Pmp Exam Cram Session 5 Pdus From A Pmi Rep

Tags: PMP

Cram Session for Passing the PMI PMP Exam - from a PMI Registered Education Provider

Last updated 2022-01-10 | 4.8

- Define the PMP exam details
- Study to pass the PMP exam - not just take the PMP exam
- Implement test-passing tips and tricks for the PMP

What you'll learn

Define the PMP exam details
Study to pass the PMP exam - not just take the PMP exam
Implement test-passing tips and tricks for the PMP
Focus on the key PMBOK practices for the PMP exam
Identify the needed processes for project scenarios
Dive into complex PMP tasks like float and earned value management
Understand the ten project management knowledge areas for the PMP exam
Create a success plan to pass the PMP on the first attempt

* Requirements

* Qualify for the PMP examination
* Basic understanding of the PMBOK Guide
* fifth edition
* Positive attitude to pass the PMP exam
* not just take the PMP exam


Ready to pass your PMP exam but need a final boost to get you there? This is the course for you.

This short, but accurate, PMP course focuses on the most important processes you must know to pass your PMP exam. Focus on these topics and you’ll be in great shape for earning those three wonderful letters: PMP. This course covers the most essential components of the PMI PMP exam. We'll also review all of the project management processes you should know for your PMP exam. We've also included our popular PMP Memory Sheets to help cram more efficiently.

The PMP Exam Cram includes a test-passing strategy that focuses on what you'll be tested on - not just what's in the PMBOK Guide, fifth edition. We've pared down the fluff and drill down into the exam objectives. If you're serious about passing the PMP exam and need a final push for exam day - this is the seminar for you.

In this PMP Exam Cram session we include:

  • A test-passing strategy for the PMP exam
  • Specific guidelines on what you need to know for PMP exam success
  • In-depth explanations for PMP topics like float, EVM, and charting
  • Every PMP exam topic explained and defined
  • PMP Memory Sheets to print and memorize
  • Complete PDF of the course slides
  • 30-day satisfaction guarantee

Who this course is for:

  • PMP candidates who need a final boost for PMP exam success
  • PMP candidates who are ready to pass the PMP exam
  • People looking for fundamental project management and full-blown PMP exam prep seminars shouldn't take this course.

Course content

12 sections • 64 lectures

Course Overview: How to Pass the PMP Examination Preview 11:28

We're going to hop right into the success strategy by first discussing the mechanics of the PMP exam. In this section I'll discuss:

  • PMP exam question details
  • What to expect at the ProMetric Testing Center
  • Exam duration details
  • What you can (and cannot) do in the testing center

How to study according to the objectives Preview 04:52

Every three or four years the Project Management Institute issues a new edition of their book A Guide to the Project Management Body of Knowledge, which they call the PMBOK Guide and the rest of the world simply calls the PMBOK (pronounced pim-bok). PMI didn’t invent the contents of the PMBOK – they may have collected the information in their book, organized, and sold it, but it’s not something they’ve invented. The PMBOK is guide to the best practices of project management and, over time, the best practices evolve and so the PMBOK is update to reflect the evolution.

PMBOK 5 has 13 chapters on project management. You’ll need to be somewhat familiar with these as you prepare to pass your PMP exam. Here are the chapters and topics:

• Chapter One: Introduction to the PMBOK and Project Management
• Chapter Two: Organizational Influences and the Project Life Cycle
• Chapter Three: Project Management Processes
• Chapter Four: Project Integration Management
• Chapter Five: Project Scope Management
• Chapter Six: Project Time Management
• Chapter Seven: Project Cost Management
• Chapter Nine: Project HR Management
• Chapter Ten: Project Communications Management
• Chapter Eleven: Project Risk Management
• Chapter Twelve: Project Procurement Management
• Chapter Thirteen: Project Stakeholder Management

Implement PMP exam-passing strategies Preview 11:42

In this section we'll explore some proven exam-passing strategies for your PMP exam. Pay attention to this section as it'll help you prepare to pass the PMP, not just take the PMP.

