November 18, 2017

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Project management advice, tips, tools and recommended resources for existing and aspiring project managers.

New PMBOK Guide 6th Edition and SCRUM Guide Perspectives

PMBOK Guide

Attention all existing project managers who are already PMP certified or who are preparing to become certified.

Most of you will know that the new PMBOK Guide, 6th Edition was released in September 2017. Here you will find a reference to a good summary of all the changes that were made in the new PMBOK Guide, 6th Edition. As PMP’s it’s good to keep up to date with what the Project Management Institute (PMI) considers as important when these Guides, that are used world-wide, are refreshed.

Enjoy the read here.

In addition, I would like to share a really interesting interview with Cyndi Snyder Dionisio, the chair of the team that worked on updating the guide. It’s published by Cornelius Fichtner as part of his PM Podcast interviews.

Then I want to refer to an article by Kevin Lonergan, with a controversial view of the Scrum Guide. I’m sure you’ll find it interesting.

 

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Preparation Guide for PMP Certification Exam

Preparation guide for PMP examBy Knowledge Hut

Project Management Professional (PMP) is a valuable, sought after certification. It has become very useful for project managers across the world who want to develop and grow in their careers.

A PMP certification will help you stand out in the marketplace. Various institutes provide PMP certification courses to project managers from all backgrounds. The market is expanding and demand is rising and as a result, the number of project managers who are capable of dealing with their work strategically and execute them successfully are finding themselves overburdened with work.

There is huge scope for competent, certified individuals who can deal with the stress and workload of a project professional. But in order to achieve this, there are several hurdles which one needs to cross.

The PMP certification has made the PMP exam preparation courses one of the most popular courses available in the market today. PMP courses are designed for project practitioners to provide world-renowned education and how to relate that to their professional experience. The exam-based certification is highly rated in the business world and takes the individuals to the next level of proven competence.

This guide provides you with the following tips and tricks to help you prepare for the PMP Certification exam.

Have a plan

You should have a proper plan in place to prepare for the PMP certification exams. The applicants must be well aware of the syllabus and know the pattern of the exam before starting the preparation. They also plan out their preparation chart in order to have a clear and well-defined vision.

Be aware of change

Keep pace with the changes that are happening in the current world. Exam candidates should be aware of what is going on around the world by reading articles, newspapers and other sources to remain updated.

Prepare one topic at a time

It would be wise to prepare one topic at a time. It’s better to be thorough with one subject rather than being confused by too many topics at the same time.

Online examination

Guide for PMP prep examSince the PMP Examination consists of multiple choice questions that are taken online, it is recommended to have good computer skills. It will reduce stress and be less time consuming when prepared well.

Time management

Speed is a major contributor for success in these exams. One methods to improve your speed is by practicing more and more. This would increase both speed and efficiency.

Do Mock exams

There are various mock tests available on the internet, some paid, some are free. This will give candidates a good indication of how well prepared they are for the exam since you also receive scores and explanations with the mock tests. It will give a clear indication of topics needing more preparation and candidates can then focus on areas needing to be improved before taking the real exam.

Revision

Before the start of the exam it’s essential to do enough revision. This ensures that the candidates are able to recollect all that they have learned and apply those during the examinations.

Date and time

Your exam preparations should start immediately after deciding the date and venue of the examination for which the application is made.

Practice, practice

A primary method to achieve success is to practice, practice and practice more. There are various coaching centers in major cities to help aspirants to achieve success and good marks in the exams.

Keep calm

It’s very important for every candidate to remain calm and composed during the exam. This is the point where most exams are passed or failed.

Opportunities in the market

Keep an eye on the market and be on the lookout for organisations which are advertising vacancies.

 

When these guidelines are followed, candidates should perform like heroes and they can be certain of success when taking the PMP certification exams.

To find out more about the classroom,  virtual classroom or online PMP Certification Training Courses with additional resources to help you pass the exam, visit Knowledgehut today.

Certifications for Professional Project Managers

By Linky van der Merwe

In a previous article about being a professional project manager, we explained the characteristics of a professional, the type of qualifications within the profession as well as the benefits to the individual and the organisation. This article will explain the main project management bodies, as well as the certifications on offer.

Who are the recognised Project Management Bodies?

Certifications for professionalsThere are three main recognised bodies for project management who provide a range of project management best-practice methodology, principles, qualifications, certifications and professional membership.

There is considerable overlap with what each of the three Bodies considers as best-practice project management. The differences tends to be more related to the level, focus, breadth and depth of project management principles, processes, techniques and methods rather than there being any fundamentally conflicting views about best-practice project management.

