Project Management Practitioner

Dear Readers,

As part of our continued efforts to serve you better, we are introducing this new discussion forum in our site. This forum can be accessed through http://www.pmpractitioner.com/bb or from the Forum link at our home page http://www.pmpractitioner.com.

We have introduced this project management discussion forum to :

1. Enable mutual interaction and healthy communication among the fellow readers and forum moderator or administrator.

2. Promote effective discussion among the readers on project management principles, methodologies, techniques and best practices.

3. Discuss and share the PMP exam related queries, questions and related clarifications.

4. A common meeting place for PMs across the globe with a common goal.

We conceive this discussion forum will be an useful tool to discuss on effective project management and hope you will make use of it.

The usage of the forum is very simple.

Register at http://pmpractitioner.com/bb/ucp.php?mode=register by supplying the logon credentials with your valid email address. Now start posting your project management queries and answer them.

-Posted by Dhana

The Procurement department will conduct Independent Estimates(Also called as Should-Cost Estimates)

Comparing the costs of a vendor proposal with outside sources or other vendor prices to determine if estimates are reasonable. This is a tool and technique of the  Select Sellers process under Procurement Management.

If there are large differences between the independent estimate and the proposed vendor cost, this has to be reviewed.

The reason could be the statement of work (SOW), or the terms of the contract, was not detailed enough to allow the vendor to come up with an accurate cost, or the vendor simply failed to respond to all the requirements laid out in the contract or SOW.

-Posted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

Hygiene Theory was developed by Fredrick Herzberg. It’s also known as the Motivation-Hygiene Theory. Hygiene factors and Motivators contribute to motivation.Hygiene factors prevent dissatisfaction and deal with work environment issues.

Frederick Herzberg postulates that there are two factors that contribute to motivation: hygiene factors
and motivators.

Hygiene factors deal with work environment issues. Hygiene factors prevents dissatisfaction.
Examples of hygiene factors are pay, benefits, the conditions of the work environment, and relationships with peers and managers.

-Posted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

Dependencies that are directly related to the nature of the work being performed. This is known as hard dependency or hard logic. This is also referred as Mandatory Dependeny .

This dependencies will be used duing the Project Planning specifically on Activity Sequencing in Time Management.

Purchase the Server, Install Operating System, Install and configure Patches and finally install the Required Software are examples of mandatory dependencies. The nature of the work itself dictates the
order in which the activities should be performed.

-Posted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

Discounted Cash Flow is a Technique usually used in estimating Cost while project selection.

This will compare the value of the future cash flows of the project to today’s dollors using time value of money techniques.

Discounted Cash flow is calculated and compared against selection of projects. Use PV formula to the considered projects and compare discounted cash  flows of all projects against each other to make a decision in selection process.

Lets us discuss with an example:
Project X is expected to make $50,000 in two years. Project Y is expected to make to $80,000 in three years. If the cost of capital is 5 percent, which project to choose?

Using PV formula, PV = FV / (1 + i) ⁿ ,  PV for Project X is $69,107 and Project Y is $45,351.

Project Y will return the highest investment to the company and should be chosen over Project X. 

-Posted by Sundar  

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

One of the Risk Identification technique, used to gather information.

In Delphi Techique, the participants dont usually know each other, nor they have to be present at the same location.

A Moderator or project Manager will usually communicate with the participants to identify the Risk and consolidate all the risks identified by them.

This is one of the best technique of Risk identification, as the participants (not necessarily be only from project team) would not be influenced by other participants, as they usually do not know each other.

-Posted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

Approved Defect Repair is one of the input of Direct and Manage Project Execution and output of the Integrated Change Control Process.

Approved Defect Repairs authorise corrections to product defects that are discovered during the Perform Qualit Assurance process primarily during product inspection or during quality audits.

The difference between a validated defect repair and approved defect repair is that the validated defect repair is the result of a reinspection of the original defect repair.

-Posted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

Decomposition is the key Tool and Technique while creating Work Breakdown Structure (WBS).

This technique involves breaking down the deliverables in to smaller, more manageable components of work. Using along with WBS templates, decomposition is to break down Level two or further lower level components which is a deliverable, phases or subprojects.

The purpose of decomposition is to breakdown deliverables  to easily plan,execute,monitor and control, and closeout the project deliverable.

-Poeted by Sundar

Refer Exam Tips 3 - Key terms for PMP Exam for more key terms

How to handle a situational Question in the PMP Exam and what approach should be observed? 

• While answering a situational question in PMP exam, you need to answer from a PMI perspective - not from your perspective, which acquired through your own experience. Remember that PMI expects the situational question to be answered on an IDEAL environment for project managers that might be different from your own experience.
• Answer the questions based on thge PMBOK concepts first and then consider your own experience. If they conflict,PMBOK wins!

- Posted by Sundar

More exam tips

Exam Tips 1 - Formulas & Definitions
Exam Tips 2 - Key Formulas for PMP Exam
Exam Tips 3 - Key terms for PMP Exam
Exam Tips 4 - Key approach to observe in PMP Exam
Exam Tips 5 - Situational Question in PMP Exam
Exam Tips 6 - Question Marking

How to handle a Situational Risk Question in the Exam and how to address it? 

• The Project Manager always takes an active approach to the job by not waiting until a risk materializes and becomes a problem.
• The Project Manager does not escallate problems to upper Management or to the customer before fully analysing the issue/problem and identifying options to resolve it.
• When there is a Question releated to what the Project Manager should do in a specific situation, you should rephrase the question as : What is the first thing the project manager will do in a given such situation with his/her proactive nature? 

- Posted by Sundar

More exam tips

Exam Tips 1 - Formulas & Definitions
Exam Tips 2 - Key Formulas for PMP Exam
Exam Tips 3 - Key terms for PMP Exam
Exam Tips 4 - Key approach to observe in PMP Exam
Exam Tips 5 - Situational Question in PMP Exam
Exam Tips 6 - Question Marking