Part 1: PMBoK v6 and PMP Exam – All that you need to know
Worried about how PMP exam has changed?
GreyCampus presented a 2-day training on the updated Project Management Body of Knowledge (PMBoK v6). The objective of this training is to prepare you for the upcoming PMP certification exams aligned to PMBoK v6, starting from March 2018.
The training covered PMBOK6 update - summary of changes between PMBOK 5th and 6th edition, details on PMBOK v6 and the impact on the PMP examination. Through this training you can equip yourself with the main changes and be exam ready. The training conducted was very interactive and there was a dedicated Questions & Answers session which you might relate to.
Below is the recorded version of the Webinar that was held on 24th-25th February 2018.
Read the article: PMBoK V5 vs PMBoK V6: 10 Major changes you should be aware of
Hello everyone I am Manideep business manager from GreyCampus welcome to the today training of PMBOK basics I would like to introduce today's facilitator Mr. Laxmi srinivas who is an IT professional with 16 plus years of relevant industry experience in banking and financial services life sciences and healthcare he has managed complex projects and large programs so worked as a project program and client service delivery executive and also established PMO like a project management office for various organizations so before we proceed let's set up some guidelines for an easy flow of the session number one before the webinar begins everybody will be muted to prevent a noise disturbance to the presenter for asking questions please ping or raise your hand where you can find the option at the bottom of your screen question number two questions will be taken by the presenter during the session via chat or the question Anderson option available on the bottom of your screen you can also email your questions to email@example.com so we'll be happy to answer it we also have a dedicated question and answer session at the end of today's session so for any queries any road of queries you can directly ask the instructor or you can email all your queries to firstname.lastname@example.org so we'll be very happy to answer all of your questions all right over to you Mr. Laxmi Srinivas.
Yeah thanks Mani for that quick introduction and the setting of the ground rules good morning & good evening everybody I laxmi srinivas she must cordially invite you for this day webinar spread over two days two hours per day today and tomorrow on project management and let me quickly introduce myself thank smoothly for the introduction but however I have a total of 16 years of experience primarily into IT project management and I worked in the capacity of a program and project manager and I am an project management professional certified professional from PMI began mine I mean as a certified practitioner I'm a risk management professional and I'm also a program management professional PG&E; from PMI.
I've been freelancing for quite some time now for the last five six years and project management is made for passion and today I'll be your presenter and facilitator for today and tomorrow we will discuss about the various aspects of project management most importantly we will try to align our self to project management body of knowledge version six which is the current standard that is available and in this during our interactions we will have to learn and unlearn hands-on primarily because many of us we are premier practicing project managers but most importantly we will have to align our thoughts to the project management body of knowledge which becomes the single source of truth for the examination ok.
I welcome you one and all on behalf of GreyCampus and which get started off though okay right we will move on will quickly move on the project management body of knowledge version six so this will be a good landing page for all of us if you look at the very title page says together for the first time project management body of knowledge which talks about the kind which will be the single point of reference for all of us which is version 6 along with agile practice day so there is an enormous focus on agility moving from a traditional planned urban model to n value driven model and if you look at now we are currently referring to sixth edition so what usually happens is to give you some information about the change in additions there is something known as an Road delineation study abbreviated as RDS so what PMI does is they do an a survey ok they do a survey every three to four years and they try to understand what are the process best practices that are there from a project management standpoint across the group and they try to collect everything and then they try to revise the existing processes okay so that is one of the key reasons why there is a change in this edition every five minutes okay so currently we are referring to sixth edition and the key focus is to bring a more emphasis on agile as a practice okay this is the project management body of knowledge.
Project management body of knowledge
I hope you all are aware that you can get a copy of this from the PMI website my underlying assumption Before we jump start today's session is that we all know the fundamental tenants of project management okay and most importantly we know how do we go about filling up the application form we have a very good understanding about the code of ethics and professional conduct and we also know from where do we get the project management body of knowledge okay so before I do that you can navigate to project management guidance standards okay and this is where you try to get your project management body of knowledge which is the sixth edition okay right so now we eventually spend some time looking at what are the major changes that have been brought into the picture so the good news here is still we will the knowledge areas continue to remain the same okay I see I hope that you are aware that when we talk about project management we will talk about the domains of project management and knowledge areas if you navigate to page number 25 quickly so this will be a very frequent landing page for all of us where if you look at we talk about knowledge areas and we talked about the process groups so we have five process groups initiation planning execution monitoring and control and closure and there is no change per se in the process groups this will continue to remain the same from version 5 to version 6 no changes at all in terms of process groups in terms of knowledge areas this continues to remain intact and what does it mean still we will primarily continue to focus on the 10 knowledge areas starting from integration management scope management schedule management cost management quality management resource management communication risk procurement and stakeholder management so the 10 knowledge areas and phy to means they continually make the same there is no change in the domains and knowledge changes ok that's the first thing that's the good news that we have and now if you look at we will spend some time looking at what are the changes that are there ok so integration management there is no change here if you look at only change from a knowledge area standpoint is project time management ok in version 5 we had project time management as a knowledge area that has been rephrased because we cannot primarily manage time that is a view that PMI has and hence we have refreshed into schedule management ok so this is one important factor and the second important thing is when we talk about stakeholder management if you look at stakeholders are not like risks when we try to manage them so primarily instead of management we very carefully use the word called engagement okay primarily because the success of a project is directly proportional to the amount of effort you have invested in managing the expectations of your stakeholders there are the people who are going to design the success of your project so it is equally very important to spend a lot of time during the nascent stages of the project and understand what are their expectations and eventually have an engagement plan rather than calling it doesn't stakeholder management plan like for all the other knowledge areas we talk about heavy emphasis on planning we talk about a project management plan we talk about a scope management plan we talk about the schedule management plan we talk about the cost management plan so on and so forth but here if it can't be talked about stakeholder engagement what is your plan to engage your stakeholders once you have identified them from the first process so that is also a key consideration that has been taken into account ok then from a process standpoint what has really changed that is there are no major changes if you look at from the processes that we have done a project charter which is really appoints the project manager which brings the project into existence which empowers the project manager to expend time money and resources from the project continues to remain the same however if you look at move on to the executing phase of the project if you look at 4.4 which is managed project knowledge so this is all together then you brand new process which has been introduced so it has a view that when they are executing a project there is wealth of information in terms of work performance information both performance data and we collect this and we broadcast this to various stakeholders on our page so instead of an exercise which is which happens at the end of a phase or at an end of the project what PMI has done is they have they have brought this as an activity which will take place through the life cycle of the project ok so how do you given that is there is a lot of wealth of information ok because eventually when we start working on projects there is lot of data that gets churned out and with this data there is lot of information that we have to take meaningful decisions about the project and eventually translate them into dashboards and customer information so this wealth of knowledge has to be managed and if this will be an attractive activity which happens through the life cycle of the project right from initiation planning execution monitoring control and closing and instead of doing it big bang and rather during the end of the project we will have this as applicable or as relevant or as the situation warrants okay so managing project knowledge is a key consideration and the brand new process which has been introduced ok the other important thing I would like to emphasize at this point in time is now a PMI has mapped the role of a project manager to the talent triangle what does it mean I'll quickly navigate to Google again I hope we all of aware of the talent triangle so this is known as sub PMI at alien triangle during the nation during the early stages of the project there is lot of work that has to be done for an opportunity to be translated into a project okay I'm using the word opportunity where you will have to understand the landscape of the customer what are the various solution offerings that are there who are the various competitors who are there in the market understanding the potential problem statements of your customer and most importantly stepping into the shoes of the customer instead of only focusing upon the triple constraints of project management which is scope time and cost now there is a greater need for the project manager to have an holistic view about what is the project about what is the business problem that is getting addressed because of this endeavor called project how is the customer benefiting from this solution most importantly and how does it how does it eventually translate into downstream opportunities both to the customer and to the performing organization there has been greater emphasis on this approach in version 6 and that is why if you look at the role of a project manager has been mapped to the talent track which talks about the project manager essentially has to understand the strategic and business management aspects of the project what is the landscape of the customer who are the competitors who are there what are the regulatory conditions that have to be taken into consideration eventually found us an opportunity translate into a project and what are those handoff activities which happen between the executive committee and the project manager so there is greater emphasis to understand all these aspects and this has been brought into strategy in business management the next important aspect talks about leadership so today if you look at potentially they are we are all governed by constraints okay when we talk about project management if you look at we are governed by constraints okay when a state governed by constraints you are not given all the required resources to work on a project resources essentially per se does not mean Human Resources it would be hardware resources it could be software resources it could be people resources any infrastructure okay any equipment any material that is required because primarily when we talk about project management they are not now only talking about the IT industry but we by enlarge refer to all the industry set up there okay so now it is equally important for the project manager to demonstrate servant leadership in order to be a leader you will have to be a servant first that is the fundamental driving force of leadership where we not about the project manager having very good interpersonal skills okay when we talk about interpersonal skills we talk about soft skills your ability to negotiate your ability to motivate individuals creating and a congenial atmosphere for development end after day when different people when different resources they're usually resources they come from different organizations they have different cultural backgrounds so it is equally important for the project manager to ensure that everybody is on the same page and then get started off on the project and during the execution phase of the project there will be lot of push and pull with regards to the various aspects of project so how does a team work together Like well oil in the machine that's equally very very important there will be room for conflicts conflicts are good conflicts are bad and beyond a point conflicts they prove to be counterproductive so how do you really help teams deliver true business value how do you create or develop high performance teams that is the fundamental essence of leadership in order to be a leader you will have to be a servant first and this concept also is heavily inspired from the agile industry which is the concept known as servant leadership.
servant-leadership basically talks about in order to be a leader you will have to be a servant first servant meaning understand what the team wants okay instead of using a command and control approach we are making a paradigm shift we are no longer trying to employ a command and control approach but rather work with individuals understand their competencies help them evolve over a period of time and help them deliver true business value that's very very important and that is what leadership essentially focuses for the other aspect of the talent trend it talks about the technical project manage essentially the project manager is supposed to have the required knowledge and competency to primarily manage the project understanding scope understanding schedule deriving schedule and most importantly ensuring that the goals and objectives of the projects are met and we are able to deliver business value to the customer so primarily understanding the triple constraints of project management which is full-time and crossed and how do we ensure that you deliver true quality to your customer so this is one major aspect that has been brought into consideration and incorporated into project management body of knowledge version 6 ok and we have a dedicated chapter towards this which talks about what is expected from a project manager that's very very important and project management body of knowledge version 6 talks about it ok any questions till now it's almost close to half an hour I will pause here for questions I will give you two minutes the floor is open for questions I am looking at the chat window you can use the chat window for your questions I have a good kill now a quick confirmation for from all of you will get and fan so thank you for the confirmation ok and I'm seeing responses coming in thanks for the hotel hall I'm not sure apologies if I have got your name wrong you we will have a placeholder Westen's so you can voice out your questions rather than taking all of your questions towards the end I would pause here for a couple of minutes for your questions video of PMBOK Sanjay has a question PD use of project management version 5 training will be useful for version 6 certificates yes that does once you how do we yeah so Sanjay to answer your question the certificate is valid irrespective of version 5 and version 6 so I know I hope that answers your question Hansen has a question how do I sign in under my name I did not get your question can you elaborate on that hands are you talking about using the signature of PMP I am sorry I am afraid I did not get your question can you elaborate on your question hands ok if there is not very important we'll move on ok right.
Okay we will go back to the project management body of knowledge ok we will also look at ok an important document that I have prepared which which clearly calls out what are the primary differences I will keep flipping between the project management body of knowledge and this document which also the primary differences so project knowledge management is an key area of consideration and as I told you there is a dedicated chapter which talks about the role of the project manager ok so with this these have the primary changes that have been introduced into integration management so as I told you there is more focus on business value how do you manage the wealth of information that keeps coming out in a project even that's very very important and if you look at in project management body of knowledge version 5 we had something known as closing the project I will go back to the PMBOK version 5 this is version 5 and if you navigate here this is version 5 and if you look at we had something known as closing procurements okay this is the version 5 which talks about procurement management has a knowledge area and now in version 6 you don't see something known as closed procurements okay so this is also a key consideration that has been brought into picture when we talk about the procurement knowledge management knowledge area we don't have closed procurements here okay so corrosion of procurement snow has been integrated with closing the project on closing the face which is a very important consideration that has been taken into account okay and then I think yeah so as I told you understanding the landscape delivering new business value managing project knowledge and more explicit emphasis on the project documentation of artifacts okay we talked about whenever we talk about project management there are a lot of artifacts that come into picture and defining activities sequencing activities estimating activity resources estimating activity duration activity list so there are lot of document artifacts that come into picture so now there is greater degree of rigor and control on project documentation and project artifacts as well so that is one of the key consideration that has been brought into picture okay then now moving on to scope management.
Now the good news is there are no major changes when we talk about scope management if you look at primarily the processes continue to remain the same but as I told you fundamentally how do you really work on assigned projects okay what is primarily the approach to grooming sessions we all know right when we usually I'm assuming that we are all very familiar with agile as a framework and when we talk about agility we talk about scrum as a variant okay and now when we talk about scrum the first important thing is that it's a product owner okay the product owner is usually the wife of the customer or the customer by himself so how do we conduct grooming sessions okay because the grooming sessions are fairly very important for the agile teams to understand the voice of the customer so then has been greater amount of information on what is the agile way of doing things from it requirement elicitation standpoint how do you ensure that you know understood the features correctly and completely in an unambiguous way how do you ensure that you have very very good view about what is the definition of ready and what is the definition of them all these things have been incorporated from him as a standpoint but otherwise from a traditional project management standpoint right then going on to schedule management.
