Different types of PMOs

The project management office centralizes and standardizes the management of projects.  Some organizations refers to this as portfolio management office. Supportive: A supportive PMO provides the policies, methodologies, templates and lessons learned fro managing projects within the organization.  It typically exercise a low level of control over projects. Controlling:  A controlling PMO provides support and guidance in the organization...

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OPM3 - What is it?

OPM3 is PMI's organizational project management maturity model. This model is designed to help organizations determine their level of immaturity in project management. (function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-57908614-1', 'auto'); ga('send',...

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Organizational Project Management ( OPM)

OPM provides direction for how portfolios, programs, projects and other organizational work should be prioritized, managed executed and measured to best achieve the strategic goals. Whether they are part of project, program, portfolio or operational work, the should be guided by an din trunk support the organization's strategic goals.  Any changes to the organizational strategy will necessitate changes to the organization's portfolios,...

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While the project work is being done...

The project is managed to the project management plan, which is realistic and complete. The project manager measures against the project management plan to help determine project status throughout the life of the project. Projects are re-estimated throughout the life of the project to makes urea the end date and cost objectives will be met.  Therefore, the project manager almost always knows if the project can meet the agreed- to end date and budget. Delays must be made up by adjusting future work, rather than asking for more time. The...

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Planning the project

Planning is very important, and all projects must be planned. The project manager plans the project with input from the team and stakeholders, not on his or her own. Part of planning involves deciding which processes oink PMBOK Guide should be used on each project and how to tailor those processes to the project. There are plans for how the knowledge areas of scope, time, cost, quality, human resources, communications, risk procurement, and stakeholder management will be planned, managed , and controlled.  These are called management plans,...

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General about PMI - Project Management on the exam.

(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','//www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-57908614-1', 'auto'); ga('send', 'pageview'); The project manager creates and keeps current other documents in addition to the project management plan to help plan, manage and control a project. Stakeholders...

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What is the difference between PERT MEAN and Most Likely?

It is the contingency of a work packa...

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PERT

A technique for estimating when there is uncertainty with the individual activity estimates. Purpose: Knowing the weighted average and variances for each activity allows the project planner to compute the probability of meeting different project duratio...

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Probability of completing the project

The Z value - tells us the probability of completing the project in the time specifie...

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Risk Quantification Analysis

Purpose of risk quantification: To get a numerical estimate f the overall effect of risk on the project objectives. Performed on risks that have been prioritized as potentially and substantially impacting the project's competing demands. Why PMs conduct risk quantification? To establish odds of achieving project goals To justify contingency reserves To validate time, cost, and scope targets To conduct in depth "what if" analyses Quantitative Risk Analysis eg: Monte Carlo simulation, Decision tree analysis. Gives you - How...

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Purpose of assessing overall risk...

Build support for less risky projects and cause cancellation for some higher -risk projects. Compare projects and help set relative priorities. Provide data for renegotiating over-constrained project objectives Assist in determining management reserve.  Facilitate effective communication and build awareness of project risk....

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How do you determine the probability and impact of each risk?

Analysis of plans and related documents Comparisons with similar systems Data from engineering or other models Experience and interviewing Modeling and simulation relevant lessons-learned studies Results from test and prototype development Sensitivity analysis of alternatives and inputs Specialist and expert judgments...

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Risk Management

Risk qualitative Analysis: Evaluates key characteristics of individual risks enabling them to be prioritized for further action.  Select risk characteristics => Collect and analyze data => Prioritize Risks => Categorize risk causes => Document results. Qualitative risk ratings: An indication of the potential impact of risks on a project.  Typically a measure of the following characteristic; probability , Impact.  Typically expressed as Low, Medium, High. High Risk: 50% or higher ( Likely) Medium...

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Risk identification output

Risk identification output is the RISK REGISTER: List of all risks ( properly stated) Risk owners Cause ( if known) Effect ( if known) Trigger Event ( signals the occurrence of risk) Preliminary Responses...

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Root Cause Analysis and Identification

Can be used for risk discovery  Start with stating an outcome the project intends to avoid Then work backwards to uncover sources that could cause the problem Describing a risk event:  Cause =>  Risk => Effec...

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Some interesting sites/readings worth visiting as follows:

Some interesting sites/readings worth visiting as follows:http://www.pmi.org (PMI website)http://www.pmzilla.com (PMZilla)http://pmzilla.com/comprehensive-pmp-notes (PM Zilla - Summary Notes)http://pmzilla.com/memorizing-inputs-tools-and-outputs-pmp (PM Zilla - Memorizing Inputs, Tools and Techniques, Outputs – ITTO’s)http://www.oliverlehmann.com (Oliver F. Lehmann)http://www.oliverlehmann.com/pmp-self-test/75-free-questions.htm#providers_ (OFL - free PMP Exam Self-Assessment Test and link to tons of Providers of...

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