What is Project Management Triangle?

In this article, we will provide you with Project Management Triangle, each of the project triangle's elements. Let's get started!

January 1, 2022

Managers take advantage of the project management triangle to evaluate or understand the challenges that may occur throughout the implementation and execution of a project. There will be numerous constraints on all projects, regardless of their size.

Despite some project restrictions, they should not be utilized as obstacles to effective project execution and decision-making.

Let’s take a look at each of the project triangle’s elements and how to deal with the problems that come with them.

What is project management triangle?

The scope, cost, and time factors make up the project management triangle, which determines the project’s quality.

So what is the project triangle? The iron triangle PMP shows how these three variables are related; if one of them is changed, the other two must be modified to maintain the triangle connected. The quality of the project will suffer if the triangle breaks – that means if one point is altered without impacting one or both of the other points.

A project manager’s role is to create a balance between the triangle’s three points in order to achieve the best possible quality while staying within budget, on schedule, and sticking to project standards.

How scope, cost, and time are related

In the project management golden triangle, there are two types of relationships at work. The link between scope and the two other project variables is the first. Scope is proportional to both time and cost, implying that it moves in the same direction as those two variables. In order to take on a greater job, time and money must be increased as well.

The link between time and cost, which is inversely proportional, is the second type of relationship. These two variables are in opposition to one another. If costs must be lowered, deadlines must be extended; but, if you are suddenly faced with a time constraint, you will want additional funds to react to shorter timeframes.

These two relationships can’t be changed—nothing you do will allow you to change one variable without causing a corresponding change in the other two points on the triangle, either directly or inversely. The project triangle is sometimes referred to as the “iron triangle with three constraints” because of this. The iron triangle project management will not bend to a project manager’s will, no matter how strong they are.

The three constraints of the golden triangle (Scope, Cost, Time)

What are the three elements of the project triangle? To keep all three elements in control, the project manager must have a thorough understanding of each variable and where they have the flexibility to adapt changes during the project.

Scope

The scope of a project relates to the “scale” of its deliverables in terms of quality, detail, and magnitude. As the project’s scope expands, more time and resources will be required to complete it.

The scope of the project evaluates the outcome. This consists of a list of deliverables that the project team must complete.

A successful project manager will be able to manage the project’s scope as well as any changes in scope that have an influence on time and cost.

The following are examples of project scope elements:

Complexity of the project
Finished product quantity (s)
Quality of the output
Strength (e.g., the number of simultaneous users an app can support)
Level of detail
Number and complexity of features

Avoid “scope creep” by completing project planning and getting all project stakeholders to sign off on everything before beginning production.

Read more about Project Scope Management

Cost

When starting a project, it’s critical for both the project manager and the organization to have an expected cost. Budgets will ensure that a project is created or implemented at a cost that is within a certain range.

Project managers may be pushed to deploy more resources in order to fulfill deadlines, incurring increased project expenses as a result.

Cost isn’t restricted to cash numbers when it comes to the project management triangle. This triangle point, also known as “resources,” contains all of the tools, equipment, and support needed to execute the project.

The following are examples of scope elements:

Financial budget
The total number of team members
Infrastructure and equipment
Key opportunities.

Although the cost/resources variable encompasses more than simply money, almost everything inside this point may be linked to a financial value. Adding staff, for example, needs more budget for pay; taking advantage of the opportunity to keep workplaces open longer necessitates a higher budget for electricity use hours.

Time

The activities of a project might take a shorter or longer period to accomplish. The amount of people working on the project, their experience, and skills, among other things, all influence job completion.

Time is an important but uncontrolled aspect. Failure to fulfill project deadlines, on the other side, might have negative consequences. The most common cause for companies’ failure to succeed over time is a lack of resources.

Keep in mind that the amount of time you’re measuring is just as essential as the type of time you’re measuring when adjusting for time. Extended deadlines, changes to team calendar software, the elimination of planning phases, and other tradeoffs may be required.

The following are examples of time elements:

Timeline for the entire project
Working hours on the project
Goalposts and internal calendars
Planning and strategy time is given
Phases of the project.

If your budget is decreased or your scope is expanded, you’ll need to discover innovative ways to compensate by relaxing one or more of your project’s deadlines, whether by extending deadlines, increasing hours, or making other scheduling changes.

Quality

Although quality is not a component of the project management triangle, it is the ultimate goal of all deliveries. As a consequence, quality is represented by the project management triangle.

Many project managers believe that “great quality comes at a high expense,” which is accurate to some extent. Using low-quality resources to meet project deadlines does not make sure the project’s eventual success.