As I told you in project management body of knowledge version 5 which was known as time management okay now managing time is something which does not which is not really very convincing from a project management I mean terminology standpoint is rephrased the word called time to schedule okay if you go back to version 6 I will keep flipping between version 5 is version 6 now if you look at the good project schedule management how do you manage projects can use is equally very very important right so instead of using the bird call time this has been refreshed with schedule that is one of the key consideration and if you look at we had a process called we in the project management body of knowledge version 5 we had a process called estimate activity resources okay in order to carry out an activity in order to perform an activity as we all know a project has phases phases have activities and activities have tasks okay so in order to carry out an activity what are the resources that are required okay it would be in in version 5 we were only talking about human resources now what PMI has done is after careful consideration they have eliminated the word called human they only call it as the source management so resources could be anything by enlarge it could be material equipment hardware resources software resources and people resources now the other key difference here is this process of estimate activity resources has been moved from time management to resource management that is one of the significant difference that has happened in version 6 now if you look at estimate activity resources it has been moved into human rules into Resource Management knowledge area so one process has been pushed from schedule management to resource management so that is one of the primary difference that is there now as a again needless to say for every knowledge area ok so for all the technology areas that you see on the screen starting from integrations for time cost quality Human Resources communication risk procurement and stakeholder there are four fundamental aspects that have been introduced for each of the knowledge areas what are they one key concepts for every knowledge area what are the key concepts that has been clearly documented in version 6 so it is like more like an abstract okay a summary view of what is integration management what is management for every knowledge area you will see he concepts the second important point is talking about what are the trends and emerging practices for each of the knowledge area now if you look at when we spoke about version 5 it was more retrospective okay where you will plan the project you will execute you will monitor and control and then eventually you will close the project and it was more a lag indicator so what they have done is they have also started I would call this as a more a forward-thinking approach okay that's the beauty of project management body of version six where they have incorporated a forward-thinking approach where when we talk about what are the emerging trends in project management what are the emerging practices and how they can be incorporated into each of the knowledge areas that is the second point that they would like to think of for each of the knowledge area.
The third important thing is tailoring considerations timing is very very important now I will pause here for a minute and ask you ask the team what is what is what essentially does tailoring me any idea my question to all of you is what is styling in a project management any idea what is tailoring you can use the chat window my question is tailoring okay I can spell it for you by learning what does tailoring me cutting to the specific project okay any other views modifying the project plan to meet specific outcomes and goals accommodating for nuances refining okay I see lot of responses coming in thanks for that okay now I'll go back okay so now if you look at in a project okay I'll use the Excel spreadsheet before we look at the definition of tailoring so a project could be a very simple project okay where it is span across let us say six months to one year okay not lot of money in one let us say 125k US dollars and this is one of those business-as-usual projects I will call this as BAU projects not very strategic there is a customer who is willing to pay for a particular service and you quickly understand the requirements you design Development Authority now it's a very simple now there could be a strategic project okay a strategic project which is very important to the customer and to the Performing organization inherently complex okay inverse fairly big amount of money very heavy on domain and technology okay now in that case there has to be a greater degree of rigor in terms of processes okay before we understand tailoring it is equally important for us to understand the triage the Triads between people process and technology so if you look at in New York in any industry we talk about three things we talk about people we talk about processes and we talk about technology people come they join the organization eventually if they don't see a well-defined career path they leave the organization okay and technology keeps changing day in and day out so I am I don't want to trivialize the whole discussion saying that people and technology are not very important but equally when there are two dynamic elements you will need something which will try to bridge the gap between them and that is known as process central to any industry is process process defines a way of doing things and when you do it in that way when you follow a process your activities are more controlled their activities are more understood your activities are articulated build and there are no unpleasant surprises as you design develop and test application or service that you want to provide to a customer so now this is the primary definition of process now to give you a very simple example today we are here
today to understand what are the primary differences between version 5 and version 6 so that is the objective of this session so we all wanted to get acquainted with project management body of knowledge version six and we started looking at who are the various service providers who are there who will help us understand project management at our own convenience okay so you reached out to GreyCampus you enrolled with them you checked on what are the hardware and software requirements we have a specific given that we come from different geographies we finally agreed on a particular time slot and now we have started discussing on project management body of knowledge version six so there is a process that we have followed knowingly or unknowingly there is a process that we have followed so whenever we work on a program a project and interior opportunity primarily inherently there is a process in everything and anything that people so know what PMI says is going back to the project management body of knowledge version six these are all the various processes that are there if you look at
as we all are on our have already trained on project management if you look at from 4.1 through thirteen point four you will see that there are close to 49 processes now is it not will it not be an overhead to incorporate all these processes into every project sometimes a process is usually an enabler it should not act as a burden to the project manager so you are going to handpick that is the beauty that a project management body of knowledge gives you it is a framework it is not a standard standard is basically do what you say and say what you do but when we talk about the framework you can customize the processes which you think are important for your program and project so out of all these 49 processes if you look at that you see on the screen you could handpick the processes which are relevant to your organization relevant to your project and start incorporating them in true spirit so that is known as tailoring considerations okay I hope that is very clear to all of you okay right so that was about tailoring consultations and to go and reiterate the point that every knowledge area talks about key concepts trends and emerging practices what are the tailoring considerations and most importantly how do we do it anyway how do we work in an agile or an adaptive environment has also been extensively discussed in project management body of knowledge version six okay right now the next important point is we have discussed on schedule management and as I told you quick references going back to a schedule management it has been renamed rephrased from time management we have moved to schedule management which is one important thing the second important thing is estimate activity resources which was part of schedule management has been moved to resource management that is the second important thing and the third important thing is also more focusing on rather than talking about the critical path method okay which is a very important aspect of schedule management how do you when we work on a project we all know right that a project has phases phases have activities and activities have tasks now let us take an example where you have 40 tasks in your project okay and not all of them can be started on the same day and completed on the same thing you will have to sequence them you will have to understand dependencies and then you will have to establish relationships and most importantly as a project manager you should also know which of these activities can be delayed and which of these activities should not be delayed okay so instead of using such a heavy framework called critical path method now we are also focusing on agile release planning okay how do we how do we do I'd read you approaches how do we do release planning at frequent levels how do we how do we incorporate the concepts of hydrating planning into projects even that has to be taken into consideration okay so basically I hope you all are aware okay we talked about a agile onion planning.
Agile Onion Planning
This is the agile way of working on a product every organization has a strategy when we when you have been working in an organization the next time you go back to your organization tomorrow morning you will have to understand three important things okay what is the vision of your organization okay what is the mission of your organization vision statement vision statement not support what is the future state mission statement talks
about what is the purpose why are we there in the market okay and then we talk about strategies how do we accomplish how do we accomplish the organization's goals and objectives it is through strategy okay because this resembles an onion this is this is known as a giant onion planning so from there on we talk about portfolios portfolio needless to say continues to remain the same this is where all the executive decisions are taken okay where the leadership decides in which particular line of business you would like to invest your money into and eventually it moves into programs it goes into projects okay from there on we talked about products okay this is what your end customer wants okay we talked about delivering your service we talked about doing something which the customer wants which could be a product by itself now how do you accomplish this product it is through multiple releases okay so you will have a product roadmap you will have multiple releases and each of these releases will have multiple iterations and when we talk about nitration x' will have a daily stand-up meeting so which is known as the scrum ceremony okay so when we will have a daily stand-up meeting to understand what did i do yesterday what am I going to do today and what are them impediments that I have okay so these are the this is primarily to give you some good view about what is agile on yet okay right we will go back okay so basically I will not repeat this point for every knowledge area key concepts trends and emerging practices tailoring consideration and more a forward-looking approach on agenda adaptable so this four bullet points will continue to cascade through all the knowledge areas okay so these are some important things which you will have to understand okay then going on to cost management fortunately no major changes but a very important terminology being introduced from an earned value management standpoint if customer if when what is primarily earned value management what is the value that you are earning because of investing money into the opportunity or project so earned value management a very important concept basically from control cost knowledge area from control past process so there has been some additional literature which has been included and there is a new term which has been introduced which is known as under schedule okay under schedule abbreviated as TS so which is basically where in the project manager can more accurately determine the completion date of the project okay which is predominantly behind schedule or how can the project be completed beyond and no later than late even that has been taken into consideration some not lag metric but in lean metric that has been brought into picture otherwise the other fundamental tenants of cost management continue to remain the same okay there is something relatively new concept which is known as under schedule okay quickly stop here for questions are we good till now it's almost close to an hour eight minutes short of an hour any questions here are you okay with the discussion daniel has a question today or tomorrow will you discuss the PMP exam change such as when the exam will change and if it is recommended to wait to take the exam if trained on six okay Daniel thanks for that with the differences sheet you are using as a reference will be available to us differently yes Alfonso yeah will you be able to forward the presentation yes I will share it with the support team at GreyCampus they will get back to you on that request thanks all for the appreciation so Tim one of our friends has a question so if you look at before we move any further I would I always believe that in an in an interactive session like this it's equally important to stay connected okay because if it were a classroom session it's more it's more face-to-face communication so I am able to understand whether you are in line with the concepts are so as and when questions come under question faith I believe that they should be addressed immediately okay so now one of you are asking me when is the version six examination coming into picture so now it is not very far away we are very close to the version six way of examination the PMP examination is changing on March 26th which is somewhere close to a month now we are already on 24th of February so if you want to test on project management body of knowledge version 5 you will have to take the test prior to 26th
March it is not even on 26th Watts from 26 March version 5 will retire it will cease ok it will no longer exist so for the next five years you are going to test on version 6 ok that is one important thing ok anyone taking the examination on or after ok on or after 26th months will have tests on the new version of project management body of knowledge which in version 6 ok so I hope this answers your question I'm not sure about who was that that asked me yeah Daniel does it answer your question can you quickly confirm not exactly okay so what are you looking at so as I told you if you are going to test prior to 26th March you will use version 5 after 26th on or after 26th months you will have test on version 6 that is one important point is it really worth to wait ok yeah GreyCampus is providing version 6 training so because we are unregistered education provider ok GreyCampus is a registered education provider and given that we are re piece our content ok our content is completely verified by PMI and when we conduct trainings we conducted trainings on the enhanced versions of project management which is in line with project management body of knowledge version 6 given that PMI worship PMD work a version 5 is going to retire in less than a month we have aligned all our material to version 6 though I hope that answers your question Daniel so if I take the class training for version 6 am I going to have to wait to take the examination after 25th much exactly yes so no given that you are all getting trained on version 6 you will have to book your examination after March 26 okay I hope this answers your question anything else I'll be happy to discuss so can be mark this ok rich has a question ok it is known as urn schedule ok I hope this helps ok so not to worry everything is is part of the project management body of knowledge if you navigate to cost management knowledge area quickly and just show you something yeah so this is where so if you look at this is earned value analysis a more beautiful compilation and now this talks about the concept of own schedule okay so all the terminology and the terminology is incorporated and available in this section okay right okay we will I hope that answers your question okay rich will move on to page 25 quickly this give me a minute going to the landing page yeah we are here okay that was about cost management okay and then moving on to the most important aspect of project management.
Project Quality management
Whhich is quality okay quantity is everywhere quality is internal to the organization it is external to the organization so unfortunately no major changes at this point in time but if you look at version 5 if you go back to version 5 quality management we have something known as perform quality assurance okay so a PMI has a view that quality cannot be assured ok quantity cannot be assured at any given point in time when we do things in good faith we have processes we have people we have tools Quality Assurance cannot be done primarily and that is why they have renamed this process okay they have if you go back to version 6 they have called it as manage quality more being to be on the safer side they have called it as managing quality ok so that is one key consideration that has been brought into picture from perform Quality Assurance we have they have carefully rephrased into manage quality ok so as you all know every organization tries to create customer delight ok if customer has to come back and give us business the next time it's very important that we truly understand and what is the definition of quality from a customer standpoint that's very very important okay so please note that one important point here is many at times gold plating in project management so what is basically gold plating gold plating is not quality gold plating is doing something that the customer did not ask for it is a bad project management practice gold plating is also considered a bad project management practice for different project management practices and methods so if you get for example after having met the requirements the project manager or the developer works on further enhancing the product thinking the customer will be delighted to see additional or more polished features rather than what was asked for expected the customer might be disappointed in this result and extra effort by the developer might be futile so gold plating cannot be a good quality concept or blending it should not be done in a project at all okay right we will go back so in key considerations here as I told you not major changes but there have been a plethora plethora of tools for a more number of tools have been added to quickly understand then uances of quality management okay in terms of quality control what is the certain difference between quality assurance and quality control Quality Assurance is more proactive in nature and quality control is more reactive in nature okay all right we'll move on going on to the next process we are going to talk about the resource management okay.
Project Resource management
In project resource management so if you look at basically in version finds if I have to go back to version 5 we call them as human resource management but now when we talk about projects we talk about different kinds of resources we talk about hardware resources we talk about software sources resources we talk about material and so now if in order to accommodate different kinds of resources under one big umbrella they have rephrased project human resource management - resource management if you go back to version 6 we call it as project resource management and needless to say from schedule management knowledge area the estimate activity resources has been moved to your project resource management if you look at version 5 again we have something known as estimated activity resources in order to carry out an activity what are the resource requirements this was this was a process in a management knowledge area but in version 6 they have moved it to human resource management knowledge area so that is one another important consideration that has been brought into picture so now we all know right the resources around or always constraints it could be financial resources it could be hardware resources it could be software resources or and could be people resources when was the last time that you when was the last time that you were asking for let us say 10 to 15 resources and all of them were provided to you there is always dearth of resources there is always shortage of resources so how do you manage the resource crunch and ensure that you will be able to deliver the project ensuring that there are no scheduled installations and cost system cost escalations and most importantly how are you going to create true customer delight that's very very important and there has been a lot of emphasis around that okay so estimating activity resources in order to carry out an activity how many resources are required so that talks about the estimate activity resources then another important process is about acquiring resources okay if resources why do we talk about acquisition of resources if you look at version 5 I will keep flipping please bear with me this is the best way to explain so here we have something known as acquire project team and now this has renamed this has been renamed to acquiring resources version six we talk about acquiring resources so if resources are not available internally if resources are not available internally you will have to go for external hiring and that is maybe use the word called acquisition okay so that is an important key consideration that has been brought into picture okay then controlling resources is also an important process which talks about how do you control rather than monitor resources we talk about controlling this forces the purpose has been changed to suit the requirement controlling of resources okay developing teams and managing teams this is where we talk about how do you on what the right talent how do you bring resources up to speed okay how do you manage conflicts conflicts are good conflicts are bad but beyond a point conflict spoon to be counterproductive so how do you manage things most importantly and how do you create a congenial atmosphere for development okay even that has been discussed by a large in projects with social management okay then moving on to communication management if you look at very simple process and I hope you understand and appreciate the beauty of the dependencies between processes that are there okay before we do that any questions till now it's close to one over six minutes we have started the webinar so the floor is open for questions I will pause here for two minutes to take questions if there are no questions I am just thinking aloud do we need a quick one or two minute break before we resume I request I cannot voice out names so I request you to use the question pane the chat window for two things do you have any questions for me at this point in time that is number one and second thing do we need a quick bio break I found so I will come to your question daniel says nope is required Julie says no questions keep going on good to go okay do we need a break quickly team I need that response okay so we'll quickly do one thing we'll take a quick okay so majority of you have mentioned that there is no break that is recommend will continue then in that case I will look at the questions that have come up the session is being recorded and will be made available so that should not be a problem then okay Alfonso has a question so no changes in knowledge area in ten communication management so to answer your question primarily there are no changes in principle to the five domains and the ten knowledge areas initiation planning execution monitoring and control and closure they continue to remain the same integration scope schedule cost quality resources communication procurement stakeholder engagement depend on you to think the same there is new new domain or no new new new knowledge area that has been introduced that's the answer your question also can you confirm there is answer your question okay I did not get a confirmation I was referring to communication management specifically yes no major changes in terms of process correct so agile communications have been introduced which is more osmotic in nature talking about social communication and if you look at there is only a rephrase here if you look at version 5 and version 6 we talked about this is version why we talked about we talked about controlling communications okay and when it comes to versions.
