PROJECT MANAGEMENT - The engineering community

Earned Value Management Excel Template

Overview:

EVM integrates project scope, time & costs through periodic measurements of actual cost & work completion.

It views project progress in terms of cost as a function of time against a firm baseline set up at the project start. When the project is originally planned, it is divided into Work Breakdown Structure (WBS) & further sub-divided into work packages.

These work packages are assessed for cost estimates & scheduled in a time sequence. Taken together, WBS, master schedule & cost budgets form the baseline, represented as a graph of planned costs over time. This is the planned value (PV).

It tells how the costs will flow over time as planned. During the project execution, actual costs (AC) & the quantum of work completed are periodically noted.

Earned value Management Formulas

Completion of work is pro-rated to equivalent monetary value based on the budgetary costs for the work packages completed (work-in-progress packages are assessed on % completion).

This is the earned value (EV). These three numbers, i.e. PV, AC, and EV drive the operation of Earned Value Management. In detail, (EV – AC) measures cost performance and (EV – PV) measures schedule performance. When measuring at periodic intervals, EVM focuses on the flow rates of actual cost and completion against the planned cost and completion.

PV, EV, and AC make it possible to compute cost & time variances, as well as extrapolate how much cost & time would be required for project completion.

Simple calculations based on these numbers yield several ratios for project control. Of these, three ratios can be regarded as important: Cost Performance Index (CPI), Schedule Performance Index (SPI) & Cost Estimate at Completion (CEAC).

By giving historical & forward information about the project, EVM becomes a tool for monitoring & course corrections.

Earned Value Management Excel Template

-This Earned Value Management Excel Template will help you in your project

-This Earned Value Management Excel Template is helpful for creating CPI & SPI

Download Link

Source: bibloteka.com

To download More Project Management Templates, visit www.managementproject.net

PMP Question Bank (1440 Questions)

Overview:

This PMP Question Bank contains 1440 questions and answers, these PMP questions will help you in PMP certification exam preparation. This PMP Question Bank should be used after finishing the PMP exam preparation study.

PMP Question Bank With Answers

Here below sample from PMP Question bank. Download the PDF version for the full PMP question bank.

Question #1

Your developer has provided u with an estimate based on the “cost per line of code”.
What type of estimate did the developer use to provide this information?
A. Parametric estimating.
B. Bottom-up- estimating.
C. Analogues estimating.
D. PERT estimating.

Question #2

A definitive estimate is:
A. Top-down estimating.
B. Created during initiation.
C. Within a range of -10% to +25% of actual.
D. The most expensive to create.

Question #3

All of the following are inputs to the cross-budgeting process expect?
A. cost estimate.
B. project schedule.
C. risk management plan.
Deactivate duration estimates.

Question #4

Analogues estimating is a tool technique used in both Time and Cost management
process. What is the best description of how analogues estimating is performed?
A. by-bottom-up estimating techniques.
B. obtaining management options of the estimate of each task.
C. by-top-down estimating techniques.
D. based on historical costs.

Question #5

Cost budgeting is defined as
A. the estimated total cost of the Project when done.
B. allocating the cost estimates to the individual work items.
C. developing estimates of the cost of the resources needed to complete project activities.
D. the sum of the approved cost estimates.

Question #6

Due to recent company downsizing, u can only authorize 1 of the 2 projects u really
planned to complete this year. You have decided to select the project with the NPV of $95k
and proceed to cancel the other project which had an NPV of $37k what are the
opportunity costs associated with this new decision?
A. $37k
B. $95k
C. $123k
D. $58k

Question #7

Analogues estimating is a form of
A. earned value.
B. expert judgment.
C. cost planning
D. parametric modeling.

PMP vs PRINCE2

If you are looking for a career in project management and want to excel your skills using a certification, you will find many courses. However, among all, PMP and PRINCE2 stand out from the crowd.

PMP stands for “Project Management Professional” and is awarded by the Project Management Institute (PMI), USA.

On the other hand, PRINCE2 Projects In Control Environment certification is provided by a training institute which is affiliated with any of the five examined institutes certified by AXELOS.

Differences between PRINCE2 and the PMP

Before you start reading the differences between these two prestigious certifications, please bear in mind that the objective of both certifications is to equip you with enough knowledge and technique so you can complete projects successfully, though the approach is a little different.

Fundamental Difference

The basic difference between the PRINCE2 and PMP is that PRINCE2 provides you with a methodology. It tells you how to proceed and complete the project. To help you achieve your objectives, it also provides you with templates that you can use or modify according to your requirements.

Conversely, the PMP provides you with a framework for project management. It educates you about the tools and techniques used in every situation and leaves the decision up you to select the best option.

Acceptance

Both certifications are equally reputed and globally accepted.

However, in terms of preference, PRINCE2 is more well-known in the UK, Australia, and Europe.

On the other hand, the PMP certification is more well-known in the US, Canada, the Middle East, and Asia.

Eligibility Requirements

The eligibility requirements for PMP and PRINCE2 are different.

PRINCE2 has three qualification levels and for each level, the eligibility requirements are different.

The first level is PRINCE2 Foundation. Anyone can acquire this qualification, and no experience or education prerequisites are required for this qualification.

The second level is PRINCE2 Practitioner. To apply for the PRINCE2 Practitioner exam you must have passed any of the AXELOS approved certification exams, for example, PRINCE2 Foundation, CAPM, PMP, etc.

The third level is PRINCE2 Re-Registration. To maintain your PRINCE2 Practitioner qualification, you must pass the Re-Registration exam within 3 to 5 years of passing the PRINCE2 Practitioner exam.

Applicability

Though PRINCE2 was initially adopted by IT industries, it was later updated to be universally accepted.

As of now, the principles of PRINCE2 are universal in nature so you can apply them to a project of any size or kind. It does not matter whether it is small or large, or whether it is a construction project, IT project, or a product development project.

Likewise, the PMP framework can also be applied to all industries and all kinds of projects.

The skills earned by obtaining any of these certifications are transferable to all industries.