Quality will be a key deliverable for the project, much like scope.

The wildcard factor: innovation

When someone discovers a new way of doing something that improves cost-efficiency or speed, they may make this modification without affecting the other aspects of the project management triangle.

Someone in your team, for example, discovers a method to improve the functionality of a project-critical tool. This modification to your production process may allow you to do more in a shorter project schedule or with a smaller team..

Similarly, any changes to the production process that assist standardize processes and reduce decision-making time will allow your team to work more effectively while maintaining high quality. Investing in management tools such as standardized sales templates or project management software will save time and money without affecting project quality or scope.

Strategies for managing the project triangle

Now that you’ve learned what the project triangle is, consider how you might use it in your regular job. It’s also a good idea to look at the five project management phases to see if there are any overlaps.

Prioritize your goals

The project triangle’s central concept is that no project can be successful if there are three rigidly fixed points. At least one point should be flexible, so you know where you have room to make changes if they are required.

If keeping on budget is a top concern, an unexpected obstacle might be addressed by delaying your deadline rather than hiring more employees to rapidly resolve the issue. If your client’s deadline is strict, it’s a good idea to obtain extra funding approved ahead of time so you may solve issues without delaying production.

Set specific expectations and objectives

To avoid unfulfilled expectations and disgruntled owners, properly explain your project’s boundaries and goals to your customer and other stakeholders involved in the project.

Contracts will include unique components that help the project manager get all stakeholders on the same page before the project begins in industries that are prone to unforeseen difficulties, such as construction and engineering. These are some of the elements:

Clients approve contingency budgets ahead of time.
A list of common potential stumbling blocks (weather, natural disasters, local events, etc.)
List of commonly used plans of action for each delay, including cost and time estimates that would need to be added in the event of each contingency

Keep track of the client’s preferences so you can refer to them later if you need to make a project triangle modification, and give stakeholders a clear understanding of the sorts of events that might occur and how they can influence costs and deadlines. There will be no confusion about why those changes were made after the project is completed.

Common project management methods

There are several project management approaches that prioritize various project variables, resulting in a diversity of project triangles. We’ve divided seven popular project management methods into two categories: those that prioritize low costs and those that favor time savings.

Resource-saving project methods

These project management approaches, which prioritize efficient resource usage, will help projects with stricter budgets and greater flexibility in timelines.

Waterfall: Because project steps are performed in order, timetables must be flexible, as delays in one phase may necessitate changes in all subsequent phases.
Lean: Lean focuses the minimum possible costs and resources, allowing for extended time frames or scope cutbacks to keep the project within budget.
PMBOK® waterfall: a variant on the classic sequential waterfall process that uses standards set by The Project Management Institute’s Project Management Body of Knowledge to increase process efficiency.

Time-saving project methods

These project management strategies may eliminate unnecessary downtime and speed project processes to keep teams working quickly in instances where time is of the importance.

Agile: prioritizes flexible procedures so that teams are ready to respond to change requests with little time or cost increases; organizations that utilize this strategy frequently use agile management software.
Scrum: a kind of agile project management that is most commonly used in software development. It employs aspects of Scrum methodology such as sprints and daily team touch-bases to reduce time spent in work-in-progress stages.
Kanban: minimizes work-in-progress time by using continuous, high-visibility collaborative processes; teams that utilize this approach frequently use Kanban software.
Scrumban: combines the Kanban process’s collaborative and continuous nature with Scrum’s daily team reviews to reduce work-in-progress time.

Of course, the objective of any approach is to achieve the best possible balance of low costs, quick speeds, and excellent quality. Because the project management triangle requires prioritization of at least one variable, these techniques tilt toward the most important variable to the team.

Use all three constraints to your advantage

Though the iron triangle and its system of three constraints may appear to be restrictive at first, if you understand how to use them in your company project management process, you’ll discover that they really help your projects operate more smoothly. You may avoid costly setbacks by having a better knowledge of your limitations and flexibility ahead of time.

Furthermore, the iron triangle will assist you in selecting the appropriate project management software, developing processes, and setting up your production so that your team can get up and running quickly. After that, who knows what you’ll be able to achieve as a team.

A triangle is frequently used to represent project management. To guarantee that the project’s or outcome’s quality is not jeopardized, a skilled project manager must strike a balance between the three constraints.

To address the problems posed by the three constraints, a variety of tools and approaches are available. In order to complete the project effectively, a skilled project manager will utilize the right tools.

Transparency and visibility of the three constraints are critical for properly balancing the Project Management Triangle. You may keep track of how each of the constraints is performing and identify future risks by utilizing project management software.

