippage of schedule or if the project is lagging behind in timeline. Gantt Chart can be used by the project members to update the percentage of work completed, which is useful to the project manager in making the whole team stay on one page and also ensure the project is making progress rightly as planned.

5. Monitor task dependencies and overlapping activities

The dependencies can at times slow down or even derail as some tasks are dependent to start only upon the closure of another task. Dependencies make project development difficult and complex to manage.  Gantt Chart presents the dependencies of the tasks and helps in scheduling in such a manner that the overlapping can be totally eliminated. This ensures that there is no adverse impact execution of the tasks and the overall progress of the project.

6. Experience more clarity
 

It's easy to get lost in the maze of numbers or stuck in the project details to lose sight of where the project is heading. Gantt Chart provides clarity by enabling to see instantly the progress made in the tasks and also of the team members involved in the project. It builds a better understanding of how the project is shaping out and brings more clarity about the project’s outcome.

7. Practice better time management

Time is an integral and critical component of project management. The biggest benefit of using a Gantt Chart is scheduling. The Gantt Chart plays a significant role by helping the team members recognize the severity of their tasks and realize the impact in case of delay. Gantt Chart presents the big picture of the overall progress to plan better on the allocation of time on every task and get it done within the scheduled timeline.

8. Create a sense of accountability

Gantt charts highlight the milestones achieved, big wins scored, deadlines met and the deliverables, slippage in schedule, failures which allow the project manager and team members to keep a track of the progress made. It creates a sense of accountability is created in the workplace with the help of the Gantt Chart, thus enabling the project manager and team members to work out solutions in closing the gaps and work towards exceeding the expectations of the stakeholders.

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 

 


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What are the Roles and Responsibilities of a PRINCE2 Certified Professional?

What are the Roles and Responsibilities of a PRINCE2 Certified Professional?

What is Prince2 Certification?

PRINCE2 stands for PRojects IN Controlled Environments. PRINCE2 is regarded as a common standard that enables both public and private sector projects to be executed with a common understanding of the processes.

 PRINCE2 is one of the leading and popular project management professional certification course that is highly recognized and widely used. PRINCE2  is applicable to any project regardless of the scale, type, geography, organization or culture.

The delivery of products is focused on PRINCE2  more than carrying out activities. There must be a business vase and plan in PRINCE which have to be reviewed periodically.

PRINCE2 is a non-proprietary process-based methodology that is in the public domain and hence not therefore, users are not attached to any single organization for training, consultancy and support.

The structure of PRINCE2 includes:

PRINCE2 PRINCIPLES

7 Principles of PRINCE2

  • Continued business justification.
  • Learn from experience.
  • Defined roles and responsibilities.
  • Manage by stages.
  • Manage by exception.
  • Focus on products.
  • Tailor to suit the environment

7 Themes of PRINCE2

  • Business case.
  • Organization.
  • Quality.
  • Plans.
  • Risk.
  • Change.
  • Progress.

7 Processes of PRINCE2

  • Starting up a project.
  • Directing a project.
  • Initiating a project.
  • Controlling a stage.
  • Managing product delivery.
  • Managing a stage boundary.
  • Closing a project.

 

Roles of PRINCE2 Certified Professional

 

The jobs are not defined in PRINCE2, instead, the roles are defined detailed with responsibilities and it is not necessary that an individual is assigned to a role. There can be more than a person playing that role.

The important criteria are choosing the right person for the roles that come with its responsibilities and the person with the required skill set, knowledge, experience, expertise, leadership, competency, credibility and authority is the best fit.

There is an exclusive term in PRINCE2that comprises of the project manager, the project board and other roles that are optional. It is called Project Management Team.

 

For a project to be successful in PRINCE2, there must be three categories of stakeholders with a set of roles and responsibilities.

The project board roles and responsibilities are made up of three primary interests.

The Business interest – the value for the money is provided by the Business Case,

the User interest –project’s outputs are used to realize the benefits, or the user interest used to operate, maintain or support the project outputs.

The Supplier interest – the resources and skills are supplied to produce a project’s products.

The PRINCE2 project organization roles and responsibilities include 4 levels, which are,

1.  Corporate or program management,

They are responsible for the Project Mandate, project-level tolerance definition, and identifying the executive. They are not apart of the project management team and are outside of it.  

2. The Project Board

They are accountable for the success of the project by providing guidance and overall direction.  The Project Board is also accountable for the project’s success or failure of the project, by supplying the required resources, approving the project funding and facilitating effective decision-making. The Project Board must possess the right level of authority, credibility, and ability to delegate. The Project Board Executive has the veto power on any decision making and is primarily responsible for the Business Case.

3. The Project Manager

The day-to-day management of the project is the responsibility of the Project Manager. The project board will lay down the constraints within which the Project Manager must manage within the project.

4. Team members

They are responsible for project delivery on time, within cost and desired quality.

 

Roles & Responsibilities of PRINCE2 Certified Professional

 The Senior User roles and responsibilities  

Who will use the project’s products will be represented by the Senior User. This also includes how the products will be to achieve an objective.  The Senior User stipulates the benefits and held accountable by corporate or program management.

The Senior Supplier roles and responsibilities 

The design, development, facilitate, procurement and implementation of the project’s products are represented by the Senior Supplier.   The technical integrity of the project is the main responsibility of the Senior Supplier.

The Project Board

It is responsible for Project Assurance which comprises of assurance, business, user and supplier.  Project Assurance can be performed by each project board member who may choose to delegate it. Project Assurance is not dependent on the Project Manager, rather it is independent. Project Assurance offers guidance and counsel to the Project Manager in managing the project. In the case of change requests, the Project Board should decide during the initiation stage if there is time to take up the changes or set up Change Authority who will own up the responsibility on their behalf.  The Project Board should ideally comprise of six to eight members for effective decision making. If the number of persons shoots up, then it slows down the decision making process.

The Project Manager roles and responsibilities

 is responsible for the project management, the delegation of responsibility to the team members and specialists for the creation of products. The project manager will assign work packages to the team which will be handled through a team manager.

The Team Manager roles and responsibilities

The Team Manager will assign the Work Packages to the team members and present the Project Manager with regular updates and Checkpoint Reports. It is the Team Manager who will manage the team members on a day-to-day basis.

Project Support

It is an optional role whose main roles and responsibilities are to provide administrative services to the project. Whenever required, it provides direction and guidance about the use of project management tools. It also provides configuration management.  In the absence of Project Support, then the Project manager will have to manage by themselves.

 

Demand for PRINCE2 Certified Professionals

The PRINCE2 certification is an important asset to accelerate your career growth in project management.

A 2016 AXELOS survey interviewed project management professionals and other roles, like IT systems and operations and reported their findings as  "regardless of function, candidates do find that PRINCE2 is valuable to their career".

According to Payscale.com, the average annual salaries for certified PRINCE2 professionals in the United States are shown below which was last updated on Nov 11, 2019

Average annual salary of PRINCE2 certified professionals

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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Improve Project Success With These Project Management Skills

Improve Project Success With These Project Management Skills

Project’s success highly depends on project managers and their skill sets to manage the project effectively. In today’s competitive talent pool, you need to acquire all the project management skills to become a successful project manager.

There is a thin line between a qualified project manager and a certified project manager. Qualified professionals possess all the skills required but certification validates their skills, education, experience, and expertise. Project Management Professional (PMP) Certification helps in improving the skills required to manage all types of projects. It opens the doors to go ahead in the career. The project management skills to be improved for project success are:

 

  • Leadership
  • Communication skills
  • Time management
  • Negotiation skills
  • Decision-making skills
  • Risk management

 

1. Leadership

A good leader has the ability to bring the best out of the team with soft skills. The motivated team always gives the best result. A project manager with great leadership qualities lead the team, manage a team, motivate the team and get the work done in an effective manner. The team should be led in both strategic and operation’s perspective.

Project managers can possess effective leadership quality by the following ways that can improve the success rate of the project:

 

  • Social- Influence: The performance of the team can be influenced by conformity, socialization, obedience and peer pressure. The productivity of the team can be improved by improvement in work culture. The opinions, emotions, and behavior team members are affected by the project managers.
  • Clarity: Clear vision towards goal. Without a clear vision of the consequences, the team cannot be led by the project manager effectively.
  • Inspire team members: Project managers should make things happen. The inspiring team is making team members work willingly.
  • Motivate team: The motivated team always gives the best result. The team can be motivated by appreciation, opportunities, and rewards.
  • Guidance: Project managers guide the team by providing all the required information clearly.
  • Setting Measurable goals: The common goals are to be set by project managers. The timeframe required to reach the objective is set to accomplish the common goals.

2. Communication skills

The impact of communication is very high in project success. Communication is one of the most essential skills required to improve the success rate of the project. The effect of the project manager’s communication has an impact not only on the project but also on clients and stakeholders. Communicating clearly is one of the primary responsibilities of project managers. The changes are to be communicated to all the team members. The following skills include the best practice of communication skills:

 

The following modes of communication can help in improving the success rate of the project:

 

  • Group meetings
  • Email
  • One-on-one meetings
  • Status reports
  • Updates
  • Telephonic call

 

Great communication skills include:

  • Active listening
  • Clarity in discussion
  • Confidence
  • Responsiveness
  • Respect
  • Reach on agreements
  • Result oriented
  • Addressing important issues
  • Resolving issues

Poor communication can mislead the project and result in project failure or delay.

3. Time management

Time management is the most important aspect of project management. Planning helps in setting goals and provide a definite path to reach the project objective. A strategic mindset is important for effective planning. Planning includes defining the project activities of each team member to achieve the project objective in constrained time without any obstacle.

It is completely project manager’s responsibility to deliver the project on time.

Keeping track on the project status and individual project activities helps in proper time management

The standardized time tracking tools and schedule templates are used to keep the transparency of the project.

4.  Negotiation skills

Bringing a group of people to settle the differences in order to accomplish the common goal with the agreed resource, budget and time. A good project manager is always a good negotiator. Negotiation always comes with a settlement. In any disagreement, people bring out the best possible outcome. The project manager achieves a desirable outcome of the discussion if PM is a good negotiator. There are two types of negotiation

  • competitive negotiation
  • collaborative negotiation

The negotiation skills a project manager should possess to improve the rate of project success are:

  • An ability to set goals and limits in order to reduce conflict management
  • Excellent listening skills
  • Effective verbal communication skills
  • knowledge of when and how to close the negotiation.
  • Reducing misunderstandings is a key part of effective negotiation
  • Rapport Building.
  • Problem Solving.
  • Decision Making.
  • Assertiveness.
  • Dealing with Difficult Situations.

5. Decision-making skill

Decision making skill is the most important skill a project manager should possess. Some decisions on a daily basis are not much important but there are some critical decisions that lead the project to be successful. The character of the decision should be:

  • Rational
  • Unbiased decisions

The decision can be taken in the following steps:

  • Identify the problem – Recognize the problem in the project process and gather all the information required to take the rational and unbiased decision.
  • Summarize all the information
  • Figure out all the possible solutions–  find all the possible solutions and ideal way to resolve preferably in a group. Consider all the points and do not ignore anything
  • Produce objective criteria – generate the measurement criteria to check the feasibility of the solutions.
  • Decide what is best – Make a decision based on what is best for the successful completion of the project within a constrained time.
  • Implement the solution – implement the solution decided
  • Track the results – Track the outcome of the implemented solution.

6. Risk Management

The project manager identifies the risk at an early stage to avoid the impact of risk on project progress later. To predict the uncertainties, the streamlined risk management process is carried out. Risk identification and analysis are done throughout the project lifecycle to reduce the impact on the resource, processes, technology, and schedule.

In risk management,

Identifying the source of risk -  The potential risks are listed out based on the previous projects.

Risks identified are categorized in:

  • Technical
  • External
  • Organizational

 

Risk Analysis is done by performing two processes:

The qualitative Risk Analysis process

In order to set the risk priorities, the analysis is done on the probability of the risk, the impact of the risk on the project and other risk parameters affecting the project deliverables. The main objective of performing qualitative analysis is to predict and reduce the uncertainty of the risks.

The quantitative Risk Analysis process

Performing quantitative risk analysis is the process of numerically analyzing the effect parameters of identified risks on overall project activities. This process helps in further prioritization of risks, reducing the uncertainty.

Risk Responses are planned against the identified risk:

The process of developing action plans against the identified risks to reduce the overall impact on the project. Planning the risk responses involves selecting strategies and agreeing on the actions developed.

Implement Risk Responses process

The process of implementing risk responses involves executing all the actions planned against identified risks to reduce the uncertainty of the project.

Monitor Risks process

The process involves monitoring the implemented action plans against risk identified. This process involves tracking risk responses, analyzing new risks and reducing the risk factor throughout the project.

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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What is Agile Project Management?

What is Agile Project Management?

Agile is an iterative and incremental method to develop software step by step taking frequent reassessment whenever required, instead of delivering the whole product after completion.

Agile Methodology is rapidly adopted by all types of organizations especially which cope with the turbulent customer-driven marketplace which resulted in rapid fame of Agile. The organization which adopted Agile Methodology observed a decrease in critical defects and an increase in productivity. It is considered highly successful and efficient.

In Agile Project Management, project activities are divided into phases termed as “Sprints”. Usually, a week span is allotted to each sprint. After completion, sprints are reviewed and evaluated by the managers. The feedbacks are taken from the stakeholders within a week. The project activities are completed within constrained time according to the feedback from the stakeholders.

Agile management relies heavily on teamwork, customer collaboration, time-boxing tasks and allows greater flexibility.