Qualification Level

As discussed above, PRINCE2 has three qualification levels:

PRINCE2 Foundation
PRINCE2 Practitioner
PRINCE2 Re-Registration

PRINCE2 Foundation

This is the basic level qualification from PRINCE2. Here you can learn the basics of the PRINCE2 methodology and terminology.

To get this certification, you will have to pass a closed book exam. The exam consists of 75 multiple choice questions. The duration is 60 minutes and you must get 50% to pass the exam.

This qualification does not expire; it will be valid forever.

PRINCE2 Practitioner

If you are an experienced project manager and are managing projects in a PRINCE2 environment, you can try to obtain your PRINCE2 Practitioner qualification.

This qualification will give you an in-depth understanding of the relationships between the PRINCE2 elements, principles, themes, etc.

To apply for the PRINCE2 Practitioner exam you must have passed any of the certifications listed below:

PRINCE2 Foundation
CAPM
PMP
IPMA Level A
IPMA Level B
IPMA Level C
IPMA Level D

You can apply for this qualification if you are a project manager, program manager, project management consultant, project team member, etc.

This is an open book exam and you can use the official PRINCE2 manual. The exam consists of 80 multiple choice questions. The duration of the exam is two and half hours and you must get at least 55% to pass it.

This qualification is valid for 5 years. To renew your qualification, you will have to pass another exam called “PRINCE2 Re-Registration” within 3 to 5 years.

PRINCE2 Re-Registration

In order to maintain your PRINCE2 Practitioner qualification, you must pass the Re-Registration exam within 3 to 5 years of passing the PRINCE2 Practitioner exam.

Failing to do so will withdraw your PRINCE2 Practitioner status.

The PRINCE2 Re-Registration exam is also an open book exam where you can use the official PRINCE2 manual. The exam consists of 30 questions. The duration is one hour and you must get 17 questions correct or 55% to pass the exam.

Now we come to the PMP certification.

There are no qualification levels in the PMP exam. There is only one PMP, although the PMI offers many other certification courses which are different than the PMP exam.

Eligibility

The eligibility requirements for the PRINCE2 were already discussed above.

The three eligibility requirements for the PMP exam are as follows:

Education

You should be either a bachelor’s degree holder (or global equivalent), or a secondary degree holder (high school diploma, associate’s degree or global equivalent). The degree or diploma can be in any discipline.

Experience

If you are degree holder, you should have at least 4,500 hours (about 3 years) of experience leading and directing projects, and if you are a diploma holder, you should have 7,500 hours (about 5 years) of experience.

Training

You must attend 35 contact hours of formal project management training. This training can be obtained from either a PMI Registered Education Provider (R.E.P) or non REPs.

Examination

The PRINCE2 exam is conducted by training centers affiliated with any Examinee Institute. The exam details for the PRINCE2 exam are provided above.

The PMP exam is conducted by Prometric Centers. The exam consists of 200 multiple choice questions, and the duration is 4 hours. The passing mark for the PMP exam is unknown though it is widely believed to be around 70%.

The cost of the PRINCE2 exam is not fixed; it varies according to the institute and the country. The fee for the PMP exam is fixed because there is only one center that conducts the exam and you pay money directly to the PMI.

Validity and Renewal

The PRINCE2 Foundation certification is valid for 5 years. The PRINCE2 Practitioner qualification is valid for 5 years, and to renew it you will have to pass another exam called “PRINCE2 Re-Registration” within 3 to 5 years.

The PMP Certification is also valid for 3 years and to renew it further, you will have earn 60 PDUs every 3 years under different categories.

Which Certification Should You Select?

This is not really a difficult decision. If you live in a country where PRINCE2 is more valued and accepted, you should obtain that certification.

If you are living in a region where the PMP certification is in more demand, you should choose that.

However, if you ask me, I would suggest you go for both. If you are planning to get the PMP certification, after passing it you should at least try the PRINCE2 Foundation course.

And if you are going for PRINCE2, try to get PMP certified after attaining your PRINCE2 certification.

There is absolutely no harm in having both certifications, and in fact your skills will be greatly increased, you will perform more efficiently, and the chances of successfully completing projects will increase. Also, this will make you a more viable candidate in the PMP profession.

In fact, the PMI also recommends PRINCE2, as per the PMBOK Guide Sixth edition: “this standard is a guide rather than a specific methodology. One can use different methodologies and tools (e.g., Agile, waterfall, PRINCE2) to implement the project management framework.”

Likewise, PRINCE2 also recommends the PMP certification. You can also see that the CAPM and the PMP certifications are among the many pre-requisite for the PRINCE2 Practitioner exam.

This shows that these two certifications complement each other rather than compete.

Conclusion

Although PMP and PRINCE2 are different certifications and follow slightly different paths, their objective is the same, i.e. to complete projects successfully. Choosing a certification is totally personal and depends on the geographic location you are in and the certification’s demand.

If you intended to take the PMP exam, I suggest you at least gain a good understanding of the PRINCE2 methodologies after passing the exam. Likewise, you must read the PMBOK Guide after becoming a PRINCE2 Practitioner.

What are your thoughts about these two certificates? Which have you obtained? Please share your thoughts and comments in the comments section.

Common mistakes of PMP® Application

PMI takes great care to uphold the quality of its Certifications by establishing high standards in working and educational requirements of certification applicants.

The PMP® Exam Application is often considered as a mini project in itself as Aspirants would need to take much time and efforts to get the application form completed and submitted, not to mention the possibility of having to deal with the dreaded Audit. Before even beginning to fill in the application form, Aspirants would need to understand common mistakes of failing the PMP® application with a view to accelerating and smoothing the application process (by noting these, You will also be well prepared for the Audit too).

Before going into details of the common mistakes, every Aspirants should note the no. 1 mistake in submitting the application is not to become PMI Member before hitting the form submit button — since the saving in exam fee for PMI membership is more than the annual membership fee of PMI.

Common Mistakes in Documenting Working Experience

PMI requires Aspirants to have accumulated a certain amount of hours of working experience before applying for the exam.