Visit our websites to get more information and a free PMP Practice Test. To download, visit our website for your IOS or Android device.

What is Project Management Triangle?

In this article, we will provide you with Project Management Triangle, each of the project triangle's elements. Let's get started!

January 1, 2022

Benefits Management and Benefits Realisation Management

If you are wondering about 'benefits management' and 'benefits realisation management'. Visit our website to learn everything!

January 1, 2022

PMP Review with A Successful Story

Let’s read PMP Review which may help you a lot! Visit our website to get more information and free PMP Practice Test!

January 1, 2022

Benefits Management and Benefits Realisation Management

If you are wondering about 'benefits management' and 'benefits realisation management'. Visit our website to learn everything!

January 1, 2022

‘Benefits management‘ and ‘benefits realisation management’ are terms that are becoming increasingly popular in the project management industry, amid efforts to sell large-scale corporate transformation programs and regulate their performance. However, after the sponsor has accepted the business case, these processes frequently come to a halt.

How is this possible in a highly competitive corporate environment when change is omnipresent, investments are micromanaged by financial controllers, and unsuccessful business transformation programs can jeopardize executives’ and managers’ careers?

The ability to adapt to change or the proper investment in new markets or products do not guarantee a company’s success. Instead, the overall benefit realized by adopting change through a transformation program is what determines success, and possibly even the existence of an organization.

What is benefit management?

The method of investing time and money in order to generate positive change in a project is known as benefits management. This is accomplished by identifying, planning, measuring, and tracking benefits from the start of the project until the completion of the project, when all benefits have been realized.

Identifying benefits

Benefits management should: Assessment of project scope management capability maturity using a checklist

define the proposed work’s benefits and dis-benefits;
develop systems for measurement;
implement the necessary changes in order to realize benefits;
measure the improvement and compare it to the business case.

Indicators	Level 2 attributes	Dis-benefits are considered to be covered as well, as is the case with all references to benefits. When determining whether a piece of work is a project or a programme, the complexity of the benefits management function is a deciding factor. Level 2 will suffice for projects with a clear link between a small number of outputs and a benefit. The identification of additional benefits throughout the life cycle at level 2 may not be complete. When numerous outputs and benefits have a many-to-many link, the task will most likely be executed as a program, and level 3 capability will be more appropriate.
Quantify	The benefits are measured and presented. The estimations of benefit amounts are backed up by evidence.
Value	Financial benefits are valued, and documentation explains why they are valued
Plan benefits realization	Benefits-realization plans are in place and are revised throughout the life cycle.
Realise benefits	There is some pre-change metric measuring, although it may be inconsistent. Individual business-as-usual units may be in charge of benefit reviews.

Indicators	Level 3 attributes
Quantify	For benefits, full benefit profiles are developed. Throughout the life cycle, they are reviewed. As new benefits are discovered during the life cycle, new benefit profiles are created. The updated benefit profiles and the business case are inextricably linked. Non-financial benefits are valued using sophisticated methodologies, with documentation demonstrating the logic behind the values. All benefits realization actions are either part of a distinct benefits realization plan or a portion of the primary project or program delivery plan. These plans are updated on a regular basis, and the interfaces are kept up to date. Metrics that are influenced by change are baselined prior to implementation and tracked during the implementation period. On completion, a full benefits evaluation is performed, and the actual net benefit is compared to the original business case.
Value
Plan benefits realization
Realise benefits

Why focus on benefits management?

In short, concentrating on benefits enables better program and project resource allocation decisions as well as faster organizational transformation. Advertisements stating that the best-in-class companies utilize a particular vendor’s products would like you to believe that the opposite is also true. Purchase our product and you will instantly become one of the most successful companies. If this were the case, completing projects on time would be enough to ensure business success. In fact, the “best” company is characterized by its ability to deliver a vision of a future state that is assessed by the realization of specified benefits. Simply having a new enterprise IT system or a newly developed product does not guarantee the company’s standing as a best-in-class organization. Furthermore, while projects are generally evaluated on how efficiently they produce a result (e.g., cost/schedule performance indices), programs are frequently viewed as long-term investments that expect a leveraged return on investment. This necessitates not just the delivery of new capabilities, but also the facilitation of organizational transformation and the realization of expected benefits.

Leadership, as well as the individuals who must change, must be committed to organizational transformation. People are more willing to change if they believe there will be a benefit to them, their business, or the consumer. When benefits are identified and program components are aligned to them, the program becomes a stream of projects and processes that bring value to the company. This makes it simple for the program to use value optimization methods like lean.