The three main recognised project management bodies are:

  1. Project Management Institute (PMI) – The PMI is the largest global membership association for project management professionals. At the heart of the PMI philosophy is ‘A Guide to the Project Management Body of Knowledge (PMBOK Guide)’, comprising of core project management processes and techniques. Training is delivered through PMI Registered Education Providers (REP). PMI is headquartered in the USA.
  2. Association for Project Management (APM) – The APM’s mission statement is to develop and promote the professional disciplines of project and programme management for the public benefit across all sectors of industry. At the heart of APM ethos is the APM Body of Knowledge (APM BoK), comprising fifty-two knowledge areas required to manage any successful project. APM BoK provides a framework and key principles for managing projects. Training and examinations are delivered through APM Accredited Training Providers. APM is headquartered in the UK.
  3. Association for Project Management Group (APMG) – The APMG is the registered examination institute and administer qualifications, certifications and accreditations for Axelos on behalf of The Cabinet Office. The Cabinet Office is the owner of the PRINCE2 method for managing projects and MSP for managing programmes. PRINCE2 is an acronym for Projects In Controlled Environments. MSP is an acronym for Managing Successful Programmes.PRINCE2 is a structured process-based method for effective project management and a de facto standard used extensively by the UK Government and is increasingly used in the private sector.

Certifications offered

The most well-known certifications in the project management marketplace today are awarded by these three institutions.

1.      PMI®:  Project Management Institute

PMI is the world’s leading not-for-profit membership association for the project management profession, with more than half a million members and credential holders in 185 countries. Their worldwide advocacy for project management is supported by a globally-recognized standards and credentials, an extensive research program, and professional development opportunities.

  • CAPM®– Certified Associate in Project Management
  • PMP® – Project Management Professional
  • PgMP® – Program Management Professional
  • PMI-RMP® – Risk Management Professional
  • PMI-SP® – Scheduling Professional

2.      APM:  Association for Project Management

As the largest independent professional body of its kind in Europe, their membership extends to more than 20 000 individual and 500 corporate members throughout the UK and abroad.

  • Introductory Certificate in Project Management
  • APMP
  • APM Practitioner
  • CPM: Certificated Project Manager
  • APM Risk Certificate – Level 1
  • APM Risk Certificate – Level 2
  • Registered Project Professional (RPP)

3.      APMG-UK:

APMG-UK is the United Kingdom arm of APMG-International, a global Examination Institute accredited by The APM Group. APMG-UK specialises in the accreditation and certification of organisations, processes and people, within a range of industries and management disciplines and is currently the Official Accreditor of the Office of Government Commerce (OGC).

  • Agile Project Management
  • APMP Foundation, Practitioner, Professional Bid & Proposal Management
  • CHAMPS2 – Change Management Foundation
  • CHAMPS2 – Change Management Practitioner
  • Earned Value Management (EVM) Certification
  • PRINCE2® Foundation
  • PRINCE2® Practitioner
  • PPS – Programme and Project Sponsorship
  • M_o_R® Foundation and Practitioner (Management of Risk)
  • MSP® Foundation, Practitioner, Advanced Practitioner Managing Successful Programmes

4.      IPMA®:  International Project Management Association

The IPMA® is a world leading, non-profit making project management organisation which represents more than 50 project management associations from all continents of the world. The organisation actively promotes project management to businesses and organisations around the world in order to increase the recognition of the profession.

  • IPMA: International Project Management Association
  • Level A – Certified Projects Director
  • Level B – Certified Senior Project Manager
  • Level C – Certified Project Manager
  • Level D – Certified Project Manager Associate

5.      Six Sigma

Six Sigma is a business management strategy originally developed by Motorola, USA in 1981. (Unfortunately, there is no recognised Six Sigma accreditation body or single organization which oversees a standard body of knowledge or standardized Six Sigma tests and certification).

  • Six Sigma Certifications
  • Yellow Belt Certification
  • Green Belt Certification
  • Black Belt Certification
  • Master Black Belt Certification

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Looking for a Project Management Training Service Provider?

Review Article

Training with KnowledgeHut

In the dynamic world we live in today, learning policies within organisations are evolving at rapid speed in response to emerging technologies. Traditional, formal and scheduled training methods have given way to more informal and on-demand forms of learning, with an increasing accent on blended and e-learning delivery modes. Continuous training and collaboration helps organizations stay at the cutting-edge of change.

