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PMP Summary
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The reason for the creation of the projects is simple. Projects are established to add value to

the business, and nothing else. Individuals demand value from organizations, while

organizations want value from individuals.

“Who determines the worth of something? “

Stakeholders determine what business value is. Stakeholders can be anyone's customers, and

the sponsor dictates the project’s business value. To achieve that business value, we appoint a

project manager. Each project must be tailored to the level of uncertainty and complexity it

entails. We must ensure that we offer quality, scope, and schedule costs while maintaining

business value. These restrictions must be fulfilled. We'll have to do some procurements as

well. We need to decide whether we want to make it or buy it, and we need to decide all those

things in the project.

Project managers play a vital role in generating business value. As a project manager, the

important thing is to keep things simple. A project manager is more of a servant leader, or

stewardship, as it is now known in book seven. The project manager employs resources, often

known as the team, to create that value. The project manager may not be able to generate that

value if the team is not present. As a result, one of his primary responsibilities in the business is

to lead a team that will eventually manage the organization's stakeholders. If you just look at
project management pillars, there are around 10 to 12 of them. Project managers need to

always have a holistic view of the complete picture.

The term "holistic" refers to the requirement to be an integrator. You must perform the

integration to guarantee that every single puzzle piece fits together in a limited fashion to

complete the picture. A comprehensive or integrated system is referred to as a system. In the

project, I believe this is referred to as system thinking.

What is the definition of system thinking? Configuration is what system thinking is all about.

Integration is what system thinking is all about. All I stated was a bunch of fancy phrases for

integration. System Integration is a sophisticated way of saying that you must consider

everything. If you're modifying the scope of a project, for example, you'll need to look at the

schedule. How do cost, quality, and procurement risk affect each other? It's not as if you can

just modify one thing without knowing everything else. When you alter one of the parameters,

other factors must be considered correctly.

The project’s business value can be measured by 2 documents. The first document that

defines business value is a business case, which provides us with a cost-benefit analysis and

monetary terms, and the second document is the benefits management plan in which benefits

are defined, who will be the owner of the benefit, and when the benefits will be delivered

tangible or non-tangible. From there, it's up to you. Once the project charter is created, we

have these two documents referred to as business documents.

Once the project charter is defined, the project manager is formalized. We believe the project

manager has the authority to conduct the high-level scope, timeline, cost, and quality

procurement you require, and what is the value you seek? Project Charter will specify once the

project charter is prepared. Following the project charter, the project manager generates an

assumption log listing all the project's assumptions such as:

● If the resource will not be accessible, this thing will happen.

● If someone has set a deadline, there may be a dispute while we are working on the

project.

● How many projects have been canceled in Europe because of the current conflict?

There would have been an issue if it wasn't an assumption log. Everything in the assumption log

is presumed to be true or untrue without proof. The Assumption log is later transferred to the

Risk Register. That is a crucial element to comprehend.

Once you've completed the assumption log and the project charter has been provided to the

project manager, the most crucial events are now beginning to take place. The most crucial step

is to begin identifying stakeholders. We use all we have in our project charter, and important

players are already present. We distribute the project charter to these important stakeholders

to know their roles, what is expected of them, and who oversees what so that no milestones

are missed. So, we use project papers, lessons learned from previous lessons, and expert

judgment to identify the stakeholders, as well as requesting sponsors for whatever tools are
available. This is how we determine who all the stakeholders are. After we've identified all the

stakeholders, we'll need to examine them.

The stakeholder should be identified, analyzed, and prioritized before being managed and

maintained. This continues to happen. You identify them, enter them into a stakeholder

register, and keep track of who is our Downward stakeholder, who is our Sideward stakeholder,

and so on. We gather the stakeholders and organize them into stakeholder groups. We entered

them into the stakeholder database.

“Once the stakeholder register is created, it becomes a live record, and we rarely share

it with anyone, not even the sponsor, unless it is required. “

The list of stakeholders is now complete. We understand who the stakeholders are, how

powerful they are, and what their interests are. We set a power interest rate, and if:

● The power is higher, the interest is higher, so we keep an eye on them.

● We simply place them on the watch list for the future if they have low power and little

interest.

● Low interest and if they hold more power, we must ensure that they are satisfied.

● If they lack power yet have a stake in the outcome, they must be kept up to date.

This is a 2d version of power interest metrics. It becomes a tiny cube if we make it 3D

Geography altitude. If there is another way to define stakeholders, it’s using the salience model,

we utilize power, urgency, and legitimacy, but the power interest grid is the most used or the

most asked in the PMP test.

Defining Project's life cycle is the next step. We know the sponsors, the project charter, and

stakeholders exist, and now we need to decide the lifecycle for the project. While selecting the

project life cycle, we look at 2 things:

1. Scope

2. Delivery

These are the two most significant factors: is the scope set or evolving? Or do we want a single

delivery or a series of deliveries? How do we want that to happen?

