Why should anyone do PMP?
In a skill-based job market where certifications speak louder than words, project management professional certification (PMP) is one of the most in-demand specialties in nearly every industry. Take a look at the following stats.
PMP certification is definitely worth it. According to PMI statistics, certified PMPs can expect a 20% salary increase. This certification offers a great return on investment as recognized by other project managers.
- A PMP certified project manager will receive a 20% higher salary than a non-certified project manager.
- Only 58% of companies fully understand the value of project management. This leaves plenty of room for you and your project management expertise.
- In the 2018 annual PMI survey, 68%, or more than two-thirds of his companies said they use outsourced or contract project managers. This means that companies are rigorously looking for project management professionals worth joining.
- According to consulting firm Bain & Company, most jobs will be project-based by 2027.
How do I start PMP journey?
1. Fulfill the PMP certification requirements.
- 35 hours of project management course training, and at least 36 months of project management experience if you have a four-year degree, OR
- 35 hours of project management course training with 60 months of experience if you have an associate degree or high school diploma
The PMP certification is valid for three years. You’ll need to spend 60 hours during that time frame on professional development activities to maintain it. Otherwise, you can sign up to take the exam again.
2. Apply
Create an account with PMI and start applying for the PMP exam. This includes sharing basic personal information such as your educational background and details of projects you have worked on. Once approved, pay the exam fee and schedule the exam.
Click here to know how to log your project management experience
3. Prepare and take the exam
This is when you are training for the exam either through coursework or on your own. Some exam prep providers recommend spending 60 to120 hours studying. Depending on how often you study, this may take several months.
The exam can be taken at a testing site near you or online. The exam takes a little under four hours to complete.
What is a project as per PM PMBOK?
A project is defined as a specific, finite activity that produces a visible and measurable result under specific preset requirements.
As can be seen from the definition given, each project has the following characteristics:
- Every project has a beginning and an end. The start is when a project is started and its concept is developed. The finish is reached when all project goals are met (or if the project clearly cannot be completed).
- Unique results. Each project aims to deliver one or more deliverables that are products, services, or other results. Deliverables should be addressed or analyzed before the project begins.
- Progressive elaboration. As the project progresses, it allows for continuous research and improvement, resulting in more accurate and comprehensive planning. This fundamental property means that continuous iterations of the planning process develop more effective solutions for advancing and developing long-term projects.
In addition to the listed characteristics, conventional projects are:
- Convenient because you have a reasonable and measurable purchase
- It’s logical because it has a specific lifecycle.
- Structured so that there are dependencies between the tasks and activities.
- Conflict when trying to solve problems that cause friction.
- Limited by available resources.
- Risks include changes that have a negative impact.
Below are some examples of projects:
- Digging a well for the extraction of a natural resource in Nebraska
- Building a wooden house somewhere in Spain
- Developing a cloud-based marketing platform for startups
- Establishing a non-profit organization for COVID-19 relief and recovery efforts
- Renovating the kitchen
- Organizing a project meeting with critical stakeholders
- Running a marathon … (anything you don’t repeat often).
Yeah. I got it; what’s so exciting about project management?
Project management is the act of planning, organizing and managing projects to achieve predefined goals or outcomes. Projects are a way of getting things done, so businesses of all kinds rely on projects to achieve many of their short-term and long-term goals.
The main factor that makes project management different from simple “management” is that there is an end result and a finite amount of time, unlike management which is an ongoing process. For this reason, project specialists need a wide range of skills. Often technical skills, and certainly people management skills and good business acumen.
To understand better about the Project management, each Project will go thru 5 Phases
- Initiation
- Planning
- Execution
- Monitoring & Control
- Closure
We will go thru each of these phases when we take notes of 10 project management knowledge area defines in the PMBOK.
- Integration Management
- Scope Management
- Time Management
- Cost Management
- Quality Management
- Human Resource Management
- Communications Management
- Risk Management
- Procurement Management
- Stakeholder Management
The origin of the PMBOK name has a lot to do with how we categorize important aspects of a project called ‘Knowledge Areas’. There are 10 project management knowledge areas covered in the PMBOK Guide. The PMBOK Guide identifies 47 project management processes that contribute significantly to project success.
What are the processes of project management?
There are 49 processes of project management, they range from Developing a project charter to Managing Quality, Controlling Scope, to Closing the Project.
