I will summarize the latest edition (7th)of the PMI-PMP, this series will help you with your revision before attending your exam, or you can come and refresh your knowledge whenever you want! Let's get started and good luck!
Please do not consider this series as material that you can count on for your exam, this is a summarized version and will not be sufficient to pass your exam without attending the required course and studying the full material.
Project Management Framework
Project
A temporary endeavor was undertaken to create a unique product, service, or result. Project drive change in an organization. A project is aimed at moving an organization from one state to another state in order to achieve a specific objective. Projects enable business value creation; value is the net quantifiable benefit derived from a business endeavor. The benefit may be tangible (monetary assets, utility, and tools), intangible (goodwill, brand recognition, public benefit), or both. Projects are done to satisfy stakeholders' requests or needs, create, improve, or fix products, implement or change business or technological strategies, or meet regulatory, local, or social requirements.
Operation
An ongoing endeavor that produces repetitive outputs, with resources assigned to perform the same set of tasks according to standards institutionalized in the product life cycle.
Project Management
Application of knowledge, skills, tools, and techniques to project activities to meet project requirements. Importance of effective project management is to meet business objectives, satisfy stakeholder expectations, be more predictable, increase chances of success, respond to risks in a timely manner, resolve problems and issues, and deliver the right products at the right time.
The internal value delivery system comprises projects, programs, products, portfolios, and operations that work together to create value for stakeholders
Program
Group of related projects, subprograms, and program activities managed in a coordinated way to obtain benefits and control which is not obtainable from managing them individually.
Portfolio
Collection of projects, programs, sub-portfolios, and operations managed as a group to achieve strategic objectives.
Project Life Cycle
The series of phases that a project passes through from its start to its completion. collection of generally sequential project phases whose name and number are determined by the control needs of the organization or organizations involved in the project and are tailored to best fit the need of the project to create maximum value for the customer The risk and uncertainty and influence of stakeholders are high at the beginning and the cost of change is low, at the final stage the cost is high and the risk, and influence of stakeholders are low. Also, the resources are high in the middle, and staffing is typically highest during the execution phase of the project. (Initiation, Planning, Execution, Monitoring and controlling, Closing).
Product Life Cycle
Evolution of product, from concept through delivery, growth, maturity, and to retirement.
Project Constraints
Scope, Time, Cost, Resource, Risk, Quality. Triple constraint framework in Project Management (Cost, schedule, scope)
Phase Gate
(Phase review, Stage gate, Kill point, Phase entrance, Phase exit)
Performance is compared to the project business case, project charter, and project management plan. Either to continue to the next phase, continue to the next phase with modification, end the project, remain in the phase, or repeat the phase or element of it. The phases in general may be sequential, iterative, or overlapping. The phase review meeting gives to project stakeholders a chance to review project progress and planned future actions.
Predictive Life Cycle (Waterfall- Plan driven)
The project scope, time, and cost are determined in the early phases of the life cycle. Changes to the scope are carefully managed, and these projects proceed through a series of sequential or overlapping phases. To ensure the successful delivery the project manager must identify the project’s risk and necessary success criteria.
Adaptive Life Cycle (Agile- Change driven)
The detailed scope is defined and approved before the start of an iteration. It is recommended for high-change projects and complex ones.
Hybrid Life Cycle
Combination of predictive and agile.
Project Stakeholders
A stakeholder is an individual, group, or organization that may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project. May be internal or external to the project, they may be actively involved, or unaware of the project. Project stakeholders may have a positive or negative impact on the project, or be positively or negatively impacted by the project. Internal stakeholders such as the sponsor, resource manager, PMO, portfolio manager, program manager, project managers of other projects, and team members. External stakeholders (customers, end users, suppliers, regulatory bodies, and competitors. Before planning the project, stakeholders must be identified. Inputs are project charter, business document, project management plan, project documents, EEFs, and OPAs.
Work Performance Data
Raw observation and measurements. Such as start and finish dates, number of change requests, number of defects, actual cost, and actual durations.
Work performance information
Analyzed work performance data, the status of deliverables, the status of change requests, and forecast estimates to complete.
Work performance reports
Status reports, memos, justifications, electronic dashboards. Recommendations and help stakeholders make decisions. progress reports, reserve burndown charts, defect histograms
Project Management Body of Knowledge (PMBOK)
Generally recognized as a good practice, “Good practice” does not mean that the knowledge described should always be applied uniformly to all projects. The appropriate project management processes, inputs, tools, techniques, outputs, and life cycle phases should be selected to manage a project. This selection activity is known as tailoring. Stewards act responsibly to carry out activities with integrity, care, and trustworthiness while maintaining compliance with internal and external guidelines. STEWARDSHIP is one of the key principles of successful project management as per the PMBOK 7th edition. Stewards demonstrate a broad commitment to the financial, social, and environmental impacts of the projects they support.