Benefits vs capabilities

One of the reasons why programs’ benefits aren’t always realized is a lack of clarity in defining and measuring them. For many project organizations, the change from evaluating project outputs (e.g., capabilities) to defining and measuring benefit accomplishment is a paradigm shift. Capabilities are the program’s enablers, not the program’s benefits.

“A benefit is a result of activities or behaviors that provide utility, value, or a positive change to the intended recipient,” according to The Standard for Program Management. A benefit is also defined as “the measurable improvement coming from an outcome seen as an advantage by one or more stakeholders, which contributes to one or more organizational objective(s)” by Managing Successful Programs. A benefit, according to Siemens, is a set of measurable improvements that give one or more stakeholders a business advantage. Benefits are typically linked and stakeholder-specific, and they can be both tangible and intangible. The following are some examples:

Increase of market share
Shorter time to market
Higher employee retention

Benefits frequently include terms like “better,” “cheaper,” “faster,” or “bigger,” and they represent the program’s strategic objective being realized. It is critical to have a program vision. A program vision, according to Managing Successful Programs (MSP), should be a “postcard from the future” that describes the organization’s future condition after the program goals have been achieved. A program vision may be to increase market share to 35% of the available market while maintaining profitability. Improved market share and project profit margin might readily be defined as benefits that could be quantifiably measured to demonstrate program vision achievement in this situation.

The benefits, on the other hand, may not be as obvious if a methodology like MSP is not utilized. Take, for example, the improvement of organizational project management maturity as one of the program’s expected outcomes. The next discussion reflects a root cause analysis method based on the “five whys.”

When asked to explain the benefit of the OPM improvement program, the program manager often responds with something along the lines of “We will attain Maturity Level 3.” Maturity Level 3 is a measurement of the organization’s OPM capability maturity, not a benefit. The only benefit of reaching Maturity Level 3 may be the program manager’s or company senior leadership’s incentive bonus, but not more. Why does the organization desire to be rated at Maturity Level 3 in the first place? Then comes a series of questions:

Q: What are the benefits of reaching Level 3?

A: Our processes will be standardized.

Q: What are the benefits of standard processes?

A: All projects will follow A Guide to the Project Management Body of Knowledge

Q: What are the benefits of adopting the PMBOK® Guide for all projects?

A: We will deliver on time and on budget more frequently, increasing project predictability.

Q: Why is this significant?

A: We’ll increase customer satisfaction while increasing project profit margins.

We now have the true benefits! Improved customer satisfaction ratings and project profit margins indicate the program organization’s goal of increasing market share and profit margins. This analogy may be used for new product development, strategic account management, and other programs with ease.

Employee satisfaction or brand recognition are examples of benefits that are difficult to measure and are frequently referred to as intangible. However, it is not a benefit if you are unable to see or measure it. There are indications that may be seen to confirm the benefit achievement if you consult enough experts, even if it’s as basic as fewer employee complaints or enhanced recruiting or retention metrics. Companies spend enormous sums of money to put their names on racing cars or to organize worldwide sporting events for a purpose. These “soft” benefits are generally measured through surveys and polls, but the final result is frequently represented on the executive’s dashboard in terms of increased market share, more effective public service, or other organizational performance metric.

The concept of dis-benefits is another phrase introduced in MSP. These are measurable consequences of an outcome that has a negative impact on the organization’s goals. Employee morale impacts as a result of organizational reorganization or the impact on existing product sales on shop shelves when a new, enhanced product is released early are examples of dis-benefits. The program’s value is determined by the balance of benefits and drawbacks. We have the complete program business case when the net benefits are compared to the program costs.

Benefits drive organizational transformation

Benefits realization drives organizational transformation and changes the behavior of component project teams in a favorable way. Which would appeal more to the program’s component project teams: achieving Maturity Level 3 or increasing market share, project profitability, and employee satisfaction? Furthermore, the processes are carried out by humans. The new processes will not be properly transitioned and applied if they are not motivated (Image 1). People want to feel like they’re contributing to something bigger than just developing processes and filling out forms. Because of this emphasis, the component project teams can now perceive their work on the improvement program through the lens of organizational value optimization. The focus is on optimizing program value when project changes or decisions are necessary due to environmental factors. When the budget is cut, resources are reduced, or the market is down, the employees come up with new methods to deliver value.