We talk about monitoring communications so we have refreshed tm- replaced apart from that there are no major changes out there okay I hope this answers your question that we look at the chat window and a Dean has a question do we have a high-level summary of changes between version 5 and version 6 yes we have even if you there is no need for you to scope for resources in this aspect if you look at when you navigate to the project
management body of knowledge version 6 if you scroll down and quickly walk you through that okay so if you look at appendix x1 ok 6th edition changes ok now I get to 639 in project management body of knowledge version 6 and you will see all the changes that have been brought into picture I hope this answers your question ok if you're looking for a document that is a place for them does this answer your question Daniel ok perfect ok any other questions I'll pause here for two minutes to take questions any other questions that have come through you can use the chat window ok daniel has a question how fun do you recommend reading into the project management body of knowledge prior to the classroom training so basically you are a cubed with more information ok so that you can contribute you can understand last more meaningful questions so what I understand from the support team is we are we all are already trained on project management and in case if you would like to sign up with GreyCampus I'm going to recommend if i where u given that we putting your effort into this endeavor it is always better to get acquainted with the project management body of knowledge and then sign up for the classroom training I hope this answers your question ok one more important thing is it is equally important to unlearn and not okay unlearn to relearn so if you look at they are all there are project managers right we play various roles in our organization but end of the day now we have signed up for this endeavor called PMP now there are two things here one is your practical experience and the second thing is the examination I will always for all the professionals who want to clear the examination there is always a conflict there is always a conflict between both okay because the more experience you have many times it so happens that we tend to overlook processes we tend to overlook processes let me take a very simple example when was the last time that you were given the opportunity to look at a charter or a charter was formally handed off to you to work on the project it is it is always a practice then we start a project immediately and then we start looking at the artifacts that have that are rather mandate really required to start the project this happens late this happens with all of us when was the last time that you did an extensive risk analysis on your project how frequently did you update your risk register in the project how frequently when you work on change management okay so basically this is what this is why we have to unlearn to read them from an examination standpoint processes should never be overlooked that's very very important okay so I would request all of you to remove that hat and when you start appearing for the examination and for the classroom training you will have to align to the processes that's very very important from not following a process is not a good practice from an examination step ok and Santa has a question again similar question I have I have been trained in p.m. new ok version five and earned thirty five reduced but could not appear with the same p deus can i appear for version six or i have to go through the training to earn free news for project management body of knowledge insists so Sanjay fortunately your thirty-five contact hours professional development units which you have earned through version five is completely adequate and you men directly start filling up your application form for the examination there is no need for you to get again earn the required 35 readings the only thing is you will have to quickly now take a call on whether you would like to take the examination in version 5 or in version 6 if you want to do it in version 6 the 35 video is still all good but the only thing is you will have to do the gap analysis and understand what
are the changes between version 5 and version 6 that's the only exercise that you would have to does it answer your question Sanjay okay right okay we will move on any other questions and pause looking at the chat window for questions okay no questions coming in so we continue with our maybe not on the changes okay gold plating is not require a triangle okay so that is about it this is more a summary of what primarily has changed between version 5 and version 6 which we are discussing anyway ok we will go back to our ok quickly going back to the page 25 when we talk about domains and knowledge areas just give me a minute ok here we are so we discussed on integration scopes can you cost quality resources communications and now talking about a risk management okay so.
Now primarily if you look at risk management the there has been there have been certain inclusions when it comes to management in terms of project resonance okay how do you spell it okay resilence so this is a new vocabulary which has been taken into consideration given that the number of unknowns are very fairly very high how do you ensure that the risks on the project will not have a cascading impact on the objectives of the project okay how do you define resonance reason is essentially two living in a world filled with risk resilience has historically been defined as the ability to return to the status quo after a disturbing event so here there is a greater emphasis on risk resilience so if there is a risk if there is an uncertainty in your project okay how quickly can you move back to the status quo how quickly can you ensure to bring your project back on track is something which has been extensively discussed in version 6 the screen silence okay okay the first one key consideration there is a new brand new process which has been introduced which is known as implement risk responses if you look at again toggling between version 5 and version 6 if you look at risk management if you go back to version 5 we talked about a plan for risk management identification of risks performed qualitative quantitative risk analysis and risk responses and there is a new process which has been introduced which is known as implement risk responses ok implementing risk responses so when we talk about planning for risk responses what does it mean we talk about planning for risks ok we talked about responding tourists okay so how do we respond to a risk we try to either avoid we try to transfer we try to mitigate or we try to accept okay but now there is a new strategy which has been included which is know as escalation of risks so at any given point in time if your risk responses are not working favorably for you you will have to escalate the risks to leadership items for management attention so that is one of the important thing and key element that has been considered in version 6 okay so now control risk has also been renamed to monitoring risks instead of many times we do not have complete control on what is happening in a project so instead of controlling you can call them as monitoring risks okay so that is one important thing if you go back to version 6 now we have a new process which is known as implement risk responses so now the planning part which is done here in terms of a wire transfer mitigation except now this will jump into action then you will implement your risk responses okay so planned risk management identification of risks perform qualitative and quantitative risk analysis Land responses they continue to remain in that instead of controlling risk we have called them as monitoring risks and the second brand new process that has been introduced in this management knowledge area is incremental assessments okay so any questions on risk management any questions I am happy to discuss okay.
Difference between Qualitative risk analysis and Quantitative risk
Any idea what is the difference between qualitative risk analysis and quantitative risk analysis qualitative and quantitative risk analysis I not colorful names but will be happy if you can volunteer any views on this team let us try to collaborate sorry impact and proper percentage versus poor retail value okay thanks rich qualitative means you numerically analyzer is okay quantitative means you numerically analyzers and qualitative meaning in the area orders are is okay Susan says qualitative is not ring the risk okay it's very simple Dean yeah I think rapidly got good responses qualitative means you identify that currents in probability okay thanks for that so it's as simple as that team so if you look at the lifecycle of risk management okay so the first thing is we plan for risk management okay extensively and usually how much effort is near marked any idea how much effort is earmarked when we have to plan for a squarish but again team risk management is part of project management usually 8% of the lifecycle effort effort is earmarked for risk management general okay what does this mean if you are working on a project where the overall effort is 100 percent of us eight percent of it is allocated for project management and for risk management probably one to two percent it basically I mean not a thumb rule but depending on what is the risk exposure that you have pertaining to the program and project okay now the first thing is if you look at that has been always heavy emphasis on planning if you look at for all the knowledge areas that could be respective of version 5 and version 6 p.m. I always believes that failing to plan is planning to think okay so one good way to navigate or maneuver through this spreadsheet that you see on the screen is for all the knowledge areas starting from integration through stakeholder management you will that there is a plan in place the first thing is when we talk about integration management in order to execute the project you will need a landing page and that landing page is your project management plan okay so we'll have scope management we'll have schedule management we have cost management we have quality management we have resource management communication management risk management procurement management and stakeholder management so there is a planning process for all of the loops okay right so the second important point is after fairly you have a good view about how do we plan for risk management in a project and what periodicity do you conduct risk management in a project what kind of dashboards are you going to publish what kind of metrics what kind of metrics will be published in the Const and the context of the Spanish build any idea about what metric can be reported for a management any idea team what metrics can be reported I mean against risk management they all know right what cannot be measured cannot be controlled so are you aware of any metrics related to risk management it has a very beautiful metric which is known as risk mitigation efficiency not sure how many of you have heard about it what is your mitigation efficiency okay
so if you look at this is the primary definition of the risk mitigation efficiency formula if you look at how do you define it total number of risks identified for mitigation okay - subtract subtracting the total number of risks mitigated but occurred divided by total number of risks identified for mitigation so now taking an example you are working in a as a project manager okay and you know identified fire risks for mitigation and you have wonder risk which has occurred but you could not mitigate it so what is your risk identification efficiency okay identification efficiency is 5 minus 1 which is what is 5 here number of risk identified for mitigation is file1 now 1 risk we just mitigated but Nut kin is 1 divided by the total number of risks so phi minus 1 by Phi multiplied by hundred will give you 80% okay so now deem it's equally important that when you talk to your executive leadership okay when you have to go back and develop a status report or when you have to communicate back to leadership on performance it is always good you talk in terms of numbers what is your schedule performance index what is your past performance index what is your risk mitigation efficiency and overall how do you roll up the health of the project or endeavor anyway ok now my question is and can one of you tell me this we all know right from where do we get this number 5 it is from your risk register now my question to all of you is from where what is the source of this number which is 1 can you tell me total number of risk mitigated but occurred from where do I get this one what is the name of the artifact which will help you to arrive at this number one is the question to all of you any views around this team total number of risks mitigated but occurred okay here it says it is the risk response plan okay okay the answer is very simple we all know right that when we talk about projects we have a wristlock and we also have an issue table so the issue log is a place holder where you will get this number okay number of risks that you have mitigated but occurred so the issue not will be the place holder from which you calculate this get this number okay so okay that was about risk management okay so what metrics can be reported and the second important process is identification of identification of business so usually we all know right so this is a brainstorming activity you work with your Dean's you try to arrange you look at historical information and most importantly you try to understand what were this risks that the previous projects had you have a very good risk breakdown structure okay abbreviated as RPS right which is part of your risk management plan which can be used to identify risks in the project is it contract related specific use equipment related risk is it scheduled relatedness because it cost relatedness is it quality related is it stakeholder related is it communication related footer or complication in the net addressed so on the next important process is what is the output of this process you have a risk register and abbreviate it as RR and now you have done a commendable job where you have identified 100 risks in your it's very good the more risks you identified it is good for you so what honestly speaking do you have the time and time resources and money to deal with all these hundred risks I have the answer is no now then that is where the process of qualitative risk analysis comes into picture qualitative risk analysis now you will have to prioritize your wrists the process of prioritization of risk is which is primarily done in qualitative risk analysis where we talk about what is the probability what is the impact and what is the risk score okay we all know that right so for every project so this is what your quantitative risk analysis is about if you look at we all know this right we talk about what is
the probability and what is the impact of risk so this risk is is the heart and soul of for qualitative risk analysis okay now the next important step is you are going to prioritize lists which means you clearly go back and tell your sponsor that out of this 20 risks you need immediate attention and 80 risks can be put on a watch list okay so.
Now the next important thing is quantitative risk analysis what is the theme of quantitative risk analysis no end of the day and you are not aware write that down boils down to money knowing risks are risks but you need money to deal with them so quantitative risk analysis will talk about what is the expected monetary value of this in order to deal with risks how much money has to be elma let us say thousand US stocks after you identify risks after you went them after you arrive at probability and impact it is equally important to understand what is the monetary value that is required to deal with us so quantitative risk analysis talks about this concept of arriving at the monetary value that is required to deal with us whereas quantitative risk analysis talks about prioritizing risks eventually going back to respective stakeholders and telling them what is the money that is required to deal with this and then comes the next important process where we talk about risk response planning do you want to avoid do you want to transfer okay do you want to mitigate or do you want to accept this okay so this is where being our risk response planning comes into picture you are responding to a risk okay and that is why it is known as gospel now here the beauty here in PMBOK version 6 is there is something known as escalate risk okay this is abrand-new process which talks about this guess collection so risk resilence is a key concept we also talked about non-event wrists okay which is an important process that has been added into version sixes implementing responses and where does it happen it happens in the execution phase of the project if you look at we did not have this process in version 5 but in version 6 in the execution phase you will have to implement the risk responses okay which we talked about a wide transfer mitigate accept an Escalade this will jump into action in your execution phase of the project that's very very important okay and instead of controlling lists the primary intention is risks cannot be directly controlled so instead of controlling them we try to monitor them so that is an key consideration that has been brought into picture okay any questions around risk management is the what was clear to all of you I just passed you of one or two minutes to see if any questions are coming into picture otherwise we are good we'll move on to the next knowledge area a quick confirmation on the quiz on the chat window will help okay any specific questions okay tamari has a question it's a very simple thing project management is common sense okay our friend has a question he is asking what is that RBS this risk breakdown structure so now I hope you are able to view this and Zoo-in a little bit so now I give you a very layman's view about risk management now let us assume that laxmi is a project manager and he has started his project okay now we all know that risk management is of paramount importance to project by for a project to be successful There is lot of emphasis on risk management because you will have to understand what are those uncertainties okay what are those uncertainties which are going to Geo paradise your project which will have a cascading impact on the objectives of the project so in order to have a good plan in place or rather be more prepared to deal with risks the project manager he prepares her this breakdown structure now how does this end now the next question is how is it going to help the project manager in the flurry of things they in do there are lot of activities there are there are client calls there are reviews there are status there is status reporting there are internal team meetings external stream meetings and there are there are interactions there is communication internal and external communication lot of things that are happening on the project so what happens is in order to ensure that your approach towards risk management is intact what the project manager does is before he starts extensively working on identifying risks he will prepare a checklist okay he will prepare a very simple checklist and now how is this checklist going to help the project manager basically it helps to ensure that there is no oversight over sight there could be a possibility that you have not considered estimation related risks you have not considered communication related lists you have not considered funding related risks you know not considered environmental considerations okay usually if you look at the target audience today I see most of you are from Europe and US and now if you look at in the United States lot of projects came into existence because of this enterprise environmental factor show do you define it factors which will influence your project but are not under the direct control of the project manager classic example is brexit okay HIPAA regulations separately lays vaccines Act all these things are interpreting environmental factors factors which are not under the control but which will influence the body so you should should keep your eyes and ears wide open and you should look at all these as potential sources of risks okay do you have any requirement potential related risks do you have any technology related lists do you have any interface related lists as the customer clearly count out any functional and non-functional requirement related risks okay and do we have any risks related to quality the client is new to off shoring this is the first time we are working with the customer what are your checks and balances to ensure that you are going to drill avert through business value to you in custom what are quality related risks the customer clearly says in the contract that if there are more than five defects per release you will have to pay a penalty of thousand US dollars so in order to ensure that you don't run into legal hassles and you do it right the first time you should clearly check does your organization have that capability to do such type of work so all this is like becoming a process and if you have an very good process like this there is a high probability that you will not oversee any of the risks that are there in the project which will have an impact on scope time cost okay does this answer your question Alphonse Rivera yeah I will take your next question so once you confirm that you have understood the first question I will take up the second question okay now the next interesting question is so what there are be a strict list be conducted as part of the identifier is process no it becomes too late in the game it becomes too late in the game and this RBS has to be part of your plan list process if you go back to risk management when you start planning for risk management you should have a place folder to talk about risk management okay what are the various sources of risks what sources will be considered that should be part of your planning and show you the planning template software project management plan okay and when mean this is a project management plan and if you look at there is a placeholder for risk management so here you should consider what are the potential sources of risks okay in your project when you plan for risk management the first that is why I said planning is of paramount importance okay failing to plan is planning to fail so if you look at the beauty here what is the output of output of the risk management process it is a risk management plan okay the output of the first process which is plan for risk management will be your risk management plan using the guidance document you will then identify this so the checklist that you spoke about will be part of plan risk management okay let will also quickly verify that for you this is on page number 64 okay and come back to this identify stakeholders a little bit ahead in the game procurement we will still go a little ahead rather behind to be more clear yeah we are here on risk management plan risk responses we are ending sorry for the slight delay okay so if you look at the IT team approach we all know right so when we talk about project management we use the terminology called inputs tools and techniques and outputs okay so here so here if you look at we talk about data analysis okay so when we talk about planning for risk management that will be used as a key consideration where we'll have to extensively talk about at a sprint or structure okay so this is a trademark of PMA where we talk about inputs where we talk about tools and techniques and we talk about somebody every process you will have an input you will have a tool and technique and you will have a know okay I hope this answers your question okay right okay we'll move on any other questions I'll pause here for two minutes to see if there are any other questions that are coming up or else we'll move forward to talk about the other changes that have been coming in okay I don't see any question so I my assumption is we are put till now quickly fuse the chat windows that are not required this breakdown structure okay.