On the Application Form, you will be asked to fill in the number of hours for each project you have taken part in according to the project management process groups (initiating, planning, directing, monitoring & controlling and closing the project as defined in the PMBOK® Guide) according to the following template:

Title of project

Duration and nature of project

Supervisor details

No. of hours spent in each process group

A brief description of the project including objectives, key deliverables, project outcome, as well as your personal role (in less than 500 characters)

The total amount of working experience hours should be more than the minimal amount specified for different levels of formal education. Also each Aspirants should at least have some experience in each of the five process groups.

Common mistakes when filling in the Application Form include:

Include every project you have taken part in from Day 1 of your working life
— include barely sufficient number of projects to fulfil the minimum amount of experience hour is highly advised as this will save you much efforts in verifying your working experience; also the experience submitting should be within the past 7 years.
Include many small projects
— if you have worked on large and small projects over the past few years, try to select the large project first to reduce the complexity of your Application (and save you much efforts in PMI Audit). If you are the unfortunate those who work on only small project, you should try to document all your projects as organized as possible.
Not making efforts to collect truthful information of your projects
— every Aspirants to try hard to gather all the relevant information to their working experience for each project (in particular the project schedule and plan, etc.). Before filling the Application From, you should have collected all the relevant information so that you can calculate the number of hours for each project management process group as accurately as possible. You are also highly advised to keep these information in a folder to prepare for the Audit. Remember to take the time to document your working experience as clear as possible and ask for consent from your supervisors on the documented hours.
Trying hard to follow some insiders’ secrets to fill in the Application Form to avoid the Audit
— the PMI Audit is random in nature (proof: I got audit request for both my PMP® and PMI-ACP® Certification Application), there is nothing one can do to avoid or reduce the likelihood of being selected for the PMI audit. But the chance of getting PMI audit requests is often considered low, maybe around 10% or less (though the exact amount is not disclosed by PMI).
Include working experience during which you are not working on project management (e.g. operation)
— since PMP® is about project management, the working experience submitted should include only those hours you are managing or directing project work only. Though it is not necessary to carry the functional title of “project managers”, you will pay special attention to report only the portion of your working experience that is directly related to project management.
Fill in the supervisors details before contacting them
— if you are not selected for an audit, this should not be an issue; otherwise, you should contact your supervisor first to agree on the number of project management hours to be reported in the PMP® Application. This will also ensure that you can reach your supervisor (past or present) in case you would need to ask them to sign the experience verification form for the Audit. Make sure you can contact the person you named as the supervisors for your projects by emailing or phoning them. PMI doesn’t require your immediately supervisor as the only person to be named on the application, in case you cannot find them, you can try to find others who have intimate knowledge of your role in the project (can be the CEO, COO, manager, supervisor, colleagues, etc.). If all efforts fail, it is better for you NOT include the project in your application or you would risk failing the PMI Audit.
Not making full use of the 500 characters for the project description
— 500 characters is not too much especially when you are required to fill in the project including objectives, key deliverables, project outcome, as well as your personal role in the project you mention in your Application. PMI would just rely on this piece of information to understand whether your experience is considered suitable for working experience hours. Try to make full use of the characters allowed; otherwise PMI will ask you to re-submit (maybe through email) a more detailed project description during the Application Completeness Review process (which is before the Audit).
Crash the project schedule too much too often
— PMI advocates work-life balance by recognizing only 40 hours per week of working. Therefore, for project spanning 12 weeks, you should only document at most 480 hours and no more. If you have read the PMBOK® Guide, you should understand that crashing is just a work-a-round and should not be a “planned” activity.
Fill in the Application before reading the PMBOK® Guide
— PMI has laid out its concept of project and project management in the PMBOK® Guide, and your Application Form (in particular the project description part and the number of hours for each process groups) is judged against the definition from the PMBOK® Guide. If you get to know the PMOBK Guide well, there will be less discrepancies in the understanding of your project management terms vs PMI’s. You are also welcome to show off your understanding of project management in PMI’s point of view by making use of project management terms found in the PMBOK® Guide.

Common Mistakes in Counting 35 Contact Hours of Project Management Education

The requirement for the 35 Contact Hours for the PMP® Certification is quite simple and clear:

The 35 Contact Hours of project management education should be any education on project management provided by any formal education provider taken anytime before the PMP® exam, e.g.
part of University curriculum (only count those hours on project management education)

bootcamps

online PMP® courses — all online courses should include a formal end of course assessment to judge whether the student has actually studied the course

There is no need to have the curriculum based on the PMBOK® Guide nor PMP® Certification.

Not limited to courses provided by a PMI Registered Education Provider (R.E.P.) — though PMI has pre-approved courses offered by PMI R.E.P. to fulfil the contact hour requirement.

Common mistakes when counting 35 Contact Hours include:

Not Finishing the 35 Contact Hours before submitting Application
— PMI requires the 35 Contact Hours to be gained before Application Form is submitted (i.e. you should have gotten the Course certificate before applying for PMP®)
Reading the PMBOK® Guide for 35 Hours by self-study
— The 35 Contact Hours should be gained through a formal course offered by a formal education provider. Self-study is not considered a possible way to earn the required education.
Taking online project management courses without assessments
— It is one of the requirements for online courses that a formal end of course assessment should be included before giving out the course certificates to the students. All courses provided by PMI R.E.P. would include assessments as PMI has communicated well with them; however other education providers would just miss this. When in doubt, always choose courses that are provided by PMI R.E.P. (you have the added benefits of being well prepared for the exam).
Including courses that are not directly related to project management
— If you are not taking courses by PMI R.E.P., you will also need to provide the course outline if you are selected for an audit. PMI will try to judge whether the whole course or just some portions of it is/are about project management. You must try to make sure the course is all about project management in PMI’s eyes.

Common Mistakes in Responding to PMP® Audit

According to PMI’s Customer Care there are three ways that you can fail an audit: No Fault, Non-Compliance and Fraud. Let’s look at them in detail. First we’ll see what PMI writes for each, then we’ll give you an interpretation and our recommendations.

No Fault on the PMP® Applicant

Cannot verify education or experience through no fault of their own – No suspension period and cannot reapply until candidate can provide the experience hours and document them.