In this section I'll cover:

  •  Choose a time that works for you
  •  Don’t over study
  •  Sleep and eat healthy
  •  Show up early and calm yourself
  •  Be confident – coach yourself
  •  Use the earplugs
  • Take breaks – every 50 questions

Wrapping up the section Preview 02:36

Great job finishing this first section in our PMP Exam Cram session. This first section discussed:

  • Reviewing the test details
  • How to study according to the objectives
  • Implement PMP exam-passing strategies

Now that you've completed this first chunk of the course, let's move into the specific PMBOK topics you'll see on the PMP exam.

Project Integration Management Section Overview Preview 06:15

All of the different chunks of the project (scope, time, cost, quality, human resources, communications, stakeholder management, risk, and procurement) are linked together. If you do a stinky job in any of these areas it’ll likely affect the other areas of the project. Do a poor job in time management, for example, and think of all the negative things that’ll happen in the rest of the project. Project integration management is the coordination and consideration of how all parts of a project are linked together.

Project selection methods Preview 08:27

Projects get selected to solve a problem or seize an opportunity. Projects are going to fix something, adhere to a new law or regulation, or they’re going to attempt to earn a profit. Understanding why a project exists can help you and the project team reaches the primary project objective. All projects must support the organization’s business objectives; an accounting firm isn’t likely to initiate a project to build bicycles. Projects must be in alignment with the organization’s strategic goals and mission.

Project selection is often done, but not always, without the project manager. A project steering committee, upper management, or just a meeting with your company’s stakeholders can all be reason enough to select a project. Project selection can be complex and cumbersome with multiple formulas, analysis, business cases, and feasibility studies or it can be a quick conversation and a handshake. The culture of the organization, the size of the project, the cost, risks, and confidence in project success all affect the project selection.

Develop project charter Preview 05:13

A project charter is document that authorizes the project to exist within the organization. It defines the high-level goals of the project, names the project manager, and communicates the role of the project manager and the associated authority of the project manager. The project charter should be signed by someone with enough authority in the organization to direct the resources to the project. The project sponsor is usually the person who signs the charter, though some organizations may call this person the project champion. No big deal. Basically you want the person who sends out the project charter to have authority over the resources needed in the project. This isn’t the project manager, but someone higher up the organization chart.

Project management plan details for the PMP Preview 04:59

The project management plan can be on a whiteboard, the back of a napkin, or in a massive collection of tables, charts, and directions. Your project management plan can be as detailed as the project (or your organization) demands. But what does a plan on a whiteboard, a napkin, or that massive collection of directions all have in common? Ah, yes – they are documented plans. For your PMP exam, though not always in your job, you must have a cohesive, documented project plan that communicates what the project will accomplish.

You need a documented project management plan to communicate your intent for the project deliverables. The larger the project, the more detail, the more planning, and the more documentation you’ll need. Think of the largest project you’ve ever managed (or want to manage). By taking the vantage point of a large project you can see why you’d create all of these components of a project management plan.

Corrective, Preventive, Defect Repair Preview 03:24

As the project team executes the project work the project manager must monitor that the work is being performed according to plan, within the costs of the project, and on time. When there are variances the project manager reacts with corrective and preventive actions.

When there are mistakes in the project work, the project team will do corrective actions through defect repair. Defect repair means the project team fixes the mistake and then they'll validate that the mistake has actually been corrected.

Comparing work data, work information, and work reports Preview 03:05

I often get questions from PMP candidates about work date, work information, and work reports. Which one is which? What's the difference? Why should I care?

These three items really show a progression of data from raw, to analyzed, to the actual reports for communicating project events and progress. Here are the secrets of these three items:

  • Work data - raw data about the project work
  • Work information - analyzed information based on the work data
  • Work reports - actual performance reports on how the project is doing

BONUS: the order of these three items are alphabetical in need. First, you need data, then information, and finally reports.

Mastering project integrated change control Preview 09:11

Integrated change control is one of the most important processes within project management. When a change is proposed in the project the project manager must examine the change for its full affect on the project scope, costs, schedule, quality, human resources, communications, quality, risk, and procurement. If the change is approved this process ensures that the necessary documents and plans are updated and managed throughout the project.

