Saturday, January 26, 2008
In response to market demand to distinguish specialized roles on project teams, PMI introduces two new credentials: one for project risk and one for project scheduling. Because projects are getting bigger, more complex and more globally diverse, the market suggests that risk and scheduling are key aspects of a project. As a result, PMI initiated a two-pronged global research study, employing its dedicated research function, to determine the importance of specialty credentials.
The project scheduling credential and project risk credential addresses the need for project practitioners to distinguish their roles and contributions in their specialized area of project management. These new credentials are currently in development and PMI will release them in 2008. Check back for more information and updates on these two new speciality credentials.
Thursday, January 24, 2008
- Cost Estimation
It is developing an approimation of the costs of the resources needed to complete all project activities.
- Cost Budgeting
It is aggregating the estimated costs of individual activities or establish a cost baseline.
- Cost Control
It is infuencing the factors that create cost variances and control changes to the project schedule.
- It is a method of monitoring schedule performance and controlling changes to the schedule baseline.
- Measurement of schedule performance efficiency is the schedule performance index (SPI)
If the SPI is greater than 1.0 or 100%, the project is ahead of schedule. If the SPI is less than 1.0 or 100%, the project is behind schedule.
Sunday, January 20, 2008
The techniques includes:
- Monte Carlo Analysis
- uses Three-Point Estimates for variables in the model.
- simulates various outcomes of the project schedule to provide statistical distribution of the calculated results.
- What-If Analysis
- uses the project's logic network to assess the feasibility of the schedule under adverse conditions.
- can also used to mitigate the impact of unexpected simulations when preparing the risk response plan.
What is Fast-Tracking?
- It is the process of compressing total project duration by performing some activities concurrently that were originally scheduled sequentially.
- It usually comes without any extra cost incurred.
What is Crashing?
- Crashing is a schedule compression method.
- It analyses cost and schedule tradeoffs to determine how to obtain the greatest amount of schedule compression for the least incremental cost.
- Free Float
This is the total time a single activity can be delayed without delayhing the early start of any successor activities.
- Total Slack
This is the total time an activity can be delayed without delaying project completion.
- Project Slack
This is the total time the project can be delayed without passing the customer expected completion date.
Saturday, January 12, 2008
Well, I have been getting lots of question from people around the world asking to know where did I study for my exam and where is the best institute to prepare for PMP. This is a tough question as I do not have the list of best institutes for PMP for the whole world. Nevertheless, when I visit the RMC website, I found that Rita Mulcahy is actually offering a online course (this may be old news for some of you).
I have extracted the course introduction below and you may want to visit RMC website for more details.
Rita Mulcahy, world-renowned PM expert and best-selling author, has been teaching her innovative techniques for passing the PMP® exam on the first try since 1991. And most recently, she has used her thousands of hours of experience to develop exam training for the CAPM® certification as well. Now, project managers around the globe can study for either the PMP® exam or the CAPM® exam online—24 hours a day, 7 days a week.
Below are brief descriptions of RMC's PMP® and CAPM® e-learning courses. For additional information on either e-learning course, select the "Course Details and Sample Lesson " button at the bottom of the description. Note that both courses are aligned with The PMBOK® Guide, Third Edition (2005).
Friday, January 11, 2008
What is Critical Path Method (CPM)?
- CPM includes determining the longest path in the network diagram.
- It states the earliest and latest an activitiy can start.
- The earliest and lastest it can be completed.
What is the critical path?
- it is the longest duration path through a network diagram.
- it determines the shortest time to complete the project.
Sunday, January 6, 2008
- It is also known as "Top Down" Estimation.
- It uses estimations from previous activities to estimate future durations. The validity of duration estimates derived using this method depends on:
- historical information
- similarity of the historical projects
- expert judgement
- Most Optimistic
Best case scenario in which nothing goes wrong and all conditions are optimal.
- Most Likely
The most likely duration and there may be some problem but a lot will go right.
- Most Pessimistic
The worst case scenario which everything goes wrong.
Saturday, January 5, 2008
Friday, January 4, 2008
Activity Duration Estimation is the act of estimating the number of work units needed to complete individual project activities and this shapes the preliminary project schedule.
What are the key terms in Activity Duration Estimation?
- Elapsed Time
This is the actual calender days/months/years required for an activity from start to finish.
This is the number of person-hours or persons-days required to complete the activity.
This estimates the effort to be provided based on the cost estimation and resources estimation.
Precedence Relationship is always assigned to activities based on the dependencies of each activity.
There are four recognized precedence relationships:
- Finish-to-Start (FS)
- Finish-to-Finish (FF)
- Start-to-Start (SS)
- Start-to-Finish (SF)
What is Lag?
- is a delay in the start of a successor activity.
- is determined by a dependency.
What is Lead?
- is implemented when you need to accelerate a successor activity in order to shorten the overall project schedule.
- will vary in length depending on the acceleration required by the amended schedule.
Suggested Study Materials
- PMP-Preparation Recommended Books
- PMP Exam Prep, Fifth Edition: Rita's Course in a Book for Passing the PMP Exam
- A Guide to the Project Management Body of Knowledge, Third Edition (PMBOK Guides)
- The PMP Exam: How to Pass On Your First Try (Test Prep series)