New PMI Credentials for Project Management in Development

PMI has recently introduce 2 new credentials and I have extracted the lastest information from their website. You may want to refer to the following as well:

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.

Project Cost Management in PMP

I would like to start a new topic on Project Cost Management. Project Cost Management is one of the major topic in PMP and it consists of the following 3 major topics:

• 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.

Schedule Control in PMP

What is the definition of Schedule Control in PMP?

• 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.

What is Project Schedule

In PMP, Project Schedule is:

• a collection of planned dates for performing activities and meeting schedule milestones.
• to coordinate activities into a master plan in order to complete the project objectives on time.

Simulation in PMP

Simulation is a technique that uses computer models and estimates of risk to translate uncertainties at a detailed level into their potential impact on project objectives.

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.