According to the 13th State of Agile Survey Report (2019),

  • 71% of respondents adopted agile because it reduces project cost
  • 74% of respondents adopted agile as it accelerates the software delivery
  • 51% of respondents claim that adopting agile increases productivity
  • 43% of respondents stated adopting agile enhances the product quality

Success of Agile Projects- State of Agile 12th edition

According to the report by EY: Digital Transformation for 2020 and beyond, Global Telecommunications Study, improved organizational agility is at the heart of successful digital transformation.

The book, Agile Project Management (APM) by Jim High smith, was one of the first attempts to broaden Agile techniques into a cohesive whole.

PMI, the world’s leading project management institute for Project Management Professional (PMP), has introduced Agile in their PMBOK – 6th edition. Incidentally, PMBOK-version 6 is the reference material for their flagship Project Management Certification (PMP) course. PMP is globally acclaimed and universally recognized, and benchmark certification in project management

What are the different methodologies of Agile?

The different Agile methodologies include:

  • Agile Scrum Methodology
  • Lean Software Development
  • Kanban
  • Extreme Programming (XP)
  • Crystal
  • Dynamic Systems Development Method (DSDM)
  • Feature Driven Development (FDD)

Agile Scrum Methodology

Scrum methodology is an implementation of agile practices based on an iterative and incremental method.  According to the 12th Annual State of Agile Report, The Scrum Methodology is most widely used amongst software development teams as it divides complicated tasks to user stories.

Agile Methodologies

The roles of product owner, scrum master and developer roles can be seen in this system.

Lean Methodology

Lean is an iterative methodology where the products are delivered through effective value stream mapping. The lean methodology was originally developed by Mary and Tom Poppendieck. Lean is an evolving methodology without any rigid rules and guidelines.

The main principle of Lean Methodology is to eliminate waste, fast delivery, team empowerment, continuous learning. Lean methodology eliminate waste by asking the customer to select only valuable features required. It relies on rapid and reliable feedback for faster productivity.

Kanban

Kanban is an agile methodology which relies on visual-based workflow. Kanban was developed on the production line of the Toyota factories in the 1940s. 83% of the teams using Lean methodology uses Kanban framework for continual delivery. Kanban promotes effective teamwork through continuous collaboration.

Kanban is based on 3 basic principles:

  • Visualize what you’ll do today (workflow automation)
  • Limit the amount of work in progress (WIP)
  • Enhance flow

Extreme Programming (XP)

Extreme programming (XP) is a disciplined approach with higher customer involvement, faster feedback, work on prioritization, continuous planning, continuous testing and closer teamwork to deliver high-quality software. XP is mainly based on four simple values:

  • Simplicity
  • Communication
  • Feedback
  • Courage

The customer and development work very closely in this method to define and set the priorities. The development team works on an iteration-by-iteration to deliver a high-quality product.

Crystal

The Crystal methodology is of the most lightweight and adaptable approaches based on team size, project priority and system criticality. The crystal methodology is comprised of a set of crystal families mainly for smaller teams. Crystal promotes early and frequent delivery of working software with high user involvement and the removal of distractions. Crystal methodology doesn’t rely on fixing tools and techniques. The core elements are people and processes.

Dynamic Systems Development Method (DSDM)

Dynamic Systems Development Method (DSDM) is a common industry framework for rapid software delivery.  Earlier it was called as Rapid Application Development (RAD). DSDM provides a comprehensive foundation for planning, managing, executing, and scaling Agile process and iterative software development projects. DSDM is based on eight key principles:

  • Focus on the business value and need
  • On-time delivery
  • Collaborate
  • Never compromise quality
  • Build incrementally from firm foundations
  • Iterative approach
  • Communicate continuously and clearly
  • Demonstrate control

Feature Driven Development (FDD)

Feature Driven Development (FDD) is a model-driven method with shorter iterations. It was built around software engineering best practices. The FDD is based on domain object modelling, developing by feature, and code ownership.  It consists of simple activities:

  • Development of an overall model
  • Building a feature list
  • Planning by feature
  • Designing by feature
  • Building by feature

Combination of Agile Methodologies

The combination of other Agile Methodologies such as ScrumBan, Scrum/XP etc. are also used in different organizations as per the requirement of the company.

The proper scaling framework is required to implement the Agile Methodology. Scalable Agile Framework (SAFe) is the most used agile scaling framework which enables to implement Agile Methodology such as SCRUM at the bigger enterprise level.

Methodologies such as SCRUM, Kanban or combination of both (Scrumban) and frameworks such as Scaled Agile Framework (SAFe), Scrum of Scrums were developed to meet the long-term planning benefits and help organizations in scaling lean and agile practice.

What are the12 principles of Agile?

The 12 principles of Agile Methodology are:

  1. Customer satisfaction through early and continuous quality delivery
  2. Welcome changes according to customer’s needs and requirement
  3. Business and development go hand in hand
  4. A collaborative approach to work
  5. Build projects around motivated individuals
  6. Promotes sustainable development
  7. Face to face clear conversation
  8. A measure of progress is working software
  9. Continuous attention to excellence
  10. Simplicity
  11. Self-organizing teams
  12. Reflect for Effectiveness

Why adopt Agile project management?

  • Provides Clarity: Work is divided into phases termed as “Sprints”. Usually, a week span is allotted to each sprint. After completion, sprints are reviewed and evaluated by the managers. This way of approach provides more clarity and it also provides predictable cost and schedule.
  • Enhance quality: The feedbacks are taken from the stakeholders within a week, Stakeholder engagement increases the scope of improvement and to rectify errors (if any) in the early-stages. Regular feedback from customers enhance the quality of the product.
  • Encourages teamwork: It is a collaborative process which encourages constant learning and knowledge sharing. It brings out a positivity towards work culture as it encourages a team-based approach to development.
  • Faster Return on Investment (ROI) as Agile Methodology focus on fast product releases which justifies the business value.
  • Simple Prioritization: Setting out priorities made easier with Agile Methodology.
  • Reduces risk as adopting Agile Methodology eliminates the chance of absolute project failure.

What are the benefits of doing Agile Certifications?

Any Certification plays a key role in the career path as it holds solid proof of subject matter and continuous learning. The 10 benefits of doing Agile Certification is :

1. Agile certification is globally recognized and in-demand worldwide.

2. Recognizes your expertise in using agile practices in your projects, while demonstrating their increased professional versatility through agile tools and techniques.

3. Carries a higher level of professional credibility as it requires a combination of agile training, experience working on agile projects, and an examination on agile principles, practices, tools, and techniques.

4. Supports individuals in meeting the needs of organizations that rely on agile project practitioners to apply a diversity of methods to their project management.

5. Demonstrates your level of professionalism in agile practices of project management to employers and potential employers.

6. Increases your professional versatility in both agile project management tools and techniques.

7. Accelerates the scope of your career as an Agile Certified Professional with career advancement, professional growth, and increase in salary and earning potential.

8. Enables you to stand out from the crowd as an Agile Certified Professional. Professionals with formal scrum training and an Agile certification have higher salaries than those without an agile certification, according to the Scrum Master Trends Report 2019.

9. Expands your market reach as an agile certified professional and provides you with an opportunity to network with a vibrant community of agile professionals, related organizations, and experts worldwide.

10. Invest in your future. Invest in an Agile Certification to recession-proof your career. Agile professionals would retain their value even during a recession due to their strong and highly transferable core competencies.

Adopting Agile is not about being Agile or doing Agile, It requires a change in the mindset as well to adopt change in work culture resulting in clear product vision and roadmap.

 

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What is Project Stakeholder Management?

What is Project Stakeholder Management? 

 

Stakeholders are those who have a stake in the project and its outcome. The person or people who have invested in the project and affected by the project’s outcome are referred to as Stakeholders. It is absolutely necessary to communicate and constantly keep in touch with the stakeholders – which is ideally the best practice for good stakeholder management. When projects fail to deliver its outcome, the main cause is cited is the lack of communication between key stakeholders.

What is Project Stakeholder Management?

The success of any project depends on its fulfilment of the expectations of the stakeholders, which means the project has delivered on its promise. The management of stakeholders and influencing their expectations is the main responsibility of the project manager. It is the stakeholders who decide on the acceptance of the project delivery underscoring the importance of project stakeholder management.

Project stakeholder management involves identifying the people or groups, that can impact the project,  analyzing stakeholder expectations for effectively engaging stakeholders through business strategies for project decisions and execution. It also focuses on constant and continuous communications with stakeholders for regular updates and conflict resolution and enhances stakeholder engagement.

The processes defined in Project Stakeholder Management are defined below:

  • Identify Stakeholders. The objective of this process is a stakeholder register.
  • Plan Stakeholder Management. The objective of this process stakeholder management plan.
  • Manage Stakeholder Engagement. The objective of this process issue log, change requests.
  • Control Stakeholder Engagement. The objective of this process work performance information, change requests

What is the difficulty in Project Stakeholder Management?

It can be conflicting views and objectives. One of the stakeholders who has a major stake might want a new feature or functionality which can be negated by another stakeholder wielding appreciable influence. And this is the reason to classify the stakeholders in order of importance and priority. And the role of the project manager is critical in balancing out the expectations to resolve differences and steer through the conflicts.

How do you classify the stakeholders?

The stakeholders can be classified using Stakeholder Analysis.

Even before the stakeholder management begins, it is important to identify the stakeholders. Stakeholder analysis is used to classify stakeholders by identifying their r needs and requirements. Everything boils down to need, which includes information need that’s crucial for stakeholder management.

The stakeholders and their relationships to the project manager are listed below.

Top Management

Top management is represented by the company’s CEO or CFO or Presiden, vice-presidents, directors, division managers, the corporate operating committee, and others. These are the people that direct the strategy and responsible for the development of the organization.

The Project Team

The project team can be made up of dedicated or even shared resources, and at times borrowed resources on a part-time basis are deployed. The project manager, need to provide leadership, direction, and support to team members in accomplishing their tasks.

Peers

The people at the same level in the organization as the project manager are called peers. Peers may or may not be as part of the project team and don’t have any responsibilities or accountability towards the outcome of the project.

Resource Managers

The resources that can be borrowed are not in the control of project managers as they can be controlled by other managers. So the relationship with those managers ought to be good for a smooth transition of resources moving in and out based on mutual understanding.

Internal Customers

Internal customers are the persons who are customers for projects within the organization. Inter customers meet internal demands and have the power to accept or reject the work. The project manager must get their buy-in early of the work about deliverables and update the customers about issues and address them as well.

External customer

External Customers are customers of a business or project that can be marketed and impact the quality of service and its value.

Government

Dealings with government departments which can include all or some levels of government from municipal, provincial, federal, to international.

Contractors, subcontractors, and suppliers

When companies don’t have the in-house expertise or lack of resources, the work is farmed out to contractors or subcontractors or suppliers.

How to analyze stakeholders?

All the potential stakeholders should be listed and analyzed by placing them into categories.  The classification of the stakeholders is important as the interest of every stakeholder will vary and some stakeholders will prove to be more than the others. This stakeholder analysis will decide about the frequency of communication with the select group of stakeholders and the information to be communicated.

The stakeholders can be broken down into four categories:

·  High power, highly interested people (Manage Closely): These stakeholders are the key players and should be engaged by making all efforts in satisfying them with regular updates.

·  High power, less interested people (Keep Satisfied): These stakeholders must be kept satisfied not so much and again not less to the point of boring with communication inflow.

·  Low power, highly interested people (Keep Informed): These stakeholders must be adequately informed and consulted with regard to their area of expertise to ensure no major problems arise.

·  Low power, less interested people (Monitor): These stakeholders must be monitored by informing about general information again, and should not be burdened with excessive communication.

Culture of Stakeholders

It is possible that project stakeholders may not share a common culture, in which case, the project management must adapt its work processes to cope with cultural differences. The cultural difference that can affect a project is of three major aspects: Communications, Negotiations and Decision making.

Communication is the most critical aspect of differences in culture as Project managers may come across barriers with regard to languages and context. When the same language is not shared between stakeholders, it slows down communication and project execution as information exchange ought to be accurate and fast. Usually, the “need-to-know” information that is critical to the project is shared. When project stakeholders represent a different culture, the cultural influence can cause confusion in communication, negotiation and decision making.

Managing Stakeholders

Projects often have more than one stakeholder. more the number of stakeholders, the greater are the challenges as it adds on to the stress and complexity levels of the project. The emotional investment of the stakeholder and their influence on the project execution can impact the outcome. how does it make it so complex? Project stakeholders more often than not tend to agree or disagree which adds on to the complexity, and larger the stake then more is their say and influence of the project. So it is very vital for the project manager to manage the stakeholders by amicably solving the situation or the conflicts arising out of agreement or disagreement. This is one of the foremost reasons as to why the project manager’s role is very challenging. 

How to Identify Project Stakeholders?

The process of stakeholder identification begins even before the project starts. The identification process starts no sooner the charter is approved by the sponsor.

Stakeholder identification is not a one-time exercise but a continuous process as new ones get introduced in the course of the project and old ones may pull out citing lack of interest. So this shuffle in terms of power and interest brings about the changes about the old and new stakeholders and hence it is important to identify and keep a tab about them.

Some of the techniques and documents that help in stakeholder identification are listed below:

  • Project Charter
  • Contract Documents
  • Procurement Documents
  • OPA and EEF
  • Interview the Experts
  • Brainstorming Sessions

Project Charter

A project charter contains the names of the project manager, sponsor, client, and key stakeholders.

Contract Documents

The contract agreement records the names of suppliers,  and contacts representing the customer who have a stake in the project.