Typical Timeline From Project start to Benefit Realization

In a case from 2001, a project team in the telecommunications semiconductor industry was constantly losing resources owing to problems in other projects inside the company. This became somewhat of a routine. To save the project, the program manager explained to the project team the importance of on-time delivery and the implications for the company. The team’s behavior changed when they realized that each week of delay cost over $125,000 to the program’s business case. Furthermore, owing to greater market capture, if two weeks could be obtained, the value each week would be above $250,000. The next week, resources were once again removed from the project for three days. “That’s $80,000!” exclaimed one team member. What can we do to avoid a $80,000 financial hit?” The team now had a strong financial case for project recovery that was on everyone’s mind. As a consequence, the program’s net present value was doubled and the schedule was recovered for 41 days (NPV). There were no financial incentives for the team; instead, they were rewarded with the joy of contributing to the organization’s success.

Defining benefits using benefit profiles

A benefit is not realizable if it cannot be specified or measured in any way. Description, observable results, attribution, and measurement are all included in a benefit profile. Image 2 shows examples of benefit profiles for several programs.

When a program vision is available and communicated, it is easier to describe a benefit. Many programs, on the other hand, are emergent in nature, which means that the collection of projects and related activity is already well along when someone recognizes it is a program. A vision should always be developed and the benefits of that vision defined, whether a program is vision guided or emergent. This will be crucial in validating and optimizing the work of program components. Even in cases when non-compliance may result in a loss of market participation (e.g., regulatory obligations), additional advantages to the organization should be considered.

Observable outcomes are discernible distinctions between the existing and future states of an organization (post-transition). In many situations, this is directly linked to the benefit’s measurement. Observable results, on the other hand, may be important in determining program success, as is the case with intangible measures.

The advantage is attributed to the program effort that is accountable and responsible for its creation. This is especially essential for evaluating the efficacy of program components. A benefits map, as detailed next, is a powerful tool for graphically displaying project component outputs and capabilities in relation to benefits of project management.

Benefits may be measured in a variety of ways, from simple financial measures to forecasting air superiority for a new jet fighter aircraft. The objective is to agree on reliable measurements that can be linked to the identified benefit. Benefits are also important aspects of program success, and they should be baselined at the start of the program (or at the very least before the start of the transition) to accurately measure trends and differences between the new and old states. Many programs struggle to demonstrate benefit realization because they never identified or established a capability to measure the benefit since it was simply expected to occur as a result of capability delivery.

Examples of Benefit Profiles With Benefit Descriptions, Observations, Attribution, and Measurements for Different Types of Programs

It’s also crucial to communicate the program’s benefits and the link to component project performance. Project teams are frequently incentivized based on traditional triple constraints of cost, time, and scope, rather than the value they add to the program. Be careful what you incentivise – you could receive it! If a project team is motivated by cost, they will optimize their project to meet that goal, even if it means foregoing opportunities to increase program value. Every project is an investment in someone’s program. Often, that project is on the verge of providing program benefits. It is true that time is money. The business case for project optimization is the value lost or gained by the program as a result of time lost or gained. Devaux (1999) identifies two excellent project value optimization metrics: DRAG, which is the amount of time a critical path activity can be reduced without affecting the finish date, and DIPP, which stands for the project’s contribution to the program’s estimated monetary value (EMV) divided by the expected time to completion (ETC). The DIPP can be baselined at the start of the project and tracked throughout the duration. The projected benefits to cost ratio is larger than the plan as long as the DIPP ratio is greater than the baseline (e.g., enhancing value or decreasing ETC). Projects in the critical path have a direct impact on the program’s projected value and benefit delivery in terms of completion time.

Benefits management and business innovation

Change is something that programs are always dealing with. As the rate of change and development in businesses accelerates, innovation has been considered as a vital success factor for staying ahead in modern business. The higher the level of innovation, the greater the amount of organizational change. Programs are becoming more stable or longer lasting than traditional line organizations as a result of this acceleration in developing and implementing innovative ways of doing business. It is actually more probable for a program to have the original organization that promoted its vision change dramatically throughout the course of the program’s lifecycle than for it to remain the same. Changes in sponsorship and program vision must, of course, be carefully managed and reflected in the targeted benefits of the program (or even the beneficiaries).

Changes in the other program’s framework, such as market development, economic climate, or technology progress, not only provide new possibilities to provide the targeted benefits more effectively, but they also provide new opportunities to pursue other, unforeseen benefits. We at Siemens deal with the rising turbulence by regularly evaluating and revising our program visions and benefit maps to ensure that all stakeholders are still aligned with what the programs will achieve.

Case study example

In Siemens’ organizational project management (OPM) improvement program, image 3 illustrates an example of benefits alignment with capability development. The maturity in project management (MPM) model, which is detailed in Sopko and Strausser (2010) and Sopko, Yellayi, and Clark (2010), is the internal Siemens model for OPM capability maturity evaluation (2012). The program was designed to achieve three main organizational goals (benefits): Customer satisfaction, project profit margins, and project delivery reliability are all things that may be improved.