Closing the Project Preview 03:21

The two favorite days in the life of a project manager is the day the project is launched and the day the project is closed. Closing a project is usually a happy event – you’ve a well-earned sense of accomplishment, you’ve taken a vision from the project customer and project sponsor and make it into being. You’ve led and managed (and sometimes cajoled) the project team to creating the work with quality. Sure, there will be ups and downs throughout the project, but the closure is almost always a satisfying experience.

I say “almost always” because sometimes a project is cancelled due to poor performance, lack of funds, or the business need has gone away in the organization. Even when a project is cancelled the project manager should still go through the closure process to document what the project did, update the lessons learned, and put all questions about the project’s existence to rest. It’s not nearly as fun as actually closing the project with a deliverable that has benefits for the organization, but it’s still needed.

Wrapping up the section Preview 03:59

All of these different chunks of the project (scope, time, cost, quality, human resources, communications, stakeholder management, risk, and procurement) are linked together. If you do a stinky job in any of these areas it’ll likely affect the other areas of the project. Do a poor job in time management, for example, and think of all the negative things that’ll happen in the rest of the project. Project integration management is the coordination and consideration of how all parts of a project are linked together.

Project Scope Management Section Overview Preview 04:22

Of all the documents and processes you must know for your PMP exam the most important, in my opinion, is project scope management. All projects, from construction to technology, are nothing without a project scope. The project scope and its surrounding processes are the reason why the project exists and all questions and decisions in the project should be compared to the agreed-upon scope document. If you want to boost your PMP exam score know everything there is to know about project scope management above and beyond any other project management processes.

Reviewing the scope management plan contents Preview 01:36

The project scope is a document that defines everything the project will create. The project scope defines all that’s in the project and everything that’s outside of the project – it creates boundaries for what the project manager and the project team are responsible for doing. You need time to gather the project requirements, confirm with the project stakeholders that the requirements are accurate, and that the project scope is in proportion to the amount of time and the amount of money you have available. If the scope, schedule, and costs are out of balance your project will be heading towards failure. This is why you need a scope management plan. The scope management plan explains how the project’s scope will be created, controlled, and verified.

PMP Requirements Management Plan review Preview 02:22

The second plan that comes out of this process is the requirements management plan. While similar in nature, this plan explains how the project will collect, analyze, record, and manage the requirements throughout the project. Like the scope management plan, this plan doesn’t list the actual requirements, but sets the rules for how the project manager, team, and stakeholders will interact with the project’s requirements. This plan is also a subsidiary plan for the overall project management plan. The project requirements are defined through many tools and techniques to help document the requirements and to create a requirements traceability matrix. This lecture details:

  1. Working with stakeholders to define requirements
  2. Requirement gathering techniques
  3. Documenting and publishing requirements
  4. Creating a requirements traceability matrix

How to Collect Requirements Preview 05:37

The project requirements are the details of the project deliverables. They include the specifics that satisfy the project objectives and define the conditions that must exist for the project to be considered completed and successful.

The collection of the project requirements is directly tied to the creation of the project scope statement. This activity happens early in planning and can continue throughout the project.

Creating the project scope statement Preview 04:44

The project scope is a document that defines everything the project will create. The project scope defines all that’s in the project and everything that’s outside of the project – it creates boundaries for what the project manager and the project team are responsible for doing. You need time to gather the project requirements, confirm with the project stakeholders that the requirements are accurate, and that the project scope is in proportion to the amount of time and the amount of money you have available. If the scope, schedule, and costs are out of balance your project will be heading towards failure. This is why you need a scope management plan. The scope management plan explains how the project’s scope will be created, controlled, and verified.

The project scope is one of the most important documents in the project. It will likely go through revisions and elaborations as more and more information becomes available to the project manager and the project team. At some point, usually early in project planning, the project scope is approved, signed by the project sponsor, project customer, and the project manager. At this point, when all of the major stakeholders are in agreement with the project scope, the project manager’s job is to protect the project scope from changes. This doesn’t mean that the scope cannot change, and it probably will, but unapproved changes will cost the project time, money, quality, and more.