In other words, the PMP® Applicant cannot provide the proof of their project management education (35 contact hours) or experience upon request

Non-Compliance to PMI Audit Requests

Candidate chooses not to attempt audit – One year suspension period

If you are audited and you simply have too much going on in your life to participate in the audit, then you can choose not to give any audit responses. Similar to pleading “no contest,” the candidate is subject to a one year suspension period before he/she can apply for the PMP® Exam again.

Intentional Fraud Information Provided in PMP® Application

Providing False Information – Permanently suspended from sitting for PMI exams

PMI will permanently ban Aspirants who provide false information (including making up non-qualified working experiences or faking education certificates) with a view to deceive PMI into believing they meet the requirements of taking the PMP® Exam. Since honesty is an integral quality of every project manager according to the PMI Code of Ethics and Professional Conduct, anyone found providing misinformation will not be allowed another chance to apply for any PMI Certifications. This is the worst kind of punishment for failing the PMI audit.

After understanding these three ways of failing the PMI Audit, Aspirants should take note of the common mistakes for PMI Audit failure as follow:

Filling in the project management / education experience in the Application Form without any proofs on hand
— since the PMI Audit is time-framed (you need to respond and complete the audit in 90 days), you should be well prepared for the audit in advance by gathering all the required certificates (university/secondary degree and the 35 contact hours) and contacting all your named contacts. This will save you much time in completing the audit.
Not responding Audit request due to incomplete documentations
— even if you cannot submit all the required documentation, verification and certificates requested by PMI, you should still notify PMI about the reasons (e.g. the education provider cannot issue the certificate with 90 days, etc.). There will be not penalty period in this case and once you can get it, you can proceed the application.
Not responding Audit request as the named supervisors cannot be reached
— though it is highly desirable to have the ones named in the Application Form to sign the experience verification forms for you, PMI does not mandate this! In fact, you can ask anyone with intimate knowledge of your project roles to sign the form for you! Just ask any other managers or colleagues to help you out on this and you should be able to pass the audit.

Conclusion

It is hoped that by avoiding these common mistakes in PMP® Application submission, Aspirants can proceed through the Application process as smooth as silk. After passing the application completeness review, paying the exam Fee (and possibly passing the audit), Aspirants will be able to schedule their PMP® Exam time slot and begin the hardcore study for their certification success!

The PMP Certification Process Overview

The PMP® Certification Process and the requirements for becoming a PMP® are quite complicated if you haven’t taken any PMI exams (like CAPM® or PMI-ACP®) before. Reading the PMP® Handbook alone will not help you much as you will still have some questions unanswered.

A) Fulfil PMP® credential requirements:

Must have enough project management experience as stipulated by PMI
- For secondary degree holders (e.g. high school diploma, associate’s degree): need to have at least5 years of project management experience and a minimum of 7,500 hours leading and directing projects
- For four-year degree holders (e.g. bachelor’s degree): need to have at least 3 years of project management experience and a minimum of 4,500 hours leading and directing projects
Have the required 35 Hours of Project Management Education
- Any education on project management offered by a formal education provider taken at any time before the PMP® exam will satisfy this requirement, e.g. a course in your degree curriculum about project management with a length of more than 35 hours;
- The course on project management is NOT required to be based on PMBOK® Guide. BUT taking a course based on PMBOK® Guide will help you also in your PMP® preparation (try to find a PMP® exam prep course provided by a PMI Registered Education Provider (R.E.P.)that is accredited by PMI, more on that later).

What is project management experience as recognized by PMI?

NO need to carry the job title ‘project manager‘ but must be assigned the responsibility of managing and taking care of projects.
The experience is about project management (as defined in the PMBOK® Guide) and not just carrying out project works managed by others.
Must have experience in all the lifecycle phases of projects (i.e. 5 process groups of the project management lifecycle, including initiating, planning, directing, monitoring & controlling and closing the project). PMI does not require you to have experience with the 5 process groups from every project. That means you can just involve in initiating in Project A, closing in Project B and all 3 others in Project C.
You may consider the Certified Associate in Project Management Certification (CAPM®) offered by the Project Management Institute (PMI) if you have not accumulated the required project management experience. The CAPM® is also based on the PMBOK® Guide (more on factual memorization) but there are no experience requirements.

B) Apply for the PMP® certification online:

The most convenient way to apply for the PMP® exam is through the online system at http://certification.pmi.org.
Sign up for a user account first. After which you can log in and begin filling in the PMP® application form. The information entered on the PMP® application form will be stored on PMI’s web server for up to 90 days. You will get an email reminder from PMI a few days before that period will expire and all the information be deleted.
Read the article on common mistakes of PMP® Application and how you can avoid them.
[Optional but highly recommended] Become a member of PMI. Though it is not required to become a paying member of PMI to take the PMP® exam, being a member allow you to enjoy discounted PMP® and other certification fees, a free downloadable copy of PMBOK® Guide and many online PMP® exam reference books. The PMI annual membership fee is US$129 plus US$10 of first-time registration fee. The money you will save by becoming a member will be much more than the cost of the membership fee for the first year.
After you have completed the online application form, submit it and wait for the approval to sit for the PMP® exam from PMI (in the form of an email).
You can now pay the PMP® certification fee online (US$405 for members and US$555 for non-members). Remember to pay $139 for the membership fee first if you haven’t before paying the PMP® certification fee, you will get an instant saving of US$16.
[Selected randomly by PMI] If you are so fortunate to be chosen for an audit by PMI, you will get a notification email immediately after you have paid the exam fee. Act as fast as possible to send them all the required documents (e.g. academic certificates, 35 hours of project management education certificate, proof of working experience, etc.). Otherwise, you will be given an email authorizing you to schedule your PMP® exam at Prometric website.