If the scope is fixed and you have a single delivery and a certain number of deliveries, no

change can be the maximum change. That scope is set in stone. We also require a single

delivery. Of course, we approach the predictive lifespan in the same way as we would when

building a house. We don't want to change anything; therefore, we're building a house that

isn't going to change.

If the adjustments are minor, however, many deliveries are required such as e-learning

sessions, in the same way as drama series do, from the first episode through the final season.

The following season is incremental, so if you desire a single delivery, expect a lot more

changes. In that case, we create a prototype. If both items can change, we employ an iterative

life cycle. This iterative incremental agent is called agile, and all three are change-driven or

adaptive. Normal projects are neither completely predictable nor completely agile. In one way

or another, they are a mix of predictive and agile. They're known as hybrids. Every project has
at least one hybrid individual, one person who is 99 percent predictive, agile, or whatever

another mix there is. It's always a hybrid situation. In this light of the above parameters, we

identify the project lifecycle things. The project lifecycle and the project management life cycle

are interchangeable terms.

It is now anticipatory. So, first and foremost, we must gather requirements. We use a

requirement management plan as a guide to collect all the requirements using a variety of

techniques, such as facilitation techniques, as well as focus groups, expert judgment, context

diagrams, prototyping, and whatever other techniques are available for use. The goal is to

collect all the requirements; we don't use any filters and collect as many as feasible. Once we

have all the requirements, we enter them into a requirement traceability matrix, which is an

excel file that tracks the requirements from beginning to end.

What are the needs for the project as a whole? The next step is to document the requirement

as functional, non-functional, stakeholder, and other categories after we have a requirement

traceability matrix. Depending on the job, we have all those requirements, which might be

10,000 or a million. If you're working on a hydroelectric project, for example, there may be

stakeholder requirements such as the local community requesting that a school be built for

them, and large projects may have funds to do so, so certain requirements we can meet and

others we can't. Now we apply the scope filter, which is stated in the scope management plan.
The scope management plan also specifies how to create a scope baseline. We set the scope

filter in all the requirements using different tools which may be Moscow, or the Value

Engineering product analysis, where we check:

● What are the requirements in the product and the systematic approach to doing it?

The requirement that passes the scope filter could be 1 million. These are all the requirements;

they include everything that will be done in the project, as well as everything else that is

relevant to the project, which is referred to as the project scope statement. What are the

project's assumptions, constraints, limitations, requirements, and classifications?

For example, we want to build a hotel, perhaps with 2000 rooms, and the project scope

statement is that we want a hotel with rooms having a certain type of lighting, these many

washrooms, a swimming pool, and a gym, and each room should have precise lights. Each room

should be air-conditioned, and everything you can think of should be included in the project

scope statement. So, once the project scope statement is complete, we divide the work into

smaller, more manageable chunks, which is known as the work breakdown structure.

Work Breakdown Structure is a hierarchical breakdown of work that divides it into digestible

chunks. We divided into groups based on our needs, as outlined by the organization's WBS

criteria. As a result, the work package is the lowest level of the WBS. We get WBS dictionary to

understand what each work package, control account, or management account means, we
need to understand what this means so what are the assumptions, what are each detail of each

of these will be defined by WBS dictionary these numbers that we give them, like 1.1, 2.1, 2.3

this is called code of account and WBS refer to them. WBS dictionary also mentioned them and

provided all the information. The task will be completed after the WBS is completed.

The scope of the project has been defined. We put them together. The scope baseline is

complete. The scope must adhere to the scope baseline. It will not be okay if something is not

within. Let's imagine a customer wants to add anything; they must go through the change

control procedure, and if the change control method is accepted, the scope baseline is added.

And if it isn't accepted, it's clear why we have a change control system in place: to minimize

scope creep, which is when the customer keeps adding requirements that we don't want. In a

straightforward predictive scope, a single delivery is fixed. And if we add something extra, it's

known as gold plating. When the scope is complete, move on to the next step. The next step is

to make a schedule.

The schedule management plan guides us on how to construct the schedule, which software

to use, what our tolerance is, and what the best practices are based on the organizational

process assets. OPA and EF are tools and templates for recording lessons learned in their

organization's policies and procedures, as well as their enterprise environmental factor (EF),

which can be internal or external. Here we can use PESTEL, when faced with a political,

environmental, social, technological, legal, or economic imperative, we look to the EF.

So, we go back to the work package through the schedule management plan, and using the

work package, we break our work further into smaller portions to further decompose that tool

and technique. We apply this decomposition, and we get a list of activities: activity A, B, C, D, E.

Activity characteristics provide information about a certain activity. What does the letter A

stand for? What does B mean if not the C? We obtain a milestone list and a milestone chart to

see what the project's milestones are. What are the dependencies? Payments are usually tied

to milestones.

“Anything with zero duration and significant significance is referred to as a milestone. “

In addition, the relationship between two activities is mentioned in activity characteristics. Let's

pretend these are two different activities. A and B are two different activities. Before Activity,

activity A is referred to as the predecessor. Activity B is referred to as the successor. This is the

second activity. As a result, we have a relationship. We can have four different types of

relationships, the most rational and the most common of which is starting to end, then we have

a start to finish, Finish to finish, start to start at the very least, start to finish, which is the

opposite of finish to start.