Enterprise Environmental Factors And Organizational Process Assets

 The enterprise environmental factors and organizational process assets are sources to identify many stakeholders. Also,  the stakeholder register and lessons learned documents from past projects will also disclose the stakeholders involved in the project.

Interviews with Experts

There is no need to interview all the stakeholders. The most influential ones are interviewed to gain insight and information to understand their expectation as a stakeholder.

Try to ask open-ended questions during the interview and consider keeping one team member with you to record important information.

Brainstorming Sessions

Brainstorming with team members and experts is one of the best strategies in extracting information from the stakeholders. This exercise will help in identifying the stakeholders who wield considerable influence in the project execution and objectives.

 

RECOMMENDED POST:

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The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

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iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

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Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

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Top 50 Project Management Terms and Concepts To Learn in 2020

 Top 50 Project Management Terms and Concepts To Learn in 2020

Every field has its own special jargon, and Project Management has unique terms. Project Management has its own glossary, jargons and vocabulary. Standardized definitions for project management terms can be a challenge not just for newcomers but even for seasoned professionals.

These project management terms compiled below are the most popular and commonly used, which every project team should know to become conversant with the concepts.

 General Project Management Terms

 

Status report

Project status reporting is a formal report on the project progress mapped against the project plan. The purpose of the project plan is to communicate with the stakeholders about the project work, budget, resources, issues, and process.

Scope

A project’s scope defines what work must be done as agreed by the client and vendor. It is something that’s mutually agreed upon as a sphere of work.  Scope makes it clear about what work needs to be done to deliver a project. It is a best practice to document well-defined scope and signed-off by the stakeholders so that only the mutually agreed work will be delivered.

Project Plan

A project plan is one of the most significant documents that cover the project scope and objective. A project plan is more than dates and numbers. And it need not be complicated. The project plan captures the project’s tasks, milestones, resources, deadlines, and deliverables. The project plan is used by project managers to be in constant communication with the team and stakeholders.

Requirements

The requirement is a specification of a need. Requirements describe the condition or capabilities of a system. They are the tasks that must be completed to ensure the success of the project.  The requirements must be carefully recorded in a document for the benefit of the team and all stakeholders involved.

 

Critical Path Method (CPM)

The critical path is the longest sequence of tasks that must be completed on time in order for the project to complete as per the deadline. Critical Path Method determines the shortest time possible to complete the project.  The most critical activities of the project are identified on the critical path. Each task/activity on the critical path cannot be started until its predecessor task or activity is complete. If there is a delay in one of the tasks under the critical path, there will be a delay in the deliverables.

 

Project Manager

The Project Manager is the person responsible for the end-to-end delivery of a project right from initiation to delivery and implementation. The project manager handles every aspect of the project that includes planning, managing scope, resources, cost, time, infrastructure and all other project-related needs. 

 

Project Stakeholder

Project stakeholder is any party with an interest – be it direct or indirect, in the successful completion of the project. A stakeholder can be anyone from the project team, executives, sponsors, customers, or the end-users. Stakeholder refers to anyone who is affected by a project. They usually affect or are affected by the project decisions being taken over the course of the project lifecycle.

 

Project Baseline - The project’s baseline is defined as the original scope, cost and schedule  and used to measure the deviation  from the original plan.

 

Deliverable - It is the final or finished project or product that meets the expectations of the stakeholder in accordance to the contractual stipulations.

 

Project Portfolio Management

Project portfolio management (PPM) is the collective management of portfolios and their components. PPM is a series of projects or the collectively managed set of programs and projects. in order to achieve the organizational goals.

 

Agile Project Management

Agile Project Management is a software development based on an iterative and incremental approach to delivering projects. It draws from agile concepts that focus on teamwork, collaboration, and stakeholder involvement.

Waterfall Model

The waterfall model is a software development life cycle that works on a pattern like a waterfall as the development phases are sequential. The development takes place from one phase to another in a downward fashion. There is no overlapping. Since it is sequential development, it will be difficult to revisit the phases again.

Project Budget

Project Budget is the money or funds allocated for a project. It’s a comprehensive list of financial resources formally approved required to complete a project.

Project Timeline

A project timeline captures all the activities that need to be done over the duration of the project. It creates the framework of the project events according to their occurrence.

Gantt Chart

 A Gantt chart is used to track projects and represented as a horizontal bar chart used in project management. The projects are tracked from start to finish. Gannt Chart is a visualizing tool to track the project schedule and finding out what needs to be done at a particular time period during the project lifecycle.

Milestone

A milestone is a measure of the project’s progress. It indicates a major achievement in the project lifecycle. Milestones help with scheduling and monitoring and indicated symbolically as diamonds.

Dependencies

In a project, there are no tasks or activities that can exist or engage in isolation. In some way or the other, each task becomes an input or output to other tasks. So, there is a reliance on the input or output between activities required to complete the project.  This relationship between the tasks is called Dependency. A dependency is a directional relationship between two activities in such a manner that the start or end of one is dependent on the start or end of the other. Dependencies not only specify the relationship between project activities but also assign the order in which they will be executed.

There are 4 kinds of dependencies:

  1. Start-to-start – Predecessor task must start before the Successor can start
  2. Finish-to-start – Predecessor must finish before Successor can start
  3. Start-to-finish – Predecessor must start before Successor can finish
  4. Finish-to-finish – Predecessor must finish before Successor can finish

Work in Progress (WIP)

Work in Progress (WIP) specifies the team’s capacity for the workflow. The tasks engaged by the team at any given point of time during the project are called WIP.

Work in Progress Limit

WIP limit restricts the maximum amount of work that can exist in different stages of a workflow. Limiting work in progress allows teams to identify bottlenecks faster and focus on single work items better.

Bottleneck

A bottleneck hinders the workflow and happens when the workload exceeds the capacity of the system.

Scrum

Scrum is one of the leading and most popular framework used to implement agile. It uses an iterative method for delivery and focuses on prioritizing requirements in achieving the project goals over a short time period called sprints.

Sprint

It is a fixed unit of time required to complete a specific task and its duration is specified by the Scrum Master. The daily standup is conducted during a sprint to assess the progress made towards the sprint goals.

 

Meeting Project Management Terms

 

Kickoff Meeting

A kickoff meeting is generally the first meeting that occurs between the project team and their client. The first meeting that takes place between the project team and customer or sponsor is called as the kick-off meeting.

Once the details of the project are finalized, and even before the work has begun, this kick-off meeting happens to review the expectations of the project so that all the stakeholders are on the same page.

Meeting Agenda

It can be a topic or list of topics to be taken up for discussion in a meeting with a description of the topic and its possible outcome.

Meeting Minutes

Meeting minutes is a document all the matters discussed during a meeting. These minutes of the meeting are circulated to all the attendees of the meeting and are a referral source for a call to action and follow-up action for the items discussed.

Stand-up Meeting

A stand-up meeting,  used in the agile environment is also called as daily scrum which is short in duration and conducted as the first activity of the day. The purpose of the stand-up meeting is to get an update about the work progress made by every team member.

Follow Up

A follow-up meeting is directed towards collecting feedback from the participants involved to plan further course of action. Dedicated follow-up meetings are conducted to collect and assess the outcome of the meeting.

 

Resourcing Project Management Terms

 

Resource Allocation

Resource allocation involves The assigning and scheduling of resources for a project.  The main objective of resource allocation is to maximize the available resources to achieve the project’s intended goals and objectives.

Resource Breakdown Structure

Resource breakdown structure is a complete and hierarchical list of resources required to complete a project which is classified by type and function.

Resource Leveling

Resource leveling ensures that the resource is not overburdened with tasks. It has an impact on the critical path. Resource leveling is a technique to adjust the project schedule in order to keep the resource below the set limit.

Resource Availability

Resource availability presents the availability of a particular resource at a given point in time during the project. 

Resource Calendar

It indicates all the working and non-working days of the resources assigned or allocated to a project. 

 

 

Project Risk Management Terms

 

Risk

A risk is an uncertain event or condition that has an impact on the project’s objectives. A project risk is something that has not happened but could adversely affect the project outcome if left unattended. A project manager must be able to identify and assess the risks to the project. For instance, all the assumptions made at the start of the project are considered risks. The project manager must manage the risks using risk assessment to anticipate and address the risk to minimize the impact on the project. If risks are unidentified and unaddressed,  it can derail the project or throw it off course. 

Risk Management

Risk management deals with the identification and assessment of risks to reduce the likelihood of occurrence of the negative risk and its impact. Effective Risk Management ensures negative risks do not affect the project goals.

Risk Mitigation

A strategy devised to decrease the frequency or probability of the occurrence of negative risks and focuses on a risk mitigation strategy to protect from the negative risks’ threat to the project’s objectives.

Risk Monitoring and Control

Risk monitoring and control process identifies risks using a risk management plan and  tracks the  performance of the risk responses implemented

Risk Owner

Risk Owner is primarily responsible for managing the risk and also mitigate the risk by implementing suitable strategies. The risk owner is also required to be involved in performing qualitative and quantitative risk analysis.

 

Issue Management and Bug Tracking Terms

 

Issue

A project issue is a problem that has been encountered which has negative consequences for a project. Issues are like risks but the difference lies in the fact that issues have already happened, while risks are threats that have not taken place. Poor issue management can have a serious impact that can impair or result in project failure. An issue register or issue log is used to track issues.

Issue Management

Issue Management is the process of effectively detecting, resolving and tracking of the issues related to the project. The main purpose of issue management is resolving the issues before they get blown into catastrophes.

Issue Tracking

Issue tracking is the identification of error or bug that affects the performance of the project or product. The best practice is to use an Issue Tracker to keep track and closely monitor the issues.

Issue Log

Issue Log is a compilation of all the Project issues and the persons accountable to resolve. The Issue log includes the issue status, resolution plan and deadlines for the resolution or fixes.

 

QA Project Management Terms

 

Quality – The quality of a project is a measure of the excellence of a product or project ‘s deliverables. Simply stated, Quality is must meet the expectations of the customer or stakeholder.  Project Quality management, quality control, and project quality assurance are the three processes critical to Quality.

Quality Planning

The expected quality standards are identified in Quality planning and mechanisms created to ensure the standards are satisfied. Quality planning prescribes corrective action in case of deviation from the set quality standards.

Quality Assurance

Quality Assurance is a set of practices created to monitor processes in the project to ensure the quality requirements are satisfied. Quality Assurances necessitates regular quality audits and conducted throughout the project.

Quality Control

Quality control is the application of the best practices in the evaluation of the project or product that meets the desired quality level. This process is performed after the creation of the project in order to detect any changes required for quality assurance.

Quality Management Plan

A quality management plan is a detailed plan consisting of stakeholders’ quality expectations, quality assurance, and quality control policies to successfully execute a project. This plan is usually a part of the project management plan.
 
 

This project management concept compilation is not complete and highlights the most popular and commonly used. We will connect in another blog with another expansive list that will prove beneficial to you in building your project management terms vocabulary.

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

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The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 

 


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Project Scope Management And Its Benefits

PROJECT SCOPE MANAGEMENT AND ITS BENEFITS

What is Project Scope?

In project management, scope sets the boundaries to the project within which it can extend. The scope details the deliverables to the as a result of the project initiative. 

The project scope determines the work and activities. The project manager must understand the scope clearly and correctly to determine what falls within the boundaries. Those activities that fall inside the boundary become “in scope” and those outside are stricken down as “not in scope”. Only the ‘in-scope” activities are planned for development.

The project scope is the first phase of project planning. The project scope forms the project objectives, the deliverables that include features and functions, limitations, assumptions, and project dependencies. Upon acceptance of the project, the scope management forms the first step in planning.

Why Project Scope is So Important

The question often asked  is “Why Project Scope is important?”

Every project has to be delivered on time, within scope, within budget  and yet lot many projects fail on these aspects – and the reason: the project scope was not captured correctly

A successful project manager will understand exactly whats to be achieved as a project objective also called scope. For a project manager to stay on track the entire time, regardless of size or complexity, it is important to read the scope right.  And that means defining the scope which makes it simple to stay on schedule.

Expectations management is the most difficult and complex task for a project manager as it involves Managing clients' and stakeholders’  hopes and beliefs. A definitive and distinct scope brings everyone on the same page and helps to avoid often cited problems like

  • changing requirements,
  • or mid-project changes
  • budget overspend
  • slippage in schedule
  • the final outcome contested by client  

Without Project scope, the project manager will be left clueless about the time, cost and schedule and resources. The scope influences and forms the basis for every decision made by the project manager.

Project Scope Management

Even before the project begins, Project scope management is initiated. Scope Management is the collection of processes that captures the work to be undertaken in the project and also records the work that is not required. How to manage scope? Through a use case which clearly in writing defines the scope of the project. The business case is closely monitored throughout the project lifecycle.

Project scope states the whole work to be done to deliver the product or services with the agreed features and functions. The scope covers everything that goes into a project.

The Project Scope Management Plan

The Scope Management Plan specifies the scope’s definition, development, and verification. It also defines the responsibilities in managing the project’s scope and guides in scope control. The project scope management plan is one of the most critical and crucial aspects of a project’s success. It identifies the right work needs to be done. According to PMBOK, Guide to the Project Management Body of Knowledge, there are five processes for effective scope management: Collect Requirements, Define Scope. Create Work Breakdown Structure (WBS), Verify Scope and Control Scope.

  1. Collect Requirements – in this process the requirements that meet the objectives of the project are defined and documented. The documentation will include status updates and final deliverables. Project charter and stakeholder register are the foundation of this process. This process will help in understanding and managing to present the stakeholders’ expectations.

The documentation of this process will serve as an input to the next process, which is Define Scope.