Benefits of the Program After the First Phase of the Siemens Industry OPM Improvement Program, Industry Automation (US). 2012 (Sopko, Yellayi, & Clark)

Benefits realization through effective program management is gaining attention as the global marketplace places a larger focus on the value arising from project investments. Projects result in outputs that serve as enablers. Program management is the means through which an organization’s transformation and benefits are accomplished and maintained. Benefits must be defined, measured, and actively managed for a program to produce value.

A focus on benefits is a vital facilitator for value optimization methods and methodologies like lean or value analysis/value engineering, as well as influencing the team’s attitude toward innovation and program value optimization. To ensure continuous program success, processes for benefits management defined in global program standards such as PMI and the UK Cabinet Office should be created and executed.

Visit our websites to get more information and a free PMP Practice Test. To download, visit our website for your IOS or Android device.

What is Project Management Triangle?

In this article, we will provide you with Project Management Triangle, each of the project triangle's elements. Let's get started!

January 1, 2022

Benefits Management and Benefits Realisation Management

If you are wondering about 'benefits management' and 'benefits realisation management'. Visit our website to learn everything!

January 1, 2022

PMP Review with A Successful Story

Let’s read PMP Review which may help you a lot! Visit our website to get more information and free PMP Practice Test!

January 1, 2022

PMP Review with A Successful Story

Let’s read PMP Review which may help you a lot! Visit our website to get more information and free PMP Practice Test!

January 1, 2022

Roger Mak just completed the Project Management Professional (PMP) test. Roger gave us a PMP certification reviews and told us about his PMP journey. Check out Roger’s PMP Review about how to pass the PMP test.

How long did you spend studying for the PMP exam?

In my career, I spent years practicing project management and was familiar with prior editions of the PMBOK. When I chose to take the PMP test, I noticed that the PMBOK guide had been updated significantly, so I opted to study for it. I spent around 30 hours studying the PMBOK guide and reviewing available resources on the Internet in addition to spending roughly a week on the PMP Certification Training.

You can read more about PMP study plan to know how to create a study plan for the PMP.

What was the most difficult aspect of studying for the PMP certification exam?

The PMBOK/PMP certification test presents two major challenges for me:

The PMBOK divides knowledge areas into ten categories, each with its own set of Input/Tools/Output parts. It may appear logical at first glance, but the sheer amount of overlapping and interconnected information can be perplexing at times. To understand dependencies, I had to go back and forth with the materials.
Many words in the PMBOK have narrow definitions, such as process, methods, and project artifacts, which are more theoretical than practical in some situations. To make sense of everything, I had to adopt the PMBOK mindset.

These are the two most significant obstacles I encountered throughout my PMP test review.

How did the PMP certification training materials fare in terms of quality?

The PMP certification training resources are far more effective than simply reading the PMBOK book since they include slides, voice-over explanations, and exam questions. The facts and questions presented in the content are extremely relevant to real-life circumstances, making the learning experience more effective and engaging.

How similar were the PMP certification test questions in Master of Project Academy’s materials to the PMP certification exam questions in the real PMP certification exam?

In terms of the sorts of questions, how they were written, and level of difficulty, including trick questions, the test questions and mock exam included in the PMP certification training materials are extremely similar to the real certification exam.

I also used a mock exam that I found on some other websites. The contents from the Master of Project Academy are unquestionably more relevant and valuable.

How many questions from the PMP certification test did you practice before the exam?

I looked over all of the questions in the PMP certification training materials and double-checked any that I wasn’t sure about. I also looked at approximately 100 questions from other websites, but they weren’t as useful as the ones in Master of Project Academy’s materials.

How did you find the support you needed during your PMP certification training?

When I needed help, both the teacher and the support staff were there to help.

Do you have any advice for people who are planning to take the PMP certification test in the future?

Even if the PMBOK concept differs from your own project management experience, embrace it. Although some of the information is theoretical, it is nevertheless relevant to the framework.

Study the PMP certification training materials, practice all of the questions, and take a practice exam to gain a sense of the sorts of questions to expect, how they were asked, and the thinking process behind the answers.

Understand the inter-relationships across knowledge areas and get a comprehensive understanding of the PMBOK guide.

PMP exam review: Do you have any recommendations for those taking the PMP certification exam?

The PMP certification test is serious business: it is a closed book, nonstop for four hours, and there’s just enough time for 200 questions. But do not be too stressed if you have done your homework. Relax, bring a bottle of water, use a reading glass if necessary, and keep in mind that the average time spent on each question is 72 seconds.