As a result, the type of relationship you utilize is determined by the activities you engage in.

Now, ordinarily, action A and activity B will begin. Let's look at the finish-to-start example.

However, if action B does not begin, we say the activities are delayed since there is a lag

between them. The activities are separated by a time-lapse. Activity B has been postponed.

Both internal and external factors might have a role.

Now the next step is to estimate the time and cost of each activity. For example, if we are

calculating the cost of activity A, which is building a house 200 square feet, and we have

already built a house 200 square feet in the past, we use the same duration as we did

previously. This technique is known as an analogous estimation. Same estimation, comparable

estimating the same estimation, or if we made 100 square feet previously and now utilize the

parameters from that time multiplied by two, this is termed parametric estimation. The final

option is to estimate from the bottom up. We can calculate how much this will cost, add the

cost of each step. We add each item one by one, starting at the bottom.

“Bottom-up estimating refers to the process of moving from an effort to effort.

Bottom- estimation is the most accurate estimation that we may apply in these three

estimations. “

All of these are based on a single-point estimate. We also employ our estimation, which means

that instead of one point, we have many three-point points. Optimistic durations are the

shortest, whereas pessimistic durations are the longest, most likely the whole duration. We

have a triangle distribution for optimistic plus pessimistic plus most likely, or beta distribution,

which is also known as part optimistic plus pessimistic. As a result, this is how we determine

the time or cost of any project activity.

Once we have all these items, we use the precedence diagramming method to combine the

activities. We combine these operations, and whatever the length of the longest path is, we

refer to it as the project's critical path. This approach is a critical route method, and we acquire
this schedule baseline after adding all the duration. So now we have a timetable baseline to

work with. The next step is for management to inquire about ways to reduce the timetable.

We have two ways to schedule compression, crashing and fast-tracking. Crashing where

resources have been added to the schedule and fast-tracking where operations have been

made parallel. We must plan according to resource availability because the resource may be

scarce. As a result, there are two strategies for managing resources, which are referred to as

resource optimization techniques. The first is resource leveling. It manages the resource

average and administers the project based on resource availability. As a result of the resource

leveling, the timetable increased. Management is occasionally alright. When the timetable

should not be increased, in this scenario, we employ resource smoothing, optimize interim, but

we don't allow the schedule to grow. So that's all there is to know about scheduling.

Requirement documents are, as the name implies, documents that contain all the

requirements. We add all the requirements to the requirement traceability matrix, even if

there are millions of them. The collection of requirements is carried out by the scope

management strategy. How does the filter work when all the stakeholders' requirements have

been collected? What are the most important requirements now that stakeholders can say

whatever they want? We need to see which stakeholders mentioned who is donating money

and what the most essential criteria are. What product do we need to look at again? At the

outset, we discussed value, which requirements provide the most value, and which criteria
must be included in the product, and we conducted a product analysis. We make use of it and

create the demand as a result. Go to your baseline schedule. The second stage is to establish a

cost baseline from which we can work to choose how we want to enter the cost.

The cost management plan specifies the type of currency you'll use, your tolerance level, and

how you'll handle financing. We will use funding limit reconciliation. The term "funding limit

reconciliation" refers to this process. We utilize the same method for calculating each activity's

cost and cost aggregate, exactly as we did for calculating the overall cost baseline from the

bottom up. The cost baseline includes active costs as well as contingency reserves, which is

critical to comprehend. Contingency reserves are the funds set aside to cover any known

unforeseen risk. We are aware that something negative could occur, we must plan of time. So,

we set aside our funds and placed them in the cost baseline, followed by the estimation that

we completed. This is the starting point for costs. However, there is a significant difference in

the project budget.

“Cost baseline plus management reserves, or cost of each activity, contingency reserves plus

management reserves, is the project budget. “

At any point in time, you may use the calculation for schedule variance under value minus

planned value to see how you're doing in terms of your schedule or cost. You have a variation

in your process that you need to enhance. Similarly, we can place it in the scheduled
performance index, where the value divided by the planned value is larger than one, equal to

one is acceptable, and less than one is undesirable. This is an example of cost variation.

The difference between the value and the real cost is the same: more than zero, equal to zero,

less than zero. Negative is a bad word. Cost performance index (CPI) earned value divided by

actual costs equal to one or greater than one is a good thing less than one bad thick. If that

budget is not valid, we calculate a new budget.

The new budget is determined by dividing the estimate at completion budget by the cost

performance index. We know this is the most crucial formula, but we also need to know

the exact cost as well as how much additional money will be needed.