Global Training Provider

KnowledgeHut is a Global leader in online and classroom training for on-demand certifications like PMP, PMI-ACP, MS Project, PRINCE2 and more. As an industry-leading training company operating across 70 countries and 6 continents, their courses are aimed at delivering measurable improvements in business performance and productivity. Training is delivered across the US, Canada , Germany, Sweden, Netherlands, UK, Ireland, APAC and SE Asia.

Training with KnowledgeHut

Agile and Scrum training in Sydney on 1st February’17

Professionals who have completed their courses are equipped with state-of-the-art knowledge and technical skills that enable them to stay at the forefront of their careers.

KnowledgeHut works with the Global Blended Model of Approach (GBMA), an effective method that makes training and learning easier for individuals and organizations in the industry. This methodology works through a blend of extensive online training in tandem with traditional classroom based learning. Participants have consistently achieved positive training results, with a shorter learning curve and significantly higher retention of the subject matter.

Specialties

KnowledgeHut is a registered Education Provider (REP) of Scrum Alliance, PMI and IIBA. It’s also an ATP of EC-Council, CompTIA, APMG for PRINCE2 training, as well as a certified partner of AXELOS and the disciplined Agile consortium and Scaled Agile Inc.

KnowledgeHut offers an extensive selection of vendor-authorized training and certifications for PMI, Microsoft, APMG, CompTIA, and Scrum Alliance among many others.

Close the skills gap

They specialize in training, consulting, Scrum Master Training, Certification courses as well as e-Learning. Have a look at their Infographic on the Future of IT.

If you want to train with a company whose mission it is to empower human capital through industry accredited, nationally and internationally recognized courses to close the skill gap, visit KnowledgeHut and find the course that will make you more successful in 2017 and beyond.

Training Service Provider: GreyCampus – Training Project Professionals, Enhancing Careers

Certification training to develop new skills is an important aspect of career advancement. It not only recognizes your skills, but helps you get hired in a dream job. A 2012 Microsoft study highlights certification as an important hiring criteria. For hiring managers, a certification represents high skillsets for a candidate.

In a recent IT professionals survey, more than half of respondents stated that they landed new jobs due to a certification. It is part of important criteria for selection in project management jobs. If you plan to become certified in 2017 and you are looking for training, consider GreyCampus as the one-stop destination for all your training needs.

Introduction to GreyCampus

GreyCampus is a private education management company. Founded in 2014, it has its head office at Dallas, Texas in the United States. It is a leading training provider and has helped train more than 10,000 professionals worldwide. It provides training to professionals in the areas of project management and quality management. It is a registered education provider (REP) for many professional training courses. GreyCampus has also partnered with institutes like PMI, Axelos, PeopleCert, PRINCE2 and more.

Training methods

GreyCampus conducts training through the following methods:

  • Instructor-led online classes
  • Instructor-led traditional classroom courses
  • Self-learning online courses.

Project Management Training

PMP exam preparation courseThe project management courses at GreyCampus are available in the following modes:

  • Instructor-led
  • Online self-learning

The course provides learners with the essential tools needed to pass the exam. It is aligned as per the Project Management Body of Knowledge (PMBoK) Guide, Fifth edition. It is also competitively priced to make learning affordable.

The instructor-led classes, both online and classroom are priced at $999. The online self-learning course is priced at $400.

GreyCampus also offers courses on CAPM and PMI-ACP certifications in different learning modes.

PRINCE2 Training

PRINCE2 FOUNDATIONGreyCampus offers the following courses around PRINCE2:

  • PRINCE2 Foundation Training and Certification course. It is available in both instructor-led and self-learning modes.
  • PRINCE2 Practitioner Training and Certification course. It is available in both instructor-led and self-learning modes.
  • There is also a 3-day instructor-led only PRINCE2 Foundation and Practitioner Combo course.

Project Professionals

GreyCampus training offers short courses to help project professionals earn Category A Professional Development Units (PDU). These PDUs help them keep their PMI certification, to develop themselves and to be up to date in the job market.

For example, the Microsoft Project Fundamentals priced at $5 will earn the student 5 PDUs. The Project Schedule Management Basics priced at $10 will gain the student 10 PDUs.

The other project applicable courses available are Project Collaboration and Management, MiniTab Online Training, Slack Introduction and many more.

Special offer

Project managers who are looking for training in 2017 can check the details of the project management courses on the GreyCampus website. You can check the course schedule, eligibility and location and make your choice as per your needs.

In partnership with Virtual Project Consulting, GreyCampus offers a special discount of 50% if you sign up from here. Just use coupon code PROJCOL.

