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5 PDUs Project Management Review Course

5 PDUs  Project Management Review Course

Project Digest and Assessment (5 PDUS)

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This course provides an updated digest of techniques and key concepts recognized as best practices in modern project management. It also includes an assessment module comprising three mini exams. All questions are situational in nature and include comprehensive explanations enabling students to revisit and update their current practice.


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Learning Objectives

In this course, students will:

  • Update their understanding and knowledge of nine key knowledge areas of project management practice
  • Evaluate their mastery of essential best practices at managing projects

Certificate of course completion - PDUs earned

As per PMI Talent triangle distribution by skill set is as follow:

  • Technical 3 PDUs
  • Leadership 2 PDUs
  • Strategic and Business 0 PDUs
  • Certificate of 5 PDUs at course completion

All students earn their 5 PDUs certificate by completing the quizzes. Answers and suggested solutions are provided. Students can re-do all quizzes as many times as needed to obtain a passing score.


Topics Overview

This course covers the following nine knowledge areas of project management:


Scope

The Project Scope includes the processes required to ensure that the project includes all the work, and only the work, required to successfully complete the project. It is primarily concerned with controlling what is in scope and what is not in scope.

The term scope can refer to the Product Scope (i.e., the features and functions that characterize a product, service, or result), and/or the Project Scope (i.e., the work performed to deliver the project results, such as a product or service, with the specified features and functions).

The processes and supporting tools and techniques used to manage project scope can vary by project. Completion of the project scope and the product scope are managed against different baselines. The project scope is measured against the project management plan while the product scope is measured against the product requirements.

Time and Schedule

Project Scheduling includes the processes required to achieve the timely completion of the project.

Your project stakeholders expect the project to be completed on time, and further, may have fixed dates in mind. Time is one of a project’s most limited resources, and once used, may not be recoverable. The project schedule needs to be a living document that is critical for the project manager to use effectively throughout the project.

Project Schedule Development needs to be appropriately sized to the project at hand. The level of detail and rigor of management will depend on the size and nature of the project, as well as expectations of the key project stakeholders and the project sponsor.

Cost and Budget

Completing the project within the approved budget is the overall primary goal of Project Cost Management. It includes the processes in planning, estimating, budgeting, financing, funding, managing, and controlling costs. Depending on the size and scale of any given project, cost estimating can be discrete processes, or they can be tightly linked, even viewed as a single process performed by a single person or group.

As with many aspects of a project, the ability to influence cost is greatest at the early stages of a project. Early scope definition is critical for many reasons, including schedule estimating, resourcing, stakeholder expectations management, and also for cost management. With regard to stakeholder requirements, be prepared for stakeholders to measure project costs in different ways and at different points of time. Depending on the stakeholders’ roles and interest in your project, their interest in cost will likely coincide with their activities on the project. For example, a vendor will want to ensure that project payments are timely, deliverables are accepted quickly and invoices are signed promptly.

While project cost management is primarily concerned with the cost of resources needed to complete project activities, it’s important to consider the Total Cost of Ownership (TCO) for projects. The TCO will consider the effect of project decisions on the subsequent recurring costs of using, maintaining, and supporting what the project delivers.

A note on cost forecasting – often the processes of predicting and analyzing the prospective financial performance of the end products of projects are done outside of the project. When these processes are included with project costs, additional considerations related to general financial management techniques (e.g., Return On Investment (ROI), discounted cash flow, Net Present Value (NPV), and Investment Payback Analysis) are included in project cost management.

Quality

Project Quality Management covers the processes and activities (of the performing organization) that determine quality policies, objectives, and responsibilities to ensure the project meets quality expectations. Using policies and procedures to implement an organizational Quality Management System, the QMS supports continuous process improvement within the organization. Ultimately, it ensures that the project meets the expected product and project requirements, to the level of quality expected.

Within an organization that executes many projects, Project Quality Management covers all processes and activities related to satisfying the needs of the project, regardless of its nature. Specific to the project deliverables, defined quality measures and techniques are identified and used. For example, the quality management of a complex medical device may greatly differ from a document management system. But in both cases, if the quality requirements are not met, the project will not meet stakeholder expectations and requirements.

When it comes to project quality management, the level of accuracy and precision used on the project needs to be “right sized” to the project needs. Overall, the approach of PMI to quality management is compatible with the International Organization for Standardization (ISO) quality standards and every project should have a quality management plan.