C) Schedule, attempt and pass the PMP® exam:

Though you are given a 1-year validity period during which you can schedule the PMP® exam at any time, it is advisable to schedule the PMP® Exam at Prometric website as soon as possible. This arrangement has two benefits:
- Exam places are limited, the faster to schedule, the more likely you can schedule the exam at a date and time you prefer;
- Having scheduled the exam will give you a tangible target for you to prepare consistently for the PMP® exam.
Prepare and study well for the PMP® exam by making use of the PMBOK® Guide guide, a PMP® study guide as well as numerous PMP® practice exams.
On the date of the exam, arrive at the exam centre early. Relax and enjoy the exam.
You will be notified of the exam result immediately after the exam. The center staff will give you a printed proof of your exam achievement. If it is a pass, congratulations, you are immediately a PMP®! If, unfortunately, you fail the first try, make plans to retake the exam. You can have up to 2 more chances to take the PMP® exam within the 1-year validity period (though you must pay the re-exam fee separately).

D) Obtain PMP® PDU for re-certification

The PMP® certificate will be mailed to you within 6-8 weeks.
The first benefit of becoming a PMP® is that you can request a PMP® lapel pin free of charge (details will be emailed to you several days after you have passed).
If you pass the PMP® exam, you are immediately a PMP® and your 3-year PDU re-certification cycle begins. Collect at least 60 PDUs per 3-year cycle to allow you to renew your PMP® credential.
You can make use of PMI’s online system to report PDUs to PMI. When you have accumulated enough PDUs, PMI will send you a renewal notice. The renewal fee is US$60 for members and US$150 for non-members.

What’s Next?

If you fulfil the PMP® requirements and are eligible for the PMP® exam, you should next try to understand how much time, money and efforts are needed to get your PMP® title. This is the second most pressing question any PMP® aspirants would ask.

PMP®️ Domain Information & Overview

Introduction

Welcome back to this series on the Project Management Professional (PMP)®️ certification. In this article, we will cover everything you need to know about the domains/performance areas covered in the PMP examination.

First off, let’s start with an explanation of what domains are.

What Domains Are Covered on the PMP Exam?

Project management is defined as the application of knowledge, skills, tools and techniques to project activities/tasks to meet project requirements. The project activities/tasks a project manager has to perform are divided into five performance areas or domains. These are the five domains that are covered in the PMP exam to ensure you have all the competencies needed to successfully manage any project.

The domains are:

Initiating

This domain covers defining a new project or phase and initial scope, getting authorization, getting initial financial commitment and identifying stakeholders.

Planning

This domain covers defining the scope, objectives and a clear course of action that will be taken to achieve the objectives. All the planning information is stored in the project management plan, which often needs to be revisited if a change happens.

Executing

This domain covers executing the work defined in the project management plan, coordinating people and resources.

Monitoring and Controlling

This domain covers tracking and reviewing the progress and performance of the project and initiating changes if necessary.

Closing

This domain covers finalizing all activities and formally close the project. It may involve getting client acceptance and documenting lessons learned or changes to assets.

How Often Are the Domains Updated?

In order to ensure that the Project Management Professional certification evolves with the profession and reflects competencies needed by present-day project managers in their day-to-day activities, the Project Management Institute (PMI®️) conducts role delineation studies (job analysis) every five to seven years (PMP Certification Handbook, 2017). The role delineation study is performed by an independent party and is validated by volunteer project managers all over the world.

The outcome of the role delineation study may indicate changes to the terminology, tasks, knowledge and skills needed by project managers. This will result in an update to the domains, which domains are most important and how many questions are allocated within each domain in the PMP examination. The changes to the domain are outlined in the PMP exam content outline, which was last published in June 2015. A change in the PMP exam content outline results in a change in the PMP exams.

It is important to note that even though the PMP exam is based on the PMP exam content outline, sometimes the PMP exam also changes even when the exam content outline does not change: for example, when a new edition of the Project Management Book of Knowledge (PMBOK) is released. The PMP exam was last updated on March 26, 2018

How Much is Each Domain Worth on the Exam?

The number of questions from each domain in the PMP exam depends on the outcome of the last role delineation study and which areas are considered most important.

The exam has 200 multiple-choice questions. 175 of them are scorable while the remaining 25, called pre-test questions, are not. Pre-test questions allow PMI to monitor the question performance before adding them to the official exam questions. The 175 scorable questions are broken down into the following percentages:

Initiation: 13%

Planning: 24%

Executing: 31%

Monitoring and Controlling: 25%

Closing: 7%

What Topics Are Covered in Each Domain?

PMP Domains are groups of tasks that the project manager needs to do in order to manage projects and the knowledge or skills needed to do these tasks efficiently. Some of these knowledge areas and skills cross multiple domains and tasks. In this section, we will outline which tasks, knowledge areas and skills are needed in each domain.

Domain 1: Initiating

The first domain on the PMP is called Initiating. The aim of this domain is to test your ability to perform the tasks needed to initiate a project or a phase of a project. Before a project can start, it needs to be determined that the idea for the project and its main objectives are feasible. The project manager then needs to perform several tasks to ensure the project can be completed effectively and get approval to start the project. There are eight tasks within the initiating domain. They are:

Performing project assessment to determine feasibility
Identifying key deliverables based on business requirements
Performing stakeholder analysis
Identifying high-level risks, assumptions and constraints
Developing the project charter
Getting approval of project charter from sponsor
Conducting benefit analysis with relevant stakeholders
Informing stakeholder of approved project charter

Specific knowledge and skills needed in this area include: analytical skills, benefit analysis techniques, elements of a project charter, estimation tools and techniques and strategic management.

Domain 2: Planning

The second domain on the PMP is called Planning. The aim of this domain is to test your ability to perform tasks needed to outline a clear course of action for achieving the objectives of the project. For example: creating a schedule, determining how finances will be managed, determining how change will be managed and so forth. All the planning information is stored in the project management plan. There are 13 tasks within the planning domain:

Reviewing and assessing detailed project requirements, constraints and assumptions with stakeholders
Developing a scope management plan
Developing a cost management plan
Developing the project schedule
Developing the human resource management plan
Developing the communications management plan
Developing the procurement management plan
Developing the quality management plan
Developing the change management plan
Developing the risk management plan
Presenting the project management plan
Conducting the kick-off meeting and communicating relevant information
Developing the stakeholder management plan

Specific knowledge and skills needed include: change management planning, cost management planning, inclusion of project budgeting tools and techniques, communications planning, contract types and selection criteria, estimation tools and techniques, human resource planning, lean and efficiency principles, procurement planning, quality management planning, requirements gathering techniques (e.g., planning sessions, brainstorming and focus groups), regulatory and environmental impacts assessment planning, risk management planning, scope deconstruction (e.g., WBS, scope backlog) tools and techniques, scope management planning, stakeholder management planning and time management planning, including scheduling tools and techniques and workflow diagramming techniques.