***Some links are affiliate links.

PMP Exam: A fun way to become PMP certified

By Samantha Shore

With many organisations aiming to improve their project management maturity, there has been a big emphasis in the past few years on using professional project managers to execute their project portfolios. Project management is becoming more and more central to conducting all forms of business, hence the profession is experiencing rapid growth.

Brain Sensei e-learningSo, in this climate where the traditional corporate professional is not the only one interested in becoming PMP certified, there are options that exist to prepare the more non-traditional workers and their (potentially) non-traditional schedule for the PMP exam. One of these emerging options is Brain Sensei e-Learning.

A fun way to study

Brain Sensei offers learners an effective and fun way to study, while collecting the needed 35 contact hours at the same time. Founders John Estrella, PhD, CMC, PMP and Chris Stafford, MBA, PMP aimed to offer a service that they weren’t able to find when preparing for their own PMP exams – one that didn’t put them to sleep. Their solution to the problem was to create an e-learning program that pairs key knowledge points with fun animated videos to reinforce them and uses several types of interactive self-assessments to help learners gauge how they’re progressing. These features help users of Brain Sensei to stay engaged with the material, understand it more clearly, and remember key concepts when it counts: for example, during their PMP exam!

PMP Exam Prep Course

Brain Sensei self assessmentThe Complete PMP Exam Prep Course is $399. It is composed of six online modules (also available for individual purchase) that cover the 5 Project Management process groups, as well as over 900 practice exam questions.

Each module follows the story of a female samurai in Feudal Japan as she overcomes adversity. The modules come equipped with summaries of key concepts, self-assessment quizzes, and contact hours. The Complete PMP Exam Prep Course and individual modules are available to users for a period of 6 months after purchase, so that learners can work at their own pace, and easily review material before their exam.

Mobile access

Students are not limited to using their computer to complete Brain Sensei courses, but can also use their tablet or smartphone to access the material, wherever they are. To learn more about how Brain Sensei modules work check out their course selection and for a limited time test out the first module for free.

Becoming PMP certified is a career move that brings with it many benefits – better opportunities, higher pay and increased job stability. With features designed to engage users and cater to multiple learning styles, Brain Sensei is a fresh take on e-learning that makes getting your PMP certification not only achievable, but also fun.

About Brain Sensei

Brain Sensei is a Registered Education Provider (REP) with the Project Management Institute and an eLearning company that offers online courses to help people prepare for the Project Management Professional exam. Their mission is to provide simple and innovative courses by using an animated story to reinforce key project management concepts and to make it easier for you to absorb information. Also visit them on Facebook, Twitter for pearls of Project Management Wisdom.

Preparing for PMP Exam – Opportunity Cost

By Cornelius Fichtner, PMP, CSM

Tips for PMP examsThere are many possible topics covered in the Project Management Professional (PMP)® Exam. Undoubtedly you would use the Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition as your primary resource as it is the globally recognized standard and guide for the project management profession. However, it does not cover every possible topic that the PMP Exam may touch on. One of those topics is Opportunity Cost.

Here we will explain why as a project manager you need to understand Opportunity Cost, beyond that it may be on the PMP Exam, and what exactly Opportunity Cost is. We will also give an example of an Opportunity Cost question.

Project Selection

Why does a Project Manager need to understand Opportunity Cost? It is very possible as a Project Manager you will be charged with project selection at some point in your career. You will need to make sure you evaluate and select projects based on your organization’s goals and needs to ensure returns are maximized as well as opportunity costs are minimized. As part of the project selection process you will need to evaluate where to best utilize valuable resources such as specific skill sets, time and money. Allocating these resources to a specific project prevents their use for other projects at the same time, after all an organization only has so many resources and needs to take on projects with the highest potential for success and the greatest return.

Potential Future Return

What is Opportunity Cost? Opportunity cost is the loss of potential future return from the second best unselected project. In other words, it is the opportunity (potential return) that will not be realized when one project is selected over another. For example if Project X has a potential return of $25,000 and Project Y has a potential return of $20,000, then selecting Project X for completion over Project Y will result in an opportunity cost of $20,000. That is the “loss” of not completing Project Y.

Sample Exam question

Herewith an example of a PMP Exam sample question around Opportunity Cost:

“You are part of a project selection team evaluating three proposed projects and you need to select the project that would bring the best return for the organization. Project A has an NPV of $25,000 and an IRR of 1.5, Project B has a NPV of $30,000 and an IRR of 1.25, and Project C has an NPV of $15,000 and an IRR of 1.5. What would be the opportunity cost of selecting Project B over Project A?”

