Welcome to the first lesson in PMP exam prep!
Let’s start with understanding the concept of project.
What is a Project?
Project is a Temporary endeavour with definite start and end dates and produces a unique product, service or result.
The word “temporary” is not applicable for product of the project. For example, Tajmahal is a product of a project and Tajmahal is not temporary!
Some More terms…
Operation – Operation work is ongoing and repetitive work
Deliverable – Output of Project or Project phases
How Projects are started?
- Business Needs
- Organization’s strategy
Importance of Project Management
Project management is not about chasing deadlines. It plays a vital role in ensuring
- Integration all project elements and stakeholders on same page
- realistic project planning
- clear focus and objectives
- Keeping the project cost in budget
- & maintaining the quality standards of deliverables
Difference between Project, Program and Portfolio Management
- Project Management– refers to applying knowledge, skills and tools to project activities to achieve project requirements.
- Program Management– Managing common aspects in Group of related projects. It helps to reap shared benefits like economies of scale, decreased risk etc
- Portfolio Management- Group of program or projects (unrelated) which share same strategic objectives
Portfolio management is at the top of hierarchy and Project at bottom of hierarchy.
Project Management has 49 processes, which are applicable to Ten Knowledge Areas and Five Process Groups
Make sure you understand the difference between Processes and Process Groups for PMP!
Five Process groups
- Initiating [Select the PM]
- Planning [How will do the work?]
- Executing [Blindly work as per planned work]
- Monitoring and Control
- Check whether work execution is happening as per planning.
- Controlling is about taking corrective action, if the project is not on track
- Closing[Closing the Project and related activities]
Ten Knowledge Areas (KA)
- Integration- Integrating processes across the project
- Scope- Developing Product and Project scope
- Schedule- Developing Project Schedule
- Cost- Estimating cost for Human resources and material resources
- Quality- Ensuring Product and process quality
- Resource- Acquiring, developing and managing people
- Communication- Providing right info at right time to right people
- Risk- Dealing with opportunities and Threats
- Procurement– Purchasing Goods and Managing contracts
- Stakeholder– Taking care of stakeholder expectation and requirements
Memory Tip : I Saw Two Crows Quietly Recieving Coffee & Reading Poetic Songs
In the next post, we will learn about the environments in which project operate! EEF, OPA etc. Stay Tuned.
Do, let me know in comments if you want me to write on any new topic. My old & new blogs are available here – My Little Blog!
Trust, you must be following Rita Mulcahy PMP book as well. If not, Buy it from here.