Let's say I've spent this much money and want to know how much more is on the books. How

much additional money do I require to finish a specific project? These are the completion

estimates. We also utilize another calculation to complete the performance index. The

management is pushing you to do the opposite of CPI. Will you be able to finish the task in the

fund, but in the opposite direction of CPI? It's a positive thing if the TCPI is less than one. It's a

positive thing if the CPI is less than one. It is beneficial if the CPI was more than one. That is all

there is to it. You must be aware of the price. Let’s discuss the cost baseline for example. Your

daughter's pocket money is 100 Indian rupees, and you have an additional 100 rupees. She

requested something, and you gave her an additional 20 rupees, which has now become her

new baseline. We went back to the stakeholders to reschedule Baseline.

For managing the project stakeholder, we create a Stakeholder Engagement Plan. The

stakeholder has a strong interest in a higher authority, we enter them into stakeholder

engagement metrics, determining their present degree of engagement and their intended level

of engagement. As a result, we determine what strategy is required to transform the present

engagement into the desired engagement. Whatever strategies are in place, we incorporate

them into a stakeholder engagement plan. Once the stakeholder engagement plan is

completed, the plan is authorized. The strategy has been approved by the sponsor. Once the

plan has been accepted, we create another plan called the communication management plan,

which is based on the same scale as the first.

Communication management plans have essential things like proper information at the

right time to the right people to have the right impact. We've found the ideal stakeholder, but

we still need the correct information and the perfect time to write them. It's easier said than

done. The project manager's responsibility is to manage the stakeholders, 90 percent of the

time and to use the communication management plan to advise you which format to employ.

Are you going to utilize formal or casual communication, what style of reporting will you

perform, how often will you report, and what language will you use? How will diversity be

handled? How will you ensure that diversity is maintained, and what technology will you

employ? How will diversity be handled? How will you ensure that diversity is maintained, and

what technology will you employ? Are you going to use push communication, pull interactive,

how many channels of communication are you going to use, and how are you going to
accomplish that communication, everything that has to do with communication, frequency, and

so on?

After stakeholder and communication management plans have been accepted and completed,

we will move on to the PMP's most significant plan: the team management plan, often

known as resource management or human resource management. So, I like to explain

things using the Tuckman ladder, often known as remain Tuckman or team phases. Before you

can invite team members, you must first determine what kind of resources you require. You'll

either require virtual or actual resources. If you require virtual resources, you must first

comprehend the difficulties associated with virtual resources. Virtual team members can

become bored; thus, they must be involved in completely new dynamics. If you're going to

have physical resources, you'll need to identify the many types of issues, such as lodging,

security, transportation, food, and water, which you might not offer in your contract. Many

organizations do not provide food, transportation, or even water, but you must ensure that

these necessities are provided.

As a project manager, you must ensure that your resources are properly prepared, not just in

terms of nuts and bolts, but in every way. This is the responsibility of the project manager, not

the procurement manager or the administrative manager. You oversee this.

it's a virtual team or a physical team, you'll need to figure out what kind of abilities are

necessary and what skills you'll need for the team. You must determine their level, their

talents, their experience, and the tools they can utilize, and you must combine all these factors
so that team members may begin working with you immediately. This is referred to as pre-

assignment.

So, after you've completed all these activities, the team will come to you. This is the stage of

formation. The team is inexperienced and unsure of itself. They have no idea. You act as though

you're giving them instructions, yet directive nature is present. This is where the team's most

important document is created, the Team charter. Team charter includes: what are the ground

rules? What is the team's vision, how is the team going to handle disagreement, and how is the

team going to find each other? You must ensure that a team charter is created, as this is a

crucial step.

So, as the team falls in the shaping stage progresses, people begin to have conflict, and we

have now reached the storming stage, where people are experiencing conflict. As a result, you

must act as a coach and guide them. The most important of which is emotional intelligence.

What is the definition of emotional intelligence?

It is made up of three to four components. First and foremost, get to know yourself. It's as if it

all begins with you. It is critical to first handle oneself before discussing other people. Get to

know yourself, control yourself, and then get to know others and their motivation. We are

aware that there are numerous factors. Maslow's hierarchy of needs is one example. According

to Maslow's Hierarchy of Requirements, if our basic needs aren't met, we won't worry about

our other needs. For example, if a team member, as I previously stated, is unable to sleep at

night due to mosquitoes or a lack of air conditioning, he will be unmotivated to work. It's as

straightforward as it gets. That's Maslow's hierarchy of needs in a nutshell.

We should also consider Hertzberg's theory of motivation, which states that when there is

hygiene in the workplace, it is nice and properly done. They are, nevertheless, unmotivated.

Why? You're not doing the work they want, and you haven't conducted a SWOT

analysis. You haven't conducted an attitude poll to determine what people enjoy and then

given them a job. They believe it. Right. Determining what the needs are, therefore, you must

do so. Perhaps you should consider motivating agent opportunity and growth. Paying a salary

regularly does not motivate anyone. When it comes to recognizing and rewarding team

members, money does not always assist, and simply "well done" does not always help. You

performed admirably in front of the entire squad. That will suffice to get you motivated. This is

a significant emotional issue. If you want to say anything else, do so in person, directly, and in

person.

