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 on how to manage projects, trains others in project management and project management software, assists with specific project management tools and ensures compliance to organization practices.  It typically has a moderate level of control over projects.

Directive: A directive PMO provides project managers for different projects, and is responsible for the results of those projects; all projects, or projects of a certain size, type , or influence are managed by this office.  A directive PMO has a high level of control over projects.

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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.

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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, programs, projects and operational work.  Of a project no longer aligns with the organizational strategy, the project may be changed midcourse to bring it into alignment, or it may be terminated.

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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 project manager ash authority and peer.  He or she can say no and work to control the project for the benefit of the customer.

The project manager lets others know they cannot get something for nothing. A change in scope must be evaluated for its impacts to time, cost, quality, risk, resources and customer satisfaction.  The project manger has enough data about the project to do this analysis.

The project manager realizes that over time not everyone associated with the project will have the same understanding of what the project is and what could occur during the life of the project.  Therefore, the project manager is continually looking to ensure everyone knows what's going on and has appropriate expectations.

The project manger understands and takes seriously, human resource responsibility on a project.

The project manager spends time on such activities as team building and ensuring high team performance.

The project manager is proactive and finds problems early, looks for changes and prevents problem.s.

The project manager spends more time focusing on preventing problems than dealing with problems.

Most problems that occur have a risk response plan already decreased to deal with them.

Risks are a major topic at every team meeting.

Team meeting do not focus on status.  That can be collected by other means.

All changes to the project management plan flow through the change management process sand integrated change control.

The project manager ensures that organizational policies are followed on the project.

The project manager recommends improvements to the performing organizations standards, polices and process.  Such recommendations are expected and welcomed by management.

Quality should be checked before an activity or work package is completed.

The project manager works closely with the quality assurance quality control department in performing some of the quality activities discussed in the PMBOK guide.

The project anger is actively involved with the procurement process and assists in managing procurements.

The project manager understands contract language.

The project manager makes sure all the terms of the contract are met, including those that do not seem important to him or her.

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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, and every project has one for every knowledge area.

If at all possible, all the required work and all The stakeholders are identified before the project work actually begins.

The project manager determines metrics to be used to measure quality.

The project manger has a plan for continually improving processes.

The project manager creates a system to reward team members and stakeholders.

All roles and responsibilities are CLEARLY documented and assigned to specific individuals on the project.  These may include things like reporting responsibilities, reeks management assignments, and meeting attendance as well as project work.

The project manager focuses extensively on identifying risks.

The stakeholders, as well as team members, are assigned risk identification and risk management  duties.

The project manager realizes that managing risks saves the project time and money.

Project cost and schedule cannot be finalized without completing risk management.

The project manager assesses whether the project can meet the end date and other project constraints and objectives. He or she then meets with management to resolve any differences BEFORE the project work starts.  The project manager knows unrealistic schedules are his or her fault.

The project manager plans when and how to measure performance against the performance measurement baseline, as documented in the project management plan, but he or she also has other measurements to use to determine how the project is performing while the work is being done.

The project management plan is realistic, and everyone believes it can be achieved.

The exam defines a kickoff meeting in a way that maybe different from your understanding of a kickoff meeting.

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General about PMI - Project Management on the exam.

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 are involved throughout the project. Their needs are taken into account while planning the project and creating the communications management plan and stakeholder management plan.  They may also help identify and manage risks.

People must be compensated for their work.

PMI does not approve of gold plating.

Since most projects are managed in a matrix environment, such seemingly easy topics as motivation thermos or conflict resolution can be complicated on the exam.

The project manger has a professional responsibility to properly use the tools and processes of project management.

 

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What is the difference between PERT MEAN and Most Likely?

It is the contingency of a work package

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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 duration.

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Probability of completing the project

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

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Risk Quantification Analysis

Purpose of risk quantification:

1. To get a numerical estimate f the overall effect of risk on the project objectives.
2. 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 likely is success?
• How much contingency?
• Which risks are high priority?

Tools and techniques used: 

1. Data gathering and representation techniques
1. Expert Interviews
2. Probability Distributions
2. Quantitative Risk Analysis and Modeling Techniques
1. Modeling and Simulation
2. Sensitivity Analysis
3. Expected Monetary Value Analysis
3. Expert Judgement

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Purpose of assessing overall risk...

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

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

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

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Risk Management

1. 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.
2. 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 Risk : Between 10% and 50% ( Unlikely)
• Low Risk: 10% or lower ( Very unlikely)
• High probability can be expressed 
• as a %
• As a values statement
• As a comparison
• As a frequency

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Risk identification output

Risk identification output is the RISK REGISTER:

1. List of all risks ( properly stated)
2. Risk owners
3. Cause ( if known)
4. Effect ( if known)
5. Trigger Event ( signals the occurrence of risk)
6. 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 => Effect

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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 Free PMP + CAPM Preparation Questions) 
http://www.velociteach.com (Andy Crowe)
http://www.rmcproject.com (Rita Mulcahy – RMC Project Management)
http://www.cornelius-fichtner.com (Cornelius Fichtner)
http://www.project-management-prepcast.com (Cornelius Fichtner)
http://www.project-management-flash-cards.com (PM PrepCast free flash cards)
http://www.kimheldman.com (Kim Heldman)
http://www.simplilearn.com (Simplilearn)
http://www.pmstudy.com (many saying sample exams close to real one) 
http://www.deepfriedbrainproject.com (cool site – PMP Exam Prep Blog)
http://www.brainbok.com (cool site – various topics)
http://quizlet.com/subject/pmp/#http://quizlet.com/subject/pmp (cool site - various subjects)

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