Project Management Practitioner

Process Group    : Executing
Knowledge Area : Human Resource Management
Process             : Acquire Project Team
Type                 : Tools and Techniques

Virtual teams are teams that don’t necessarily work in the same location but all share the goals of the project and have a role on the project. This type of team allows the inclusion of resources from different geographic locations, those who work different hours or shifts from the other team members, those with mobility limitations, and so on.

-Posted by Dhana

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Signals are symptoms or warning signs which prompts the risk event is about to occur.

A good PM will sense the trigger events early to identify the upcoming risks. This help him/her to prepare for the risk response.

-Posted by Dhana

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Process Group    : Planning
Knowledge Area : Risk Management
Process             : Risk Response Planning
Type                 : Tools and Techniques

Transfer is one of the Strategies for Negative Risks or Threats which is a tools and techniques of Risk Response Planning.

Transfer is to transfer the (project) risk and the consequences of that risk to a third party. In this case, the risk wasnot gone away, but the responsibility for the management of that risk now rests with another party. Usually the risk is transferred by paying some money as premium to the third party.

A best example for Transfer is all type of Insurences. We pay premimum to transfer our risks such as Personal Accident, Healthcare, Home Protection and so on to the insurence company. Buying insurence will not eliminate the risk from occuring, but it helps to manage the damages.

-Posted by Dhana

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Process Group    : Planning
Knowledge Area : Quality Management
Process             : Quality Planning
Type                 : Tools and Techniques

TQM is part of Cost of Quality which is one of the tools and techniques of Quality Planning.

TQM stipulates that quality must be managed in and that quality improvement should be a continuous way of doing business, not a one-time performance of a specific task or process.

-Posted by Dhana

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Process Group    : Planning
Knowledge Area : Risk Management
Process             : Quantitative Risk Analysis
Type                 : Tools and Techniques

This is a diagramming method used to display Sensitivity Analysis data.

The variables with the greatest effect on the project are displayed as horizontal bars at the top of the graph and decrease in impact as they progress down through the graph. This gives a quick overview of how much the project can be affected by uncertainty in the various elements and which risks have the greatest impact on the project.

-Posted by Dhana

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Process Group    : Planning
Knowledge Area : Procurement Management
Process             : Plan Purchases and Acquisitions
Type                 : Tools and Techniques

This is one of the Contract Type which is part of tools and techniques of Plan Purchases and Acquisitions.

Time and materials (T&M) contracts are a cross between the fixed price and cost reimbursable contracts.

The full amount of the material costs is not known at the time the contract is awarded. This resembles a cost reimbursable contract because the costs will continue to grow during the contract’s life and are reimbursable to the contractor. The buyer bears the biggest risk in this type of contract.

-Posted by Dhana

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Process Group    : Planning
Knowledge Area : Time Management
Process             : Activity Duration Estimating
Type                 : Tools and Technique

Three-point estimate is a tool and technique of the Activity Duration Estimating process and it is used to calculate the activity estimates. The three estimates are the most likely estimate, an optimistic estimate, and a pessimistic estimate.

-Posted by Dhana

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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

All projects comes with some form of Risk (of course this is a FOC ) which includes both Threats and Opportunities.

Threats always causes negative impact over the project activities. Identifying potential threats greatly helps the PM in the Risk Management Planning.

-Posted by Dhana

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Process Group    : Executing
Knowledge Area : Human Resource Management
Process             : Develop Project Team
Type                 : Tools and Technique

Theory - Y is part of the Recognition and Rewards which is one of the tools and techniques. This is one of the Motivational Theory used to motivate the Project Team.

As per this motivational theory that proposes that people are interested in performing their best given the right motivation and proper expectations.

The Theory - Y managers provide support to their teams, are concerned about their team members, and are good listeners. Theory Y managers believe people are creative and committed to the project goals, that they like responsibility and seek it out, and that they are able to perform the functions of their positions with limited supervision.

-Posted by Dhana

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