Domain 3: Executing

The third domain on the PMP is called Executing. The aim of this domain is to test your ability to perform the tasks needed to carry out the course of action set out in the project management plan. The project manager needs to coordinate resources, ensure they understand and implement the plan, manage how project information is communicated and manage the relationship with stakeholders. There are seven tasks within the executing domain. They are:

Acquiring and managing project resources by following the human resource and procurement plan
Managing task execution based on the project management plan
Implementing the quality management plan
Implementing approved changes and corrective actions by following the change management plan
Implementing approved actions by following the risk action plan
Managing the flow of information by following the communication plan
Manage stakeholder relationship by following the stakeholder management plan

Specific knowledge and skills needed include: continuous improvement processes, contract management techniques, elements of a statement of work, interdependencies among project elements, project budgeting tools and techniques, quality standard tools and vendor management techniques.

Domain 4: Monitoring and Controlling

The fourth domain on the PMP is called Monitoring and Controlling. The aim of this domain is to test your ability to perform the tasks needed to track and review the progress and performance of the project. The project manager needs to do everything necessary to make sure the project is on track and that deliverables meet the expected standard. There are seven tasks within the monitoring and control domain. They are:

Measuring project performance
Managing changes to project following change management plan
Verifying that project deliverables conform to the standards in the quality management plan
Monitoring and assessing risks
Reviewing issue logs
Capturing and analyzing lessons learned
Monitoring procurement activities according to the procurement plan

Specific knowledge and skills needed include: performance measurement and tracking techniques (e.g., EV, CPM, PERT, trend analysis), process analysis techniques (e.g., LEAN, Kanban, Six Sigma), project control limits (e.g., thresholds, tolerance), project finance principles, project monitoring tools and techniques, project quality best practices and standards (e.g., ISO, BS, CMMI, IEEE), quality measurement tools (e.g., statistical sampling, control charts, flowcharting, inspection, assessment), risk identification and analysis techniques, risk response techniques and quality validation and verification techniques.

Domain 5: Closing

The fifth and last domain on the PMP is aptly called Closing. The aim of this domain is to test your ability to perform tasks needed to finalize all activities and formally close the project. The project manager needs to ensure that the client accepts the deliverables and document lessons learnt for future projects. There are seven tasks within the closing domain. They are:

Obtain final approval of project deliverables from relevant stakeholders
Transfer ownership of project deliverables to assigned stakeholders
Obtain financial, legal and administrative closure
Prepare and share final project report according to the communications management plan
Collate lessons learned and conduct a project review
Archive project documents and materials
Obtain feedback from relevant stakeholders

Specific knowledge and skills needed include: archiving practices and statutes, compliance (statute/organization), contract closure requirements, close-out procedures, feedback techniques, performance measurement techniques (KPI and key success factors), project review techniques and transition planning techniques.

Further knowledge areas and skills

There are additional knowledge and skills that cut across all 5 domains. They include: active listening; applicable laws and regulations; benefits realization; brainstorming techniques; business acumen; change management techniques; coaching, mentoring, training and motivational techniques; communication channels, tools, techniques and methods; configuration management; conflict resolution; customer satisfaction metrics; data-gathering techniques; decision-making; delegation techniques; diversity and cultural sensitivity; emotional intelligence; expert judgment technique; facilitation; generational sensitivity and diversity; information management tools, techniques and methods; interpersonal skills; knowledge management; leadership tools, techniques and skills; lessons learned; management techniques; meeting management techniques; negotiating and influencing techniques and skills; organizational and operational awareness; peer-review processes; presentation tools and techniques; prioritization/time management; problem-solving tools and techniques; project finance principles; quality assurance and control techniques; relationship management; risk assessment techniques; situational awareness; stakeholder management techniques; team-building techniques; and virtual/remote team management.

Conclusion

I hope this has given you a better understanding of the PMP domains and what they cover. Future article topics will be focusing on the each of the PMP domains and going into more details about their respective tasks, knowledge and skills.

Sources

Project Management Professional (PMP)®️ Handbook, PMI

Project Management Professional (PMP)®️ Examination Content Outline, PMI

To download Free Project Management Templates you can visit www.managementproject.net

Ways to Increase Your Salary as a Project Management Professional

Top performing companies successfully complete 89 percent of their projects, meaning effective project managers not only impact the success of their company’s top initiatives—they enable better project performance overall.

Ninety-seven percent of organizations strongly agree that project management is critical to the success of their company, according to a survey by Pricewaterhouse Coopers. From seeing complex projects from inception to completion, project managers have the capacity to reduce company costs, increase organizational efficiency, and help generate higher revenue.

When it comes to project management, salaries can be rewarding, but also depend on several factors. Let’s take a deeper dive into how certifications, earning an advanced degree, specialization, and other factors can add more money to your paycheck.

Certification and Graduate Degrees

Those with a PMP certification earn 20 percent more than those without one. The median salary for project managers holding this certification is $111,000, versus a median salary for non-PMP holders at $91,000 across all industries.

The PMP certification demonstrates your proficiency in becoming a certified project manager. Earning one not only helps you enhance your salary, it demonstrates to employers that you have the skills, knowledge, and organization to successfully manage projects and teams. PMP certification is often preferred or recognized for promotions and career advancement.

The certification is earned through the Project Management Institute, a globally-recognized association that promotes collaboration, education, and research within project management. The organization also maintains international certification standards, credentialing, policies, and procedures.

In addition to certification, 34 percent of project management job postings prefer or require a graduate degree, according to a report from Burning Glass Labor Insight. A master’s degree in project management can equip you with the concrete skills you need to lead complex projects.

Specialization

Along with earning your PMP certification, you can further increase your salary depending on your specialization within project management. For example, you may choose to become a program manager or a portfolio manager.