Project Procurement management
We will go back to page 64 of version 6 okay that was about a good discussion another I held a discussion about risk management and then going on to the next knowledge area procurement as I told you in version 5 we had a process called closed procurement now very carefully PMI has rolled this up to close phase or closed project so you don't see that in version 6 this is eliminated as a process okay that is one key consideration planned procurement conduct and control improvement plan procurement continues to remain the same conducting procurement continues to remain the same controlling procurement continues to remain the same but one of the important aspects of procurement is primarily when we when we when project management version 5 was derived what happened was primarily the approach towards procurement was mainly from the American okay what does it mean the contract part how do you procure services how do you conduct procurements how do you control procurement how do you plan procurement was primarily more from an American standpoint now what they have done is because PMI is basically based out of Newton's Pennsylvania United States and they have made the procurement process more global rather than confining procurement more to what is being practiced in North America okay so they have removed that flavor of American Standard and they have made the procurement standard more global so that is one important thing that has been taken into consideration okay then going on to the next process.
Project stakeholder management
Talking about stakeholder management if you look at stake holders are not risks where we can manage them so very carefully if you go back to version 5 will be talked about plans stakeholder management the where boss has changed because stakeholders are individuals will have to engage them rather than manage them so if you look at identify stakeholders planned stakeholder management manage stakeholder engagement and control stick to engage and now if you go back to version 6 you will see stakeholder engagement or not management no we understand right that stakeholders are individuals okay who are either directly impacted or indirectly impacted by the project so it is equally important to work very closely with stakeholders and that is why if you look at only once you first identify who your stakeholders are then you plan for communication so that is a beauty of the process okay the first thing is you identify the stakeholders and then you plan for it doesn't it is not YC versa where you first plan for communication and then you are into the primary output of this process is your stakeholder register okay the stakeholder register I hope you have a good view about that could you touch based on that I have a question not answered okay Elizabeth can you let me know what is the question sorry I think I have missed out on that in the flurry of questions can you please apologize for that can I request you to repeat the question yeah what is your question from waiting for another question yeah el Sabbath can you let me know what is your question okay you're trying to type it okay I'll go to that fine the question comes in I will quickly show you the stakeholder template so this is how the stakeholder engagement plan looks like okay table of contents what is the approach how do you identify stakeholders what I a standard is to manage your stakeholders okay take for identification okay I saw your question I that is I think this is a stakeholder register so if you look at this is always take photo register with a book you all are aware of what is the importance and relevance of having a good stakeholder register okay talking about what is the name position what is the role in the project contact information requirements expectations pertaining to stakeholders and what is influence so this will basically help you to plan for communication going okay right now I go back to in civics question when is it necessary to disconnect the risk in a project okay so basically as I has you on unaware right so when we talk about status representations we talked about red amber and green so whenever you feel then the health of the project is moving from green to amber escalate or it is moving from embrace fill it to red because of a particular risk okay and a simple example to compliment and ensure that you understand the concept right you are in the design phase of the project but still has not yet been signed by the sponsor or signed by the performing the the contract has not been signed by the customer so you are moving from design to execution but still we have contract related risks why do we see contract related risks I'm sorry because if the contract is not signed we do not know what is the scope of work that has to be carried out so that becomes a contract related risk there would be significant amount of rework happening at the later point in time so now it is high time that you will have to escalate this risk to all the relevant stakeholders to your leadership to your sponsor to your Engagement Manager to your on-site customer telling that hey we are moving into design and development but if the contract has not been signed so then okay so does it answer your question elsebeth so there is no specific timeframe that you will only escalate the rescuing execution okay as the situation warrants you will have to escalate it appropriately to the relevant stakeholders does it answer your question once you confirm I mean move on to the next question yeah Jamie brewer has a question will you be able to provide any links or practice questions for additional scenario questions that can help on stakeholder management plan yeah definitely yes human reached out to support at GreyCampus.com so they will provide you with all the required questions that are available on stakeholder management okay okay right okay any other questions that have not answered I'm sorry probably I missed out some of them on the chat window apologies for that in case if there are any questions unanswered I request you to cause them out again so that I will be able to take it quickly before we move on I don't see any questions coming in okay 1c Priya has a question is the see matrix part of your stakeholder resistant usually RACI matrix comes into picture when we talk about the resource management okay the knowledge area if you look at that's a very good question so team I hope you're all aware that what RACI matrix means who is responsible accountable concentrated in if you navigate to resource management okay we will talk about the RACI matrix just give me a minute quality is quality after resources yeah it is yeah go back to the next knowledge area which is sorry I have to make you wait for a couple of minutes I'm sorry for that just addressing pre asked question on resource management she has a question on receive matrix responsible accountable consulted and inform so yeah so if you look at RACI matrix responsible accountable constructed in this part of resource management Priya I hope this answers your question so here we have names and who is accountable who i responsible who is consulted so who creates the Charter it is accountability nice with n probably an is the sponsor okay then is responsible Carlos is informed a Dina is informed and end is also involved does it answer your question yeah okay okay right does the control F function not work funny when your presenter in control if is it fine right are you talking about to find okay it works for me yeah thanks for that but in the it becomes really difficult to skim through all the relevant pages so that is why I prefer to scroll down immediately thanks for that talents okay okay so Odin Hall has a question how how the new adoption of a child and adaptive methodologies from the management of projects teams represented in the new accept so yes that's a very good question and if you look at given them there is a major paradigm shift now the whole world is going agile so you will see questions on related to the concepts pertaining to agile on the main examination to what extent that is still an area of consideration but definitely we are moving from a Lander one model to a value driven model so yes you can definitely see fairly good number of questions on agility that there are the exhibition I hope that answers your question but we can you quickly confirm please Odell Hall can you confirm okay so okay right thank you thanks for the confirmation okay so that's it from my side so we today we did end bird's-eye view about what are the primary changes that have been coming into picture so that's it from my side I hope you enjoyed the webinar I will hand off the session now to mani deep money need support request.
Yes Laxmi srinivas and that's a great session I think everybody got the questions answered and if anybody else who would like to question who else any questions the floor is open we have another two minutes before we do it big understanding on the agenda for tomorrow would be to come back and more understand project management in a better way in terms of processes that is lined up for tomorrow so we will do some Q&A; tomorrow we look at some basic fundamental tenants of project management we'll do some Q&A; across the different knowledge areas that are there and then we will go back to the differences between version 5 and version 6 that is lined up so yes we will be doing it tomorrow same time as we did it today so no major changes yeah I hand it off to you anything yes I can I see I still see a question how can we download the reference documents in this class so you can you can directly send an email to support it by GreyCampus.com asking the downloadables for the session for this session whatever you see any more questions oh I see a question from model have there been updated online test yes order so the great again GreyCampus have upgraded the online course to PIM Bock we six and even though learning course is upgraded to online v6 you can if you are already a GreyCampus customer who already said already enrolled for PMP you can check that so if your if you have B file you can still get a complimentary v6 access for one year so you can drop an email to support it GreyCampus come if you if you would like to enroll for the PMP also you can drop an email to support it gray campus.com for further details a concern product specialist will get back to you okay thanks for that but equally important to say that we are a registered education provider which means our content is always aligned to the project management body of knowledge version 6 the latest updates that is there so there is no need for you to go to the market and scout for additional resources yeah thanks for that overdue you many people can you run the poll please yes so alright so I'll run a poll you will see or two questions on your screen right now so you'll also get few options so whatever you feel whatever you would like to select the option you can so I quickly run a poll well that meanwhile any questions any queries and is Jason's for tomorrow's session meanwhile I check the poll mani deep I think they are not able to see the pool let well there might be a technical error I'm quickly checking that so meanwhile if anybody having any questions you can directly ask the instructor so I'll happy to hear she's happy to help you are you're happy to facilitate Team will be technical glitches being resolved we always believe in continuous improvement so I request all of you to take couple of minutes stay back apologies for the delay and please ensure that you take the survey or support to help us understand and improve our services so what will be the tomorrow's our vinick's cover so basically we may do some Q&A; around the various knowledge areas so that is beyond this it's always equally important so somebody is talking can you go on mute please yeah okay so one important thing is we will try to do some Q&A; around all the knowledge areas that are there to ensure that our understanding is correct and complete and also we will start looking at the IT demos that are there in terms of inputs tools and techniques and output set up the audio version 6 ok ok so that will be the agenda for tomorrow I hope that is clear and stated so mani deep can you run the poll no is the click result many people I'm technical give me a minute give me a minute I'm resolving yet ok ok so Team any other questions we'll be happy to discuss so there is lot of good literature when the technical issues are being resolved.
If you go to scrum Alliance not sure how many of you are aware of it scrum Alliance dot o-r-g this will be a very good landing page for people who are relatively very new to agile as a framework ok this is one go-to placeholder the page comes up one more important thing is no ten good software there is lot of good literature available okay Google I think we are not on the right somebody is talking so please go on mute yeah this is the site there's a lot of beautiful literature about agile okay so probably if you are looking for study AIDS there is a lot of relevant information on the child that is available so you can navigate around it and video trainings videos books by my account is one of the pioneers in a giant this is one important site then there is one more site I am just trying to recollect the name just try to think about it and come back to it probably the interest of time so it's the technical yes yes looks is my apologies for the delay so here Lee here I gonna run a poll quickly so you see two questions on your screen so you also have options to vote all right I see no more words all right I'm ending the session I'm ending the poll so I see 16 words of 24 that's fine and I see it strongly agree more I will share the whole deed poll results on the screen itself thanks all good for your comments basically I see a question coming up from okay to get a response to poll basically we are not allowed to participate in the poll because I am the presenter I hope that answers your question Jimmy do all right I see a mostly strong agree options would so I think everybody got the question about the questions cleared and looking forward for tomorrow session but thank you so much Laxmi sriniva train was take taking your valuable time to spend with gray Campbell's thank you so much and thanks to coordinating the efforts money tip and it was a pleasure talking to all of you diversified audience coming from different industries and different backgrounds looking forward to work with you towards your success in attaining the certification we will resume tomorrow same time in whichever time zone you are and we'll take the discussion forward a happy weekend and take care all right thank you so much all the attendees however whoever joined today although I assume that all the questions got cleared if you still have any doubts you can join tomorrow session at the same time and i fany if anybody's checking for application assistance or exam support you can quickly drop an email to exam email@example.com and if any difference for PMP training you can quickly drop an email to firstname.lastname@example.org particular the concern product specialist will get back to you with get back to you with all the details shortly come back team.
Day two of project management body of knowledge version six any open questions from yesterday's webinar or before we move on to today's session when we will primarily do a deep dive into project management body of knowledge version six to understand what are the various processes that are there what are the knowledge areas that are there how the interaction happens so on and so forth do we have any questions from yesterday is what I wanted to primarily check with you and I'll give it a minute to see okay how will we receive some of the reference material used for this course as you are told as you are aware as mr. money deep has stated you will have to drop a note to support it GreyCampus.com okay once your drop I know to email@example.com they will revert to your note between the stipulated SLA and they will provide you the required material okay I hope that answers your question Rivera okay any other questions a team from yesterday's session yesterday privately I'm not sure if we have new participants joining in today I see we are full house they are good to get started off but however to do a quick recap we looked at the fundamental changes between project management body of knowledge version 5 and version 6 the well flipping between version 5 and version 6 per knowledge area per process to understand what has been excluded what has been incorporated what has been added and what has been edited okay and there were some references that were happening some primarily because of the naming convention that was there from
the previous knowledge areas promotion so that is what we were discussing yesterday yeah will we be going into the details of Italian scrum processes which has a question we will primarily look at the fundamental tenants of project management which could mean that we will also have a bird side view above the agile processes but however once you enroll with us your respective facilitator would take the discussion forward okay so we will also spend spend a good amount of time to look at the scrum framework so on and so forth I hope that answers your question okay any other questions I think we have full house so we can start off quickly okay do you need any kind of overview on the application process is that required before we get into the thick of things I wanted to check with all of you any of you on what should your application look like what are the quick checks that we'll have to perform in order to ensure that you do your application right the first time julissa is not required all are good here okay that's fine we have got two responses okay fine we'll start off then going back to the project management body of knowledge question six okay.
