Collection from -- http://pmzilla.

com

Among all the chapters, I loved the way Integration management, Procurement management, Risk management and Quality management chapters are covered in PMP Exam Prep. I have never had a first hand experience in Procurement management. The book covers these areas in simple terms. Thanks to the book, I got most of the questions based on Integrated Change Control right in a few seconds of reading the question and the answer choices. My lessons learned: 1. Project sponsor protects the project from changes and from loss of resources.

2. Deviations from baselines are often due to incomplete risk identification and risk management.

3. Wider the range between optimistic and pessimistic estimates in a 3 point estimate, more the uncertainty the estimator has.

4. GERT chart - a chart showing loops between activities.

5. Resource working on an activity with most float will be considered for transitions.

6. To save time, you want to fasttrack activities on critical path.

Collection from -- http://pmzilla.com

7. Team needs to approve final schedule to ensure activities can be completed as scheduled.

8. Crashing an activity with float will not shorten the project.

9. 2+ Critical paths in a project makes it more risky for the project.

10. Detailed project schedule should be approved by functional managers.

11. More interdependencies on a project increase the need for communication.

12. Discretionary dependency - important when analyzing how to shorten or resequence the project to decrease the project duration(fast-track).

13. Schedule compression occurs before finalizing the schedule.

14. CPI is the most critical EVM metric.

Collection from -- http://pmzilla.com

15. Resource breakdown Structure (RBS) is useful in tracking project costs.

16. Stakeholder list is created at project initiation and reassessed at project execution.

17. WBS allows communication within the organization as well as outside the project.

18. A project manager does not have authority to issue change orders, but must request them from the procurement manager.

19. Project manager cannot accept shipments that do not meet the requirements of the contract; but may meet the project manager's needs.

20. Seller cannot issue a change order, although can request one.

21. Normal response to force majeure is to give extension of time.

22. When a seller goes abruptly out of business, best thing to do is to hire a new seller under a time and material contract.

Collection from -- http://pmzilla.com

23. Main purpose of procurement audit is to identify the successes to transfer to other procurements.

24. Transference of risk is included in the terms and conditions of the contract.

25. A decision to accept a risk must be communicated to stakeholders.

26. Forecasting methods:

o

Time series methods

EVM Moving average Extrapolation Linear prediction Trend estimation Growth curve Regression analysis - Linear, non-linear autoregressive moving average econometrics Surveys Composite forecasts Delphi method Scenario building

Causal/econometric methods

Judgmental methods

10

Collection from -- http://pmzilla.com

Technology forecasting Forecast by analogy Simulation Probabilistic forecasting Ensemble forecasting

Other methods

Day of the exam: I started with a good flow and I marked questions that I was skeptical about, although I answered them. So, In the first 2 hours, I had completed my first pass of the 200 questions. I had about 60-80 questions marked for review. Can't recall how many were marked. I went through them carefully for the next 1 hour. I was thinking about submitting the exam. But I listened to my instincts and decided to stay back for the next 1 hour and review 1st 100 questions as quickly as possible. I reviewed almost 70 questions and the time ran out. I filled the survey and heaved a sigh of relief when I saw the word Congratulations on the monitor. All the best to those of you working towards your PMP. Good luck, Best regards, Kalpana

Passed PMP Today - 30-Aug-2011 Sharing Lessons Learned

Submitted by ShreeSid on Wed, 08/31/2011 - 01:33

PMP Exam Tips, Tricks and Lessons Learnt.

11