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PMP Batch 09, 10, 11, 14, 15, 16, 17, 18, 21, 22, 23, 24 June Vishal Kanoongo

Introduction of participants
Format - Name, Industry, Organization, Role, Total yrs of experience .

Koustav Biswas, IT Services, Wipro, Project Manager, 21 yrs

Please copy post and add your details
 

vishal_nd(4693104)

Well-Known Member
Alumni
Hi, Please raise ticket for any support related issue, Team will assist you.

Please follow the steps below to raise
"Help and support" ticket.
>Login to LMS account,
>Select "help" icon on the top right hand side of the LMS page
>Select any query example:unlocking the certificate
>Connect to "Arya" the virtual assistant
>Select "other"
>To raise a ticket select " yes"
 

vishal_nd(4693104)

Well-Known Member
Alumni
Some Facts about Agile Projects:

In agile projects we have a high-level plan, they are descriptions of features and functions which are in product backlog.

We build prototypes that we repeatedly review with stakeholders for feedback, and through this continuous feedback, we refine our high-level stuff into definitions of requirements, scope, duration, cost, risk and quality.

The objective is to start in the work with high-level estimates, and quickly refine into what is needed on the product.

That is why we talk about MVP(Minimum Viable Product) and MBI (Minimum Business Increment) in agile.

So therefore we say agile apprroach is iterative, change based, adative, incremental and so on.

Regards
 
Last edited:

Madhu Perumalla

New Member
Some Facts about Agile Projects:

In agile projects we have a high-level plan, they are descriptions of features and functions which are in product backlog.

We build prototypes that we repeatedly review with stakeholders for feedback, and through this continuous feedback, we refine our high-level stuff into definitions of requirements, scope, duration, cost, risk and quality.

The objective is to start in the work with high-level estimates, and quickly refine into what is needed on the product.

That is why we talk about MVP(Minimum Viable Product) and MBI (Minimum Business Increment) in agile.

So therefore we say agile apprroach is iterative, change based, adative, incremental and so on.

Regards
Thank you Vishal!! If the estimates are high level how is the budget managed?
 

vishal_nd(4693104)

Well-Known Member
Alumni
Thank you Vishal!! If the estimates are high level how is the budget managed?
Hi Madhu,

So this is a good question, and answer is as the approach is quite different than predictive, the budgeting and costing approach is different as well.

Check out below for detailed answer on your question:


Thanks
 

vishal_nd(4693104)

Well-Known Member
Alumni
Dear Participants,

As I advised the official version of PMBOK is to follow is 6TH EDITION.

Just for understanding purposes and that too not confirmed yet the expected changes looks like on below lines: (See the attached file)
 

Attachments

  • changes-to-pmbok-guide-7th-edition.png
    changes-to-pmbok-guide-7th-edition.png
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Hello! Great material links provided, thank you! I was wondering where could I find lesson based questions or if not, at least loose practice questions. Most of the material available online is full length time based mock tests, which i would need at a later stage of preparation.
 

vishal_nd(4693104)

Well-Known Member
Alumni
Hello Team,

Please see below the table of activities and durations and how to arrive on a netwrok diagram and calculate critical path from table:

Sequence below is : Activity Predecessor Duration(Days)
A - 2
B A 4
C B 6
D B 5
E. C 4
F D 3
G D 7
H F,G 8
I E,H 10

Ans: (Tip: To make calculation easy put duration next to activity)
As per network Diagram Below:
A2,B4,C6,E4,I10 = 26 Days
A2,B4,D5,F3,H8,I10 = 32 Days

#A2,B4,D5,G7,H8,I10 = 36days is Critical Path
Remember the definition Critical Path is the longest path in the network and minimum duration required to complete the project
So minimum duration required to complete this project is 36 Days


1623904868572.png
 

vishal_nd(4693104)

Well-Known Member
Alumni
Hello! Great material links provided, thank you! I was wondering where could I find lesson based questions or if not, at least loose practice questions. Most of the material available online is full length time based mock tests, which i would need at a later stage of preparation.
Hello,

Go to questions in your student manuals from PMI called "Mastery Builder" around 22 loose question and answers provided.
 

_87300

New Member
Sir, in Lesson 2- slide 181, title is Escalation paths but the content is speaking about Phase gates. How is it linked?
 

vishal_nd(4693104)

Well-Known Member
Alumni
Good pointers on Difference between audit and inspection

INSPECTION

An inspection is generally made of closed questions. The answer options are “yes” or “no”. Its role is to evaluate closely a product or a facility based on specific requirements, design… To do so, the inspector needs a plan and a check-list (this is the case for formal inspections only).

Factory inspection example: The inspector evaluates the building. It includes checking the fire tenders, exit doors, etc.

Product inspection example: The inspector will evaluate the quality of the produced goods. During a pre-shipment inspection, the quality controller picks a sample (following the AQLtable) or the complete batch depending on the client’s requirements. Then he/she/they check the products’ appearance and specifications, including some other special requirements from the client, and test them.

AUDIT

The audit examines the factory processes and performance based on standards & specific guidelines. It is like doing a survey: a neutral point of view. The objective is to identify the compliance & non-compliance to some specifications, standards, contractual agreements or other criteria.