Integration management if you look at we will quickly skim through the project management body of knowledge version seems to stop by quickly understand what is the essence of each process ok let us start doing it that way then they will get into the framework of agile and scrum so integration management any primarily any view one what is integration management why is integration management required so on and so forth do you have any
viewer of this if you look at the integration management right any any opening statements on that please what is integration management why is it required in the context of project management we will spend two to three minutes on each knowledge area so that we are completely aware and abreast of the changes and then we will look at some question answers yeah any inputs here team integration management what is integration management why is it important and what is the role of the project manager in the context of integrations with any opening thoughts on this Julie has an answer when working with multiple systems there are pieces that may need to occur prior to other tasks across each application or system okay any other views primarily we all know right team so when we talk about project management yesterday yeah I think somebody's on unmute may request you to go on please okay thank you so if you look at primarily when we talk about project management we talk about people we talk about Association be not about technology so central to any industries process process defines a way of doing things and when we do it in that way there is certain amount of consistency repeatability and predictability in whatever we do so integration management still builds upon the foundational concepts of project management as I told you yesterday now in version 6 that is greater emphasis on understanding the bigger picture as I told you yesterday we spoke about will we will be talking about an organization we talked about the vision statement we talked about a mission statement we talked about policies we talked about procedures we talked about portfolios we talked about programs projects and operations but equally how does an opportunity I use the word called opportunity how does an opportunity eventually translate into a project even that is very very important the project manager needs to definitely have an understanding about the bigger landscape what are the driving forces which really bring an opportunity into existence that would be many driving forces it could be a business need it could be an customer request it could be a social need it could be an environmental consideration okay are primarily it could be an enterprise and you know little fact if you primarily look at in the United States lot of projects came into existence because of recognitions classic classic examples are the several realistic Sally's act and the HIPPA regulations so here integration management still builds upon those foundational concepts are we completely good enough to really get started off on the project and are we acute with all those processes that is the theme of integration management if you look at going back to project management body of knowledge if you look at initiating process group version again now the single source of truth becomes project management body of knowledge version 6 developing a project charter this is a fairly very very important process many a times it so happens that organizations do not emphasize on having a well-defined project charter so it is equally important to have a charter to
understand what is the what are the goals what are the objectives okay to understand high-level risks what of the budgetary conditions that are available and most importantly the develop project charter is a process which brings the project into existence it brings the project into existence it appoints the project manager and most importantly it empowers the project manager to expand time money and resources on the project it bestows the project manager with the required authority to firmly start the project so there will be lot of work that is done here in terms of understanding what is the landscape of the customer who are the various competitors who are there what are the market conditions like is it really worthy to invest the organization's money into this particular opportunity because eventually it is expected project management body of knowledge version six mandates that the project manager should wear the hat of an advisory he should advise the leadership into which opportunity primarily the organization has to invest their money into so he has to fairly have a very good view about the talent triangle that I discussed yesterday we spoke about strategic and business needs are talking about servant leadership talking about a technical project management so on and so forth he has to have a bird's-eye view about the entire organization's business strategy what is the vision about what is the mission statement and how is this particular opportunity or potential project going to address the problems of the customers even that's fairly very very important so that happens relatively very early so in this context we will recover GreyCampus support are you there I see some background noise coming in repeatedly okay not sure about that okay we'll move on I am understanding I understand that it is manageable as of now okay if you look at I am just trying to pull up a document so if you look at when an organized has to decide into which opportunity they will have to invest money it is as simple like this so on the main examination you could see questions from integration management knowledge area okay where they will give you a scenario like this and they will ask you which opportunity will you recommend to your leadership so if you look at there are some benefit measurement methods as I told you right because end of the day you are dealing with organizations money so there has to be due diligence in this regard and you will need to ensure that you are completely aware about what kind of benefit measurement methods have to be employed in order to ensure that you could t get back your money that you have invested into the project so on the main examination you could see questions something like this where they give you a table like this and they ask you which opportunity or project will you recommend to your leadership so team Tim can you quickly use the chat window and help me understand which opportunity will you recommend among the four project a and project B there are two considerations here and you have four benefit measurement methods I am assuming that you all are aware of what are the benefit measurement methods so net present value is one of the benefit measurement methods internal rate of return is a benefit measurement method payback period is a benefit measurement method and build cost ratios it is a benefit measurement method so any of you are which project will you recommend to the leadership I will quickly look at the chat window okay okay project a I see some responses coming in net present value project a okay and for IRR internal rate of return for the second one there are four options here if you look at each of this that you see here towards the left side is a benefit measurement method so net present value among the two which one will you recommend I understand it should be a higher the better always internal rate of return will you recommend project a or project B we are talking about the second one internal rate of return okay it says it is B yeah that's correct primarily because internal rate of return okay as the name says it is the rate of return that you get on your money so it's very simple to do it with recap if you are having money okay let us take an example where you have 100 dollars available with you now if there are two banks that are available who are giving you different rates of interest there is a bank a which gives you 13 percent rate of interest and there is a bank D which is giving you 17 percent rate of interest so obviously right so be long we'll invest our money into the bank which gives hurt gives us the highest rate of interest so the option here would be to go at with B okay. Payback period looking at the third scenario 16 months are 21 months which one will you consider payback period looking at the third scenario project a okay shorter return okay yeah that's that's a very right answer again looking at the analogy now let us take an example where I have borrowed hundred dollars from Julie so Julie will expect that I return the money to her in the shortest time frame so primarily when an organization invest money into a particular opportunity they would expect it they get back their money in the shortest time so among the two project a would be the best one that's excellent moving on to the last four talking about benefit cost ratio benefit cost ratio is simple very simple computational formula what are the benefits and what are the costs and it is the ratio so higher the better okay that's a good answer okay and okay me more can you look at this question an organization has two projects to choose from project a with a net present value of $45,000 and project B with a net present value of $85,000 what is the opportunity cost of selecting project me any idea on this place what is the opportunity cost any idea what is opportunity cost opportunity cost is as simple as that now excuse me it's as simple as that so taking an example again if I have ten dollars available with me and I go into the market okay and I have apples and I have oranges because I decide to purchase oranges I will not be able to purchase apples so the opportunity cost is primarily what is the cost of the opportunity I forego okay so that is the rationale an analogy that I am trying to give you here okay so in this case but the opportunity cost will be 45,000 homes okay any idea what is sunk cost sunk cost so here in this case Odin you are saying that it is $85,000 right so that is not the case so in this case if you look at when we talk about an opportunity there are two opportunities here you can either move it A or B not both of them we all know right when we work in an organization we are all kinds we are working in an constrained environment there are financial considerations that have to be taken into an organization cannot invest all their money into a particular program or a project so because of its going ahead with project B okay project a with an NP NPV the highest Val NPV hires the better right so a project aim is an NPV or four different KR project B with an NPV of a defective so because NPV always higher the better I will go with this because I am going a head with this opportunity cannot go ahead with this opportunity which is for typically so that is known as the opportunity cost okay some cost it is like spilt milk okay a very simple analogy okay I have invested one hundred and fifty thousand dollars into this project and I am not seeing any kind of returns into this so that is known as son coup cost cost that cannot be recovered okay so that was basically to do a quick recap and help you understand what are the benefit measurement methods okay can we look at this and this question please what is the present value of 300k received three years from now if we expect the interest rate to be ten percent should the answer b more or less than 300 K a very simple mathematical formula which talks about the concept of present value present value means the value today of future cash flow and can be found using the formula so future value divided by 1 plus R raised to the power n where F P is equal to future value r is the interest rate and n is the number of pilots ok so in this case when we talk about this what is the what is the future value future value is 300 K upon 1 plus 10% 10 up 100 raised to the power 3 which is 3 years so what is the present value of 300 K it is 225 394 okay should it be so the answer to be more or less than 300 K it will be less than 300 K okay so a very simple interpretation of things okay so this was a one important concept pertaining to benefits management any questions on this benefits management this is relatively very important from an examination standpoint primarily there is a lot of emphasis on the pre project work that happens in a project then any questions here that'd be good till now I'll pause here for a minute to see if there are any questions coming in okay.
The second important thing talks about developing a project management plan so as I told you right primarily failing to plan is planning to fail so project management always believes that there has to be to three important things one is having a very good plan in place okay that is the first important thing the second thing is lessons learned which is primarily very important it could be a phase-in or a project and lessons transmitting and the third important thing is taking inputs from a subject-matter expert work domain in technology so a planning process and developing a project management plan if you look at the beauty here primarily the output of the first process is your chakra beads the developed project charter creates the chapter and then from there on we move on to the develop project management so what could be the various constituents or ingredients of the project management plan in the area the question is what will a project management plan contain scope timeline budget okay thanks Julie for the quick response any other views project man the question is team what will the project management plan contains Team if you are aware of all this please let me know so that we will not waste thing okay we can as well look at other things so before we move into the project management plan it's almost close to half an hour now so are we heading in the right direction can you all quickly confirm with yes or no perfect thank you okay so.
Project management plan
Now team if you look at a project management plan as I told you right yeah yeah there are some changes rich that is where that is wherever required I am trying to call it what are the changes if you look at in project management body of knowledge version 5 there was no greater emphasis on understanding the landscape of the customer but now as you are aware when version 6 but there is a greater emphasis to understand the organization's overall view about who is the customer what is the landscape what are the potential considerations what are the financial constraints that are there so on and so forth okay right so if you look at a quickly to rather seeing is believing right so if you look at when you go back to templates there is a project management plan okay and now if you look at this is basically how a project management plan will look like basically it talks about what is the introduction what is a scope of work that has to be carried out customer information which is predominantly very very important what are the objectives what are the major and deliverables deliverable for a phase and what is the planned date of delivery what is the exit where are the execution locations today if you look at we have teams from different geographies okay so that's very very important what is the acceptance criteria so this is very very important team so usually this is not very clearly called out or stated so whenever you start looking at a project management plan you should start looking at the acceptance criteria as well coming about not fewer responsibilities what are the dependencies that are there what is a type of project what is the life cycle model that you would like to adapt okay this is where now we have a most of models that are coming into picture so we talk about agile we talk about I trade you be not about an adaptive model so on and so forth so based on the landscape okay it's very very important to stop here quickly I will quickly go back to Google okay and I am not sure how many of you have looked at the Stacie diagram basically to talk about the agile parlance so there are two considerations here we talk about requirements and we talk about technology okay if you look at when when technology is close to certainty and requirements are close to agreement okay both are relatively very known then you can employ a very simple lifecycle model to execute your project okay apply a very simple lifecycle model because both are close to agreement and close to certain it so there is there are no major hassles here there are no potential problems that could really geo marinates the objectives of the project but going on if you look at when when when requirements are not close to agreement overing some where between agreement and far from agreement then technology close to certainty and uncertainty whenever complex decision-making has to be involved okay whenever complex decision-making has to be involved you will use a framework like agile so this eventually once you start looking at project management body of knowledge version 6 you will get a complete view about what are those driving forces team it is not because the customer says you will have new embrace agile as a framework what are those potential driving forces that have let to use say of agile cannot be successful anywhere and everywhere ok you will have to look at the business opportunity what is the landscape what are those business problems and why does the customer want to have a framework like agile and a change even that's fairly very important ok so when when so basically two to two parameters fund requirements and technology close to not very close to certain hovering somewhere between in between then when complex decision-making is involved then you will have a framework like a giant okay an agile we have many variants we talk about scrum we talk about lane we talk about Kanban we talk about extreme programming we talk about dsdm there are a host of frameworks that are available and again if you look at the end of the spectrum here we talk about technology far from certain ET and far from agreement here again a command-and-control approach would be the best thing to do okay so that is equally very important to understand what are those driving forces which really bring a child into existence ok one more important point is cone of uncertainty so if you look at this is traditionally the life cycle of the project we talked about Inception we talked about elaboration we talked about construction and eventually movie we move into the closure of the project so estimations versus variability here the level of variability is very high in the nascent stages of the project ok for the primary reason that the number of unknowns are fairly very high ok scope is not completely not known your stakeholder register is not complete primarily you have really very subtle very low-level information about who are the stakeholders what are their goals and interest how do you plot them in the power interest grade and what are their main expectations from the project so open when uncertainties are fairly very high you should never make promises to your customer here okay any promises made will be very counterproductive at this point in time now eventually as you move as you move over the time scale when you are moving from inception to elaboration if you look at the variability has reduced okay you now you have a view about what is the product requirement what are the functional requirements what are the non-functional requirements what is the acceptance criteria what are the boundary conditions what is in scope what is not in scope so primarily there is a high possibility that you will try to establish a scope baseline is scheduled based on a cost baseline and equality baseline and eventually with this baseline available every stakeholder is formally agreed to this it becomes easy for you to move navigate into the construction phase of the project where you have bright and sunny days this is where you put your plan into action failing to plan is planning to fail so you run if you look at you have all these subsidiary plans you have a spoke management plan you have a schedule management plan you have a cost management plan you have a quality human resource communication risk procurement so everything is planned so nothing is really stopping you and you merely know what is the etvx model what does e tbvx transfer ETV X stands for entry task verification measurement per product and exit criteria so this is very very important team for any project here imagine a scenario where they're working on a project for six months and eventually you don't really understand what has to be measured what has to be verified what has to be validated what is the entry criteria for each of the phases that are there and after the end of six months you only realize that you have run over schedule you are running behind schedule in front there is a potential cost overrun in the project Quality has taken a toss and your end you will end up paying penalty clauses to penalties to your customer so instead of avoiding such unpleasant surprises instead of avoiding such unpleasant surprises the project manager could mandate for a basic etvx criteria this is abbreviated as etvx called entry task verification measurement work product and exit criteria okay so a major milestones that are there tailoring considerations project management version 6 clearly calls out why is it important to tailor the processes all not on 49:49 processes are relevant and applicable in the context of project management so appropriately you will have to hand pick the project blet us take a scenario where there is a multi vendor agreement okay there is a customer who is based out of United States and there is a performing organization based out of India and this Performing organization will try to contract out some of the work to a potential third party so in that case and is it really possible to implement all the prop all the processes probably not and not required also so process should never be an overhead it should always be seen as an enabler so handing the processes and appropriately I go ahead with the tailoring of it okay then how do you I remit the estimations in terms of costing in terms of size in terms of effort even that's very very important because when estimates are not accurate okay for the primary understanding that during the early stages you will not have a complete view about the landscape of the customer so it is equally important to faintly look into all those assumptions okay any idea what is the potential difference between assumptions risk issue do you have a view about what is the difference between an assumption risk an issue can you use the chat window what is your assumption what is the difference between an assumption risk an issue assumptions are what we think are true okay the assumption is the license cost will be borne by the customer okay test data will be provided by the customer so these are assumptions and when we start a project given that there is lot of uncertainty in the landscape of the customer there are a host of assumptions that we make so it's equally important to document all of them and and you will have to freak very frequently validate them for correctness and completeness okay then moving on to risks risks and uncertainties okay as I told you yesterday it is an uncertain event okay and when there is uncertain it is there is a probability and impact associated to it so in assumptions fail they become risks and then risks after they become issues okay that's very very important ok we'll move on so I will quickly skim through some of the key artifacts ok.