You should also consider how your organization relates to Theory X to Y or the Expectancy

theory. Theory X is a theory that states that Theory Y is quite significant, particularly in this

virtual environment in which the teams are working. Expectancy Theory, what are your

expectations? You use your social skills, communication skills, and leadership abilities to

comprehend other people's perspectives. To comprehend empathy, you must first understand

why they feel a certain way. Sympathy is not the same as empathy. Sympathy is like when you

see someone crying and you start crying. Empathy is recognizing the need and understanding

why they are feeling that way.

Identify training needs during the project, give instruction, and know your outcome at the end

of the innings. The team will probably have a conflict. Perhaps they require team-building
exercises, or they require individual instruction. Whatever the case may be, the fact remains

that you employ active listening.

“The importance of active listening cannot be overstated.”

The ability to actively listen to the other person is the most critical talent for a project manager.

Now, whenever there's a disagreement, you don't go and start resolving it. To begin, you must

first identify the conflict and its stages. Is it at level one? Is there a disagreement, a

competition, a crusade, or a world war?

When the problem is identified, you find various answers, but can you find numerous

solutions? If one of the options works, great, then try another choice, then another alternative,

and evaluate what works and what does not. When it comes to conflict resolution, one of the

most important things to remember is to strive for a win-win situation. As a project manager, if

you care for yourself, what exactly does that imply? You are concerned about your chances of

success. You don't seem to mind if other people lose.

If you don't care about yourself but care about others, you push or guide your decision. You

can either accommodate or smooth things out.

“This is a critical skill to develop and comprehend because while conflict can be

beneficial, it can also be harmful.”

Depending on the scope of the job. If two team members are working together and never

experience conflict, you need to create a healthy conflict. This implies that they don't even
discuss issues, which is impossible. You must recognize that conflict is a natural occurrence. To

manage conflict as a project manager, you must employ all your skills. If managed correctly, a

team might begin to learn each other's tendencies and begin to operate together.

As a result, we've progressed to the norming stage, where you'll still need to mentor them but

will be able to let them work again. Even at this stage, the team members may require training

if the situation is handled effectively. Then we move to the perfect stage, which is a stage for

performing. The teamwork here is when you allocate the duty to yourself, sit behind them, and

watch them work. You also need to check in and see if any pieces of training are required or

not.

Finally, the squad reconvenes here for coaching and other necessary activities. Depending on

the project, you offer them incentives, you give them the stuff they need, you give them work,

but it doesn't mean you don't hold them accountable. We have a responsibility assignment

matrix framework, in which each person is responsible for themselves. We have RACI as well,

and we utilize those sheets to keep track of who is responsible, accountable, consulted, and

informed. Every team should strive to be a high-performing unit. Every project manager desires

to lead a high-performing team. To become a high-performance team, the team must go

through a series of stages, and each team is unique.

Since we want to measure how they accomplish the work, teams have started working

together to see how they perform. Now we want to make sure that the work is completed by

the requirements. How can we know that the work is being completed to our specifications?

We create a quality management strategy.

We create a Quality Management Plan that includes all the customer's expectations as well

as all the criteria that have been agreed upon. Standards can be international standards such as

ISO, or competency standards developed by our firm. We use those criteria as a baseline, we

included them in the quality management strategy. Another key factor we consider is the

expense of quality. We want to know how much this is going to cost us. It varies for each

project, but it must be calculated, managed, and adequately insured in this manner.

What is the cost of compliance, for example, to ensure that you deliver a high-quality product?

What is the cost of non-compliance, in comparison to the cost of failure? This is the price of

getting the appropriate product. This is the cost of non-conformance rework, whether internal

or external, and it is essentially training and appraisal. The price of quality is critical. For

example, as a PMP trainer, what I'm attempting is to create a daily feedback checklist so that I

can ensure that all the labor is worth it, which, of course, means daily messaging. It takes up

some of my prime time with you guys, but that's the price of conformity. If I don't, I'll have to

pay the price of non-compliance, as well as the cost of losing your brand image, which is an

intangible asset. That must now be counted.

We also produce high-quality matrices that tell us how many of what we're going to measure in

terms of KPI measurements. We track key performance indicators, and each one must be

intelligent, specific, measurable, achievable, relevant, and time bound.

 “Every KPI must state that you will begin implementing your quality plan after the

client or sponsor has accepted it.”

While the deliverable is being manufactured, the quality team inspects it. They'll follow the

quality manual, and the audits will be performed by them. Control charts are built to see the

performance and stability of the process. If the points go out of the minimum and maximum

control limits, this states that there is a need for investigation.

To view the process in its entirety. We use checklist checklists to see if the sequence, process,

and steps are being followed. Quality team uses affinity diagrams to categorize this, and we use

the checklists to see whether the sequence, process, and steps are being followed or not? If

there are any problems, we use check sheets to figure out how many there are. For

undertaking root cause analysis of the problem, a fishbone diagram is used.

PARETO is another quality tool that works on 20-80 rules (Vital few and trivial many), using this

tool we prioritize and see what are the two or three most important things that we can do

better. We also employ the histogram. This is a unique histogram of time. What are the most

significant aspects of the project that we must complete? We must work and adapt the

histogram to the frequency distribution. As a result, we work in the quality department to

ensure that everything is done correctly.