An audit is made of observation. It inspects the equipment and processes based on the written procedures. To ensure the reality is in line with the “theory” (written procedures) it is quite common to interview employees about their working procedures.

Audits important output is the non-conformity list (minor and major). It allows to define action plans to improve the implemented system. Audits can be internal or external.

Difference between audit and inspection

INSPECTION
An inspection is generally made of closed questions. The answer options are “yes” or “no”. Its role is to evaluate closely a product or a facility based on specific requirements, design… To do so, the inspector needs a plan and a check-list (this is the case for formal inspections only).

Factory inspection example: The inspector evaluates the building. It includes checking the fire tenders, exit doors, etc.

Product inspection example: The inspector will evaluate the quality of the produced goods. During a pre-shipment inspection, the quality controller picks a sample (following the AQLtable) or the complete batch depending on the client’s requirements. Then he/she/they check the products’ appearance and specifications, including some other special requirements from the client, and test them.

AUDIT
The audit examines the factory processes and performance based on standards & specific guidelines. It is like doing a survey: a neutral point of view. The objective is to identify the compliance & non-compliance to some specifications, standards, contractual agreements or other criteria.

An audit is made of observation. It inspects the equipment and processes based on the written procedures. To ensure the reality is in line with the “theory” (written procedures) it is quite common to interview employees about their working procedures.

Audits important output is the non-conformity list (minor and major). It allows to define action plans to improve the implemented system. Audits can be internal or external.

Example of ISO 9001 Audit It is based on the ISO 9001 standard and focuses on a supplier’s Quality management system: factory, service, company, etc. The auditor checks the documented procedures, forms and processes implemented. And most importantly, it looks for records: proves of the processes’ implementation.
 
Hi, Could someone please help me with this one?

A project is dependent upon business owners providing resources to perform an important
task. Since budget cuts will affect their ability to hire the needed resources, some business
owners may potentially object to this requirement.
What should the project manager do next?

A. Perform a probability and impact assessment.
B. Add a risk to the risk register.
C. Update the resource management plan.
D. Use the management reserve to hire more resources.

Apparently option B is the right answer but I don't get it. why not option C?
 

vishal_nd(4693104)

Well-Known Member
Alumni
Sir, in Lesson 2- slide 181, title is Escalation paths but the content is speaking about Phase gates. How is it linked?
Hi, please see the ref. below on the slide from PMBOK.

Also the escalation here means "How projects can escalate through a stage-gate process" through phases not escalation process which we saw in stakeholder management area.

Thanks
 
Pfa a Doc on Earned Value Analysis.

Thanks
Hello Sir,This is a very good one. Few questions on it When we calculated EAC in this example we arrived at a value 6666.67 according to consideration the rounded value is 6667, but why have we used 6666?

And EAC what are the values defined for Bullet 2 and 3? Would you please explain?
 
Hi, Could someone please help me with this one?

A project is dependent upon business owners providing resources to perform an important
task. Since budget cuts will affect their ability to hire the needed resources, some business
owners may potentially object to this requirement.
What should the project manager do next?

A. Perform a probability and impact assessment.
B. Add a risk to the risk register.
C. Update the resource management plan.
D. Use the management reserve to hire more resources.

Apparently option B is the right answer but I don't get it. why not option C?
Hi Kaushal, I think it is a project Risk, Critial resource can not be board in because of budget constraint.
Hence PM need to add the risk for that particular task. So he need to add it to risk register and update scope exclusion list
 
Hi, Could you please provide the solution of the below question.

A project sponsor is risk averse and is therefore concerned about negative impacts on the project. To help with this concern, the project team identifies four project risks and then evaluates both the probability of occurrence and the impact of the risk if it occurs. The team uses a 1-5 scale, 1 being the lowest and 5 being the highest. Risk A B C D Probability 1 4 2 2 Impact 5 4 5 2 Based on the table, in what order should the project manager rank these risks for management purposes?

B, A, D, C
B, C, A, D
B, A, C, D
C, D, A, B
 

vishal_nd(4693104)

Well-Known Member
Alumni
Hi, Could you please provide the solution of the below question.

A project sponsor is risk averse and is therefore concerned about negative impacts on the project. To help with this concern, the project team identifies four project risks and then evaluates both the probability of occurrence and the impact of the risk if it occurs. The team uses a 1-5 scale, 1 being the lowest and 5 being the highest. Risk A B C D Probability 1 4 2 2 Impact 5 4 5 2 Based on the table, in what order should the project manager rank these risks for management purposes?

B, A, D, C
B, C, A, D
B, A, C, D
C, D, A, B
Hi, I can give you tip to resolve this see the matrix below, and it should be good enough for you to naswer the questions with the numbers given.

As a home work can you plot this matrix based on numbes givenr?

Let us see the matrix as below to understand it better and then you can better corelate it to example in the slides.

1622430637164.png



In Probability and Impact Matrix we will be using the probability and impact scores for each risks for assigning priority to better handle risks on our projects.

Example: A risk which has a high probability of occurring and which will also have a high impact on the project objectives will be prioritized in high risk category and we need to do a risk response for it.
 
