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PMP Exam Mentor

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Important Tips

Project Framework1.Unless specified assume the "Form of Organization" to be matrix.2.The different Organizational Structures are: Functional Matrix (weak, balanced and strong) Projectized Composite3.Project Management skills are industry independent.4.Objectives are the goals of the projectwhereasMilestones are the events within the project5.Always assume: Lessons learned and historical databases are available May or may not be there in real life projects

Integration Management1.Kick-off Meeting happens: After the planning phase Before the project execution2.Document and validate all assumptions with: Sponsors Stakeholders Team members3.Project Selection is the result of: Feasibility Study Needs Analysis Preliminary Plan4.The Project Plan is NOT the Project Schedule.5.Work must not commence until "Project Plan Signed off" is completed.6.Payback Period is the time taken to recoup an investment in a project.

Scope Management1.Determining the requirements is part of the scope management.2.Progressive Elaboration is to: Develop in steps Continue by increments3.Bill of Materials (BOM) is a hierarchical tabulation of: Physical assemblies Subassemblies Components needed4.Work Breakdown Structure (WBS) is graphical representation of the entire project and an output of the Define WBS process.5.Work Breakdown Structure (WBS) is a component of the Scope Baseline and is further elaborated in the WBS dictionary.6.Work Breakdown Structure (WBS) is used to define activities (in the Activity list) and is used to estimate costs & the budget.

Time Management1.Crashing is adding resources to finish fasterwhereasFast Tracking is doing tasks in parallel to finish faster2.Generally, the same data is used for network diagram questions, however confirm.3.Padding is the extra time added to a schedule in the estimate which is: Not needed Added to feel confident Not acceptable4.Multiple Critical Paths increases the risk of the project.5.PERT and CPM can only be used with Activity-on-Arrow (AOA).6.Dummy Events do not take any time and are: Shown with dotted lines Depict dependencies between tasks

Cost Management1.CPI is the measurement of the cost efficiencywhereasSPI is the measurement of the schedule efficiency2.Contingency Reserve is the reserved dollars or time kept for risks that have been identifiedwhereasContingency Plan is an alternate plan for those risks having a high impact3.There are around 12 to 14 questions related to Earn Value Management (EVM) and most of them requires calculations based on formulas.4.Any rate of profit, production, benefits, etc., that beyond a certain point fails to increase proportionately with added investment, effort, or skill.

Quality Management1.Gold Plating is: Adding more than what is given in the scope statement A bad practice2.In Kaizen Theory, apply continuous small improvements to reduce costs and ensure consistency.3.Quality Aim is to ensure: Conformance to requirements Fitness for use4.Poor Grade may be acceptable, but not poor quality.5.Deming advocates that management is to be responsible for quality and suggested that as much as 85 percent of the cost of quality is a management problem.6.Fishbone Diagram is "Cause and Effect Analysis", identifying the likely causes of problems.It is also called Ishikawa Diagram.

Human Resource Management1.The Halo Effect is the assumption that if a person is good at something, the same person will be also good on other things.2.McGregor Theory Theory X: People need to be watched every minute Theory Y: People are willing to work without supervision and want to achieve3.Confrontation (Problem Solving) is the best way for conflict resolution.4.Stages of Team Formation are: Forming Storming Norming Performing Adjourning5.Confrontation is a win-win situationwhereasCompromise is a lose-lose situation

Communication Management1.The project manager spends around 90% of time in communication.2.The different Non-Formal Communication are: Memos Emails3.The different Formal Communication are: Contract Status Report Status Meeting4.Communication channels questions may ask for: Number of channels Channels increased Channels decreasedRead the question properly to answer appropriately.5.It is the responsibility of the sender to ensure that the message is correctly understood by the receiver.

Risk Management1.Risks are not always "Negative".2.Risks Identification is done in all phases of the project.3.Insurance is an example of Risk Transferring.4.The different Risk Management Strategies (threats) are: Avoid Transfer Mitigate Accept5.Qualitative Risk Analysis is chance and impact of risk occurrence.6.Risk Ranking is prioritized list of risks.7.Quantitative Risk Analysis is numerical analysis of probability and impact.

Procurement Management1.The seller has the cost risk in a "Fixed Price" contract.2.In Oligopoly: There are very few sellers Actions of one seller will have a direct effect on the other seller's prices & the overall market condition3.Force Majeure is unforeseeable circumstances that prevent someone from fulfilling a contract.4.Contractual information between Customer and Vendor.5.Contract can also be used as a risk management tool (Transferring Risk).6.Fixed Price (FP) Contract is best when the scope of work is clear.7.Cost Reimbursable (CR) Contract is best when the scope of work is not clear.

Stakeholders Management1.Most projects will have a diverse set of stakeholders.2.Stakeholder Communication for each stakeholder must classify: Level of communication Preferred method3.Keep stakeholder engagement throughout the process with: Timely updates Engage them in decision making4.Identification of Stakeholder can be done by identifying the: Advocates Road blockers5.Stakeholders are: Multiple in numbers Sometime difficult to recognize

Ethics and Professional Conduct1.Ethnocentrism is a typical belief that one's culture is superior to the foreigner's culture.2.The different "Values" are: Responsibility Respect Fairness Honesty3.It is a professional responsibility to ensure that the company policies are followed during the project.4.Ensure that a "Conflict of Interest" doesn't compromise the customer's interest.5.Advance the profession of project management.6.Encourage others in the profession to act in an ethical and professional manner.

Examination1.The PMP exam requires Couple of months of preparation Studying approximately 2-3 hours every dayJust a week before the examination, increase the study to 5-6 hours a day.2.The day before examination Relax and rest Prepare mentally for the examination day3.Read PMBOK at-least twice: Once in detail Again just skim throughAlso refer to other sources for the PMP knowledge.4.Prepare to attempt 200 questions in 3 hours, use remaining one hour for marked questions and review.5.Carefully note the Organizational structure question to answer rightly.

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Byte AppStudioDisclaimer:This software is provided AS IS and the author assumes no guarantee for the content.The following sections of the app have been derived from A Guide to the Project Management Body of Knowledge (PMBOK Guide) Fifth Edition with the permission of PMI- Project Framework, Knowledge areas, Process groups, and Glossary.

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