Then talking about resource management this is a very important aspect to it because without resources you really cannot accomplish the goals and objectives so we talk about what is the role what is the level of experience that is required how many resources are required what is the start and completion it is always advisable to look for internal hiring where we do internal job postings and we try to on good resources and if internal job posting is not really going to give us good results then you can consider external heading as an option what are the hardware and software requirements training plan the team has to be drained on dominant technology ok so basically everybody cannot be productive from day one so it is the primary responsibility of the project manager to have an when we find a training plan in place understand what are the role requirements what kind of trainings are required trainings for T on tools will be on processors it could be on a domain it could be on technology ok so appropriately you will have to understand the training requirements clearly call them out and reach out to the relevant stakeholders and request for either internal or external links organization structure there has to be a well-defined arc structure because not everybody cannot do everything right so we will report in to whom there is a program manager there is a project leader there is a module later we have team members we have developers we have testers we have business analysts we have the Quality Assurance Department we have finance department we have the procurement department so how does the organizational structure look like even that's very very important roles and responsibilities yesterday one of you were asking me right so where do we document the RACI matrix so even this is an important consideration so who is going to do what is the role of the project management what is what is his primary responsibilities and who is primarily I who is a person who is identified for this risk management plan a very important activity activities that take this through the life cycle of the project it becomes risk management okay so there is a dedicated knowledge area for this I hope you are all aware an abreast of it and yesterday we looked at the lifecycle of risk management plan for risk management identification of this qualitative quantitative risk analysis talking about glamorous responses what do you want to do with the recipients it's you can simply sit on top of it right whether a wide transfer mitigate accept implement his responses escalation of risks and most importantly control of risks monitor risks okay internal meetings how do you showcase performance to leadership so basically there could be some internal meetings that happen within the organization internal meetings weekly status report monthly status report or any kind of meeting start up there basically to understand what are the challenges management reviews to gauge the history of the project or endeavor a red ampere or green status reporting it could be in the form of a weekly status report monthly statistic for customer dashboards so on and so forth customer communications issue resolution this is very very important okay then will be issues related to people issues related to technology issues related to domain you will need to have a well-defined issue loved and
appropriately will have to escalate issues as required and identify who is the issue owner ok client responsibilities what are the assumptions constraints quality assurance plan quality is everywhere right today every customer wants high quality ok so it is equally important to document a very good quality assurance plan step into the shoes of the customer understand what is primarily his view of quality and from there on appropriately doing meaningful measurements fuzzy project it could be in terms of effort could be terms of scale it could be in terms of cost it could be in terms of cost of one quality if you look at a quick metric sheet to give you a good view of things.
Cost of quality
We talked about something known as cost of quality so what is cost of quality so end of the day the project representation primarily rolls back to aid of the project is redit is super green pat on the back great job done already sample is connected so this is what management speaks is your project red is in temper escalate or is it three so nobody has the time to sit with you read documents then understand what is the health of the project so in
so basically it's equally important to roll things up to numbers so in this context we will talk about some key metrics like what is appraisal cost effort spent on refuse Quality Assurance testing what is prevention cost effort spent on project management trainings configuration management but his failure first effort spent on rework idle time complaints post release bugs and what is production cost effort spent on the life cycle of the project so basically it's equally important to understand and evaluate these numbers and communicate performance back to leadership okay so these are some important things the service level agreements from the respective support departments has required because you will be working with the various support teams right so it is equally important to get their support as required and document them as appropriate okay team any questions here it's almost close to 40 minutes now I will pause here for two minutes to check if there are any questions are we good till now okay.
What are Enterprise environmental factors in the area what is enterprise environmental factors factors which will influence your project but they are not under the direct control of the project manager okay classic example again is your changing regulations the United States we talked about HIPAA regulations we talked this every day is oxalis act ok let us take a very simple example I want to construct a hotel in the vicinity of an airport so in order to construct the model I need zonal approvals they are known as enterprise environmental factors it's very very important to understand these artifacts so in this context team just going back to Google now there is a free document that is available PMI lexicon of project management terms ok so if you type PMI lexicon of project management terms you will see a PDF document ok so I would request all of you to take a photocopy of this or probably have this alongside as you study because this calls out all the key project management terms starting from acceptance criteria activity actual cost analogous estimation assumptions forward pass backward pass so on and so forth so all the required terminology is called out so this is a free document that is available it is also available on the PMI website I request all of you to take a copy of this and get yourself acquainted with the where post of project management body of knowledge a good read definitely at least 2 times which will help you understand the key terminology pertaining to project management ok whenever possible I will try to complement it with the resource material ok then going back we don't need to see the exam content outline we will go back to correct management body of knowledge ok then this is where we talk about the execution phase of the project primarily ok where all the work gets done we talked about putting all the methods into practice we start working with the teams we start producing deliverables they are destined for correctness and completeness and eventually we talk about lessons nodi but this is very very important life so when you are working with teams internal teams and external teams there are lot of lessons learnt that come into picture lessons learnt in the project knowledge because end of the day
when we will have to improve productivity if productivity has to improve you will have to always focus on that volume of data that is available in the project okay let us take a very simple example of focusing on tools and reusable components today if you look at the flavor of the season is automation we talked about robotic process automation it is automation everywhere and primarily why do we focus on automation because this significantly brings down human intervention and when human intervention is significantly less the chances of making mistakes are fairly very very low so your quality is very high and your productivity is also very high you will have to look at the correlation of these two metrics okay every organization every project manager will have to ensure that the productivity levels of the resources are very higher okay when productivity is very high the probability of ensuring that there will be no cost escalation on the project is also fairly very high okay then monitoring and control what cannot be measured cannot be controlled so step into the shoes of your customer identify what are his pain points understand what is important to the project the customer says Fermi go to market is very important okay I will have to go to the market by May 1st 2018 it is okay to go to the market with some known defects but if I don't go into the market my competitor will capture them okay so in that case do not focus on do not focus on the effort okay you should primarily focus on schedule so that's very very important so the the point that I am trying to make here is not all metrics are important to all types of projects you will have to understand what does the customer want and appropriately you will have to tweak and probably build your measurement system perform integrated change control this is a can of worms and tell you okay change management is so important in approach so any of you around this change management any viewer on change management.
I see there is a question from Alfonso Rivera as the PMBOK version changes the lexicon is updated yes definitely so if you go back to the project management body of knowledge okay this is page number 25 right okay so if you go to the appendix just give me a minute to show you that common vocabulary the leg scan will continue to be well over time the glossary to this guide includes the vocabulary in the Nixon along with the additional definitions okay I hope this answers your question ok so you will have in you will have the lexicon available ok that is that doesn't help Alfonso Rivera it is available in the project management body of knowledge itself ok once you confirm will move on ok ok the lexicon is updated yes it is updated ok I hope both the questions are answered if this is not answered please let me know I will be happy to clarify ok change management any viewer on change management change management is very important so there could be multiple changes in a project eventually once you establish a spoke baseline schedule baseline and cost baseline okay.
Yeah go ahead any user on change management professional you say your so this is how a change request will look like ok so to just give you a view about change management there could be a change which is liquid which is which has been requested aided by an internal stakeholder or an external stakeholder ok so these are the various status transitions that are there change will be open pending closed differed in process.
And if you look at there's a change request number that is there and what is the whenever there is a change the first and foremost thing is you will have to identify what is the impact of the change on the overall project in terms of size in terms of effort in terms of schedule in terms of cost always remember first evaluate what is the impact of the change on the triple constraints of the project okay and then you will have to formally document that and then you will have to also understand what are the base components that are getting impacted because of this change okay and then present the findings to the change control board once you present the findings so change control would they this change is formally evaluated they give you a bow or no bow and eventually now you will go back and update your baselines you will remain in your project plan okay so change management a very important concept so that is one important thing okay going back okay then talking about the last important process talking about the phase illusion or project illusion which also involves procurement so in this context we can do in phase
corrosion where we will quickly understand what are the best practices what are the lessons learned a hypothetical question if we were to go back and redo the project all over again yeah sorry key so if we have to go back and redo the project all over again how are we going to do it differently so this is an important aspect of project management where you will collaborate internally within the team members to identify what are the best practices lessons learned so that you can quickly leverage on those best practices as you move forward okay in case there is some procurement happening please remember team that you will have to first contractually close all the procurements and then you will have to head for project it doesn't mean that you can do the Roger first and then close the procurement related activities it doesn't work that way procurement basically talks about the practice of sometimes you will have to hire an external company to do some of your project work and that becomes the operational definition of procurement okay and when there are two parties there are two parties that are coming
into existence there is a buyer and there is a seller the organization or party providing the goods or services they are known as the seller and the organization or party purchasing the goods or services they become the buyer okay so I move you're aware of the procurement terminology any idea what is claims administration any idea what is claims administration review problems for other party okay okay so basically when we talk about procurement because there are two parties that are coming into existence there is a formal agreement between them there is a contract between them okay so a claim is basically a dispute how do you resolve disputes because two parties are working right the performing organization says no you have not met the cat's entrance criteria but the vendor says I have delivered what is required as the acceptance criteria instrument so that is known as claim when there is a dispute between two parties okay that is known as a claim claims and registration is a very important process and will be talked about project management to your procurement management plan should clearly call out what is the procedure to handle claims even that's very important okay is that clear to all of you change at Mastro's we will dispute resolution process exactly what is the dispute resolution process okay.
Any idea what is force measure a very important concept first measure this is many times you will see this fray in the this phrase in contracts okay so this is again part of procurement of measure is a French word which says that if there are unforeseen ample circumference that prevent something from fulfilling a contract this first measure if you look at images it is something like an act of God okay it is called an act of God okay so sometimes because of external conditions you will not be able to fully fill the terms and conditions okay like like a natural calamity okay sudden out outburst or a volcano so in that in that case I see you the contractor will be excluded from the terms and conditions and that is known as false measure so if you look at Wikipedia quickly okay force majeure meaning superior force also known as occurs unavoidable accident it is a common closet contracts this is more important that essentially freezes freeze both parties from liability or obligation when an extraordinary event or circumstances beyond the control of party such as a strike right crime or even described by the legal term called act of God hurricane flood earthquake volcanic eruption prevents one or both parties from fulfilling their obligations under the conflict okay so that is known as force pressure okay so you will see some good work post related to contract management yes this will be distributed you can reach out to support and GreyCampus calm okay so not to worry this sessions are recorded and they will be uploaded eventually if you can if you have missed the session there is nothing to worry you can go back and look at those okay I hope this answers your question okay.
Types of Contracts
What are the various types of contracts that are there because when we talk about contract management it's equally important to understand what are the various types of contracts right so are you team are you in good view about what could be the various types of contracts that are there quickly on the question if you know it will quickly skip it okay so do we need to quickly cover this one it's not required post training they will send their ignited session it seems yes we will send the trainings to you okay do we do a quick exercise on contract types or is it not required I cannot call out names okay it's not required okay all right will not will we'll go ahead will not do an exercise on contract management okay right so now we will quickly go back to Google that was more the blander of an approach where eventually we have a plan in place and we primarily want to stick to the plan okay that's the biggest point right so in an basically when we talk about rotational project management as I told you yesterday there is always heavy emphasis on plan so once we have a formal scope base train schedule based in and cost baseline the customer is always kept at arm's distance you do not really encourage changes unless until their mandate tree or they will really change the landscape of the organization okay so now we will try to look at some of the scrum models out there yeah I think this is more widely used so if you look at team this is now again going back to the project management body of project version 6 which heavily emphasizes on using agile as a framework you know if you look at scrum is one of the very important variants of agile and now what happens is it looks very simple right usually in traditional project management if you look at there is lot of documentation okay there are way too many stakeholders to be not a good responsibilities we talked about roads we talked about artifacts we talked about metrics it's big Indian processes okay more recommended control approach but here if you look at the whole thing has been summarized very well in the context of a flavor called agile where we talk about scrum so the very simple very clean and neat we will have a product owner who is the voice of the customer who will talk about what are the most important features and functions the product should contain we have a scrum team it is it's simply called the team we don't try to segregate between developers business analysts and functional consultants and architects it's as simple as that we call that as a scrum team and we have a scrum master who is a basically a no-nonsense type who primarily emphasizes on implementing the scrum principles and ensuring that the impediments the impediments are removed if there are any ok so very simple scrum ceremonies because of the scrum ceremonies we talk about sprint planning we talk about we talk about executing the Sprint if you look at the beauty it is usually to the span of two to four weeks where we try to give something to the customer which is functional and tested what more can the customer really ask for you are giving something to the customer which is functional tested in two to four weeks ok so the chances of we meeting and exceeding expectations are fairly very very high ok which is eventually a potentially shippable product increment ok so what usually happens is the verbal of agile that is a product backlog ok we look at the agile onion planning yesterday there is a huge product backlog where the product owner is going to talk about what are the priority items that have to be delivered in the Sprint it is usually the product owner who talks about the most important features that should get into the Sprint and now the team will quickly pick up on what are the activities they feel they can complete there is not a good terminology that comes into picture here we talk about definition of ready and we not about definition of them definition of ready is are we really ready to start with a sprint in this two to four weeks there are no changes that are completely made to the formally agreed items ok so whatever a user stories are picked for design development and testing only they will be completed okay any changes yes the changes will be incorporated but not in this print but eventually it is into the next sprint so if you look at I hope you are able to understand and appreciate how value driven model completely changes the landscape and they're no longer emphasis on the plan in a traditional model we talk about change management but here when we company comes to change management on the flip side in an agile framework even trying to embrace say yes changes are always welcoming even during later stages of design and development and testing changes are always welcome okay so that is why if you look at the whole world is going and say okay so these are some quick notes about the scrum framework any questions here all good till now we have completed one hour so I will pause here for questions paid for two minutes to see if there are any questions from the chat window or else we will proceed okay do you find the session to be informative or is the discussion heading soft quick yes or no how about others please okay I okay so primarily do you have a good view about portfolios programs and projects how do they differ from each other portfolios programs and projects when we work in an organization we talk about portfolios which is the highest level of representation a portfolio can contain a group of projects ok.