Hi, I can give you tip to resolve this see the matrix below, and it should be good enough for you to naswer the questions with the numbers given.

As a home work can you plot this matrix based on numbes givenr?

Let us see the matrix as below to understand it better and then you can better corelate it to example in the slides.

1622430637164.png



In Probability and Impact Matrix we will be using the probability and impact scores for each risks for assigning priority to better handle risks on our projects.

Example: A risk which has a high probability of occurring and which will also have a high impact on the project objectives will be prioritized in high risk category and we need to do a risk response for it.
Based on the above matrix the output looks like


IMPACT
TRIVIALMINORMODERATEMAJOREXTREME
PROBABILITYRARELowLowLowMediumMedium
UNLIKELYLowLowMediumMediumMedium
MODERATELowMediumMediumMediumHigh
LIKELYMediumMediumMediumHighHigh
VERY LIKELYMediumMediumHighHighHigh
IMPACT
TRIVIALMINORMODERATEMAJOREXTREME
PROBABILITYRAREA
UNLIKELYDC
MODERATE
LIKELYB
VERY LIKELY
 

vishal_nd(4693104)

Well-Known Member
Alumni
Based on the slides I covered today as per PMI:

"Determines the risk exposure of the project by multiplying the probability and impact"

Risk exposure is the potential loss resulting from a negative event.

In given sinario draw the table below:

Risk. Prob. Impact. Risk Exposure
A. 0.01. 5. 0.05
B. 0.04. 4. 1.6
C. 0.02. 5. 1.0
D. 0.02. 2. 0.04

Note: Probability is percentage that the risk will happen on the project.

For management purposes
The risk with higher risk exposure will be prioritized in high risk category and we need to do a risk response for it first.

So from the above table as per my unserstanding the correct ranking order will be:

BCAD
 
A project manager is uncertain about the duration of a new product development project and consults several groups of subject matter experts (SMEs). The first group advises that development can be finished in 14 days. The second group identifies some risks that could make the duration up to 32 days. The third group proposes a new development method that can shorten the time to 8 days. What is the estimated development duration for the new product?

12 Days
16 Days
18 Days
20 Days

For solving this type of questions, which formula generally we use and why?

(O+M+P)/3
OR
(O+4M+P)/6
 

vishal_nd(4693104)

Well-Known Member
Alumni
Guys as many wonders the answers of the questions are very similar few good tipps below explained for ur support:

General advice - break each question into 3 sections:
Context - the extra information provided in the question
REAL question - what is this question really asking?
the options and their variances

1)
Context: aggressive schedule, technical resource issue in meeting new timeline.
Real question: What do you do next? (prioritization question)

a. do nothing (complacency)
b. communicate to executives / decision-makers
c. ask for more information (ANALYZE FIRST)
d. solve the problem

When faced with issues, it's always advisable to gather information and analyze before taking action.

2)
Context: schedule constraint (again), technical resource issue (again).
Real question: What's the *first* thing to do?

a. When project is at risk of failure, escalate to sponsor.
b. escalate to decision-maker - VERY minor difference from a.
c. analyze first?
d. solve the problem.

The difference between the two questions is the REAL questions - 'next' vs. 'first'. I would ask you why to go to the sponsor before analyzing? That will give you the answer.
 

vishal_nd(4693104)

Well-Known Member
Alumni
A project manager is uncertain about the duration of a new product development project and consults several groups of subject matter experts (SMEs). The first group advises that development can be finished in 14 days. The second group identifies some risks that could make the duration up to 32 days. The third group proposes a new development method that can shorten the time to 8 days. What is the estimated development duration for the new product?

12 Days
16 Days
18 Days
20 Days

For solving this type of questions, which formula generally we use and why?

(O+M+P)/3
OR
(O+4M+P)/6
Hello the tip here is Project Manager is talking to several groups and not all of them are doing risks based or development method based duration estimation...this should be good enough for you to arrive on answer based on most likely duration...please read from PMBOK more as that will enhance your understanding to captue the answer and thsi is part of homework you have to do!
 

vishal_nd(4693104)

Well-Known Member
Alumni
Hello the tip here is Project Manager is talking to several groups and not all of them are doing risks based or development method based duration estimation...this should be good enough for you to arrive on answer based on most likely duration...please read from PMBOK more as that will enhance your understanding to captue the answer and thsi is part of homework you have to do!
Read it from below so that you can understand also I suggest to got o PMBOK and read it:

 

vishal_nd(4693104)

Well-Known Member
Alumni
Read it from below so that you can understand also I suggest to got o PMBOK and read it:

Still need help..here we go

We will use O+4M+P/6 = 8+4(14)+32/6=8+56+32/6=16 Days is the correct answer!

I suggest you do your practice based on reading the concepts from all resources as I can quickly asnwer because I already did that for my PMP.

So you have to do a lot of reading and practice if I keep on solving for you then you lack that oppurtunity to read more and practice more.
 
Read it from below so that you can understand also I suggest to got o PMBOK and read it:

But still key point is to define O - optimistic M - most likely and P - pessimistic in the question.
 
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