After this review, you can read more about How to pass the PMP exam on your first try

That’s all about PMP certification review. Thank you for allowing me to share my PMP review notes with you.

Visit our websites to get more information and a free PMP Practice Exam. To download, visit our website for your IOS or Android device.

What is Project Management Triangle?

In this article, we will provide you with Project Management Triangle, each of the project triangle's elements. Let's get started!

January 1, 2022

Benefits Management and Benefits Realisation Management

If you are wondering about 'benefits management' and 'benefits realisation management'. Visit our website to learn everything!

January 1, 2022

PMP Review with A Successful Story

Let’s read PMP Review which may help you a lot! Visit our website to get more information and free PMP Practice Test!

January 1, 2022

Several Effective Project Management Template For Everyone

In order to manage and maintain projects efficiently and intuitively, it is possible to use effective project management templates. Let's start right now!

January 1, 2022

Project management is a task that requires meticulousness because it determines the effective implementation of the project. It plays a key role in tracking and completing projects. However, not everyone knows how to manage projects effectively. That’s why the project management template is built up. Let’s follow this article for more useful information!

What is a project plan template?

The project management pattern is an essential element for scaling successful projects. It briefly describes how the project will achieve the goals and priorities mentioned.

Customizable templates allow you to adjust the content of the template structure as well as the related information to fit your project’s demands and features.

Let’s take a simple example. In case you need to use a project management template from Microsoft Office, it is possible that you have to modify the general template in order to add your company information and specific project features when creating a new project plan. Thanks to the development of customizable templates, now you can have a chance to completely save this information directly in the available template, therefore, it will be automatically populated when you need it.

Learn more about project plan outline in Project planning.

Types of project management template (Project plan examples)

In the management process of any project, there are a large number of chances for you to use customizable project templates instead of starting from scratch. Below are several opportunities that you should pay attention to. Let’s remember these innovative types of sample project plan templates in case you have to decide to build project management software.

Request forms

In the management software of any project, request forms have the responsibility to capture the work requests when they come in. These types of forms allow you to establish a specific process for the demand of submitting, keeping track, evaluating as well as implementing these requests.

In case you have to create a templated request form, let’s remember to prompt the user/guesses to provide several related details about their work-associated request. Template requests will usually offer a variety of question types, including short-answer questions, paragraphs, multiple choices, date responses,… or some other related ones.

Creative brief templates

The process of creating an effective creative brief template allows you to synthesize and organize requirements into a precise and general theme. Brief request forms often require a general view of the request, including the profile of the audience, specifics on execution, as well as the specific names related to stakeholders within the project.

IT/help desk request templates

The IT/help desk requests are templates designed for the purpose of saving or minimizing technicians’ valuable time as well as optimizing project resources by clarifying important project details or requirements. It also assigns a priority level to the project request with the purpose of workflow optimization.

HR & administrative request templates

This type of form is designed to help department personnel collect important information, minimizing the need to exploit small information from project employees.

Templates designed for tasks, folders, and projects

This type of project management software template allows you to structure or refactor your project or tasks to help optimize the administration process. The folders are created based on variable criteria you set and can be changed depending on your needs.

Templated tasks, folders, and projects is completely ready to give you innovative frameworks to start working smoothly. If you recognize the similarities between your jobs, let’s build a custom template to save time and effort.

Templates for tasks, folders, and projects give you the opportunity to simply duplicate. By building a clear folder structure, you can ensure consistency throughout your project management. With the given templates, you have predefined outlines and structures, helping you to create a new project or task easily without much effort.

Report templates

The report templates are designed with the purpose of helping you create display reports easily. In addition, it is also built to help you track work progress or evaluate work scientifically, helping you distinguish what work is in progress and what needs to be delivered. Reports in project management are also considered an innovative method to report the working progress with related stakeholders.

Here are several popular report templates:

Active tasks by assignee: Helps keep track of active tasks, work in progress, and tasks assigned by Stakeholders.
Weekly project status: This allows you to track the project’s status, including their finish date, and even the owners.
Overdue tasks by assignee: Overdue tasks which are made from the folders or projects.
Projects due this month: They are selected projects due this month, including the owner, status, finish date for the purpose of tracking the progress within the month.
Unassigned tasks: Keep track of tasks that have not been assigned or are about to be assigned. Helps you to be aware of the upcoming task of the project.

But what in case you’ve got clients or partners who have particular criteria they need to see in reports? On the off chance that you’re working from a standard layout, you’d have to alter the report every time. Luckily, with the customizable formats in your venture administration program, you’ll be able alter the layout and after that run the asked report as numerous times as required, with no extra control required.