The PMBOK Guide defines a process as “a series of interrelated actions and activities performed to achieve a specified set of products, outcomes, or services.” It’s just a way of transforming input into output using proven tools and techniques that can drive progress from start to finish. A process acts as a roadmap to keep your project on the right track. Good processes are based on sound principles and best practices. This is very important to the success of your project. These processes help minimize confusion and uncertainty between project managers and stakeholders.
| Project Management Processes | PMP Process | ||
|---|---|---|---|
| 1 | Integration Management | 1 | Develop Project Charter Process |
| 2 | Develop Project Management Plan Process | ||
| 3 | Direct and Manage Project Work Process | ||
| 4 | Manage Project Knowledge Process | ||
| 5 | Monitor and Control Project Work Process | ||
| 6 | Perform Integrated Change Control | ||
| 7 | Close Project or Phase Process | ||
| 2 | Scope Management | 8 | Plan Scope Management Process |
| 9 | Collect Requirements Process | ||
| 10 | Define Scope Process | ||
| 11 | Create WBS Process | ||
| 12 | Validate Scope Process | ||
| 13 | Control Scope Process | ||
| 3 | Schedule Management | 14 | Plan Schedule Management |
| 15 | Define Activities | ||
| 16 | Sequence Activities | ||
| 17 | Estimate Activity Durations | ||
| 18 | Develop Schedule | ||
| 19 | Control Schedule | ||
| 4 | Cost Management | 20 | Plan Cost Management Process |
| 21 | Estimate Costs Process | ||
| 22 | Determine Budget Process | ||
| 23 | Control Costs Process | ||
| 5 | Quality Management | 24 | Quality Management |
| 25 | Plan Quality Management Process | ||
| 26 | Manage Quality Process | ||
| 6 | Resource Management | 27 | Control Quality Process |
| 28 | Estimate Activity Resources process | ||
| 29 | Acquire Resources process | ||
| 30 | Develop Team process | ||
| 31 | Manage Team process | ||
| 32 | Control Resources process | ||
| 7 | Communications Management | 33 | Plan Communications Management process |
| 34 | Manage Communications process | ||
| 35 | Monitor Communications process | ||
| 8 | Risk Management | 36 | Plan Risk Management process |
| 37 | Identify Risks process | ||
| 38 | Perform Qualitative Risk Analysis process | ||
| 39 | Perform Quantitative Risk Analysis process | ||
| 40 | Plan Risk Responses process | ||
| 41 | Implement Risk Responses process | ||
| 42 | Monitor Risks process | ||
| 9 | Procurement Management | 43 | Plan Procurement Management process |
| 44 | Conduct Procurements process | ||
| 45 | Control Procurements process | ||
| 10 | Stakeholder Management | 46 | Identify Stakeholders process |
| 47 | Plan Stakeholder Engagement process | ||
| 48 | Manage Stakeholder Engagement process | ||
| 49 | Monitor Stakeholder Engagement process |
Methodology vs standard Methodology A collection of methods, processes, and practices that are repeated over and over again. This means that the same practices are followed on almost every task, activity, or project. Standard A collection of knowledge areas which are considered good practices with in the industry. it can be a norm in an industry or a model or something that can be used as a measure. Common differences between standards and methodologies are: Standards are industry tested and implemented best practices. Standard showcases best practices adopted in the industry. on the other hand, A methodology is usually a well-designed framework or documented procedure. A methodology provides practical steps to carry out a project.
Now lets do an exercise to identify the 10 PMI knowledge areas
Exercise 1.1
- Coordinating all of the work so that it happens correctly. Making sure changes are approved before they happen.
- Figuring out what work needs to be done for your project. Making sure your end product has everything you said it would.
- Figuring out the time it will take to do your work and the order you need to do it in. Tracking your schedule and making sure everything gets done on time.
- Knowing how much you’re able to invest in the project and making sure you spend it right.
- Make sure you work as efficiently as you can and don’t add defects to the product.
- Getting the people to work on the team and helping them stay motivated. Rewarding them for a job well done and resolving conflicts that come up.
- Making sure that everybody knows what they need to know to do their job right. Tracking how people talk to each other and dealing with misunderstandings or miscommunications if they happen.
- Finding contractors to help you do the work. Setting the ground rules for their relationships with your company.
- Figuring out how to protect your project from anything that could happen to it. Dealing with the unexpected when it does happen.
- Identifying the group of people who might have an impact on your project or who your project will affected. Understanding what they need and making sure your project delivers it.
Why is the Project Vision and Mission Important?
Project Vision Statement – The "WHY"
Project Mission Statement – The "WHAT" and the "HOW"
Project management is more than just using technical skills to plan and manage projects. It is also about guiding, engaging and empowering teams and stakeholders to achieve results that add value to the organization and its customers. These skills help connect the mission and vision to the project, giving the team direction and meaning to achieve the project’s goals. This increases accountability for the ‘why’ and ‘how’ of the project.
Explain vison and mission
The next topic of discussion is the definitions and relationships between vison, mission ,portfolio, program and project,
What’s is vison?
A vision statement describes the company’s purpose, what the company is striving for, and what it wants to achieve.
For quick reference, here are some examples of vision statements from highly successful organizations
- Google: “To provide access to the world’s information in one click”
- Amazon: “To be Earth’s most customer-centric company, where customers can find and discover anything they might want to buy online.”
- LinkedIn: “To create economic opportunity for every member of the global workforce”
- Tesla: “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”
- Nike: “To bring inspiration and innovation to every athlete in the world
- TED: “We believe passionately in the power of ideas to change attitudes, lives and, ultimately, the world.”
What’s is mission?