WBS creation and defining the scope baseline Preview 05:04

Now that you’ve the project scope created it’s time to create the work breakdown structure (WBS). The WBS, as in Figure 3, is a decomposition of the project scope into subcomponents. Each chunk is broken down over and over until you reach the smallest item in the WBS, the work package. The work package is a thing that equates to labor between eight hours and eighty hours. Basically, you breakdown the project scope to see the parts of the project that you have to create in order for the project to be considered done.

The WBS is a cornerstone of project management planning as it helps you define all the project deliverables which, in turn, will help you define the associated activities to create the project scope. This helps you, the project manager, determine how much labor, what type of labor, costs, scheduling, quality concerns, and even risks to be managed are lurking in your project. If you do nothing else in project planning at least do the creation of the WBS.

Validating the project scope Preview 04:16

Scope validation is about the customer accepting the project work.

While most project managers think of closing the project as the end result of the project management work, you can also close out a project’s phase. When you do scope validation, especially on larger projects with multiple phases, you can pause at the end of the phase and go through the same closing processes you’d do at the end of the entire project.

Wrapping up the section Preview 03:25

In this section we discussed the project scope management knowledge area. One of the first things you’ll have to achieve in your role as the project manager of a new project is to define the project’s scope management plan. Now, your organization may rely on organizational process assets in the form of a template for all projects, but it’s possible that you’ll be creating this scope management plan from scratch. In this section, you’ll learn both approaches that you can apply to your projects and your PMI exam. This knowledge area included: 

  • Relying on project information
  • Using templates and forms
  • Creating the Project Scope Management Plan
  • Performing product analysis
  • Using alternative identification
  • Interviewing experts and stakeholders

Project time management section overview Preview 18:58

Time management is an important topic on the PMP exam. Time (schedule) is one of the triple constraints of project management. In this section we'll discuss:

  • Schedule Management Plan
  • Estimating Types
  • How to Find Float
  • Time Management - leads, lags, crashing, fast tracking

Exploring the schedule management plan Preview 10:16

Planning schedule management is the process of defining how you will create the project schedule in consideration of when the project is due, the amount of resources you have available, when the resources can work on the project, and the best approach to scheduling the work. This plan is part of the overall project management plan.

Defining the project activities Preview 07:35

The WBS helps you define the project activities that you’ll need to schedule and actually execute in order to create the things that are in the project scope statement. In other words, if you do all of the project’s activities on the activity list, you’ll create each of the items in the WBS. If you create each thing in the WBS all of the project scope is satisfied. Satisfy the project scope and the project is done.

So you take each item in the WBS and correlate to the activities that have to be done. Then you, well, you and your project team, will work together to determine the order that the activities have to be done in. Some activities must be done in a particular order, due to the nature of the work, and other activities can happen in order you’d like. 

Reviewing the project estimating types Preview 19:41

For the PMP exam you must know the time estimating techniques. Don't worry, I'll cover these in this section. We'll discuss:

  • Analogous estimating
  • Parametric estimating
  • Definitive estimating
  • Three-point estimating
  • Rough order of magnitude

PMP Focus: How to Find Float Preview 17:20

The visualization of the activity sequence is called a project network diagram (PND). A project network diagram visualizes the flow of the project work, shows branching among activities, and shows predecessors and successors of each activity in the project. A PND helps you see the order of the work, but also identify problems should an activity be delayed; for example, if an Activity with lots of successors is delayed you can assume that the successors will be delayed too. A PND helps you find solutions to project delays, shift resources, and rearrange project activities.

The critical path also reveals which activities can be delayed without affecting the project’s completion date. The activities which are not on the critical path can be delayed without affecting the project end date. The possible delay for these activities is float (some software calls it slack). For example, you’ve an activity that’s not on the critical path, but requires materials from a vendor. The vendor reports that they’ll be late with the materials delivery. You can check the float for the project and see if there’s enough time to delay the activity, complete the work, and not affect the project end date. Knowing where you do, and do not, have float helps you plan and control your project better.

Time Management - leads, lags, crashing, fast tracking Preview 08:54

In this lecture we're going to nail down leads, lags, crashing, and fast tracking:

  • Lag time is when you add time between activities for waiting time. 
  • Lead time is when you allow activities to overlap.
  • Crashing is when you add more resources to the project.
  • Fast tracking is when you allow phases and activities to overlap.