Let us to this very small exercise to see if we are in alignment quickly okay so there are some scenarios from the screen so can we quickly one two three four five and six to understand is the scenario talking about the portfolio a program or a project a consulting company wanted to increase the amount of billable time for each conception so it started several company-wide programs to help consultants can more productivity of the feature so is this scenario a portfolio a program or a project quickly okay excellent no this is a portfolio because we are talking about company-wide programs so I hope you are able to understand Rea that when we talk about a group of programs okay it becomes a portfolio by itself okay I hope you are able to understand and appreciate what is the subtle difference between a portfolio and a program okay then going on to the second one the university wanted to build
admissions website for all of its departments it's realized that all of its sides it realized at all of the sites would be feeding into the same registration interface and decided to manage all of them together in order to save time so the second scenario is it a portfolio is it a program or is it a project or is it operations program perfect very good because the key word is here is manage all of them a company wanted to switch from a paper-based human resource through to a software based one it spent some time looking into the best software packages for the job and decided to manage all of the nature functions together since repeated the same people to help with all of the work is it that program portfolio it's the third one it is unfortunately it is not a project Julie because if you look at this cannot be a project if this is a project I request you to pause here for a minute and look at the last scenario a construction company B not several parking garage projects at the same time it worked one of the bits and pieces month under schedule and 5,000 at our budget so here we are talking about triple constraints scope time and cost so this is a classic example of a project but here in this case that look at the scenario the the company wants to switch from a paper-based human resource to that software based one so the objective is very clear you want to move from a paper-based system to a vapor software based work yeah that is a project Benson but Reed don't stop here what I am trying to say is don't stop with line one now what did they do in order to achieve the objective in order to achieve the objective they spent more time looking into the best hardware software packages for the job and decided to manage all of the little functions to get there since it needed the same people to mess with all of the book manage all of the HR functions so does this not give you an idea that we are talking about the program does it help when we talk about the program how do you define a program okay if this is not very clear you'll have to go back and read the definition of a program okay so the it's very important team to look at the choice of words okay.
Alfonso Rivera has a person so what you're saying is that objectives need to now cost time and scope no what I'm saying here is primarily when we knocked about a project essentially the island triangle comes into picture we talk about constructing a garage with the within one month it's $5,000 so the irony has come into picture here scope time and cost okay but whereas when it when we talk about a program we are talking about a group of projects now to give you a very simple example okay I always believed in giving examples so that you understand the concepts very clearly okay when we talk about a program now if you look at the classic definition of a program the concept of shopping mall have become famous in the cities in which we are living so when I go to a shopping mall I can go to a restaurant I can go to a movie I can go for gaming or I can go for shopping or I can go for entertainment so now here the the point that I am trying to make here is all of them if you look at all of them the restaurant is one project people I will call this as P 1 this is P 2 this is P 3 this is P 4 and this is P 5 so now these are all individual projects they have a goal they have an objective and they have a set of defined activities to be carried out they are unique and progressively elaborated but now you what you're primarily doing is you are grouping all of them and why do we group all of them because I need a one stop point I need a one stop point and that is why I call this as a program is it clear now okay so that's it's very important to understand the certain differences okay that's more on the software game company wanted to bring its online presence I think we did not do this a company wanted to build a better reporting interface so that it could have more accurate data on air and bolts so is this a project program or operations or portfolio project excellent very good then a software game company wanted to build its own online presence objective it started several marketing and sales initiatives created some new games rewrote some old ones in order to reach more gamers something very good okay perfect okay.
Types of Organizations
Yeah we'll move on are you unaware of the types of organizations that are then we talk about a functional organization very much still relevant in the context of project management body of knowledge version six okay so it shall we do a quick recap on what are the various types we talked about a functional organization we talked about a matrix organization and we talked about a project race of motion would you look at these scenarios is it required or not a team do we skip this or do we look at the scenario speed here okay okay richer say skim but other says they were always confusing to me when we studied version five so I think I am seeing fairly good responses where they want to look at the scenarios so okay so we will not spend much time but we'll quickly read the scenarios and understand okay review please okay so we are looking for someone who can work with her this is a scenario basically it is always good rather than talking about theory we look at examples so that the concepts are very clear taller that is a fundamental intent of having the scenarios okay we are looking at for
someone who can work with the development manager to deliver our products on time so products have to be delivered on time is a very important constraint we have a good programming team they just needed a little encouragement to meet the deadlines you will be expected to keep really good status meeting notes if you run into any trouble with the team just stick it back to the development manager and she will address all the problems so is this a functional organization is this a matrix organization or is this a projector a stork magician from whatever knowledge you now try to look at the senior you read it and try to evaluate T synergy so before you do that I will give you some I will give you some view about what is a functional organization now let us take an example where I come from a procurement department okay so in a functional organization the skill is very specific to the department okay there is an procurement head and we will have procurement and we'll have procurement analysts so the skill is very much central to the department and if you look at all decisions that are taken at the top they are percolated downstream to the respective resources okay in a matrix type of organization it could be a weak matrix it could be an balanced matrix it could be a strong matrix okay there are three variants here and when we talk about a matrix type of organization there is there are two parties that are coming into picture okay there is a project manager and there is a functional manager each of them could have their own responsibilities and based on their organization type the decisions are taken by them okay and in a project relation organization complete responsibility lies with the project manager okay he is the person who is going to take all the decisions in the project let it be related to scope timelines cost on boarding of coding of resources client communications all decisions are taken by the project manager okay now in this scenario you will be expected to keep really good status meeting notes if you run into any trouble with the team just pick it back to the development manager and she will address the problem so what is this stuff is it then a functional organization is it a matrix or is it a project reservation okay any other answers this definitely cannot be project zed right in a project release organization who takes the decisions it is a project manager who takes all the decisions look at scenario for okay we will do it one by one most of the work you will be doing is contract work you will put together three different teams of software engineers you will need to make sure that they build everything your customer needs and don't forget you have to stay within budget and it's going to be done on time it's a big job and if and it's your neck is on the line if things go wrong can you handle this so for is a project Christ organization because all the decisions are completely taken care they are taken by the project manager so in interviewer 4 is a project race organization no doubt about it okay look at it scenario 3 we have a project coming up that's needed by customer services the project is a real technical challenge so we have assembled a deep of team of top-notch programmers to come with a good solution we need a project manager to work with the programming manager to parties there is a project manager programming manager on this one he would be responsible for the schedule budget and managing the deliverables the programming manager would have the personal responsibilities this is a clear example of an Matrix type of organization now is it a weak matrix is it an strong matrix or is it a balance matrix is something that is different that is probably not the subject to think but finally the scenario says that there are two parties and this basically calls for a matrix type of organization I hope it is clear to all of you scenario three and four are we good to go a quick yes or no okay right we'll move on to scenario two we need someone who can manage the whole effort start to finish the very opening statement clearly says that onus and responsibility completely lies with somebody who'll manage the whole show you will need to work with the client to establish goals choose the team estimate time and cost manage and track all of your decisions and make sure you keep everybody in the loop on what's going on we expect the project to last six months so this is a clear head case top and project based organization complete responsibility and onus lies with the project manager okay interview 1 1 is a classic case of an functional type of organization okay where you have somebody but you will all decisions are primarily taken by the respective functional manager does this help team quickly on ok some quick recap ok there is a small exercise here ok let us try to what I want all of you to do is read the sentence and help me understand.
What is Knowledge Area in PMBOK
What is the knowledge area that is being discussed okay so how many knowledge areas do we have we have 10 knowledge areas so you will have to read the entice and help me understand what is the knowledge area that is being discussed in the scenario coordinating all of the work so that it happens correctly making sure changes are approved before they happen which knowledge area is this integration excellent we just discussed right everything has to be put together like I will know in the machine all processes have to work together ok figuring out what needs to be done it done for your project making sure your end product has everything you said input scenario to scope management excellent figuring out the time it would take to do your work in order to you need to do it tracking your schedule and making sure everything gets done on time this is schedule management excellent knowing how much you are able to invest in the project and making sure you spend it right cost management very good making sure you work as efficiently as you can and you not add defects into the product quality perfect getting the people to work on the team and helping them stay motivated rewarding them for a job finding and resolving conflicts as they come excellent the resource management making sure that everybody knows what they need would need to know to do their job right tracking how people talk to each other de liquid misunderstandings communication by finding contractors to help you do the work setting the ground rules for relationships with your company procurement excellent figuring out how to protect the problem from anything that could happen to it dealing with unexpected when it does happen risk management perfect identifying the group of people who might have an impact on your project or who would who your project would have understanding what they need and making sure your money delivers it stake full of excellent very good okay it's a fairly good attempt okay going back to Stacey diagram and close this scrum okay.
Will you go back to project management body of knowledge question six okay then going on to scope management greater considerations into the agile way of requirement elicitation comes with a plan understanding what is the certain difference between a scope management plan and a requirement management plan is very very important you will try to define what is the scope of work you're trying to call out what is the work breakdown structure
hierarchical decomposition of work which has to be done in a project as I told you right a project will contain phases phases will contain activities and activities will contain tasks okay so it's very mportant that you try to have a detailed work breakdown structure and then we try and talk about validate scope and controls any idea what is the difference between validation of scope and controlling scope the question is what is the difference between validates open controls book who does validation of scope project sponsor excellent okay so validation of scope is usually outside of the project organization it is many times it is the customer who will validate the scope for correctness completeness after the internal levels of testing are complete in terms of let us say in a typical IT project we talk about unit testing we talk for system testing we talk about integration testing we talk about regression testing and eventually we handoff the solution which is released to the customer for acceptance eventually followed by deployment training warranty supported version so usually validation is usually done by the end customer ok perfect.
Schedule management a very important knowledge area plans of schedule management if you look at we talked about a project will contain so if you look at it is more sequential in nature so without understanding what needs to be done in the project ok one more important aspect for consideration is have we understood what is the difference between product scope and project scope any idea what is the difference between product and project scope can one of you quickly summarize what is the difference product is what we want and product is how we get there ok if I will have to construct a bridge between two cities a and B ok just giving you an example ok I will try to give the scenario you tell me is it the project scope or product scope ok so I am constructing a bridge between two cities a and B ok now here in this construction of bridges a project I will need 20 resources to construct this bridge is this project scope on product scope 20 resources project scope very good the whole weight of the bridge will be let us say thousand kgs product scope very good so we will talk when we talk about the length the Brent the thickness all these are characteristics of the product so that's very important okay so always the completion of a project is measured against the plan and the completion of a product is measured against the acceptance criteria so a very important aspect when we talk about scope management again going back to Google product and project scope okay here project scope how work-oriented work that needs to be done to deliver a product or service okay products book talks about what has to be done orientated or oriented to functional requirements what has to be designed and developed into the system what are the various features and functions that characterize the product or service that's very very important okay so if you look at this is a very very good explanation of project and project scope okay so this is product scope all that you do to ensure that the features and functions not ever and what is required to accomplish your products copies your project scope so let us say I need 10 resources I need 10 I need 5 weeks I need thousand dollars I will have weekly status report so I will have monthly status reports I will have a defect tracking system I will have a risk management system all this becomes part of your a project scope okay but your product scope essentially we will talk about what has to be designed in develop that's very important okay if you look at this one product scope what requirements do I have to fulfill to create the product of the project the requirements that relates to the product of the project when you talk about projects for what activities and processes do we have to perform to achieve or deliver the product so that is known as your project scope okay a very important aspect so here we talk about a schedule management any idea and what are the relationship types if you look at relationship types can you give me an example of the finish to start relationship relationship types when we talk about schedule management I said only yesterday a project will contain phases phases will contain activities and activities will contain tasks so not all of them can be started on the same day and completed on the same day in order to achieve that you will have to ensure that you will try to establish some relationship between the activities that are there can you one of you give me an example of an finish to start relationship a database must be built before a database must be built before data can be entered okay any other examples finish to start any example steam finish to start a relationship the question to all of you is on what are the types of relationships now let us take a very simple event okay there is a Formula One race that is being conducted in the city in which you are living so there are two events here one there is a race and the second thing is the award ceremony so the award ceremony cannot commence unless until the race has been finished so what type of relationship is it team can be elaborate finish to start relationship excellent okay do you want to also look at the other relationship types or do we continue do we move on to the next topic okay other types would be good okay I can you be can we be little bit collaborative okay so that is basically finished to start relationship so how do we define it the definition is very very important a logical relationship in which the successor activity cannot start until the predecessor activity has finished so that is a classic example of a finish to start the award ceremony cannot start until the race has been finished okay right let us got to finish to finish relationship any idea what is finished to finish to finish relationship I will give you the definition part of it probably you can give me an example a logical relationship okay team very important to understand the definitions okay when we talk about the relationship when we talk about a project we all know right we have series of activities a b c d e f and g okay now let us take this as a project and these are the series of activities that are there primarily now what is the task on hand even that now we have a very good understanding about what is the scope of work the next important step is to try to establish some kind of relationships between all the tasks that are there in the project we talk about predecessor and successor activities criticism successor we talk about predecessor and successor activity so in order to start B a has to be completed so a is known as the predecessor activity and B is known as the successor activity I am taking the classic example of the finish to start relationships award ceremony cannot start until the race has been finished finish to finish a logical relationship in which successor activity cannot finish until the predecessor activity has finished now I will give you a very simple example for this now we all are here to attend a webinar on project management and eventually we go get trained and we passed the examination now after we pass the examination even that we all know that a PMI strongly believes in it because it is a not-for-profit membership Association it always believes that other members should be benefited from this endeavor so what do you do you write a two-page document on how to pass PMP in your first attempt a very simple example to understand the relationship type which is known as finish to finish ok now I am going to write the two-page document on how to pass p.m. in my first attempt which will benefit my fellow community so now there are two events here writing a document and editing a document so can we say that editing the document is complete without writing the document that cannot be done so this is a classic example of finish to finish writing a document has to be completed before the editing of the document has been completed is this a good example for finish to finish but can you please respond on the question pane okay now what others people ok. going back to the third relationship type talking about so finish to finish can be done in tandem definitely as slowly finish to finish because if you look at I am writing a document and I am editing a document so now after 30 percent of writing the document is complete I can get started off with editing the document both of these activities can be done in parallel Judi does this answer.
Okay moving on to the next relationship type we talked about start to start type of relationship what is start to start and logical relationship in which successor activity cannot start until the produces an activity has started start to start can enough you give me an example start to start let us take a very simple example of the construction industry okay we talked about two events one is pouring the foundation and leveling the concrete leveling the concrete cannot begin until unless pouring the foundation begins so this is a classic example of start to start a logical relationship in which successor activity cannot start until the predecessor activity has started then the last relationship time talks about start to finish relationship a logical relationship in which successor activity cannot finish unless until the predecessor activity has started classic example is we are all living in cities where we have NDM machines what is the objective of having an ATM machine you can withdraw money at any given point in time so if you look at this ATM machines are guarded by security personnel so usually they work in shifts there is the first security personnel who works for morning 6:00 a.m. to 6:00 p.m. and there is a second security person who works from evening 6:00 p.m. to morning 6:00 a.m. the fundamental point here is the security guard who resumes to work in the evening or in the morning cannot finish unless enters the first security guard has been complete has completed his duties ok so this is a classic example of what are the various relationship types that are there ok so why is this important schedule management ok earlier in project management body of knowledge version 5 we had time management but now it has been referenced to schedule management schedule management tells the project manager to call out what are the various activities you will have to plan for schedule management you will have to define the activities you will have to sequence whence the activities you will have to estimate activity durations and eventually you will have to turn up the schedule for the project so in order to accomplish that you will need a very good work breakdown structure which is the hierarchical decomposition of work which has to be done in the project okay so eventually using all these techniques and eventually talking about that the most important aspect of schedule management which is critical path the third okay critical path method is basically a very important technique which will help you to arrive and are two important things okay.