We verify for final approval once the deliverable has been manufactured in controlled quality

according to a quality management plan. On the final inspection for the sale, each deliverable is
by the quality plan. If the deliverable conforms to that, we refer to it as a verified deliverable, a

quality delivery, or a quality check deliverable.

The next step is while we’re attempting to complete the deliverable. We debated whether we

should make or buy. I'd like to purchase anything from the location where I'll be purchasing it.

What criteria will I use to choose my sources? Will it be about price or quality? Will it be a

question of quantity? Is it past lessons or a reference, but what criteria will I use to choose my

sources?

We have a different contract, one that is based on a fixed price. We have a cost-reimbursement

contract if my scope is not fixed. We also have time and resources on hand. We have a fixed

price if we want a seller to finish the work early, we can give them an incentive, or the contract

is long five to ten years, and insulation can affect we have an economic price adjustment

contract, then right in the cost reimbursement if we want to give an incentive or tip, we have

our contract in them.

We describe the contract and include it in the Procurement Management Plan,

procurement strategy, and whatever other requirements we have, we include them in the

procurement statement of work (PSOW).

We announce the requirement to the market, and people respond with quotes. There can be

any kind of request, such as a quotation or information. After that, there's the bidder meeting.

We get independent cost estimates before the bidder meeting. What is the general cost of this

item, according to an independent estimate? In addition, we have the bare minimum. We call
bid recorders when we need someone to have a specific qualification or meet certain

requirements. Bidders give their proposal once the requirements are clear, we shortlist the

seller, we have further negotiations with them. We have a procurement manager who is part of

their project management team and is there to talk about quality, scope, schedule reports, and

money.

After the agreement is completed, it is approved, and we receive approval from the approval

management. Management may be required to sign the agreement at times. We begin

receiving deliverables once the agreement is complete. We inspect the deliverable after

receiving it. We conclude the application and pay them if the deliverable is satisfactory.

There can be procurement quarrels that need resolution. We attempt to work together to

achieve a win-win situation, but if we are unable to do so, we will follow the contract's

instructions. If the mediator is unable to do so, a third-party mediator should be considered. It

is never beneficial to you to go to court.

Throughout the process, we make every effort to keep procurement closed. However, even if

procurements are open and the project is nearing completion, this is also possible. Whether or

not you can conduct an audit. Normally, it is on the contract. You can check whether the audit

is permitted or prohibited. As a result, whether you can conduct an audit or not, varies from

project to project.
The following step is risk analysis. To begin, you must create a Risk Management Plan that

specifies if the organization is risk-averse or risk seeker, in which case you will turn away from

risk or move toward risk, respectively. Then you look or risk-neutral, you define the risk

appetite, how much risk the organization is willing to take in exchange for a reward, and you

see, okay, in that appetite, what is the threshold, what is the upper limit, but what is the lower

limit, and you define that once that is done. You start identifying the risk, just like a

stakeholder.

“To identify that risk, you use everything available in the project.”

Project Charter, business case benefit plan, communication plan, assumption log, stakeholder

registration, everything you need. Other resources can be previous lessons learned or a

different prompt list, such as PESTEL, political, economic, social, technical, legal, environmental,

and so on.

We categorize any risk, whatever we can, into the risk register. We also put the responses and

potential owners here at this point. A risk owner is going to handle the risk, who is going to

tackle a specific risk in the project. As a result, once you've identified all the risks, there could

be thousands of them, just as there are thousands of stakeholders. You take on each risk one

by one, ranking them qualitatively using likelihood and impact measures. You assign a risk

rating. This is low risk, this is medium risk, and this is high risk.

“Who determines what is low, medium, and high risk? Your organization's tolerance,

likelihood, and impact matrix. “

If your organizations are dealing with higher risk or it is life-threatening, such as

pharmaceuticals, we do quantitative risk analysis where we take all the risks that have already

been prioritized by qualitative risk and we use different tools like tornado analysis to check the

sensitivity of each risk, or a multiple-choice decision tree influence diagram, or what is

expected monetary value risk into probability.

The goal of Monte Carlo analysis is to determine the exact number of that particular risk. We

now perform a quantitative risk analysis, and we have a risk register that contains all the risks,

both qualitatively and numerically. Now we must devise a strategy for dealing with the threat.

We all know that risk may be both positive and bad. Positive risk is referred to as opportunity,

while the negative risk is referred to as a threat. Opportunities and threats will be responded to

differently.

While responding to threats, your goal is to reduce the probabilities to zero. If you can't avoid

it, at least try to reduce the risk. You can get insurance; you are passing the risk to someone

else. Keep that in mind while transferring risk, for that particular risk, you are paying a higher

premium. Opportunities should be exploited; you enhance both chance and impact. If you are

unable to exploit, you must either enhance or share. We can always escalate it to the senior,

we can always escalate it to the management escalation of a particular risk if you can't control

either a negative or a positive risk.