Human Resources

Managing the human resources associated with projects includes the processes that organize, manage, and lead the project team. The project team is comprised of people with the needed roles and responsibilities to complete the project work. With varied skill sets, project resources may be assigned full or part time, and may be added and removed during the project. PMI emphasizes the benefits of having team members involved in the project planning processes. Benefits include having their expertise factored into the planning processes and achieving their buy-in and commitment to the project.

PMI defines the project management team as a subset of the project team, with responsibilities for leadership activities, including initiating, planning, executing, monitoring, controlling, and closing the various project phases. Other common names for this group include the core, leadership, or executive team.

On smaller projects, the project management team and project team may share these responsibilities. The role of the project sponsor is very important as this role works with the project team in the areas of project funding, clarifying scope, monitoring progress, and influencing stakeholders for the benefit of the project overall.

The project management team influences the project team in the areas of team environment, communications, politics, cultural issues, and sets the tone for acceptable professional and ethical behavior.

Communication

Project Communications Management focuses on the processes required to ensure timely and appropriate planning, collection, creation, distribution, storage, retrieval, management, control, monitoring, and disposition of project information. Project managers spend 80-90% of their time communicating with the project team and stakeholders, both internal and external. That is why effective communication is so important.

This communication needs to bridge the gaps between diverse stakeholders across organizational boundaries, who bring varying levels of expertise, and have different perspectives and influences on the project execution or outcome.

Since communications management crosses all aspects of the project, there are several dimensions that a project manager needs to consider, such as internal versus external, formal versus informal, vertical versus horizontal, official versus unofficial, written versus oral, and verbal versus non-verbal.

Stakeholder

Every project has stakeholders who are impacted by or can impact the project in a positive or negative way. The ability of the project manager to effectively manage project stakeholders can mean the difference between success and failure.

Project Stakeholder Management includes the processes to identify stakeholders, analyze stakeholder expectations, and to develop the appropriate management strategies for effectively engaging stakeholders in project decisions and execution.

Because stakeholders can have a major impact on the project and expected outcomes, it is critical to develop the appropriate strategies for effectively engaging stakeholders in project decisions and execution.

Risk

Risk management involves planning, identification, analysis, response planning, and controlling risk on a project. Overall, the objective is to increase the likelihood and impact of positive events, and decrease the likelihood and impact of negative events happening within a project.

Understanding the definition of project risk is critical. Project risk is defined as an uncertain event or condition that, if it occurs, it will impact one or more of the project objectives such as scope, schedule, cost, and/or quality. Risks are often caused by a given or potential requirement, assumption or constraint that can create a negative or positive outcome. Positive and negative risks can be referred to as opportunities and threats, respectively. Sometimes, risk conditions may include aspects of a project’s or organization’s environment that can contribute to project risks, such as immature or lack of project management practices, integrated management systems, and/or concurrent multiple projects.

Project risks can be known or unknown. Known risks are those that have been identified and analyzed, and for which responses can be planned. Known risks that cannot be proactively managed, should be assigned a contingency reserve. Unknown risks cannot be managed proactively, and the project manager should set aside a management reserve to safeguard the budget against unknown risks.

Risk attitudes of both the organization and stakeholders may be influenced by a number of factors, which include risk appetite, risk tolerance, and risk threshold. Risk appetite is the degree of uncertainty that an entity will accept in exchange for a reward. Risk tolerance is the degree, amount, or volume of risk an entity will withstand. Risk threshold refers to the line drawn between acceptable risk and unacceptable risk.

Procurement

Project procurement management covers the processes needed to purchase or acquire products, services, or results needed from outside the project team. It includes the contract management and change control processes required to develop and administer contracts or purchase orders issued.

Most importantly, project procurement management involves agreements or contracts, which are legal documents between a buyer and seller. A contract is a mutually binding agreement that obligates the seller to provide something of value and obligates the buyer to provide compensation. Depending on the deliverables or effort, an agreement can be simple or complex.

While all project documents are subject to some form of review and approval, the legally binding nature of procurement documents usually mean there will be a more extensive approval process. As such, the project management team may seek support from specialists in contracting, purchasing, law, and technical disciplines.



Included with this online course:



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Course Summary


  • 9 knowledge areas digests (illustrated PDF)
  • 3 mini exams of 50 questions each
  • Certificate of 5 PDUs at course completion:
  • Technical 3 PDUs
  • Leadership 2 PDUs
  • Strategic and Business 0 PDUs
  • Access for 30 days access, 24/7 unlimited (start date is date of registration)
  • Online HelpDesk
  • 30 days unlimited 24/7 hours access from date of registration
  • Your course registration will be processed as soon as we have received your order. (max 24 hours)