Wrapping up the section Preview 03:12

Great job finishing this section on project time management. In this section we discussed several key topics for your PMP exam, including: 

  • Schedule Management Plan
  • Estimating Types
  • How to Find Float
  • Time Management - leads, lags, crashing, fast tracking

Project cost management section overview Preview 18:59

Project cost management is another angle in the triple constraints of project management. Stakeholders will always be concerned with the project costs and this section will discuss these topics in cost management:

  • Cost Management Plan
  • Estimating Costs
  • Earned Value Management

Build a cost management plan Preview 14:34

Every project needs a budget and you’ll need a plan on how you’ll stay within the budget. Some organizations leave the project cost estimation up to the project manager, while other organizations will assign a budget to the project manager to operate within. In either case a cost management plan will help you identify the costs within the project, the feasibility of the budget in proportion to the project scope, and create techniques to control the costs of the project. You’ll also need to address how you’ll manage any cost overruns, track expenses, and measure project performance in relation to costs spent.

Estimating costs for the PMP exam Preview 11:45

Part of the cost management plan, and a planning activity, is creating the cost estimate for the project. Assuming your project doesn’t have a pre-defined budget you’ll need to predict how much the project scope will cost. There are lots of different ways to do this, but I’ll share the most common:

  • Analogous estimating
  • Parametric estimating
  • Definitive estimating
  • Three-point estimating
  • Rough order of magnitude

PMP Focus: Earned Value Management Preview 09:52

You will have a few - not hundreds - of questions on earned value management on your PMP exam.

Earned value management is suite of formulas that help the project manager forecast the project’s overall performance. There are lots of formulas and variations of formulas for earned value, but I want to share just the major ones to give you some insight into the approach. First, earned value requires that you take the percentage of the work completed multiplied into the project budget and that’s what the work completed so far is worth. 

Wrapping up the section Preview 04:39

Great job finishing this section on project cost management. Cost management has but a few processes, but covers a very important project management knowledge area. In this section we discussed:

  • Cost Management Plan
  • Estimating Costs
  • Earned Value Management

Project quality management section overview Preview 03:29

For your PMP examination you’ll often have to assume that your organization has policies about quality and the products your company delivers. This might be packaged into a quality assurance program, a Six Sigma program, or just a quality policy for all projects. You’ll be faced with questions about the quality management plan and the quality policies in scenario-based questions. The quality management plan defines how your project will adhere to the quality policies of your company. You may have to address special software, metrics, or forms you’re required to use as part of the project’s adherence to the quality program your company utilizes.

In this section we'll discuss:

  • Seven basic quality tools
  • Quality management plan
  • Process improvement plan

PMP Focus: Seven Basic Quality Tools Preview 08:27

You need to know these seven basic quality tools for your PMP exam:

  •  Cause and effect diagrams
  •  Flowcharts
  •  Checksheets
  •  Pareto Diagrams
  •  Histograms
  •  Control charts
  •  Scatter diagrams

Comparing the quality management plan and the process improvement plan Preview 04:15

Planning quality management determines the quality assurance activities and the quality control activities for the project. Plan quality also directs the process improvement plan and its execution in the project. This process creates the Project Quality Management Plan as part of the overall project management plan. In this lecture we'll compare and contrast these two plans.

Wrapping up the section Preview 03:17

Quality, when you boil it all down, is really about meeting the project scope and the project requirements. Quality is a conformance to project requirements and it’s creating a project deliverable that useable by the customer. The easiest way to achieve quality is to plan the project work in detail, make certain the project customers have signed off on the project scope, and then make certain the project team have the correct time and resources to do the work as promised – and then execute the project plan accordingly.

Project HR management section overview Preview 04:02

Probably the toughest part of the project is managing the human resources. Human resource planning focuses on roles and responsibilities, team building, and issue escalation. Roles and responsibilities define the different roles on the project: developer, framer, technical writer, producer, and factotum. Responsibilities describe the activities and things the roles will do. Usually these two things are represented in a responsibility assignment matrix. My favorite matrix for this is the RACI Matrix – which uses the acronym RACI for responsible, accountable, Consulted, and Informed for each responsibility.