If that trigger occurred, and there are responses planned, this is known as active acceptance,

and it is what we shall do. If the trigger occurs, we will not act, instead, we will wait and see

what happens. This is known as tacit acceptance. We establish a contingency plan and a plan
for active acceptance. If that plan fails, we construct a fallback plan for the passive, which we

regard as a worker, and we use management to handle whatever happens. Once that strategy,

as well as this risk plan, has been authorized, all baselines are updated. All baselines may be

adjusted because of this plan, and all plans may be amended because of this plan.

Once a trigger occurs, any danger is triggered. The risk owner implements the risk response

plan, and you implement the risk response plan. There are two possibilities: the plan went well,

and you just have a small amount of risk left, which is known as residual risk, and the accepted

risk. However, another danger, known as a secondary risk, may arise because of the risk the

response plan. Secondary dangers must be carefully addressed. We do risk review meetings to

examine how we're doing; we receive a risk report weekly or monthly. A report demonstrating

how well the project is progressing It's all about taking chances.

An unidentified incident or risk is identified before its occurrence, we place it in the risk

register and deal with it accordingly. If an unidentified occurrence occurred, we were unaware

of it. It took place. It's a serious issue. It is incorporated into issue law. When an issue is

discovered, we take this process to turn it into an issue. We investigate the underlying causes

of the problem. Then we look to see if we need to submit a change request to address the

problem. If we require a change request, we will make one. We implement the change request

once it has been granted. Update the issue log to reflect whether the issue has been resolved

or not, and we derive the lesson learned from the incident. We then entered that lesson into

the Lesson Register.

We have action plans for each danger that we believe we should be aware of, and some

hazards have been added to the watch list. They're either an accepted risk or a potential risk.

We are unconcerned about minor hazards; we update the policies and processes to reflect this.

Now, going back to the beginning, when we talk about scope, if the scope isn't fixed, if the

scope isn't relevant, we tend to lean toward Agile. It's all about being driven by change. It's a

mix of iteration and incremental development.

Agile is all about having the right mentality. What is a mindset, exactly? We acknowledge that

there are four values:

1. Customer collaboration above contract negotiation: It is critical to have a contract.

Giving value to your customers, on the other hand, is more vital. Collaboration with

customers takes precedence over contract negotiations.

2. Working Software: Documentation is beneficial, but we also want to be efficient. It isn't

that you don't want documentation. We only require the bare minimum of documents.

3. Responding to change: Responding to the shift over by moving away from the contract

is more important.

4. Individual and interactions: while processes are important, people behind processes are

more important.
After you've established your values, the following step is to establish your principles. They

work according to agile principles. Another fundamental premise is that we aim to provide

value to our customers. We aim to make repeated deliveries, incremental deliveries, and

provide the consumer with the bare minimal merchandise. We create a safe environment for

the team to learn and make mistakes. They are aware of our regard for them. We take on the

role of a servant leader. The most important thing is that team. And the team consists of six to

twelve people. We have a T-type leader in our team.

Next, we look at agile planning. In agile, we plan on several levels. First, we establish a vision,

and then we create a roadmap for what we will do after we are released. Then there's the

iteration or sprint level, which lasts one to four weeks on average. Then there's the everyday

standup. The daily standup consists of three questions, but you already know what you're going

to do today based on what you did yesterday. Is there a roadblock in the way? Once we have

that, we can move on to the next step, which is generally agile.

Scrum is the most significant agile right now. Scrum is based on three-step roles: Product

owner, scrum master, and team or development team are three positions.

The product owner oversees the product backlog. He approaches the sponsoring client and

obtains the requirement in the form of a user narrative and creates the user story.

What exactly is a user story? Each user story must adhere to the acronym INVEST, which stands

for invest independent, negotiable, valuable, estimable, and testable. We have all the user
stories and all the requirements. We compile all the user stories into a single document, which

we refer to as the product backlog. After that, the product owner goes back to the stakeholders

and sponsors and says, "Hey, let's prioritize them."

We can utilize monopoly, or we can use Moscow (we must have, should have, could have,

would like to have) priorities. We can also use weighted metrics or a variety of other methods.

It can be utilized, most used is Moscow or monopoly. We prioritize things by high value, high

risk, we get a product backlog, it's ready.

Now that the team has arrived, we will begin the first sprint. The first thing we will decide is

whether the sprint will last one week, two weeks, three weeks, or four weeks. Everything

hinges on it. So, let's say we've decided on two weeks. As a result, each sprint will now last two

weeks. The team now examines the product backlog and assigns story points to each user

story. The team decides how much work can be put in. There are three ways to insert user

story points: Ideal hours, affinity estimation (little, medium, or large), and Fibonacci sequence.

Normally, we employ the Fibonacci sequence. Now, to gain team consensus, we play planning

poker in which we go around in circles and ask, "OK, what are the story points?" until we reach

an agreement or consensus. So, in the first sprint, the team says: "This is my estimated

velocity."