Mission is the core purpose of an organization or a company. It is a summary of the aims and core values. A mission clearly tells what you as an organization does for customers and mission is comprehensive but also very specific to set you apart from other organizations.
A mission can be seen as a great tool to develop business goals and objectives and should fit your identity. If it doesn’t it is very hard to executive your mission
Here are some examples of mission statements
- Google: “To organize the world‘s information & make it universally accessible and useful”
- Amazon: “We strive to offer our customers the lowest possible prices, the best available selection, and the utmost convenience.”
- LinkedIn: “To connect the world’s professionals to make them more productive and successful.”
- Tesla: “To accelerate the world’s transition to sustainable energy”
- Nike: “Bring inspiration and innovation to every athlete* in the world. *If you have a body, you are an athlete.”
- TED: “Spread ideas.”
Why are project visions and missions important?
A vision empowers a project team by answering the ‘why’. Team members are tired of just doing things without seeing the big picture. They want to be part of the solution and want to make a difference with their contribution. The vision gives direction and meaning to the work. Helps promote growth and engagement in your endeavors. This keeps projects focused, better ideas, and fewer fire drills.
The mission confirms the usefulness and value of the project. Answer “what” and “how” questions. A mission motivates the team to move forward and allows each team member to own their own work and decisions to support a common goal. This forms the basis for key performance indicators and evaluations. Once the team understands direction, it informs its analysis and decision-making. The mission also frames the actions and responsibilities of the work.
What is portfolio, program and project?
Portfolio
Portfolio management is “the centralized management of a collection of projects and programs to bridge the gap between strategy and execution and achieve strategic objectives.” Costs, resources, technologies and processes for all projects within a portfolio analysis and optimization.
Program
A program is “the coordinated management of a group of related projects to achieve benefits not achieved by their individual management.” As a project, the program is temporary. In other words, the program is completed when the related projects are completed.
A project within a program is a collection of related projects. They may be assigned to different teams, or to different teams, but they are all striving to achieve results related to the same strategic goals. Effective program management focuses on enhancing strategic execution by organizing and working with people and teams across departments so that organizations can prioritize and fund the most valuable programs. purpose.
Project
A project is “a temporary effort, with finite beginnings and ends, undertaken by an organization to create a unique product, service, or result.” Regardless of size or scope, project management is the discipline, principles, and procedures applied to manage a project from delivery to initiation of deliverables such as applications, events, products, or services.
To summarize Portfolio, Program and project, the project fits into the more extensive program, which fits into the portfolio. A program is a group of projects that are similar or related to each other. On the other hand, projects and programs within a portfolio may or may not be related. Projects are temporary and unique, while portfolios are ongoing initiatives spanning many years and contain strategic and coherent goals.
Operations
Operations are the continuous execution of activities, following organizational procedures to achieve the same results or repeatable service. Operations are persistent in nature.
Exercise – Identify Portfolio, Program and Project
- A consulting company wanted to increase the amount of billable time for each consultant, so it started several company-wide programs to help consultants to get more productivity out of each year.
- A university wanted to build admissions websites for all Of its departments. It realized that all of the sites would be feeding into the same registration interface and decided to manage all of them together in order to save time.
- A company wanted to switch from a paper-based Human Resources group to a software-based one. It spent some time looking into the best software packages for the job and decided to manage all of the HR functions together since it needed the same people to help with all of the work.
- A company wanted to build a better reporting interface so that it could have more accurate data on yearend goals.
- A software game company wanted to build up its online presence. It started several marketing and sales initiatives created some new games and rewrote some Old ones in order to reach more gamers online.
- A construction company bid on several parking garage projects at the same time. It won one Of the bids, and built the garage a month under schedule and $5,000 under budget Stakeholders
Exercise – Identify Operations and Project
- Adding a new room to the house.
- Shelving books at the library.
- Baking few cup cakes.
- Stapling programs for a play.
- Watering your plants twice a week.
- Walking the dog every day.
- Knitting a scarf.
- Making a playhouse.
- Changing your car’s oil filters every six months.
- Running an assembly line in a toy factory.
- Organizing a large concert.
- Doing Zumba three times a week.
Goals vs Objectives
Goals are usually broad, long-term achievable results. A company can use goals to inform the yearly strategy that each department implements. Goals, on the other hand, define specific measurable actions that each team member must take to achieve the overall goal. In summary, the main difference between goals and goals is that goals provide direction whereas goals measure how that direction should be followed.
Answers
Exercise 1.1 1.Integration 2.Scope, 3.Schedule, 4.Cost , 5.Quality 6.Resources, 7.communication,8.Procure, 9.Risk, 10.Stakeholders
Exercise 1.2 1. Portfolio, 2. Program, 3. Program , 4. Project , 5. Portfolio, 6. Project.
Exercise 1.3 1. Project, 2. Operation, 3. Project, 4. Project, 5. Operation, 6. Operation, 7.Project, 8. Project, 9. Operation, 10. Operation, 11. Project, 12.Operation