Team building describes any special training, team activities, or challenges the project team may encounter in the project. If the project team has worked together before this is a snap. If the project team hasn’t, you really should go through some team building exercises so the team can learn about each other, build relationships to help in the project execution, and identify the different roles on the project. Special challenges, such as virtual teams and contract-based workers, should be addressed in the part of the plan.

Reviewing the HR management plan Preview 02:23

The human resources management plan defines the rules, policies, and management of the project team. 

While a project can technically be completed by just one person, but that’s not likely to happen very often. The project team has to be managed, to some extent, by the project manager so the project manager must know the rules, internal policies, and the amount of authority he has over the project team. It’s important to understand the amount of autonomy over the project team before you go and fire someone or give them a raise

Understanding the PMP organizational theories Preview 11:08

You’ll need to know several management theories for questions on your PMP exam. There are many theories on why people do the things they do. You’ve probably heard of Maslow’s Hierarchy of Needs and how we need the base things, like food and water, before we need the more advanced elements like friendship and self-esteem. But there are some other interesting theories which can affect how you, the project manager, lead your project team.

PMP Focus: Develop Project Team Preview 04:46

If you’re working with people that already have working relationships with one another you’ll still need to take some measures to promote team performance. If you’re working with a new project team, or even a project team that has some new team members, you’ll have challenges to build the project team. The goal of team development isn’t to be a cheerleader; it’s to foster an environment where the project team feels comfortable relying on one another in the project. We all know that people play stupid, petty games and politics. Your goal, at least one of your goals, is to strip the project of this nonsense. Don’t tolerate it and certainly do not participate in it. Gossip, infighting, envy, and other games do not promote team performance and can pull away from the project’s goal of being successful.

Conflict management and the project manager's powers Preview 08:26

Conflicts often happen in the project and it's not always the role of the project manager to resolve the conflict. That's right! Sometimes the project team needs to work through their conflicts to find the best solution. In this lecture we'll examine:

  •  How conflict is natural
  •  Team issues
  •  Openness resolves conflict
  •  Focus on issues, not personalities
  •  Focus on present, not past

Wrapping up the section Preview 02:13

The project manager must oversee and coordinate the efforts of the project team. Managing the project team means that the project manager leads, directs, and guides the project team through issues, conflict resolution, and project execution.

In this lecture we'll review:

  •  Relative importance of the conflict
  •  Time pressure for conflict resolution
  •  Positions of each person involved
  •  Motivation to resolve conflict for short-term or long-term
  • HR and staffing management plans
  • Team development

Project communications management section overview Preview 02:37

If you want to do one thing to improve your project you should communicate accurately and frequently. The communications management plan defines who will need what information, when the information is needed, and the expected modality for the communication. Communications in a project can go awry quickly, so a communications management plan is the ideal method to document the communication needs of all the parties in the project.

Reviewing the communications management plan Preview 09:47

You can use a matrix as a guide to communicating only what’s needed to the correct person and among the stakeholders. Of course, you don’t have to use a matrix or spreadsheet at all – you can create a communications management plan that just describes the types of communication, such as status reports on the project, and then define who’ll need the information. Whatever approach you take, you should first clear it with your key stakeholders – such as the project customer and the project sponsor – to make certain you’re meeting their expectations for communications.

The larger the project you’re managing, the more communications management you’ll need. In smaller projects the communication demands are smaller, more shallow, and you’re probably more accessible among the project team. The complex projects with management, project team members, and even customers spread around the globe are going to obviously have greater communication demands. Set communication expectations during planning. Tell your stakeholders when you’re available, especially if there are different time zones represented in the project, and keep your calendar up to date.

Controlling communications in a project Preview 02:28

Controlling communications is about taking charge and owning the project communications.

It’s been said that 90 percent of a project manager’s time is spent communicating. Consider all of the communication channels you’ll have to mind and manage and that’s an easy statistic to believe. But you have other things to do in the project – not just communicate with the stakeholders. It’s highly recommended that you create a schedule of repeatable meetings with your project team, your vendor, your key stakeholders – call these meeting status meeting, project update meetings, review meetings – just go ahead and schedule them.