  1. Define Scope – this step is the most important as it creates the scope statement and helps in understanding the expected deliverables. In this process, the ‘in scope’ and ‘out of scope’ are clearly defined. The project scope statement will guide the team members throughout the project. The define scope process is decisive to the project’s success as it includes the deliverables, assumptions, and constraints within which the project must be engaged, and executed and delivered. Define Scope works as a referral guide to the project and forms the statement that becomes the basis for all project activity.
     
  2. Create WBS –  in this process, the deliverables are broken down into smaller individual tasks based on the project scope statement and requirement gathering documents. The deliverables are streamlined and the hierarchical structure makes it simpler to schedule, monitor and control. It also makes it easy to standardize and automate workflows.
     
  3. Verify Scope – In this process, the scope is formally accepted for all the deliverables documented by all the stakeholders involved, mainly the customer or sponsor.
     
  4. Control Scope – In this process, the scope of the project or product is monitored and controlled and any changes in the scope baseline are managed. Changes become inevitable despite capturing everything in the scope but the changes must be controlled to avoid scope creep.

Components of a Scope Management Plan

The Scope management ascertains that the scope of the project is defined accurately. This helps the project manager to assign resources to the tasks factoring the costs involved in completing the project. So it all starts with the scope, especially what is in-scope and out-of-scope. There are three processes involved in scope management. They are planning, controlling and closing.

  • Planning: This step captures and defines the work to be undertaken.
  • Controlling: the scope creep, change tracking, approval or disapproval of changes and documentation takes place in this step.
  • Closing: All the project deliverables are audited in this step and the outcome of the project is assessed against the original plan.

The project scope statement is fundamental to the scope management plan. One more critical document associated with scope management is defining the scope in a statement. To delineate the project, a document is drawn after understanding all the processes.

Scope Statement

What is a Project Scope Statement?

The project regardless of size or duration or cost will include a Project Scope Statement. Project Scope Statement is created even before the project work commences. Project Managers use Project Scope Statement to map and confirm the expected results, constraints, limitations, assumptions,  exclusions, justification based on which project work will be undertaken. All the stakeholders must agree upon the project scope statement.

What does a Project Scope Statement Include?

The scope statement creates an outline of the project objectives, goals, relationships, deadlines and other specific elements that minimize the risk due to disruptions or changes. The scope statement contains the following.

Business Case– this document presents the requirement of the project and the possible benefits that can be delivered.

Project Description– presents an overview of the final deliverables.

 Success Criteria- The pre-agreed criteria with the stakeholders in determining the project’s success. These are specific conditions that have to be met before any deliverables are accepted by stakeholders.

Deliverables: The expected results that the project will produce upon completion are called as deliverables.

Project Exclusions:  the part of the work excluded and will not be done as part of the project. Its called scoping out and is important to include so as to clarify and confirm the assumptions and uncertainties.

LimitationsAnything that can limit the project’s progress. It can be resources or technology or infrastructure related issues

AssumptionsAny assumptions made during the course of the project that may impact the final outcome of the project.

Define the Scope of a Project

To ensure the success of the project, a well-defined scope is an absolute must. Without a well-documented and defined scope in place, no matter how hardworking are your resources are efficient the project plan, the project just can't succeed in achieving its intended goals.

A clear vision of the project’ requirement – not at a higher level – but right down to gritty nitty details at a granular level capturing all the specific project goals, deliverables, features, functions, tasks, deadlines, and ultimately costs constitutes a good scope document and helps in defining the project scope.

So how do you define a project scope?

The following steps help to define the scope of a project:

1. Identify the project needs

It is important to understand the identify the project needs to understand the scope better. Identifying the needs provides the best beginning. It enables us to set groundwork, goals, and objectives. It will help in preparing the groundwork for the tasks to be created and the tasks to follow and execution of the tasks.

2. Confirm the objectives and goals of the Project

The objectives and goals of the Project must follow a SMART guideline. By SMART, the objectives and goals of the project ought to be Specific, Measurable, Achievable, Realistic and met within a time frame.

3. Project Scope description

The scope must clearly describe the features and functionalities as part of the project work. The clarity will have its bearing on the project’s success.

4. Expectations and acceptance

The project scope should be fine-tuned to favor an outcome that meets the expectations of the customer or stakeholders and result in the acceptance of deliverables by end-users.

The projects that meet the customer’s approval and earn their recognition and satisfaction are considered to be successful.

5. Identify constraints

Any project will face constraints, which are as inevitable as changes. There are possibilities or limitations, roadblocks that impede the progress and come in the way of achieving the desired results. But when these constraints are identified, then they can be tackled and the roadblocks cleared making way for smooth passage. It helps in minimizing the problems which otherwise would derail or delay the project.

6. Identify necessary changes

There is nothing more expensive than rework. The time, money and material invested would rise exponentially in case of rework and hence its best to avoid reworking the scope of your project. It will burn all available bandwidth. but there are instances when changes become necessary in which case, settle for the minimal change by making all the stakeholders involved to understand the consequence, especially delay and the additional cost.

How to Identify Scope Risks

A successful project manager must manage scope risks.

What is Scope Risk?

According to PMBOK® Guide—6th Edition, Risk is defined as "an uncertain event or condition that, if it occurs, has a positive or negative effect on one or more project objectives". Scope risks then are the uncertain events or conditions related to the project scope.

How do these scope risks arise? The out-of-scope are clearly identified and placed outside the boundaries of project work and yet they somehow sneak their way inside bloating the project scope. That’s what is called scope creep and these are requirements that weren’t factored as part of the agreed scope. It is a scope risk.

But how to identify the Scope Risk?

There are a few methods that can help to Identify Scope Risks.

Interviews

Prepare a set of questions specifically related to scope, and schedule an interview select stakeholders to clarify and confirm the deliverables, assumptions, exclusions, and constraints. It is advisable to document the results and secure a sign-off.

Brainstorming

Pick out the most significant risk that can impair the project deliverables and make a list of questions and use the same for a brainstorming session. With several minds applying their mind to matter, the outcome can be significant in identifying the scope risks.

Checklists

A project ought to have a check-list. Inspect if there are any scope-related risks. If not, create one. There must be a post-review conducted after every project to record the risks. It must be understood that all the risks cannot be captured in a checklist.

Assumption Analysis

Any Assumptions made in the project are sources of risk. These assumptions must be studied for the associated risks and documented.

Cause and Effect Diagrams

Cause and Effect diagrams are very effective in identifying the cause of risks. Once the cause is identified and addressed, the risk gets reduced.

Nominal Group Technique (NGT)

 Nominal Group Technique is a kind of brainstorming where the Inputs are collected and prioritized. And the output of NGT is a prioritized list. The risk can be identified from the result of a prioritized list of risks.

Work Breakdown Structure (WBS)

Work Breakdown Structure (WBS) is one of the most powerful tools for identifying scope risk.  A WBS with project team whereby they walk through the lowest elements —or work packages as they are called commonly referred. The participants are asked to identify risks.

What are the benefits of Project Scope Management?

Good project scope management will

  1. Help to understand what is in-scope of the project
  2. Help to understand the deliverables of the project
  3. help  to make informed decision making during the project
  4. helps to identify risks and plans steps to mitigate
  5. helps in setting the right expectations to the stakeholders
  6. helps in planning on time money, manpower,  material
  7. eases the scope related stress on project manager
  8. prioritizes tasks to keep the project on track and reduces unplanned work to save on time and expenses
  9. Enable effective communications between stakeholders by bringing everyone on the same page
  10. support successful project delivery

The most critical aspect to the success of a project is the project scope, and the project manager has to stay on top not to lose track or focus on the scope.

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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What are the 49 Project Management Processes?

What are the 49 Project Management Processes?

 

Project management is a practice of handling project successfully from start to end within budget and time using various strategies, methodologies and processes. Organizations follow a set of guidelines and best practices to achieve the project goal. Project Management is an integral factor which decides the success or failure of a project.

Project management rules are mainly governed by PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide).

Certified Project Management Professionals (PMP®️) use the best practice of project management as the certification validates the knowledge, skills, and techniques of project management aligned with PMBOK® Guide.

According to PMBOK, project management includes,

Componenets of project management according to PMBOK

5 Phases or Process Groups of Project Management

#1 – Project Initiation

#2 – Project Planning

#3 – Project Execution

#4 – Project Monitoring and Control

#5 – Project Closure

10 Knowledge Areas of Project Management

#1 – Project Integration Management

#2 – Project Scope Management

#3 – Project Schedule Management

#4 – Project Cost Management

#5 – Project Quality Management

#6 – Project Resource Management

#7 – Project Communications Management

#8 – Project Risk Management

#9 – Project Procurement Management

#10 –  Project Stakeholder Management

49 processes in project management are distributed across 10 knowledge areas and 5 process groups of project management. The below table clearly demonstrates the mapping of the process groups, knowledge areas and processes.

PMBOK Guide 6th edition process group and knowledge area mapping

 

49 Processes in Project Management

Integration Management Processes:

The coordination between the resources, stakeholders, and other project elements which ensures to execute the project end to end successfully is Project Integration Management. It is very important because project success highly depends on integration management in terms of schedule, cost, quality, scope, risks, etc.

#1 – Develop Project Charter process :

The develop project charter process is a document which is prepared in the initiation phase to formally authorize the existence of the project. In this process, the document is prepared and given to the authoritative project manager to use the resources required for the project.

The project charter is a key element which describes the whole project in brief. The project charter generally includes the objective of the project, stakeholders, requirements, high-level assumption and constraints etc.

#2 – Develop Project Management Plan process:

The process of combining all the project plans and sub-plans into a single integrated plan. It is one of the most crucial processes of project management. Project success is dependent on the project management plan. The authoritative head to plan project management is the project manager.

This document is approved and signed by authorized stakeholders.

#3 – Direct and Manage Project Work process

In this process, the project work activities are directed and managed while executing. This refers to the term “leading and controlling” the assigned project activities. The key outputs of this process are final deliverables and change requests for the project work.

#4 – Manage Project Knowledge process

The main objective of this process is to improve the project process using the existing knowledge and creating new knowledge. The knowledge created is used for further processes and future projects. The continuing knowledge gain and utilizing the existing knowledge is the main objective of the project.     

#5 – Monitor and Control Project Work process

Monitoring and controlling project work refers to the continuous tracking, reviewing and reporting the project progress status to achieve the required target of the project work activities.

The performances of each assigned resource are monitored and controlled. The document is prepared regarding the issue and the improvement possible.

#6 – Perform Integrated Change Control process

The perform integrated change control process includes reviewing all the change requests and managing them effectively from all the working department. The document is prepared for approval of any change requests.

The change requests are approved when there is not much impact on scope, time and cost of the project. The change requests can be project deliverables, project plan or project assets.

#7 – Close Project or Phase process

This process refers to closing the project activities by finalizing all the deliverables of project activities and the documents related to closing the project or phase is prepared by the project manager. In this process, the resources are released to work for other projects.

Scope Management Processes:

Project scope management is to define what is included in the project and what is not included in the project. The scope of the project is the work that is involved and the factors to execute the project successfully. There are 6  project scope management processes in planning and controlling process group.

#8 – Plan Scope Management process

It is the process of creating the document in which information about how the scope is defined and managed throughout the project process. The scope management plan provides the direction of how to deal with the end to end requirements of the project. The scope management plan acts as a guide to the project flow.

#9 – Collect Requirements process

The process of collecting all the requirements from all the resources or stakeholders to meet the project objective is called Collect Requirement Process. The documentation of all the requirement helps in tracing the matrix of the organizational assets required for the project. The collected requirement is to be managed and fulfilled to meet the objective of the project.

#10 – Define Scope process

The complete description of the scope of the project is documented in this process. The main objective of the project is to document what is included in the project and what is not included in the project.

The clear description of the project is available from this process.

#11 – Create WBS process

Creating WBS refers to the Work Breakdown Structure in which all the project activities are divided into smaller activities. This helps in assigning tasks or activities to the resources. This framework also helps in understanding the project objectives and the defined scope. The inputs, tools and techniques,  and the outputs are clearly defined in this process.

#12 – Validate Scope process

In this process, the final deliverables are validated and accepted by the project manager. It is a formal acceptance of the completed project whether it met the scope or not is validated in this process. Before submitting the final deliverables to the customer, if the project manager validates the scope, then the chances of the customer accepting the projects are also high.

#13 – Control Scope process

The control scope process ensures whether all the project activities are according to the planned scope. This process monitors the status of the project and manages the changes according to the scope baseline. It ensures there is no slippery in the project scope during project activities.

Schedule Management Processes:

Project schedule management involves the listing of the tasks, deliverables, duration, stakeholder assigned, start and end date of the tasks within the project. Time management completely depends on the proper schedule management.

#14 – Plan Schedule Management process

Schedule Management Plan ensures the project activities are completed on time. The document is created with project activities based on WBS and time is allocated to complete the project work activity. It is the process of determining the procedures, policies, planning, executing, managing, and controlling the scheduled activity.

#15 – Define Activities process

The list of all the project activities to be conducted during the project execution is documented in this process. The exact actions to be taken to achieve the project objective is the main output of this process. In this process, the input, tools and techniques and output is clearly defined.

#16 – Sequence Activities process

The process of identifying the priorities of the project activities and documenting the same. The sequence of all the project activities are documented in this process. It is one of the most important processes of project management to keep the project flow smooth.

#17 – Estimate Activity Durations process

Estimating the activity durations refers to document the time allotted to each project activity. This process helps to set the whole project timeline according to the sequence of project activities.

#18 – Develop Schedule process

The process of combining all the components of schedule management to project timeline is scheduling process. The document is created by analyzing the sequence of project activities and the estimated duration.

