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PMP Certification Hi, my name is Edward
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4/1/2018 PMP Certification Study Notes 1 - Terms and Concepts - new PMP, PMI-ACP, ITIL & PRINCE2 Exam Tips 2018
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4/1/2018 PMP Certification Study Notes 1 - Terms and Concepts - new PMP, PMI-ACP, ITIL & PRINCE2 Exam Tips 2018
Important PMP®
Terms and Concepts SEARCH FOR CERTIFICATION TIPS
(covering Section 1, 2 To search type and hit enter
and 3 of the PMBOK®
Guide 6th Edition)
Project
Project – a temporary endeavor to
create a unique product, service or
result (or enhancement of existing
services/products (e.g v.2
development is a project) ) — may
be collectively termed as
deliverable — (vs
ongoing operations which manage
processes in transforming
resources into output) sometimes
may involve handing over the
deliverable to the operation teams
for continuous operation
Project drives changes in the
organization and often is a means
to create business values and to
achieve organizational goals —
the net quantifiable benefit derived
from a business endeavour which
can be tangible or intangible.
Projects operate in an environment
that may have favourable or
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4/1/2018 PMP Certification Study Notes 1 - Terms and Concepts - new PMP, PMI-ACP, ITIL & PRINCE2 Exam Tips 2018
Project Management
Project Management – the
application of (all appropriate)
knowledge, skills, tools &
techniques and whatsoever to
manage project activities with a
view to meet the project
requirements and achieve customer
satisfaction
The most important task is to align
stakeholder expectations with the
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4/1/2018 PMP Certification Study Notes 1 - Terms and Concepts - new PMP, PMI-ACP, ITIL & PRINCE2 Exam Tips 2018
Transactional
Servant leader
Transformational
Charismatic
Interactional
Organization System
The organizational system
determines the power, influence,
competence, leadership and
political capabilities of the people
who can act within the system. e.g.
Management Elements —
general management
principles/rules of the
organization, e.g. disciplinary
action, division of skills,
authorization model/practices,
communication channels
Organizational Governance
Frameworks —
framework/processes
describing how authority within
the organization is exercised
Organizational Structure Types
Organic or Simple
Virtual
Projectized (project
manager has the ultimate
authority over the project,
team members are often
collocated)
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Matrix (Strong, Balanced,
Week)
Functional
Composite/Hybrid – a
combination of different
types, depending on the
actual need
PMO
Tight Matrix = co-location, nothing
to do with the organization type
(not necessarily a matrix org.)
Functional organizations => the
project manager has little authority,
often called project expeditor (no
authority) or coordinator (little
authority), project coordination
among functional managers
Matrix organization => multiple
bosses and more complex
Project Management Office (PMO)
– standardizes governance,
provides training, shares tools,
templates, resources, etc. across all
projects/programs/portfolios
3 forms: supportive, controlling
and directive (lead the project
as PM)
functions: training, resource
coordination, methodology,
document repository, project
management oversight,
standards, career management
of PMs
may function as a stakeholder /
key decision maker (e.g. to
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4/1/2018 PMP Certification Study Notes 1 - Terms and Concepts - new PMP, PMI-ACP, ITIL & PRINCE2 Exam Tips 2018
objectives, either
sequential/overlapping phase,
scope/time/resources for each
phase may be different
Incremental – features/scope
are added to each incremental
cycle
Adaptive [change driven/agile]
– for projects with high levels
of change, risk and/or
uncertainty, each iterative is
very short (2-4 weeks), work is
decomposed into product
backlog, each with a
production-level product, scrum
is one of the most effective
agile methods, stakeholders are
involved throughout the
process, time and resources are
fixed, allow low change
cost/keep stakeholder influence
high
Hybrid
The life cycle chosen must be
suitable for the intended deliverable
and flexible enough to deal
changes.
each project phase within the
product lifecycle may include all the
five project management process
groups
Product life cycle: development >
production > adoption & growth >
maturity > decline > end of life
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4/1/2018 PMP Certification Study Notes 1 - Terms and Concepts - new PMP, PMI-ACP, ITIL & PRINCE2 Exam Tips 2018
less return
Working capital – assets minus
liability, what the company has to
invest in the projects
Payback period – a time to earn
back capital investment
Benefit-cost ratio (BCR) – an
indicator, used in the formal
discipline of cost-benefit analysis,
that attempts to summarize the
overall value for money of a project
Depreciation – straight-line
depreciation vs accelerated
depreciation (the amount of
depreciation taken each year is
higher during the earlier years of an
asset’s life)
Under double declining balance, the
asset is depreciated twice as fast as
under straight line. Using the
example above, 10% of the cost is
depreciated each year using a
straight line. Doubling the rate
would mean that 20% would be
depreciated each year, so the asset
would be fully depreciated in 5
years, rather than 10.
Under sum-of-the-years-digits, the
asset is depreciated faster than the
straight line but not as fast as
declining balance. As an example of
how this method works, let’s say an
asset’s useful life is 5 years. Adding
up the digits would be 5+4+3+2+1
or a total of 15. The first year, 5/15
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Journey to Abilene (Abilene’s
Paradox) – committee decisions
can have a paradox outcome, the
joint decision is not welcome by
either party (because of fear of
raising objections)
when something unusual happens,
always refer to the PM
Plan/Charter for instruction on how
to proceed; if not found, ask for
direction from the management
unresolved issues will lead to
conflicts
Preparation
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Certification Demystified
Groups
and Concepts
First!
Knowledge Areas
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Practice Guide
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Edward Chung
Edward Chung aspires to
become a full-stack web
developer and project
manager. In the quest to
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Edward Chung
April 27, 2017 at 11:06
Dear Sylvie,
Edward Chung
March 31, 2017 at 09:26
Hi Aaron,
Remember to be psychologically
prepared for some more difficult
questions at the beginning of
the exam that may adversely
affect your confidence. As you
have already tried your best in
your PMP preparation, have
confidence in yourself!
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Edward Chung
March 31, 2017 at 09:26
Thanks for your clarification!
Reply
Thank you,
Mark
Reply
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