All meetings should have an agenda and a good facilitator to keep topics moving. Don’t feel that just because you have a meeting scheduled for an hour you need to meet for an hour. In fact, early in the project these meetings might go for an hour at a time, but later in the project it’s not unusual for these meetings to be trimmed down to thirty minutes or less. Time, your time and the other meeting participants’ time, is valuable. Run a tight meeting schedule, with an agenda that’s distributed before the meeting begins, and your participants will love you all the more.

Wrapping up the section Preview 03:54

Based on the requirements of the communications management plan you and the project team will distribute the needed information to the stakeholders. Recall the communications management plan defines who needs what information, when the information is needed, the correct modality, and the responsibilities associated with the communication.

Project risk management section overview Preview 05:53

Risk is something that can have a positive or negative effect on the project. Yes, there are positive outcomes to risk – like investing in the stock market: you can make money or lose money. In project management most of the focus is on the negative risk events in the project – and for much of the time, that’s fine, but don’t ignore the positive risk events which can save time and money. The risk management plan defines how you and the project team will identify risk events, analyze the risk events, and create risk responses.

Writing a risk management plan Preview 06:55

A risk management plan defines how you'll identify, document, analyze, respond to, and control the project risks.

This process defines the approach for risk identification, risk analysis, risk response planning, and the project activities for risk monitoring and control. This process creates the project’s risk register and risk management plan.

Comparing qualitative and quantitative risk analysis Preview 08:00

Qualitative risk analysis is a fast and subjective review of the identified risks to determine if the risks are valid and should be analyzed in quantitative risk analysis.

Quantitative risk analysis this is a more in-depth study of the risk’s probability and financial impact on the project. Quantitative risk analysis helps the project team and the project manager determine how the risks should be managed.

Memorize the seven risk responses Preview 04:12

There are seven risk responses you can utilize in your project: three for negative risks, three for positive risk events, and one response that’s for either positive or negative. Remember, some risk events can be positive – like adding labor to get done with the project earlier to receive a bonus from the client. Here are the seven risk responses, starting with the negative risk responses:

  • Mitigation
  • Transference
  • Avoidance
  • Exploit
  • Enhance
  • Share
  • Acceptance

Wrapping up the section Preview 03:26

Risk management is an important topic for the PMP exam - and in your role as a project manager.

As you go through your project status meetings you should always have a line item in your agenda to review risk events that are pending or have passed. This constant communication about risk events makes certain that risks are identified, tracked, and monitored. Finally, always update the risk register on the status of each risk event. Updating the risk register will help you at project closure, but also it’ll help you and others in your company when there are similar risk events to manage.

Project procurement management section overview Preview 06:07

The entire procurement processes will vary from organization to organization, that’s why it’s important to know and document what the procurement process is like in your company before you start making deals and writing checks. Typically, this is the procurement process and how it’s mapped out in the procurement management plan.

Buyer creates the statement of work (SOW) and either a request for quote (RFQ)or a request for proposal (RFP). The RFQ asks the vendor to give a price only. The RFP asks the vendor to give dreamy ideas of how to implement something. Usually the RFQ is for solid goods and service – like 25 laptops as specified in the SOW. The RFP is for more complicated purchases – like a request for a vendor to design a fancy website with a blog, videos, and mobile apps.

Building the procurement management plan Preview 05:02

If you have to buy stuff for your project, and chances are you’ll have to buy stuff for your project, you’ll need a plan on how you go about doing it. Your organization likely has rules and policies on how you can purchase things. You need to be familiar with the procurement processes your company uses, the types of forms they’ll use, and even approved vendors (if applicable to you!). The procurement management plan is often a boilerplate plan used across all projects to define how procurement may happen.

PMP Focus: Make or Buy Analysis Preview 06:31

One of the processes you’ll have to go through, most likely, as a project manager is the determination of buying something or building something. Let’s pretend you need a software solution built as part of your project. You have project team resources that could build the thing, but you might be able to use them better off elsewhere in the project so you want to consider the option of hiring a vendor. In your analysis of the software build you determine that your team could build the thing for $75,000 and it’ll cost you $9,800 each month to support the solution. A vendor promises that they could build the same solution for $55,000 with a monthly support fee of $11,200. Hmmm… which should you choose?