#19 – Control Schedule process

The process of monitoring and managing the time taken to complete the project activity during execution. The document is created to update the status of the project. The main objective of this process is to ensure that the project activities are executed within the allotted time to maintain the project management plan.

Cost Management Processes:

Cost is the most critical factor in any organization. The process of estimating, allocating and controlling the cost of the whole project comes in project cost management. The budget is fixed according to the project activities. The costs are estimated during the planning phase and controlled if it exceeds during execution.

#20 – Plan Cost Management process

The process of cost management plan includes the policies, procedures and guidelines to plan, manage, and control the project costs. It also includes documenting the costs throughout the project. The cost management plan is done according to the project activities, schedule, resource and requirements.

#21 – Estimate Costs process

This process includes estimating all the monetary resources included in the project activities to achieve the target on scheduled time. The costs are estimated based on the resource requirements. The main objective of this process is to determine the overall cost required to complete the process.

#22 – Determine Budget process

The process of combining the cost of all the project activities to establish the formal cost baseline of the overall project. This process helps in projects cost flow, risk management. Cost baseline helps in monitoring and controlling the cost of individual activities.

#23 - Control Costs process

The process of monitoring and controlling the cost of individual project activities during execution is called a control cost process. The costs are controlled and brought to the cost baseline if exceeds.  The document of cost update is maintained throughout the project.

Quality Management Processes:

The process of achieving assured quality with respect to scope, time and cost is project quality management. With proper quality management, an organization can achieve customer satisfaction and enhance further productivity. The process of quality management is in three phases of project management: Planning, execution, and monitoring and controlling.

#24 – Plan Quality Management process

Plan Quality Management process is the process of identifying the quality requirements and quality standards relevant to the project output. The document of a set of quality standards is prepared for each project activities. The methodology used, the resource assigned, the cost and the time allocated are the major factors affecting quality.

#25 – Manage Quality process

Manage Quality process is the process of managing all the project activities according to the quality management plan while executing. The main objective of managing quality process is to integrate all the quality policies in the project activities to maintain the quality plan management.

#26 – Control Quality process

Control Quality process is the process of monitoring and controlling the executed project activities according to quality management. The main objective of this process is to ensure the project output is correct, complete and meet the expectations of the customer and the quality plan. This process also includes the documentation of results obtained during the control quality process.

Resource Management Processes:

The project resource management involves managing human resource, material, equipment, knowledge and time. Recourse plays a very important role during the execution of the project. There are 6 Project resource management processes in three phases of project management.

#27 – Plan Resource Management process

 Plan Resource Management process is a process of identifying the required resources, equipment for the required for the project activities. Planning resources include preparing the user guide document to identify, acquire, manage and monitor the required resources for project activities. 

#28 – Estimate Activity Resources process

The process of estimating the type and amount of resources required for each project activities. The main objective of estimating resources is to plan the resource requirement for the overall project.

 #29 – Acquire Resources process

The process of acquiring the resources like team members, types of equipment and other resources required for the project delivery. The main objective of this process is to ensure there is no shortfall of resources required for the project.

#30 – Develop Team process

The process in which the stakeholder or project manager improve the knowledge, skills and techniques of the team members as per the requirement of the project quality. This improves the competencies and enables the interaction between the team members enhancing the quality of the project.

#31 – Manage Team process

The process of tracking and recording the performances of the team and managing by giving feedback, resolving issues, managing conflicts and optimize the project performance according to the project requirement. The main objective of this process is to improve the overall performance of the team and enhance productivity.

#32 – Control Resources process

The Control Resources process aims to fulfil all the resource requirement for the project activities. It ensures all the resources allocated are according to plan. The probability of change requests is high in resource management. Therefore, controlling the resources and monitoring according to the resource plan management is highly essential.

Communications Management Processes:

The project communications management ensures that the right message is sent, received and understood by the right people. Communication is one of the most critical factors affecting the success of the project. According to PMI, most of the project failed due to communication. The three processes are involved in project communication management in planning, executing and monitoring phase.

#33 – Plan Communications Management process

The process of conducting proper communication according to the stakeholder’s need and requirement. The process includes a proper approach and plan of communication with organizational assets. The communication can be through any formal and recorded medium.

#34 – Manage Communications process

Managing communication process ensures that the message is created, collected, recorded and distributed by authorized stakeholders and understood by the receiving end according to the communications management plan.

#35 – Monitor Communications process

Monitoring communications process is a process of monitoring and controlling the communications throughout the project life cycle ensuring that the communication meets the stakeholder’s information requirement.

Risk Management Processes:

Project risk management involves identifying the risks, analyze the risk and control the risk. The risk management is done to reduce the impact of risk on project pace. The risk identified can be uncertain and have a huge impact on the resource, processes, technology, and schedule. The 7 processes of risk management lies in planning, executing and monitoring phase.

#36 – Plan Risk Management process

Planning risk management involves preparing the document on identifying risk, prioritizing and managing according to the risk assessment matrix and how to conduct risk assessments activities within the project.

#37 – Identify Risks process

The process of identifying, determining and documenting all the possible risks that may affect the project is Identify Risk process. The main objective of this process is to anticipate the risk before execution.  Documentation of all the risk will help in further project activities.

#38 – Perform Qualitative Risk Analysis process

In order to set the risk priorities, the analysis is done on the probability of the risk, the impact of the risk on the project and other risk parameters affecting the project deliverables. The main objective of performing qualitative analysis is to predict and reduce the uncertainty of the risks.

#39 – Perform Quantitative Risk Analysis process

Performing quantitative risk analysis is the process of numerically analyzing the effect parameters of identified risks on overall project activities. This process helps in further prioritization of risks, reducing the uncertainty.

#40 – Plan Risk Responses process

The process of developing action plans against the identified risks to reduce the overall impact on the project. Planning the risk responses involves selecting strategies and agreeing on the actions developed.

#41 – Implement Risk Responses process

The process of implementing risk responses involves executing all the actions planned against identified risks to reduce the uncertainty of the project.

#42 – Monitor Risks process

The process involves monitoring the implemented action plans against risk identified. This process involves tracking of risk responses, analyzing new risks and reducing the risk factor throughout the project.

Procurement Management:

The project procurement management involves obtaining goods, services and supplies. Procurement includes all the materials required to complete the project. 3 procurement management processes are involved in planning, executing and monitoring phase of project management.

#43 – Plan Procurement Management process

The process of documenting the material required, specifying the approach, identifying potential dealers, identifying good service required for the project within the allocated budget and assured quality.

#44 – Conduct Procurements process

The process of selecting the seller, obtaining seller responses and finalizing the procurement requirement with the seller through agreements. The main objective of this process is to ensure procurements are done according to the requirement for deliverables of the project.

#45 – Control Procurements process

The control procurement process involves managing all the procurement relationship and monitoring contract performance. This process also involves deciding the changes related to procurement wherever necessary.   

Stakeholder Management

The project stakeholder management is the process of identifying suitable stakeholder for the project and meet the expectation of the selected stakeholder. The success or failure of the project depends on the key stakeholders.

Four project stakeholder processes are involved in initiating, planning, executing, and monitoring and controlling the phase of project management.

#46 – Identify Stakeholders process

The process of identifying stakeholders is done in the initiation phase of the project. Based on performance, experience and skills, the key stakeholders are identified to manage the assigned part of the project.

#47 – Plan Stakeholder Engagement process

The process of determining how to approach different stakeholders for different project activities. The roles and responsibilities of the key stakeholder are planned. The amount of engagement in each part of the project work is assigned to stakeholders.

#48 – Manage Stakeholder Engagement process

The process involving interaction with stakeholders and working with stakeholders to meet their expectations, resolving the issues by stakeholder engagement process. This process has a potential impact on the project.

#49 – Monitor Stakeholder Engagement process

Monitoring the stakeholder engagement process ensures effective interaction and engagement between the project stakeholders. Engagement strategies and plans are executed if necessary.

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 

 

 

 

 


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How To Claim PMP Professional Development Units (PDUs)?

How To Claim PMP Professional Development Units (PDUs)?

What are PDUs?

Professional Development Units (PDUs) are part of the Continuing Certification Requirements (CCR) program from PMI and are earned in order to maintain the certification.

PMI’s Continuing Certification Requirements (CCR) program supports the ongoing educational and professional development of our certification holders so they are always prepared to meet the demands of today’s complex business environment

Project Management Institute (PMI®) defines PDUs as:

“PDUs are the measuring unit used to quantify approved learning and professional service activities.”

Professional Development Units (PDUs) are one-hour blocks of time that you spend learning, teaching others or volunteering

All the certifications accredited by PMI requires you to earn PDUs except for CAPM certification.

Project Management Professional (PMP®️) certification needs 60 PDUs within 3 years to maintain the credentials.

PDUs can be earned in two different categories.

  • Education PDUs:

Education PDUs can be earned by attending professional seminars, classes, webinars or self-directed learning.

  • Giving Back PDUs:

Giving Back PDUs can be earned by volunteering, mentoring, working with professional groups.

What are the requirements to earn PDUs?

To maintain the PMP Credentials, you need to earn 60 PDUs in the 3-year cycle. The 60 PDUs are then broken down into two categories:

  • 35 Minimum Education PDUs aligned with PMI talent triangle

PMI Talent Triangle

  • 25 Maximum Giving Back PDUs (Optional)

60 PDUs are required to renew the PMP certification. The 60 PDUs can be achieved by meeting the following requirements of PDU.

                                                       

Educational PDUs and Giving Away PDUs

You must earn a minimum of 8 PDUs in each skill of PMI Talent Triangle- Technical, Leadership, Strategic and Business Management.

The purpose of earning PDUs aligned with PMI Talent Triangle is to make the certified professional more skilled and attain equal balance on all the updated skills- technical, leadership and strategic and business management skills.

It is not mandatory to earn PDUs by giving back through volunteering or mentoring. You can earn all the 60 PDUs through education aligned with a PMI Talent Triangle

You have to earn a minimum of 35 PDUs in education and you can earn a maximum of 25 PDUs in Giving Back.

In giving away PDUs, you can earn a maximum of 8 PDUs by applying skills and contributing to the profession.

You can earn 17PDUs by sharing knowledge, conducting seminars, volunteering with PMI.

What are the ways to earn educational PDUs?

In the ever-changing field of project management, it is very important to keep your knowledge up-to-date. In order to maintain PMP credential, you need to earn 60 PDUs out of which you must earn a minimum of 35 educational PDUs. The following are the ways to earn educational PDUs:

1. Course: Take a course relevant to the subject by education providers, training companies or PMI R.E.Ps.

Same as contact hour, one hour of instruction equals to 1 PDU

2. Meetings: Attend educational sessions organized by the company. You can also attend PMI chapters to earn PDUs. Typically limited to 1-2 PDUs

3. Online: Self-paced e-learning, watching videos or webinars can earn PDUs.  Any content relevant to PMI Talent Triangles skill area topic can be valid to earn PDUs

4. Read: Reading articles, blogs or whitepapers relevant to the subject can also be considered as PDUs

5. Informal learning: You can earn PDUs by engaging in structured professional discussions with others or any interactive sessions relevant to PMI Talent Triangle. For example, while you’re being mentored or participating in a “lunch and learn” session with your organization.

What are the ways to earn Giving Back PDUs?

Sharing knowledge or giving back to the profession is a great way to expand your skills and knowledge. PMI is providing this opportunity to all the PMP holders. The following are the ways to earn educational PDUs:

1. Work as a Practitioner: You can earn PDUs by applying knowledge and skills in a practical setting relevant to the certification.

This activity has a maximum number of PDUs that can be claimed per cycle: 8 PDUs for PMP Certified professional.

2. Create Content: You can earn PDUs by creating content such as articles, blogs, webinars, videos or any content relevant to the subject.

3. Give a Presentation: If you give a presentation in PMI chapter or your organization, you can claim PDUs.

4. Share Knowledge: The time spent in teaching, mentoring can be claimed for PDUs.

5. Volunteer: Become a volunteer in PMI and other organization who relies on volunteers and earn PDUs

Note: All the ways of earning PDUs need supporting document to present if you get selected for the audit process.

How to renew the certification through CCRS?

The time you start earning your PDUs, record your PDUs in the Continuing Certification Requirements System (CCRS). CCRS helps you to track your progress against CCR requirements. The fractions of PDU can also be reported in CCRS.  The process of the CCR system is as follows:

CCR Process

After PMI confirms that you have met the PDU requirements, PMI will notify you to submit the renewal payment.

 

The renewal fees are as follows:

PMI renewal fees for PMP certification

*Note: PMI’s membership renewal fee is different and separate than the certification renewal fee.

 

After processing the completed application and the renewal payment, PMI will send you an updated certificate with the new active certification/CCR cycle dates.

If you do not satisfy the CCR program requirements within your current cycle dates, you will be placed in suspended status. The suspension period lasts one year (12 months).

Is there any audit process for renewal of PMP certification?

Yes, there is an audit process. It is important to keep all the documentation related to PDUs for at least 18 months after the CCR cycle has ended.

The documents required for each way of earning PDU is given in the CCR Handbook.

Note: If you earn more than the required PDUs in your CCR cycle, you may apply a portion of the PDUs to your next cycle. Only PDUs earned in the final year (12 months) of your certification cycle can be applied to a future cycle.

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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How to Pass the PMP® Certification Exam In Your First Attempt | Four Steps to Follow to Clear the PMP® Examination

Four Steps To Follow To Clear The PMP Exam In Your First Attempt

 

Project Management Professional (PMP®️) Certification is the most valuable certification in the field of project management due to its relevance, demand and trend in the market. It is accredited by the Project Management Institute (PMI®️). According to PMI, PMP  is considered as the gold standard of project management certifications and applies to project management in general. Therefore PMP commands the same reverence in any industry.