Project Business Documents
Project business case; Documented economic feasibility study used to establish the validity of the benefits of a selected component lacking sufficient definition and that is used as a basis for the authorization of further project management activities. It lists the objectives and reasons for project initiation. It brings together the benefits, disadvantages, costs, risks of the current situation, and future vision, and helps to measure the project's success at the end of the project against the project objectives. It is used throughout the project life cycle and may be used before the project initiation and may result in a go/no go decision. A need assessment often precedes the business case, the needs assessment involves understanding business goals and objectives, issues, and opportunities. The results of the needs assessment may be summarized in the business case document. Cost-benefit analysis is used here.
Project Benefits Management Plan
The documented explanation defines the process for creating, maximizing, and sustaining the benefits provided by a project. It describes how and when the benefits of the project will be delivered, and the mechanisms that should be in place to measure those benefits. It also describes key elements of the benefit and may include target benefits (Financial value), strategic alignment (How well the project benefits align to the business strategies of the organization), timeframe for realizing benefits (short-term, long-term), benefit owner (The accountable person to monitor, record, and report realized benefits), metrics (The measure to be used to show benefits realized, direct measures, and indirect measures), and risks (Risk for the realization of benefits).
The project sponsor is generally accountable for the development and maintenance of the project business case document and for providing funding, aid in identifying stakeholders, approving, or denying the budget, approves the project charter. The project manager is responsible for providing recommendations and oversight to keep the project business case, project charter, and project benefits management plan success measures in alignment with the goals and objectives of the organization.
Project Influence
Enterprise Environmental factors (EFFs)
Internal
Organizational culture, structure, employee capability, resource availability, information technology software, the geographic distribution of facilities and resources, and infrastructure.
External
Marketplace conditions, physical environmental elements, financial considerations, government-industry standards, a commercial database, social and cultural influences and issues, and legal restrictions.
Organizational Process Assets (OPAs)
Processes, policies, procedures. Knowledge-based (Standard templates, lessons learned, and historical information).
Organizational Structure
Functional organization
The organization is grouped by areas of specialization within different functional areas. The project manager has limited authority to assign work and apply resources, and reports to a functional manager, with little or no authority, and resource availability is little or none, project coordinator, a part-time role, the functional manager manages the project budget.
Projectized Organization
The entire company is organized by projects, the project manager has control of projects, personnel are assigned and report to the project manager, members complete project work and when it is over, they do not have a home.
Matrixes:
Strong Matrix
Power with the project manager (moderate to high)
Balanced Matrix
Power is shared between the project manager and the functional manager.
Weak Matrix
Power with the functional manager and the project manager will work as an expediter (Cannot take decisions, staff assistant and communication coordinator), or coordinator (Similar to project expeditor except has some power to take decisions).
Project Management Office (PMO)
Support project managers, and manage shared resources across the PMO. Portfolio management is also responsible to ensure resource supply in an organization. Coaching, mentoring, and training. Conducting project audits. Developing and managing processes and procedures. Facilitating communications across projects.
PMO types
Supportive
Provide a consultative role to projects by supplying templates, best practices, training, access to information, and lesson learned from other projects. (The degree of control is low).
Controlling
Provide support and require compliance, compliance may involve the adoption of project management (frameworks or methodologies, use of specific templates, forms, and tools, and conformance to governance). (The degree of control is moderate).
Directive
Take control of the projects by directly managing the projects. Project managers are assigned by and report to the PMO. (The degree of control is high).
Project Manager
The person assigned by the organization to lead the team that is responsible for achieving project objectives. Should have management skills such as (Planning, meeting management, time management, organizing, and controlling). Interpersonal skills such as (Leadership, communication, influence, negotiation, motivation, and team trust building.
Technical Project Management
Skills are the skills to effectively apply project management knowledge to deliver the desired outcomes for programs or projects. Focus on the critical technical project management elements for each project they manage, such as (critical success factors for the project, schedule, selected financial reports, and issue log). Make time to plan thoroughly and prioritize diligently. Manage project elements, including schedule, cost, resources, and risk, and identify appropriate project management approaches.
Strategic and business management skills
Strategy to explain essential business aspects of a project, team to work with the project sponsor, team, and SMEs. value to Implement a strategy to maximize business value.
Leadership skills
Involves the ability to guide, motivate, and direct a team (Dealing with people, qualities, and skills of a leader). project management includes influencing, motivating, listening, enabling, and other activities having to do with the project team Being visionary and positive, being collaborative, managing relationships and conflict, and communicating. Politics, power, and getting things done. Project management is more than just working with numbers, templates, graphs, and computing systems. A common denominator in all projects is people, people can be counted, but they are not numbers.
Stay tuned for Part 2, All The Luck with your PMI-PMP Journey!