  1. $15,000
  2. $5,000
  3. $25,000
  4. $30,000

The correct answer is C. Opportunity Cost is the potential return of the project not selected. In this case we did not select Project A, so it is $25,000. There is extra unrelated information in this question; IRR is not relevant when evaluating opportunity cost. Once all of the unnecessary information is filtered out the questions is simply asking what is the dollar value associated with Project A.

Opportunity Cost simply comes down to the benefits or returns that are passed up when one project is selected over another.

Understanding what Opportunity Cost is may or may not be necessary when taking the PMP Exam. Even if questions about Opportunity Cost are not on your PMP Exam it is still important for you as a Project Manager to understand Opportunity Cost as it is a method for selecting one project over another especially when valuable resources are limited.

About the author: Cornelius Fichtner, PMP is a noted PMP expert. He has helped over 34,000 students prepare for the PMP Exam with The Project Management PrepCast and The PMP Exam Simulator.

Use Coupon code Aug15 for 10% discount on the Prepcast in August.

7 Myths about PMP Exam for First Time Takers

By Alan Tay

PMP Exam myths
The PMP certification is one of the most recognized certifications for project managers globally. Many job advertisements list a PMP certification as a mandatory requirement for certain positions. Therefore, if you are serious about your career path as a project manager, nothing should stop you from getting the PMP certification. Fortunately I passed the PMP examination on my very first try, but I became aware of myths about the PMP exam that I would like to address here.

#1: Pick the correct answer

Beware of choosing the correct answer. The PMP exam is a multiple choice question type of exam and out of the 4 answers, you need to choose the BEST (not correct) out of it. This means that you could have four correct answers.

What I did for most of my questions where I really have difficulty answering them is to eliminate the weakest answer and work towards the best one.

#2: You need to be the Jack of All Trades

This is for exam takers who had read too much about PMP tips. You will come to realize that the PMP exam does not have a fixed passing rate and it pretty much covers every process group and knowledge area. Does this mean that you will not pass if you are weak at certain areas? The answer is: “No.”

When I received my PMP exam result, I noticed that I had two areas which are below proficient. This means that even if you are not proficient in a certain area, you can still make it through, but it’s surely not worth to risk, because if you are planning to pass this examination, you should be well prepared.

#3: Four hours is long

The examination lasts for four hours, but for a professional certification like PMP, it is never too much. In fact, I had to miss my last 10 questions, even though I timed myself very well that I must finish at least 50 questions in every hour. The reason for this is that you become tired towards the end of the exam. Therefore, having a good rest the night before is very important.

#4: Finishing the PMBOK is a MUST

Honestly, I had never flipped through more than 50 pages of the PMBOK. The PMBOK is an important piece of document for your reference, but it is not your only source for the PMP exam because the book contains hundreds of pages taking a long time to finish. As a result, I trusted the educational materials from my PMP exam preparation course instead.

This is not a shortcut to success because the materials basically tell me what I need to focus on the 10 knowledge areas of project management and I should refer to the PMBOK on the key areas that I need to focus. Therefore, I still used the PMBOK but most of the time as a reference only.

#5: Practice makes perfect

I can see that many PMP exam takers look around for sample questions for PMP exam and I have to say that it is important but not necessary. Personally, I had never bought or attempt any sample questions of the PMP exam apart from the ones that provided by my PMP exam preparation education. Therefore, you don’t have to buy thousands of questions from the internet just to give you more practice.

It is more important for you to know the project management concepts and framework introduced by PMI. In fact, you only need few sample questions just to familiarize yourself.

#6: Experience matters

Regardless of how many years of experience you have in project management, if you don’t answer the question according to the PMI project management framework, you will fail.

Your experience is not what matters most. Instead, it is your knowledge that determines whether you will pass or not. However, having project management experience does give you an advantage if you put the PMI knowledge first before yours.

#7: Exam tips

Don’t believe all the tips on the internet about PMP exam. Focus on reading the materials that will help you pass your PMP exam.

There is no shortcut to success because:

“Success is a journey, not a destination”

– Arthur Ashe

Can’t agree with me? Drop your feedback in the comment area below.  Don’t forget to check out the FAQ of PMP exam.

 

About the author: Alan Tay is a project manager who runs IT security projects and the owner of Project Detective, a project management blog, where he often publish tips on project management and PMP exam preparation tips. Visit his blog for more information.

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