The four steps you need to follow to clear the PMP exam are:

1. Know everything about eligibility criteria

2. Record your Project Management experience

3. Prepare for PMP exam and manage your time

4. Plan effectively during an exam

1. Know everything about eligibility criteria

According to PMI’s PMP Handbook, the following table shows the eligibility criteria to attempt the PMP exam.

 

PMP  Eligibility Criteria

PROJECT MANAGEMENT EXPERIENCE

4500 or 7500 hours in leading and directing projects can be defined as an experience in any role which falls under project management processes.

  1. Initiating
  2. Planning
  3. Executing
  4. Monitoring and Controlling
  5. Closing

A leading or directing role can be,

  • Supervisor
  • Team leader
  • Assistant project manager
  • Project Manager
  • Project coordinators
  • Any role participating in project management processes

You need references related to all the projects and validation by your reporting manager to experience and description to qualify the audit process.

If you fail the audit process, there is a one-year suspension period to apply for that certification again.

It is not necessary to have” Project Manager” designation in all the projects you worked on.

4500 or 7500 hours of experience can include all the experience you worked in project management processes. For every project, you do not need to have experience in all five process groups.

In PMI’s PMP handbook, it is mentioned that the experience does not necessarily have to be paid work, but it does need to be in a professional setting.

PROJECT MANAGEMENT EDUCATION

35 contact hours of project management education is a formal education that addresses the learning objective of project management in terms of hours. It can be attained by any mode of training such as classroom training, online training or e-learning.

You need to document your 35 hours of ‘contact hours’  prior to filling the PMP application.

35 hours of project management education is mandatory for both a four-year degree holder and a high school graduate.

35 hours of project management education helps you to understand the fundamentals of  A Guide to the Project Management Body of Knowledge (PMBOK® Guide) on which the PMP exam is based.

You can attain 35 contact hours of project management by taking up professional courses, workshops and training sessions offered by,

  • PMI registered education providers (R.E.P.s)
  • Employer/ company-sponsored programs
  • Training companies or consultants
  • Distance-learning companies, including an end-of-course assessment
  • University/college academic and continuing education programs
  • PMI Chapters

What does not count as contact hours? 

  • PMI Chapter meeting with no learning activity.
  • Self-study
  • Management degree or post-graduation in management which cannot be mapped in project management knowledge

You need documents related to project management education to qualify the audit process.

If you fail the audit process, there is a one-year suspension period to apply for that certification again.

2. Record your Project management experience

Project management experience is required to be filled in hours. The qualifying hours are based on five domains of project management- Initiating, planning, executing, controlling and monitoring, and closing.

The qualifying hours of project management experience is to be filled for each project with respect to domains. PMI rejects the application if you do not explain your project management experience and project individually. It is time consuming and critical process. PMI provides 90 days to fill the application form.

It is advised to work on qualifying hours in a spreadsheet or in table format to record your project management experiences clearly.

You can use the following calculation to record your experience in hours:

Project hours = Average number of working days in a month x Average number of productive hours a day x Number of months worked on that project

  • There are only 8 hours in a day.
  • Five days and therefore 40 hours in a workweek
  • Deducting the vacations that are around 2 weeks in a calendar year leaves us with 50 workweeks.
  • 50 workweeks translate to 2000 hours in a year.
  • PMI recognizes only the first 40 hours each week.
  • Non-overlapping hours cannot be accounted for.
  • Therefore, the total experience required works out to 4500 hours or 3 years.

The process of filling project management experiences in a PMP application form requires 5 sets of information.

  1. Project information
    • Industry you worked
    • Project title
    • Start and end date of the project
    • Role or Designation
    • Start and end date of the project

 

Project

Industry

Start Date

End Date

Designation

Contact Information

Domains

Hours

 

 

 

 

 

 

 

 

 

 

 

 

Initiating

 

Planning

 

Executing

 

Monitoring and controlling

 

Closing

 

 

  1. Details of the organizations (if multiple) you work/worked.
  2. Reference contact in each organization
  3. Hours of project management experience per each domain
  4. Summary of Project management experience

Fill the PMP application form step by step as given in our blog post: The Step By Step Procedure To Fill The Application Form

3.  Prepare for PMP exam and manage your time

Preparation is the most critical factor in becoming a certified Project Management Professional (PMP). Depending on the prerequisites and preparedness it is possible to get a PMP certification in 8 to 12 weeks after applying to PMI.

 

The PMP exam covers the basic principles of the 5 Project Management Process Groups. Initiating, Planning, Executing, Monitoring and Controlling, and Closing.  It is based on the content in PMI’s PMBOK (Product Management Body of Knowledge) Guide.  Please note that PMBOK is one of the reference materials for the PMP certification exam. You need to spend time on other study materials to better prepare yourself.  For your information, the reference for the current PMP exam is the sixth edition of the PMBOK, published in 2017.

The PMP exam covers the following five domains. The focus on the domains is not equally spread and going by the details presented below, the emphasis on some domains is higher than others in the exam.

 

PMP Exam Format

The difficulty of the PMP exam lies in your ability to become acquainted with the concepts and course of study.  While the domains cover the fundamentals of project management, there are 10 knowledge areas considered the core of project management. For a detailed breakdown of the domain, please check the PMP exam content outline.

4.Plan effectively during an exam

The exam format for the PMP exam is quite challenging to clear. The PMP exam is multiple choice and consists of 200 questions. Not all the 200 questions are counted. Only 175 out of the 200 are graded. The balance 25 are “pretest questions” which will not be counted for scoring.

  • The 25 questions are spread across the 200 questions and you will not know which is the “pretest question”.
  • You might spend too much on a “pretest question” for which there is no score.
  • If the pretest question happens to be difficult, it might adversely impact the morale and confidence in your overall performance.

So, it is advisable not to waste time on only one question if you are not sure. Go ahead and solve all the answers which you surely know.

The time limit for the PMP exam is 4 hours. 1.2 minutes per question. There is no negative marking. Plan accordingly.

There are no scheduled breaks during the exam, although you are allowed to take a break if needed.

Remember all the points taught in PMP Bootcamp and apply accordingly.

 

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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What are the Benefits of Project Cost Management?

What are the Benefits of Project Cost Management?

The benefits of Project Cost Management are:

1. Accountability

2. Lowers Expenses leads to lower project costs

3. Enhanced Efficiency

4. Financial Planning

5. Savings

6. Stress Relief

7. Operational Efficiency

8. Procurement Value

9. Systematize Technology

10. Prioritization

Project Cost Management

According to PMBOK® Guide – Sixth Edition Project cost management is defined as Project cost management includes the processes involved in planning, estimating, budgeting, financing, funding, managing, and controlling costs so the project can be completed within the approved budget.

Cost management is the process of estimating, apportioning, and controlling the costs in a project.  A project manager should possess a strong sense of anticipation – even in cost estimation. Any change translates to cost and obviously out of scope. It is a matter of discretion to entertain the change at no cost or ‘at cost’ and a project manager is expected to have a sixth sense to see it coming. Usually what appears as cosmetics with little impact on scope and cost are the ones that derail the project slipping on schedule, resulting in cost overrun and scope creep. So, Predicting and preempting costs to factor during estimation and budgeting will prove critical to the project making a profit or bleed red.

Project cost management is used to forecast costs and manage them effectively. Projects can be challenging and if unchecked and uncontrolled, go over the budget.  A good Project Cost Management can keep the project under check and well within budget.

For all the project costs, it is the Project cost management that determines the baseline. Effective and efficient cost management makes sure the project runs on track within budget and as per planned scope. Without Cost Management, the project can bleed, costs can go above project profit and result in a loss.

The project manager must have a strong grip on the cost, hence cost control is one of the most crucial aspects of project management. Time, scope and resource management are as important in achieving the goal, but cost management will have the ultimate bearing on a project’s outcome. The project manager’s prowess lies in organizing tasks with an eye on the cost to stay within the estimates.

Cost Management

Cost Management helps the project manager in foreseeing expenses and prepare to act accordingly by putting in place precautionary measures. To reduce the overall costs of a project, Cost Management is assigned the highest priority. Cost Management starts right from the initial planning phase and goes all the way to project completion and handover.

A project manager must exercise strict control over the cost to manage the project budget. The project manager at all times should be conscious about the costs incurred and the funds allocated to maintain and manage the project’s cost-expense within budget. There can be no lapse as it will lead to stretching the project estimate and consequently the project goes over the budget. To effectively control the cost, the project manager must recognize the needs for which funds have to be allocated. This is required for estimation and also study the allocated versus actual cost. The balance in the allocated and actuals costs will determine the cost overrun.  These are the aspects a project manager must always focus on: the estimated cost, approved cost, the budget sanctioned, allocated versus actual cost.

What is Project cost?

It is during the project planning phase, cost estimation is done and the estimation needs approval from the stakeholders - the client or customer or upper management. It is only after the approval, the project execution begins.

The project manager records all the expenses incurred as the project moves in phases and keeps track of all the expenditures to monitor and control so that the project is maintained within the estimate. All the expenses are documented to study for any deviations during the project. The study becomes useful references while estimating costs and preparing cost management plans for other or future projects.

The project cost is the sum of the costs incurred to procure the necessary resources and services required to execute the project successfully to completion.

There is no project without a budget. Time, Scope and cost are the critical components of project management, and directly proportionate. Impact on anyone will affect the other two. If the project cannot be completed within the project cost, it’s a failure. There are tolerance levels set but if the costs climb higher and exceed the estimation, the project is set for failure.  Therefore, it is imperative to get the cost estimation correct. To work out the accurate estimation, it is essential to understand the different types of project costs. By strategically reducing the cost spending in acquiring the required resources will result in significant benefits.

What are the Types of Project Costs?

There are 5 types of project costs incurred in any project. They are

  • Fixed Cost - any Cost which is fixed throughout the project and does not fluctuate.
  • Variable Cost – any cost which changes in proportion to a product or has a high tendency to variate
  • Direct Costs - Costs that are directly linked to the budget of the project.
  • Indirect Costs - costs that are not particularly connected to the project but shared across multiple projects.
  • Sunk Cost - Sunk Costs are costs which are already spent, but have failed to generate any business value for the project.

Total Project Cost:

The Total Project Cost (TPC) is calculated by putting together the fixed cost and variable cost and Other Project Costs (OPC). It is important to get the total project cost accurate or close to the accurate figure with minimal tolerance as it would severely impact the project scope and schedule resulting in cost overrun.

The Benefits Of Project Cost Management

Some of the benefits of cost control management are compiled below.

1. Accountability

Cost management leads to the accountability of the people engaged in a project. The people or team are assigned tasks with a definite deadline and any delay in completion would become an additional cost. Slippage in the schedule is actually cost accrued which is not healthy for the project’s profit.  Thus accounting for billable hours leads to impacts productivity. The person or team member completing on time accounts for the billable hours scheduled.

2. Lowers Expenses leads to lower project costs

Effective cost management lowers the overall expenses.  By defining proper procedures, the company can save on spending, thus lowering the expenses and use the saved funds for procuring other resources or services. This, in turn, contributes to the overall growth of the company.

3. Enhanced Efficiency

Cost management helps to identify the tasks that are running as scheduled within the budget and those tasks that are exceeding the allocated budget. The project manager can take a call about the contingency plans to control keep the cost breach.

4. Financial Planning

One of the main objectives of cost management is organized spending through a disciplined approach in financial planning and accounting. The project manager can create a better budget once the requirement on the various resource is known,  so as to invest in the right resources at the right hour. The plan also sets up boundaries as upper limits on spending.

5. Savings

A dollar saved is a dollar earned. By savings, the funds that sometimes get spent on the unresourceful tasks can be identified and redirected to other activities purposeful. This can be achieved by carefully defining the cost control procedures to close the plug on leaking money, which positively reflects on the fiscal goals.

6. Stress Relief

When managed well, cost and time management reduces stress. Effective cost control enhances the discipline in spending that lessens the worries about the expenses that may have to be met. It provides a buffer and eases the pressure on payments.

7. Operational Efficiency

Cost Management helps in enhancing Operational Efficiency by tracking the activities that have breakdowns and consumes funds far more than allocated. It provides visibility to the project manager to focus on those activities in line with the budget and act upon those that exceed the estimated amount.

8. Procurement Value

 Cost management helps in the review of goods and services offered by vendors and empowers the project manager the width to bargain and arrive at a figure that’s an advantage to the company. It is about getting the value for the money invested.

9. Systematize Technology

Every project or business process involves technology and companies need to invest, like automation or tools,  sometimes the choice of technology can be questionable as companies overspend or invest in technology that’s not necessary.  Cost management imposes  budget constraints which makes the project manager more conscious about making the right choice: either step-up technology or just simplify.

10. Prioritization

If there are multiple projects that mostly engage in time and cost management, not all the projects can be engaged as proposed. So, which project to fund first? Cost management helps in prioritizing the projects that deserve the funds.

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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Comparison of PMP® and PRINCE2® Certifications

Comparison of PMP® and PRINCE2® Certifications

PMP and PRINCE2 both are project management certification globally recognized and highly valued.

According to the statistics report by WRIKE,

“80 percent of high-performing projects are led by a certified project manager”.

PMP- Project Management Professional (PMP®) certification is an industry-recognized credential offered by the Project Management Institute (PMI®). The PMP certification validates the experience, knowledge, expertise, capability, competency and required skills to lead and manage projects. PMP certification is the most recognized and sought after project management certification.