“This is the maximum amount of work a team can accomplish in this sprint is Sprint

Velocity.”
According to this, storyboards were added to the sprint backlog. The team and the product

owner scrum master promote an agreement that these will be the sprint goals. The sprint

target is achieved. We share it with the scrum master and the rest of the team. After that, we

get to work on it. Three questions are asked every day during standup. Same time, same place,

15 minutes like last night, except this time I did it yesterday. What are your plans for today? Is

there any route that obstructs, whatever those things are?

Scrum Master, in his role as a servant leader, protects the team from harm. He provides food

and drink, assists them in identifying the necessity for killing, and ensures the scrum technique

is followed. In your daily standup, we don't stay more than 15 minutes, you have information

such as a burnup chart that shows how much work you've completed, a burndown chart that

shows how much work remains, and data such as a task board that shows the status and a

Kanban board that shows Work in Progress limitations. Only the burnup charts and burndown

charts can be used. However, a burndown chart is typically used to determine how much work

remains. We are not concerned with how much work we have completed; rather, we are

concerned with how much work remains since we are living in a time frame.

When the sprint is finished, we have a sprint review with the product owner, sponsors, and we

show them everything we've done in agile. We only show them stuff that is 100% complete.

Any user story that isn't finished is returned to the product backlog. When a user story is

finished, the customer reviews it to see if it meets their acceptance criteria or not. More user

stories can be added if the product backlog is refused.

After adding more user stories to the product backlog, the Product Owner reprioritizes the

product backlog, which is referred to as grooming the product backlog.

Once the user stories are complete, the customer will then employ an acceptance criteria

checklist, which is like a definition of done, known as acceptance criteria.

The team then sits down to discuss how they may improve themselves once everyone has left.

How can their processes be made more efficient? Sprint Retrospective is what it's called. Set

the scene with the five stages, we get data from epi after understanding the requirements. We

gain insight into the root cause analysis of what went wrong when things were good, mad,

happy, and sad, and then decide on one or two improvements. We put those changes in place.

There's also lean. Essentially, Lean is all about getting rid of waste. We create a value stream

map with value-added and non-value contributed tasks and try to figure out how to eliminate

non-value-added chores.

Cycle time: Time to accomplish a task and lead time for the entire period during which

the desired work was completed.

How to handle change in Agile: Agile will be with you if you have the appropriate mindset. If

changes come, should that report or that be going into work right away while the sprint is going

on? The product owner will evaluate if demand is critical, it is automatically added to the most

critical product backlog. If it's critical. It is moved to the top of the priority list. The product

owner then addresses the team. The team then double-checks and says, "OK, we'll add this, but
we'll have to delete certain criteria." The time has been set. We add something, we remove

something, Team needs to have the product owner's approval first.

“This is critical, and keep in mind that the product owner has the authority to

terminate the sprint.”

“In agile, we also have the product increment, this is a live document that keeps

adding to that product.”

So, once you've created the plans for execution or indirect and controlled activity, deliverables

are created. When the deliverable is completed. They'll essentially go to quality control in

quality control. Once the deliverables comply with the quality plan, we contact them to verify

delivery. If they are not, a change request is submitted as a preventative action, corrective

action, or defect repair. The scope is then validated, and the client checks the deliverable. We

obtain an accepted deliverable or a validated deliverable if the client says it's fine.

After this process, all the information is provided and distributed to each department, which

compares the data and creates its report. Each department creates its report, which is referred

to as work performance information. The project manager receives all reports. He combined

them and created a single comprehensive report, a work performance report that contains

everything and is shared with everyone in the Manage communication project as a form of

project communication. This is the journey of work performance data.

The change request in the predictive life cycle is entered into the changelog, which is checked

by the project manager. This modification has now been requested. Is it significant? Is it critical,

and how does it affect the deliverables? Yes, it has an impact on the final product. We reject

the change and indicate that it is not important if it does not accept any of those things.

Alternatively, if the change control board authorized it, it was approved. Then we make the

necessary changes and adjust the project. If they refuse to accept the change. We let everyone

know about the adjustment. We communicate it, put it into action, and then rebalance the

project.

When the work is completed, all the paperwork, such as procurement documents and plans, is

collected. Except for the deliverable, which becomes the final product, the first thing we show

the client is the deliverable, and then we begin composing the final report. We begin by

composing lessons learned. They were saved in the Lesson repository. When the report is

finished, we share it with the sponsor.

We're now releasing it. Now we begin the administrative close, and then we celebrate the

project's success. If the project is canceled, the same closing process will be followed.
 Thank you for reading this book, I hope this has added value in your PMP

Journey.

Amer Ali is a project management consultant he has done various international certification PgMP, PMP,

PMI PBA, PMI ACP, PMI RMP, PMI SP, DASM, DASSM, Lean Six Sigma Green Belt and NEBOSH IGC.

He helps students to pass these certifications in minimum possible time by providing a system which has

ensured more than 302 #PMP in 2021 and 140 #PMP as of April 2022. If you want to become certified

#PMP you can contact him at below details,

Email: [email protected]

WhatsApp: +971588350833, +923003892000