Here’s how the three break down:

Project managers plan, direct, and close projects by determining responsibilities, creating an inclusive plan, and managing the budget. They typically make an average salary of $108,200.
Program managers execute several related projects in a collective way—also known as a program—to improve a company’s outcomes, and they command a median salary of $120,000.
Portfolio managers analyze an organization’s projects to help companies identify the best tasks, distribute the right resources, and improve project performance. They earn a median salary of $128,000.

Project Team Size

Team size also affects a project manager’s income. Depending on the size of the team, a project manager could earn an additional $20,000 per year in salary. According to the Project Management Institute, ranges include:

One to four people: $100,000
Five to nine people: $107,070
10 to 14 people: $111,000
15 to 19 people: $115,823
20 or more people: $120,000

Project managers also make 40 percent more if they are managing ventures that surpass $10 million.

Industry

Your chosen industry can have a significant impact on your earnings as a project manager. According to the Project Management Institute, project managers in the following industries report the highest median income in the nation:

Pharmaceuticals: $125,500
Agriculture, Mining, and Natural Resources: $120,640
Consulting: $120,000
Aerospace: $115,000
Engineering: $112,000
Information Technology: $110,000
Oil and Gas: $110,425
Government: $110,000

Project management salaries within the science, technology, engineering, and math (STEM) fields are rewarding due to the rapid growth and high salaries within the field. In fact, 93 percent of STEM jobs offer wages well above the national average, and the national median salary for all STEM positions is almost double the average wage for non-STEM roles.

Within the government, projects are more complex than other fields and often require specialized knowledge of particular software, making project management salaries higher than average.

Location

Where you choose to work can also affect your salary. This includes locations both within the U.S. and worldwide.

You can make up to $16,000 more depending on your location within the U.S.

Nationwide, project manager salaries are:

Miami: $83,615
Austin: $87,742
Chicago: $89,065
Boston: $91,440
Charlotte: $93,320
Houston: $93,927
Seattle: $94,841
New York City: $95,855
San Francisco: $99,748
Silicon Valley: $110,197

Keep in mind that cost of living varies with each city. For example, the cost of living in Seattle is 24 percent more expensive than the average city, while the cost of living in Austin is three percent lower.

In addition to the U.S., project managers earn the most in countries such as Australia, Switzerland, the Netherlands, Germany, and Canada. According to ProjectManager.com, they command a median salary of:

Canada: $95,140
Australia: $134,658
Switzerland: $133,605
The Netherlands: $103,274
Germany: $101,983

Where you choose to work can have a huge impact on earnings, in addition to certification and advanced degrees, specialization, project team size, and industry. Project managers should then consider a multitude of factors when looking at salary.

Source: www.northeastern.edu

13 Songs That Describe What it Means to Be a Manager

Being a manager is a tough job.

You want to get the most out of your people. You want your team to hit its goals. And it would be nice to also, you know, spend some small sliver of your day not thinking about work.

But it can all be overwhelming.

Well, we here at LinkedIn Learning have hundreds of courses to help you work through some of biggest challenges all managers face. But sometimes, sometimes before you learn, you just need to know you aren’t alone

And that’s where this post comes in. Because we are 99 percent certain the songs in this article are actually all about being a manager – so know that Cher has been there, too.

1. When you post an open role on your team.

Hiring the right people is such a big part of managing. So, every time you post an open role on your team, you aren’t just looking for the good.

You are looking for the great. Dare I say, the heroic.

2. When your team is running multiple high-profile projects at once.

It’s great when your team gets to work on a high-profile project. It’s even better when your team is working on multiple high-profile projects at once – what a chance to shine!

At the same time, that comes with some pressure as well. But don’t worry; we believe in you.

And so does Freddie Mercury.

3. When your best employee leaves the team.

On one hand, you feel good for them, as hopefully it’s for a better opportunity.

But, on the other hand, you’ll miss them. It’s okay, take a minute and acknowledge the pain.

4. When you want to connect with an employee, but they are keeping their guard up.

You want to connect with a new employee. But maybe they aren’t quite ready to let their guard down just yet.

It’s okay, it’ll happen eventually, we promise.

5. When someone unfairly criticizes one of your employees.

Because nobody puts baby in the corner.

6. When your team comes in under-budget.

Who doesn’t love cheap thrills?

7. When your once-antagonistic team starts to gel.

Pitch Perfect – one of the few cinematic masterpieces of our time – is the epic drama about a motley crew of girls who, at first, have their own fiefdoms and don’t collaborate well. But, after going through a lot, they come together to gel as a unified team.

Sound like your team? Then this is the collaboration for you.

8. When you make a mistake managing an employee and instantly regret it.

Had a night where you couldn’t sleep because you said the wrong thing?

Well, you aren’t alone. Every manager has been there. Just crank up the Cher and know it’ll all work out.

9. When you are dealing with an employee problem you don’t know how to solve.

All managers need help sometimes. We hope LinkedIn Learning can occasionally provide it :).

10. When an employee continues to struggle – but you still believe in them.

Maybe they are inexperienced, maybe they have low confidence, maybe they need to learn some new skills.

But you know they have the ability to do the role – and just want them to work with you, so they can prove it to the world.

11. When your team crushes its goals.

Your goals obviously can’t hold you — and nor can the ceiling.

12. When you see your coaching pay off as one of your employees is developing nicely.

Let out those tears of pride. You’ve earned it.

13. When one of your employees says “thank you.” And means it.

This doesn’t happen often. But, when it does, dang does it feels good.

List of Free PMP Mock Exam

How Useful Are PMP® Mock Exams?

One of the most frequent question Aspirants will ask is: am I exam ready (i.e. can I write the exam now)? It is not only a waste of time and money if you take the actual exam when you are still not ready yet, think of the enormous pressure you have to endure sitting 4 hours before the screen and 15 seconds of the blank screen for the result to appear at the end of the exam. Aspirants would like to pass the exam in the first attempt without having to go through it again.

But, how to tell if you are PMP® exam ready (i.e. how to know if you can pass on the first attempt)? According to the experience of many exam takers, quality mock exams help a lot, especially if the mock exams are to be carried out in a simulated environment similar to the real exam with a timer.