PRINCE2 is an acronym for PRojects IN Controlled Environments and the "2" refers to its relaunch in October 1996. It is the non-proprietary process-based project management methodology and owned by AXELOS. PRINCE2 is mainly focused to establish,

  • Control at the commencement.
  • Progression of the project.
  • Termination of projects.

In the UK, PRINCE2® (Projects in Controlled Environments) is considered the de facto standard for IT project management. PRINCE2 doesn’t define the project as a temporary endeavor, rather as a project management method it delivers based on a business case.

PRINCE2 is a certification program owned by AXELOS and this method is sustained by a scheme that offers four levels of certification:

  • PRINCE2 Foundation
  • PRINCE2 Practitioner
  •  PRINCE2 Agile Foundation
  •  PRINCE2 Agile Practitioner.

Eligibility Criteria

The eligibility criteria for PMP examination:

PMP Eligibility Criteria

PRINCE2:

There is no formal prerequisite to take up PRINCE2  Foundation Certification and PRINCE2 Agile Foundation Certification.  PRINCE2 Foundation certificate can be a prerequisite to the PRINCE2 Practitioner course.

Methodology Used:

PMP:

PMP methodology is based on A Guide to the Project Management Body of Knowledge (PMBOK® Guide) 6th Edition published by PMI. It includes 5 processes of project management:

  • Initiating
  • Panning
  • Executing
  • Monitoring and controlling
  • Closing

PRINCE2:

The PRINCE2 method comprises four integrated elements of principles, themes, processes, and the project environment.

PRINCE2 Principles, themes and processes

7 Processes of PRINCE2

  • Starting up a project.
  • Directing a project.
  •  Initiating a project.
  • Controlling a stage.
  • Managing product delivery.
  •  Managing a stage boundary.
  • Closing a project.

Target Audience:

PMP:

The target audience for PMP Certification:

  • Project Manager
  • Project Coordinators,
  • Supervisor for PMO
  • Team Manager
  • Team Leader

PRINCE2:

The target audience for PRINCE2 Certification:

  • Project Managers
  • Team Leaders
  • Business Analyst

Exam Format:

PMP exam:

PMP exam format

There is no passing score for the PMP exam. Evaluation is based on the difficulty level of the exam.

PRINCE2 exam:

PRINCE2 Foundation exam:

Questions: 60 Multiple Choice Questions

Duration: 60 minutes

Qualifying points: 33 out of 60 (55%)

PRINCE2 Practitioner exam:

Questions: 68 Multiple Choice Questions

Duration: 150 minutes

Qualifying points: 38 out of 68 (55%)

Benefits:

Benefits of PMP:

  • Expand the scope of your career and increase your salary
  • Showcase your proficiency in Project Management with a global certification
  • A PMP Credential Expands Your Market Reach and Scope
  •  Explore More Job Opportunities
  • Get opportunities for spearheading challenging projects
  • PMPs adopt enhanced Project Management skills and demonstrate superior project performance
  • A PMP credential is a means to recession-proof your career

Benefits of PRINCE2 :

  • PRINCE2 is a globally recognized certification that validates your knowledge of techniques of project management.
  • PRINCE2 provides step by step guidance to manage the project and delivers confidence for internal and external stakeholders.
  • It broadly focuses on techniques related to project management.
  • Enables you to execute any kind of project with great ease.
  • Highlights on both project and process.
  • PRINCE2 helps you to strategize your plans more skillfully.
  • It enables you to solve the problems associated with the project more effectively.
  • Enhance your project management skills.
  • PRINCE2 enables you to control resources and risks effectively.

Demand for PMP and PRINCE2

PMP:

The earning potential increases with experience and progress of knowledge. According to Earning Power: Project Management Salary Survey, 10th Edition, certified PMP professionals earn a 23% higher salary on average across 37 countries surveyed.

According to PMI, Project Management Job Growth and Talent Gap 2017–2027)

By 2027, employers will need 87.7 million individuals working in project management-oriented roles.

Demand for Project Management jobs in 2020

The average annual salary of PMP Certified professionals is,

PMP Salary

PRINCE2:

PRINCE2 certification proves to be an asset as it accelerates your career in the field of project management.

A 2016 AXELOS survey questioned individuals in project management and other roles, such as IT, senior management and operations. They reported that "regardless of function, candidates do find that PRINCE2 is valuable to their career".

According to Payscale.com,

The average annual salaries for certified PRINCE2 professionals in the United States are shown below.

Currency: USD, Updated: Mon Nov 11 2019

PRINCE2 average annual salary

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 

 


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What are the 5 Phases of Project Management?

What are the 5 Phases of Project Management?

 

Project management is a practice of implementing processes and methods by applying skills, tools, knowledge and techniques to achieve specific project goals and meet specific success criteria within a constrained time according to project needs and goals.

The set of guidelines and best practices are followed to achieve the success rate of the project and ensure the project flow is smooth.

PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) was introduced by Project Management Institute in 1996. The current edition of the PMBOK® Guide is - 6th edition.

PMI-PMBOK-6th edition

It is the single most important publication by the PMI for Project Management Professional Certification aspirants to study and prepare for the PMP® Exam.

What is Project?

The Project Management Institute defines a “project” as

 “a temporary endeavor undertaken to create a unique product, service or result.”

Project is a set of operations or tasks with a definite start and end to reach the targeted goal. Projects can be simple or complex depending upon the time frame and the outcome expected.

Project is carried out by a set of people called “team”  with individual tasks assigned and expected to be completed within a constrained time.

Who are Project Managers?

Projects are managed by the project manager or more depending on the complexity of the project.

Role of the project manager is very important. Time-bound and cost-bound projects require a project manager to plan, track, monitor, evaluate and work out the roadmap for successful closure and handover.

Project Managers are the bridge between top management and project delivery team as they make sure the scope of the project is clear, monitors and reports regularly on the progress of the project that is in line with the defined cost, schedule, and quality.

The roles and responsibilities of the project manager are:

5 Phases of Project Management

It is very important to prepare a definite structure of the project to be executed. The process of initiation of the project to close the project with handover is called project lifecycle.

According to PMBOK- 6th edition, there are 5 phases of project management:

  • Initiation
  • Planning
  • Execution
  • Monitoring and Controlling
  • Closing

The 5 phases of project management from start to finish which cover the following components:

  • What work must be done
  • What output must be generated and reviewed
  • Who will be responsible
  • How to control and approve each phase

Initiation

 

The first phase of the project life cycle is initiation. In this phase, the project’s value is measured whether the project is to be taken further or not. The project’s feasibility and value are measured using evaluation tools.

  • Feasibility Study: The study evaluates the value of the project which includes the project goals, time frame and overall cost of the project to be executed.
  • Business Case document:  The document which provides the detailed estimated benefit of the project and the need for the project.

The stakeholders are identified in this phase of project management. The important stakeholders of the company will decide if the project is to be taken or not. The project charter is prepared. The project charter generally includes the objective of the project, stakeholders, risks identified.

 

Planning

 

Once the project is approved, the planning is done. The project management plan is developed based on defined project scope, schedule, cost, resources, quality and respective stakeholders.

Planning will help to minimize the risk during the execution phase.

The cost and resources are planned effectively to achieve the business goals of the organization.

This phase will develop a roadmap which will be used until the end of the project.

The roles and responsibilities are defined and the following documents are created in the planning stage:

  • Scope Statement
  • Work Breakdown Schedule (WBS
  • Milestones
  • Gantt Chart
  • Communication Plan
  • Risk Management Plan

The goals are set based on two methods. S.M.A.R.T. and C.L.E.A.R.

 

S- Specific

M- Measurable

A- Attainable

R- Realistic

T- Timeframe

C- Collaborative

L- Limited

E- Emotional

A- Appreciable

R- Refinable

 

 

 

 

 

 

Execution

Based on project activities and project management plan, the deliverables are developed and completed within a constrained time.

The projects are divided into individual tasks and accomplished. The following tasks take place during this phase:

  • Develop team
  • Assign resources
  • Execute project management plans
  • Procurement management
  • Directing and managing project execution by the project manager
  • Set up tracking systems
  • Task assignments are executed
  • Status meetings
  • Update project schedule
  • Modify project plans as needed

 

Monitoring and Controlling

 

During the execution phase, the tasks are monitored if the assigned task meet the project management plan. This phase ensures the project areas such as scope, schedule, cost, quality and resource are in control. The project managers track the work using key performance indicators (KPIs). The KPIs to determine the project performance are:

  • Project Objectives
  • Quality Deliverables
  • Effort and Cost Tracking
  • Project Performance

To keep the project on track, project managers usually adjust schedules and resources.

 

Closing

 

The finished project is handed over to the customer in this phase. The whole process is documented and resources are released to work on other projects. The meetings are held to prepare the final project report. The handing over documents are prepared and project managers close the project.

 

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iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

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Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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What are the 10 Knowledge Areas of Project Management?

What are the 10 Knowledge Areas of Project Management?

The 10 Knowledge Areas of Project Management are:

#1 Project Integration Management

#2 Project Scope Management

#3 Project Schedule Management

#4 Project Cost Management

#5 Project Quality Management

#6 Project Resource Management

#7 Project Communications Management

#8 Project Risk Management

#9 Project Procurement Management

#10 Project Stakeholders Management

 

Project management is an application of skills, tools, knowledge and techniques to achieve specific project goals and meet specific success criteria within a constrained time.

Project Management is an integral factor which decides the success or failure of a project.

In mid of 20th century, project management began to emerge as a distinct profession and large no. of organizations started to follow a set of rules, standard terminologies and guidelines in the field of project management.

Project management rules are mainly governed by PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide).

According to PMBOK, project management includes,

 

Process of project management according to PMBOK-6th edition

 

 

5 Phases of Project Management Life Cycle include:

  • Initiating
  • Planning
  • Executing
  • Monitoring and Controlling
  • Closing

The 10 knowledge areas are:

 

1. Project Integration Management

2. Project Scope Management

3. Project Schedule Management

4. Project Cost Management

5. Project Quality Management

6. Project Resource Management

7. Project Communications Management

8. Project Risk Management

9. Project Procurement Management

10. Project Stakeholders Management

 

Project management includes 49 processes mapped in 5 phases and 10 knowledge areas:

 

Project Management mapping

 

1. Project Integration Management

 

The coordination between the resources, stakeholders, and other project elements which ensures to execute the project end to end successfully is Project Integration Management. It is very important because project success highly depends on integration management in terms of schedule, cost, quality, scope, risks, etc.

This knowledge area has a set of processes in each phase of project management. The processes involved in all phases of project management are:

  • Develop the project charter
  • Develop the project management plan
  • Direct and manage project work
  • Manage project knowledge
  • Monitor and control project work
  • Perform integrated change control
  • Close the project (or project phase)

In the initiation stage, the project charter is developed. The project charter is a key element which describes the whole project in brief. The project charter generally includes the objective of the project, stakeholders, risks identified etc. After initiating the project, the project management plan is developed and executed by directing and managing project work and knowledge.

After executing the project, the project work is monitored and controlled with the integrated change required and close the project successfully.

2. Project Scope Management

Project scope management is to define what is included in the project and what is not included in the project. The scope of the project is the work that is involved and the factors to execute the project successfully. There are 6  project scope management processes in planning and controlling process group.

In the Planning process group:

  • Planning scope management: Based on the project charter, the plan is created to define the scope.
  • Collecting requirements: Based on the scope management plan and stakeholder’s consultancy, the requirement is collected.
  • Defining scope: based on plan scope management, project charter and requirement, the scope is defined.
  • Creating WBS: Creating a work breakdown structure to simplify the whole project into individual tasks.
  • Validating scope: the outcome of individual tasks are reviewed and inspected.

In the monitoring and controlling process group:

  • Controlling scope: after the execution of a project or task, the scope of work is monitored and controlled. The performance reports are prepared to check if the scope meets the requirements.

3. Project Schedule Management

Project schedule management involves the listing of the tasks, deliverables, duration, stakeholder assigned, start and end date of the tasks within the project.

Time management completely depends on the proper schedule management.

It involves 7 schedule management processes in the planning process group and controlling process group.

In the planning process group:

  • Planning schedule management: Creating a schedule plan and determining who is responsible for the specified task.
  • Defining project activities: Project activities are defined according to plan schedule management. List of activities are created similar o work breakdown structure.
  • Sequencing activities: Based on project activities, a sequence of all the activities are created according to priority.
  • Estimating resources and duration: Based on schedule plan and activities, human resources and durations are assigned.
  • Developing the project schedule: Based on all the above processes, the project schedule is developed

In the monitoring and controlling process group:

  • Controlling schedule: after the execution of a project or task, the duration is checked and controlled if it exceeds the allotted time.

4. Project Cost Management

Cost is the most critical factor in any organization. The process of estimating, allocating and controlling the cost of the whole project comes in project cost management. The budget is fixed according to the project activities. The costs are estimated during the planning phase and controlled if it exceeds during execution.

The 4 processes are involved in Project Cost Management:

  • Planning cost management: Cost is planned based on the project activities, sequence of activities and duration allocated for each task.
  • Estimating Costs: Based on the cost management plan, the cost is estimated for each task.
  • Determining Budget: Based on estimated cost, the budget is prepared considering schedule management on a project basis.

In the monitoring and controlling process group:

  • Controlling costs: During the execution phase of the project, the cost is monitored and if it exceeds or the risk identified that the cost might increase beyond the limit. it is controlled as the cost is the most critical factor in project management.

The cost flow is recorded and the overall report is prepared till the closing of the project.