Can one of you help me understand what essentially is critical path method and why is it required to take a very simple example your project has 20 activities or let us say 20 tasks okay now as a project minute now as a project manager you should clearly know out of these 20 tasks which tasks should not be delayed and which tasks can be delayed if yes by how much duration so basically this is the objective once you try to establish all your activities in the project it's equally important very that is true Alphonse Rivera which of these activities can be delayed in which of the activities should not be delayed and if they can be delayed by how much duration they can be delayed that's the important aspect of critical path method okay right so that's one important thing then talking about cost management now given that you formerly have a spoke baseline you have a scheduled baseline it becomes easy for the project manager to arrive at the scan you will be the third important aspect.
Project Cost Management
Which is your cost basically so scope is known timelines are known now it becomes more easy for you to go ahead and arrive at what is the cost of the overall cost of care we talked about what is the overall budget how do we arrive at cost estimates or we derive the budget how do we determine budget in terms of aggregation and most importantly at any given point in time how do you go back and control your cost controlling cost is also fairly very important right so at any given point in time this defines the health of a project controlling costs so if there are cost escalations then your project will be reported as status red so how do you go back and ensure that as a project manager you will keep a tab on the cost control that's very very important and here we talk about a very important concept which is known as earned value management okay so that is a very simple concept and here there is something known as schedule compression techniques are you aware of it trying to do a quick recap schedule compression any idea what of schedule compression techniques compressing the schedule a team when we talk about schedule management there is known as schedule compression techniques do you want me to quickly help you understand what is schedule compression yeah okay right so team here we talk about two important things we talked about crashing and we talked about fast-tracking okay so crashing is adding no resources now how do we understand this now you have a project a okay there is a project a which has to be completed by first of March 2018 on 25th of February you realize that you had to come it from a planned standpoint you had to complete 80% of your work okay but you have only completed 55% of your work this is your plan and this is your actual okay now if you don't complete this on first of March you will have to pay 100,000 US dollars as penalties to your customer okay so this will have a cascading impact loss of wood will a complete penalties to the customer eventually which means our revenue is gone and traveling we will not be making any kind of profits on this project now in order to avoid such scenarios okay in order to avoid such scenarios what you will do is you will employ scheduled compression techniques now I move the scenarios very clear you have to complete my first month here on 25th March 25th February as for the plan you should have completed 80% of the work but you have completed only 55% of the work now what you can do is you can employ scheduled compression techniques so crashing is adding more resources is adding surge resources to a project for production yes definitely yes yeah okay you are adding more resources and now what are you trying to do you are trying to ensure that this 55% will quickly go up to 80% because you are adding more resources there is a probability that these additional resources will work on the project and your project will be completed as per the plan so here what is the benefit the benefit is you will be able to complete the work but the disadvantage is you are adding more cost to the project why so because when you are adding more resources it means you're adding more cost to the project and now imagine a scenario where your primary lagging on schedule and now you are also lagging on cost so in that case adding more resources will definitely not help you because already your cost overrun is there and how can you ensure that at least you can save your face in front of your customer by saying that yes so primarily there is a cost over and still the objectives of the projects have been met I did not sleep on schedule okay so that is known as crashing the next important thing is fast-tracking first lacking is doing more than one activity in parallel so here what is the risk here the risk here is rework imagine a scenario where we talk about requirements we talk about design we talk about development we talk about testing everything is being done in parallel so there is a high probability of rework so crashing and fast tracking okay is it clear what is crashing and what is fast tracking and how they are important in the context of schedule management okay.
Alfonso Rivera has a question how is it different from overlap yes it is very synonymous with overlap fast tracking is overlapping okay doing more than one activity in bath so everything happens overlaps with each other okay and that's it does this fairly give you a good view about schedule compression techniques team okay primarily if you look at schedule management there have not been way too many changes which to answer your question fundamentally these techniques they continue to remain the same okay apart from this the if you look at changes who talk about having the a child way of doing things which is when we talk about agile management we talked about burn down charts this is how a burn down chart looks like so here this is the device progress that you have made and this is these are the remaining slowly part so the if you look at as you go up on the time scale the number of story points that have to be completed is going to come down so this is one important inclusion that has been made into the version six where we talk about how do we primarily schedules for scrum projects and how do we track and report progress to leadership ones from projects and it does this answer your pistol okay no response there is something also known as burn up burn up charts okay.
Burn Up Charts
So this basically talks about this is a sprint if you look at these are the story points this as you go up on the time scale you will talk about what are the story points that have been completed okay so basic to representations okay right so that's the one important thing that is there okay so I am wondering about the rest of the subjects for the class yes as I told you right key concepts emerging trends and most importantly how do we do it agile so whenever we talk about a plan driven model it is also mandated in to discuss about a value driven model so we will and maybe when we have migrated from version 5 by to version six it is also equally important to look at how do we do things in an agile framework that becomes most important okay I hope this answers your question for the rest of the knowledge areas the same practice put continue okay okay then talking about quality management this is a very important aspect of project management talking about Quality Assurance quality control any idea about what is parent to analysis parent to analysis.
I am just trying to pull up something Pareto principle okay Wilfred pareto and Italian economist okay he conducted a survey any telling the parent of principle also known as the 80/20 rule okay why do we need a pareto principle in the first place okay even that's very much important to understand so it talks about saran off minders view against revealed mini so we'll fluid pareto and Indian economist he conducted in Italy and it was observed that Pareto
showed that 80% of the land in Italy was owned by 20% of the population okay so that is very famously known as the Pareto principle now this was extrapolated and found to be true across different industries 80% of the wealth in an organization lies with 20% of the people 80 percent of the work in a project is done by 20% of the people 80% of the revenue in an organization comes from 20% of the programs and portfolios so pareto principle it talks about the law why did a few against trivial many so it's a very important will spill from a quality standpoint okay so any idea about what is fishbone diagram fishbone diagram okay so now if you look at pareto principle how do you construct a parapet chart is what is important to understand that up to a chart so why do we need a Pareto chart that is the biggest next important point so if you look at this is how we will go about constructing are looking at the parapet chart know let us take an example where there is an you have a problem statement okay you are running a credit card business and you have certain problems okay which means during the financial here financially FY 18 you have spoke to your team and you want to clearly set that target high this thing so every year you are able to process 2,000 applications and this year you really go back and tell your team that no primarily we have been doing a good job it's equally important that we only have to process movement at applications the applications will process the more money are going to make so now your team comes up with some very interesting analysis okay so they talk about some base data that is available so they know clearly say that yes that there was a delay in processing more applications because of primarily for important reasons one is there were no signatures that was required and all the places of the application so if you are able to could force the process around this most of your defects anything that does not conform to your requirement is a defect most of your defects will are coming from no signature so the next time you want to process a credit card application you will have to repost your team to check if signatures are available on all the required places so this is one way to improve your existing processes we all believe in process improvement right so that is really takes us a long way in the organization the next important thing is residential address is not funny okay so the next time you tell your team that whenever there is somebody who wants a credit card they will have to show an valid address proof okay then the third thing is non legible handwriting apparently there was a delay in processing that minute cut application because all of the applications were handwritten so you look at making in an online system the fourth important pain point was he was already a customer so there should be some unique way of setting my first name or last name or my social security number to check that there is no duplication so this is how you should try to bring in process improvements so Wilfred pareto and Italian economist he he primarily mentioned that 80% of the land in Italy was owned by 20% of the population so if you are if you are able to address 80% of your causes okay here if you look at maturity of your process they fall into the first bracket and second bracket where we talk about no signatures and no addresses if you if you are able to put forth a process around this then it becomes very easy for you to improve your services to your customers so that was the Pareto principle named after different pareto okay.
Fish bone diagram
Then the next important thing is fishbone diagram fishbone fish bone diagram this resembles the bone of the fish okay how does it help again the context is how does it help in the landscape of the customer so now if you look at what is the most important pain point for you okay you are working on a project let us take an example where I am a project manager and I have three objectives one I should be able to meet the scope of work okay I should ensure that there are no schedule slippages I should ensure there is no cost over under the project so these are my three ways okay y1 y2 and y3 now I have just started my project on a 12 week time scale I have completed three weeks and it has been observed that there is a 50% cost escalation okay now it is equally important to go back and understand what could be the primary reasons for cost escalations so now this is this resembles the bone of a fish okay and that is why this is known as the fishbone diagram okay this is also very famously known as the Ishikawa diagram okay heavily inspired from the Japanese industry so now here whenever you have a problem statement you try to do a fishbone diagram now more there is a serious cost escalation why is there a serious cost escalation one probable reason is there is a delay from your customer every time you send a deliverable to your customer the customer does not immediately acknowledge the deliverable he will take his own sweet time and by the time he comes back he gives you a lot of review permits and you will have to both take your team unnecessarily because of which there is a fastest Elisha so what you will do from a process improvement standpoint you will put forth a clause in your contract to say that the next time I send a deliverable forgive you it has to be accepted or not be accepted in business days if there is no reversal from your side we will understand that it is deemed acceptance so that is known as deemed acceptance plus we I'm sure that you all should be knowing about deemed acts of this process so that is one would be so now this is a very famous Japanese technique for any potential problem in your projects can do it over and cost overrun quality is not good why is quality not good because my team is not very good on domain and Technology if you look at the pyramid structure I have more people who are at manager levels and less people who are working on the ground so the pyramid structure seems to be bit bloated so that is way I will have to emphasize on more junior resources who are good at work and who will do quality assurance and quality control so like this for every potential problem statement in your project you can try a fishbone diagram this is one of the beautiful techniques that is there is something also known as Poka yoke have you heard about it it is a Japanese technique okay is primarily talking about mistake proofing okay I will show you a very classic example of poka-yoke this one Poka yoke talks about design robustness can aspire Peck fit into a round moon definitely though so when we talk about design your design should be Rousseau robust and you are not giving the opportunity to the customer to make a mistake okay so like this we have various techniques that are available in quality management it's very important that you fundamentally understand what are the various tenants of quality management why is quality important what is the subtle difference between quality assurance and quality control okay and what are those techniques in terms of poka-yoke a mistake proofing fishbone diagram Pareto analysis okay there are lot of techniques that it will be good for you to get yourself acquainted all this has been very clearly found out in project management body of knowledge version six so a new take time to look at those techniques and understand what is the relevance of these techniques in the context of project management okay any questions till now team I don't want this to be a religious discourse so I will pause here for two minutes
any questions a quick confirmation from all of you okay.
Then I am going on to the human resource management aspect of it this is a more general knowledge area we talked about stages of team development which we all know so basically we talked about forming storming naming and performing we know this right how long is today's session what is the percentage of version six in the new examination I think other to answer your question there has been you will have to put an additional twenty percent of your effort okay to ensure that you understand the concepts third version six okay I hope this answers your question Susan today session is scheduled for two of us so we will try to wrap up in the next three minutes which is already 10:27 p.m. is it no so quickly on the stages of team development Tuchman latter and Jensen we all know right that when we come from different organizations we come from different backgrounds it is equally important that we cannot be productive from day one so this is where the team is formed everybody has their own views heavy emphasis on leader Alfonso Rivera says submitted mani deep cheap are you there GreyCampus support let me check with mani deep on your question GreyCampus support one minute let me check with support team money I'm just checking with the team okay so I think support will answer this question also so basically we know right that this has the stages of team development there is a high degree of dependency on the leader for directions eventually moving to storming where there is no still clear view on what needs to be done on the project ground rules are established that is why we call it as a norm and then we all work together like a villa in the machine to achieve the person objects for the project all good things come to an end and then we move on into the next project and we try to work on their portion objectives of the next once that is upon us our journey so there are there are some great hood theories that are there in terms of the human resource management knowledge area so that will be which we discussed I will logically stop here on day two mani deep there have been some questions that have been coming up with regard to the course material that has to be shared with the participants so I hand it over to you alright team so you can just send an email to support it GreyCampus.com asking this query so the concern product specialists will definitely get back to you not like this product specialist the concern person will get back to you with the material details and all so I hope and believe that you have enjoyed the webinar on day two I wish you all good luck in your personal and professional endeavors most importantly come back to us for technical trainings and project management trainings we have a panel of experts here we'll be very happy to support you and ensure that you are able to scale up and meet your career objectives this is Laxmi signing off for day two and have a happy weekend and a fantastic Kenya thank you over to you many people all right that's a great session.
Laxmi that’s an amazing session thank you thanks for your support and I would like to run a poll at the end of the session so before running a poll I would request everybody if anybody have any questions or any queries regarding the training regarding a pin ball V Phi versus v6 so you can ask the instructor right now so they're happy to help you and also if you have any queries regarding application or if you really if you're if you require any application assistance or exam assistance you can quickly direct send an email across exam supported GreyCampus.com so the the review team or the person will get back to you shortly with all the details all right I see all thank you thank you so much for attending this webinar so I would I would like to quickly run a poll so a poll will be coming on your screen so there'll be essentially two questions with option so accordingly you can check all right running a poll visitors may request all of you to maximize participation in the pool it helps us to evaluate our services and bring in improvements as of late thank you all right I see 76% have voted so if anybody would like to still give any suggestions or feedback you can quickly drop here or you can send an email across to GreyCampus all right I'll I'm ending this poll so I see you strongly agrees today let's see--let's that's a great session yes yes Oh on your screen right now you're next thanks for that yeah so thank you Thank You Srinivas for great session and also I would like to thank all the attendees taking the valuable time to attend this webinar thank you so much everybody and there are some questions that are coming up all right all right Albert post-training so it's already done for the day so we'll be sending you an email with recording links so you you'll receive an email within 24 hours or 48 hours after the session so for any exam assistance or application assistance you can quickly drop an email to exam support at GreyCampus.com exam firstname.lastname@example.org so the team will get back to you and will definitely help you out with all the queries you have and also if anybody or if or if you can refer anybody for PMP training so you can drop an email to sales at GreyCampus.com asking for the queries so the team is definitely will help you out with all the details possibly all right ie I would like to thank you Mr. Srinivas for a great support and also the attendees thank you so much thanks team have a great day have a happy weekend and she knew all good luck professional edibles come back to us GreyCampus.com we cater to all your trading needs than you very much but thank you all.