List of Free Quality Mock PMP® Exam Questions

1 – [updated] Oliver Lehmann (Online)

2- [updated] Free PM Exam Simulator (Free 7-day Trial)

3- [udpated] Simplilearn Free PMP® Mock Exam

4- Oliver Lehmann (Downloadable PDF)

5- [updated] Edwel Mock Exam

6- [updated] PM Study Mock Exam

7- [updated] GreyCampus Mock Exam

Remark: please note that the Oliver Lehmann downloadable PDF mock exam is considered more difficult than the rest of the exams on the list. Don’t be discouraged if you cannot score over 75% on this one alone. Experiences from fellow Aspirants have proved that you can pass even with 75% or over in Oliver Lehmann downloadable PDF mock exam as it asks for additional knowledge from other project management books (the answer explanations often cite other reference titles of the exam than the PMBOK® Guide).

What is a public-private partnership? Definition and meaning

A public-private partnership, also called a PPP, P3 or 3P, is a long-term cooperative agreement between a private company and the national or local government.

Public-private partnership arrangements have existed throughout history, but have become significantly more popular across the globe since the 1980s as governments attempt to obtain some benefits from the private sector without having to make the full privatization jump. In a PPP arrangement, private companies carry out aspects of government work.

According to the World Bank Group, public-private partnerships do not usually include turnkey construction or service contracts – these are classed as public procurement projects, or privatization of utilities where the public sector still has a limited ongoing role.

The PPP Knowledge Lab says the following regarding PPPs:

“A public-private partnership (PPP) is a long-term contract between a private party and a government entity, for providing a public asset or service, in which the private party bears significant risk and management responsibility, and remuneration is linked to performance.”

When the government is short of funds for a much-needed project, a public-private partnership, which benefits from an injection of money from the private sector, is a promising option.

The PPP Knowledge Lab adds that a private-public partnership encompasses several different types of contracts – there is not a standard, internationally-recognized definition of PPP. Different jurisdictions how their own unique terminologies to describe similar projects.

A growing number of nations are enshrining a definition of public-private partnerships in their laws.

Public-private partnership – the best ones

Governments have seen the greatest gains when the public-private partnership arrangements occurred as a result of competitive bidding.

When the private company’s main contribution has been to raise finance, governments have not fared so well. This is because governments can generally borrow money at cheaper rates than private entities can.

According to gov.uk, the United Kingdom was the first nation in the world to develop the concept of public-private partnership arrangements for public service projects. (Image: Adapted from gov.uk)

Critics say that governments only ask private companies to raise money when they do not want their public borrowing figures to rise.

In the majority of PPP cases, the private entity bears considerable risk and management responsibility, with remuneration (how much they are paid) linked to performance.

What isn’t a PPP?

In countries whose civil laws follow the tradition of the Code Napoleon, there is a difference between public contracts such as concessions and PPPs where the private company is delivering a service to the government in the form of bulk supply, such as a BOT (Build-Operate-Transfer) project for a water treatment plant, or the management of hospital facilities or other existing facilities for a fee.

In other jurisdictions, some specific sectors are excluded from the PPP definition, especially those sectors where there is an extensive private sector initiative or where extensive regulations exist.

In some nations, arrangements involving more limited risk transfer, including management contracts, are excluded from the PPP definition for institutional reasons. In such cases, the public authorities prefer to call them traditional procurement processes for goods and services. PPP Legislation and Laws has a summary of some sample laws.

Public-private partnership growth and decline

Europe:

From 1990 to 2009, almost 1,400 PPP arrangements were signed just in the European Union (EU), representing a capital value of about €260 billion.

Since 2008 – the onset of the global financial crisis – the EU estimates that PPP deals in the trading bloc have declined by over 40%.

According to a European Commission bulletin on PPPs, investments in public sector infrastructure are viewed as an important means of maintaining or boosting economic activity.

The European PPP Expertise Centre (EPEC) was set up to support public-sector capacity to implement public-private partnerships and share timely solutions to problems common across the EU in PPPs.

United States:

A 2007 survey found that two primary reasons for PPPs were expressed by US city managers:

Cost reduction, according to 86.7% of survey respondents.
External fiscal pressures, such as tax restrictions, according to 50.3%.

In a follow-up survey – Collaborative Service Delivery: What Every Local Government Manager Should Know -carried out in 2012, interest had shifted – the respondents believed that collaborative service delivery was ‘the right thing to do’ (86%) – other motivations in that survey included the need for leveraging resources (84%), better outcomes (81%), relationship building (77%), and better processes (69%).

Among the 2012-survey respondents, the provision of public services and utilities through contracts with private entities reached 18% – the peak – in 1977, and has since declined.

Twenty-two percent of local governments in the 2012 survey said they had brought back in-house one or more services that they had previously provided for their citizens through PPP arrangements.

Public-private partnership controversy

A frequently-mentioned problem with PPP arrangements was that private investors obtained a **rate of return that was greater than the government’s bond rate, even though all or most of the income risk related to the project was borne by the public sector partner.

** Rate of return is the ratio of an investment’s income over its initial cost.

In a PriceWaterHouse (PWC) report – Hanging in the Balance Sheet? – published in 2008, the authors argued that it was not fair to compare the private and public borrowing rates, because of the ‘constraints in public borrowing’, which could imply that public borrowing was excessively high, so PPP projects might be beneficial by keeping the government books free of additional debt.

Several Australian studies of early initiatives to promote PPPs in infrastructure concluded that, in the majority of cases, those proposed schemes were inferior to the standard public procurement model based on competitively tendering construction of publicly-owned assets.

A response to these negative conclusions was the development of formal procedures that focused on PPPs ‘value for money’, instead of reductions in debt.

Value for money, for example, was achieved by arranging an appropriate allocation of risk. From the late 1990s onward, private finance initiatives in Australia had these assessment procedures included in the contracts.

Another model under discussion and of particular interest to developing countries, is the PPCP (public-private community partnership), in which both players – the government and private sector entities – work together for social welfare, thus eliminating the main focus of the private sector partner on profit.