5. Project Quality Management

The process of achieving assured quality with respect to scope, time and cost is project quality management. With proper quality management, an organization can achieve customer satisfaction and enhance further productivity. The process of quality management is in three phases of project management: Planning, execution, and monitoring and controlling.

In the planning phase:

  • Planning Quality Management: Planning quality plays a vital role in the success of the projects. The methodology used, the resource assigned, the cost allowed and the time allocated are the major factors affecting quality. Quality planning is done considering all the factors.

In the execution phase:

  • Managing quality: During the execution stage, quality assurance is given maximum importance and considered in all aspects

In monitoring and controlling phase:

  • Controlling quality: quality is controlled by reassessment after execution if the customer or client is not satisfied.

6. Project Resource Management

The project resource management involves managing human resource, material, equipment, knowledge and time. Recourse plays a very important role during the execution of the project. There are 6 Project resource management processes in three phases of project management.

In the Planning phase:

  • Planning resource management: Based on the project scope, planning of resources are done with cost input, quality and schedule management.
  • Estimating activity resources: According to the availability of the resources and the project activities, the resource activity is estimated.

In the execution phase:

  • Acquiring resources: Based on the deployment of skills to achieve specific goals, resources are acquired.
  • Developing the team: The team is developed based on their knowledge, skill and ability to achieve the specified goal. Experience and hierarchy is considered while developing the team for the project.
  • Managing team: The team, is managed according to plan management and the team developed. This ensures the specified goal is achieved on time.

In monitoring and controlling phase:

  • Controlling resources: After the execution stage, the resources are controlled if the deliverables are not delivered on time.

7. Project Communications Management

The project communications management ensures that the right message is sent, received and understood by the right people. Communication is one of the most critical factors affecting the success of the project. According to PMI, most of the project failed due to communication. The three processes are involved in project communication management in planning, executing and monitoring phase.

  • Planning communications management: The audience, objective, message and medium of communications are planned according to project activities and resources assigned.
  • Managing communications: Once the communication plan is approved, the communications are managed by analysis of data received, distribution of data, storage of the reports and disposal of old messages.
  • Monitoring communications: The communications are monitored by confirming the messages, confirming the messages are received by the correct stakeholders, confirming messages were understood.

Excellent communication skills is required to handle conflict management.

8. Project Risk Management

Project risk management involves identifying the risks, analyze the risk and control the risk. The risk management is done to reduce the impact of risk on project pace. The risk identified can be uncertain and have a huge impact on the resource, processes, technology, and schedule. The 7 processes of risk management lies in planning, executing and monitoring phase.

In the planning phase:

  • Plan risk management: Based on a risk assessment matrix, the document is prepared including foreseen risks, estimated impacts of risk on the project
  • Perform qualitative risk: Based on their probability of occurring and impact of risk, the risks are prioritized for further analysis.
  • Perform quantitative risk: The effect of identified risk is numerically analyzed on all the project objectives.
  • Plan risk responses: The actions are planned to reduce the risk by addressing the risk according to priority, cost, and time.

In the execution stage:

  • Implement risk responses:  Based on risk responses plan, the actions are taken to mitigate the risk.

In the monitoring stage:

  • Monitoring risks: Risks are monitored according to the impact of risk responses.

9. Project procurement management

The project procurement management involves obtaining goods, services and supplies. Procurement includes all the materials required to complete the project. 3 procurement management processes are involved in planning, executing and monitoring phase of project management.

In the planning phase:

  • Planning Procurement Management: the process of documenting the material required, specifying the approach, identifying potential dealers, identifying good service required for the project within the allocated budget and assured quality.

In the execution phase:

  • Conducting procurements: Based on plan procurement management,  procurements are done according to the requirement for deliverables of the project.

In monitoring and controlling phase:

  • Controlling procurements: The procurements are checked for quality control and also checked if the procurement met all the requirement. 

10. Project stakeholder management

The project stakeholder management is the process of identifying suitable stakeholder for the project and meet the expectation of the selected stakeholder. The success or failure of the project depends on the key stakeholders.

Four project stakeholder processes are involved in initiating, planning, executing, and monitoring and controlling the phase of project management.

In the Initiating phase:

  • Identifying key stakeholders: Based on performance, experience and skills, the key stakeholders are identified to manage the assigned part of the project.

In the planning phase:

  • Planning stakeholder engagement: the roles and responsibilities of the key stakeholder are planned. The amount of engagement in each part of the work is assigned to stakeholders.

In the execution phase:

  • Manage stakeholder engagement: the stakeholder engagement is managed and if any issue comes up, it is resolved through communication.

In the monitoring phase:

  • Monitor stakeholder management: The process of monitoring stakeholder’s engagement, strategies and activities. This ensures the deliverables are accepted by the customers.

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 

 

 

 

 

 

 

 

 

 

 

 


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What are the Project Manager Roles and Responsibilities?

What are the Project Manager Roles and Responsibilities?

Project Manager – How was the role created?

It was during the creation of Microsoft Excel, the role ‘Project Manager” was created

During the late eighties, Microsoft was attempting to create something to the equivalent to that of the Lots spreadsheet, which was popular at that point in time. The project turned out to be chaotic as too many departments gt involved without any proper coordination. It proved to be an innovative and ideal solution as the team engaged seamlessly and the final product was launched as Excel.

The ingenious role created was the project manager.

The basic principles in project management have continued to be the same: manage scope, schedule costs resources,  activities, and tasks.

The role of a project manager has evolved.  There are different approaches to project management and project managers should be skilled and familiar with the project management system.

The project manager is responsible for leading and managing project teams leading to the successful delivery of the project. But before that, is a project manager really required?

Is the Project Manager really needed?

Time-bound and cost-bound projects require a project manager to plan, track, monitor, evaluate and work out the roadmap for successful closure and handover. 

Does your project need a project manager? 89% of high performing organizations with large and demanding projects require a reliable project manager proficient in project management. The business has necessitated the need for  Project Leader with strong leadership skills to consistently maintain efficiency and productivity.

From a small setup where a handful of projects are handled by one project manager to MNCs who hire domain specialists and verticals heads as project managers, it has become evident that Project manager is indispensable to project management and becomes an integral part of the business. The biggest challenge is to find a project manager with the right vision, skills, and knowledge to plan, coordinate, and deliver projects on schedule and within budget.

Let's take a look at key project manager roles and responsibilities.

Responsibilities of a Project Manager.

A Project which has a definite start and end with specific goals to achieve needs the direction and leadership of a Project Manager. Project Managers are the bridge between top management and project delivery team as they make sure the scope of the project is clear, monitors and reports regularly on the progress of the project that is in line with the defined cost, schedule, and quality. Therefore, Project Managers are accountable for all the tasks that are within the project right from inception till the completion.

They are expected to perform the following key tasks

Project Initiation

Project managers assess the proposed scope with a defined timeline, Budget and expected quality by engaging all relevant stakeholders to ensure that the expected outcome of the project is clear with the given timeline and cost. Project Manager performs the below activities to ensure the same

  1. Evaluate project/business requirements
  2. Identify the required assets and resources
  3. Determine dependencies / Make assumptions if any
  4. Assess the Risks / Issues if any
  5. Estimate Costs & Efforts

Preparation of  Project Plan

A project plan is a strategic document that specifies goals, team, timing, and deliverables. It also establishes the scope and defines the objectives as in time, cost, quality, benefits realization which has to be monitored and assessed during regular intervals for a successful project outcome. 

  1. Define the Scope, Goals, and Deliverables
  2. Project Key Stakeholder’s expectations and any cost/time-bound implications
  3. Definition of Project Organization
  4. Cost and Time Estimations
  5. Define the Tasks with required Resource Plan
  6. Definition of intermediate milestones (With respect to Deliverables, Cost, Schedule & Quality)
  7. Communication Plan
  8. Success Criteria against each milestoneCommunication of  Project Plan

Once the project plan is formulated, the next step is to communicate the same to all relevant stakeholders and Project Team. This is to clearly set the right expectations for everyone involved in the project.

  1. Kick-off the project with all stakeholders to bring all in the same the expectations
  2. Follow the communication plan from hereon for reporting

The workspace creation

The project teams can be managed locally on-site, or it can be a virtual setup connecting the teams spread globally, It requires the team to enabled with the right tools and channels for communication in order to get the work done.

  1. Prepare or procure necessary resources, systems, and tools
  2. Provide access to and ensure the availability of relevant tools and resources

Creation of the team to complete the project

People are the heart of a project. Treat people right and your project is halfway done.

  1. Clarify tasks and roles
  2. Promote collaboration/relationship-building
  3. Recognize the achievements and appreciate (Set the standards for recognition)
  4. Monitor/Review the Risks, Issues, Assumptions, and Dependencies regularly

Execution of the project plan

When the team is on the same page, clear about all the parameters, the project team can begin the task of execution

  1. Monitor the Project Plan
  2. Resolve any blockers, Dependencies
  3. Review the Plan regularly and assess Scope, Cost, Schedule

Evaluation  of the project’s progress

Project managers can utilize tools Using tools such as Microsoft Project to gain a high-level drilled-down view of every task of the project. Monitoring is helpful to mitigate risks, enhance gains, and make everyone involved stay focused.

  1. Conflicts resolution
  2. Address the open issues and risks
  3. Recognize achievement and reward
  4. Keep all stakeholders updated with regular reports

Close the project

Successful Closure ends on a congratulatory note. The celebrations aside, the takeaways must be recorded as lessons learned from the projects, especially handling of scope, identification of risk, allocation of resources, stretching of budget, slippage in the schedule, missed milestones, cost overrun – there could be instances in some phases during the course of development

  1. Thank the team for their contribution and highlight teamwork
  2. Congratulate the team for a job well done
  3. Spend time on the lessons that can be learned especially the loopholes.

Recommend action items to be worked on so as to avert recurrence of mistakes in future projects and also create awareness of any shortcomings suffered during the course of project development.

What makes a good Project Manager?

A matrix of technical, business, and leadership skills is critical to the making of a good project manager, and in which soft skills are a key aspect of leadership. Good business acumen with an entrepreneurial mindset to draw the big picture is one trait that makes a project manager outstanding. It is the influence wielded by the project manager to inspire the team to go far and beyond the call of duty that makes the project manager as a huge asset. That’s how project managers earn the trust of the team, and the progress of development wins the confidence of the stakeholders not throughout the project and futuristic engagements as well.  The managerial skills, soft skills, technical skills, seamless transition of knowledge and information, effective combination to all stakeholders involved at a regular and required time are the combination of the most competent project manager. Project managers need the technical knowledge to assign tasks and managerial skills to get the tasks done and soft skills to keep the team motivated at all times.

It is imperative for a project manager to deliver everything signed off as in-scope, on time, within budget with the quality at benchmarked standards.

A good project manager aims to exceed the stakeholder’s expectations and strives to tie the project to its business goals. 

Good project managers use communication as a cornerstone by keeping the stakeholders updated about the project’s progress right from kick-off to closure. Communicating the actual status – even in case of missed milestone or some slippage in schedule with proactive plans to bring the project on track is the hallmark of effective communication expected in a good project manager.

some of the qualities that make for a good project manager are an eye for detail, a sense of anticipation, an appetite for risk coupled with risk management capabilities, the ability to draw the big picture, excellent communication skills, resourcefulness, ability to think on their feet, attitude to achieve, critical thinking and the talent to lead the team from front.

The Project Management Institute attributed self-assessment and re-evaluation can make a huge difference in the reshaping of a successful project manager successful.

 

RECOMMENDED POST:

What is PMP?

Key Features of PMP® Certification Training

Top 10 Reasons to Get PMP® Certified

How To Qualify PM Experience In PMP Application Form

The Step By Step Procedure To Fill The Application Form

 

Do visit our Corporate Training to know more about core offerings for enterprises in empowering their workforce.

Download Free PMP® Exam Practice Test with 200 PMP® Questions.

Full-length PMP sample test with 200 PMP exam prep questions.

You may also be interested in Sample PMP® Exam Prep Questions before you download the Free PMP® Practice Test.

Download our Free PMP Brochure for more information.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across various locations in the United States.

 

Visit us at https://www.icertglobal.com/ for more information about our professional certification training courses or Call Now! on +1-713-287-1213 / +1-713-287-1214 or e-mail us at info {at} icertglobal {dot} com.

Project Management Training by iCert Global:

- PMP Certification Training

- CAPM Certification Training

 

Quality Management Training by iCert Global:

- Lean Six Sigma Yellow Belt (LSSYB) Certification Training Courses

- Lean Six Sigma Green Belt (LSSGB) Certification Training Courses

- Lean Six Sigma Black Belt (LSSBB) Certification Training Courses

 

Scrum Training by iCert Global:

- CSM (Certified ScrumMaster) Certification Training Courses

 

Agile Training by iCert Global:

- PMI-ACP (Agile Certified Professional) Certification Training Courses

 

DevOps Training by iCert Global:

- DevOps Certification Training Courses

 

Business Analysis Training by iCert Global:

- ECBA (Entry Certificate in Business Analysis) Certification Training Courses

- CCBA (Certificate of Capability in Business Analysis) Certification Training Courses

- CBAP (Certified Business Analysis Professional) Certification Training Courses

 

The company conducts both Instructor-led Classroom training workshops and Instructor-led Live Online Training sessions for learners from across the United States and around the world.

 Please Contact Us for more information about our professional certification training courses to accelerate your career in the new year. Wish you all the best for your learning initiatives in the new year.

 Which certifications are you aiming to achieve in the New Year? Let us know your thoughts in the 'Comments' section below. Thank you.

 


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  • CBAP® and IIBA® are registered trademarks of International Institute of Business Analysis™.

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