Procurement documents - including contracts Preview 12:04

Vendor and buyer live up to the terms of the contract. Everyone is happy, unless someone doesn’t keep their end of the bargain. Then there are claims and lawsuits – which are also predefined in the contract. You don’t want this. The contract should define the process for resolving claims even if you and the vendor don’t anticipate any problems – it’s always better to acknowledge the possibility of issues than to ignore that possibility and create a larger mess.

Once you and the vendor have a deal you both have to live up to the terms of the contract. This means you’ll inspect the vendor’s work, deliverables, billings, and whatever elements of the contract the vendor is responsible for, and ensure they’re doing what was promised. Your company will live up to the terms of the contract too – paying the vendor. If you want your vendors to slow down, get frustrated, lose focus on the project just don’t process their invoices in a timely manner. Vendors have bills to pay: employees, taxes, resources, and more before the owner sees a nickel. Cash flow can crush a business. Prompt payment is part of the deal.

Wrapping up the section Preview 05:23

Chances are your project will have to buy stuff for the project to get done: materials, software, hardware, contractor fees, and more. Procurement describes the process a project manager must take in order for the project to procure the goods the project needs. Much of this business follows the internal process of your company. I’d wager your company has rules about who you can buy from, how you request proposals and quotes from vendors, and how invoices are paid. These rules and policies must be followed as part of project procurement.

Project stakeholder management section overview Preview 02:57

Stakeholders are the people that are affected by the project (and the people who can affect a project). Common stakeholders are the project manager, the project team, the project sponsor, the project customers, and vendors. Some stakeholders have more power, influence, interest, and political capital than other stakeholders. Stakeholder management is how the project manager manages the stakeholders’ ability to influence the project. It’s tied to communications and human resources.

Stakeholder identification, analysis grouping, and analytical techniques Preview 03:35

The second initiating process, stakeholder identification, aims to identify and document all of the project stakeholders. A stakeholder is anyone that is affected by the project’s existence. Stakeholders are usually defined as negative, positive, or neutral. A negative stakeholder, as you may guess, doesn’t want the project to exist and may be difficult to work with. A positive stakeholder wants the project to exist and is in support of the project needs. A neutral stakeholder, such as your company’s purchasing department or an inspector, doesn’t really care about the project’s outcome, but they’re still involved in the project. It’s important to identify the project stakeholders early in the project life cycle as these people can affect the decisions and outcomes of your project.

Planning for stakeholder management Preview 02:18

Stakeholders are any people or groups that have a vested interest in the project. Stakeholders can usually influence the project decisions and include groups such as customers and end users. Most stakeholder concerns are people that make decisions and influence the project – such as the project sponsor, project manager, project team, and internal customers. This process creates the stakeholder management plan and is part of the overall project management plan.

Wrapping up the section Preview 03:08

Remember that stakeholders are anyone that can affect the project or will be affected by the project’s existence. List as many stakeholders as possible, contact information, and if appropriate their key concerns for the project. You can also just reference a “stakeholder directory” if it’s a big project with lots of people involved. Chances are in the charter only the key stakeholders will be listed – like the project manager, project sponsor, and project customers; you’ll do stakeholder identification in more detail coming up.

PMP Exam Cram Practice Exam Preview 01:39:11

The Project Management Professional (PMP) exam is one of the most sought-after certifications in today’s job market. To have the title of PMP means that you’ve met educational requirements, have documented experience as a project manager, and that you’ve passed a tough exam on all aspects of project management.

This practice exam will test your project management knowledge.

Wrapping up the PMP Exam Cram Course Preview 08:45

We have covered the entire PMP exam objectives and explored the specific items you'll be tested on for your exam. We have examined all of the project management processes, tools and techniques, theories, and application of the PMBOK Guide, fifth edition in this course.

Great job investing the time and attention to preparing to pass - not just take - the PMP exam. In this final lecture I'll share some advice for passing the PMP exam. You can do this!

The course certificate is attached to this lecture as a PDF resource. You'll add your name, your completion date. The course code is also included on the certificate if you're taking this course for PDUs to register with PMI. 

Certificate of Completion Preview 00:34