Several other popular project plan templates

Here are a few more ventures and exercises that can take advantage of the utilization of formats:

Professional services management
The event management
Product launch
Incoming approvals
Social media or websites plans
Occupation candidate tracking
Planning of editorial calendar
Agile frameworks

In order to understand how to utilize these project management templates, read more about Project management.

Benefits of customizable templates

It’s fundamental to select a venture administration apparatus that’s adaptable sufficient to bolster distinctive extended prerequisites and people’s special work styles. Customizable formats permit clients to make personal sees and reports that reflect their working fashion and the data they care approximately.

Customizable ask shape formats moreover empower you to differ the data asked and collected based on the client or situation. For example, customizable frame formats give you the adaptability to different questions for diverse sorts of clients or ventures.

After all, the work admissions ask form for a fixed-price benefit venture requires essentially diverse data than the shape for a cost-plus-material and labor project. Customizable layouts are not guaranteed that everybody begins with the proper structure and organize but they moreover lower the chance of fundamental data being missed.

In case you begin to work on a venture, a blank canvas can be alarming. How do you guarantee you’ve got everything you wish/require? How do you align your objectives and needs with other groups? Is there a way to make a formal handle to keep repeating work steady?

The answer, of course, is using these types of customizable templates in the working process of your project management software.

On the off chance that you begin an unused extend from scratch, you and your group are in your possession to gather all of the data almost what assignments, deliverables, prerequisites, etc., are required. In comparison, in the event that you begin with a layout of a comparative template, you as of now have most, of this data, is populated, and your group basically must affirm that it’s all significant.

This procedure brings down the hazard of overlooking critical necessities, and it also decreases the time it takes to gather data and kick off a venture. Customizable formats make duplicating work simple by computerizing tedious forms and keeping up consistency over ventures.

The most important thing is that customizable templates in the management procedure of projects set you and your group up for repeatable victory and make you more proficient.

The above article has provided you with beneficial information about the project management template. We all hope that this information will help you have a better start to your manager career.

Visit our websites to get more information and a free PMP Practice Test. To download, visit our website for your IOS or Android device.

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What Is Project Financials?

Project financials is an extremely important aspect for project managers. So what is it and how to manage it effectively? Let’s go ahead!

January 1, 2022

Introduction

Finance is the lifeblood of every project or organization. In order for money to generate money and bring more profit, effective project financial management skills are one of the most important skills for CEOs. Because, when the money is exhausted, the project goes bankrupt. So what is project financials and how to manage it effectively? The following article will answer these questions for you.

What is project financials?

Finance is a relatively independent mode of movement of money with its functions and storage facilities, its characteristic in the field of distribution is the creation and use of different monetary funds for different purposes of accumulation and consumption.

Project financials is a term used to describe important tools and jobs in the financial system of a project. Activities are related to raising capital and using that capital to invest in assets in a project to generate profits for project owners.

Based on the financial information of the project, the project leader will manage the cash flow in the project for activities to generate profits.

What is project financial management?

In economics, financial management of projects in the planning, organization, direction, and control of financial activities such as procurement and use of the enterprise’s monetary funds for necessary activities.

Corporate financial management and accounting and finance are two closely related activities, reflected in the management of financial statements. Financial management needs to apply general management principles to the financial resources in the project.

Financial management is one of the most important jobs of the head because effective financial management not only helpsprojects maximize profits but also supports project growth.

Principles of project financial management

Each business or project will have its own way of financial management, financial management will depend on the size and field of the company. But there are still principles of financial management that are common to most projects. The following are the principles and functions of corporate financial management today.

Review capital requirements

The financial manager of the project needs to plan the budget related to the company’s capital requirements. This planning will anticipate the costs and profits brought in from the implementation plans in the year.

Determine the capital composition

Once the budget plan has been completed, the financial manager needs to restructure the capital. Capital restructuring is closely related to the analysis of long-term and short-term liabilities. This will determine whether the company can use its own funds to solve the problem or whether it needs to supplement funds raised from outside.

Efficient cash management

Cash management is considered an important principle in financial management. The cash of the project is used to pay salaries, pay debts, maintain stocks, buy raw materials, etc. Failure to manage cash effectively will make it difficult for projects to manage.

Choose the suitable source of capital

In order to bring more profits to the project, managers need to consider and make many options such as: Issuing bonds, stocks, loans received from banks, etc. Choose a suitable form. It will help the project to be more profitable and avoid risks.

Smart investment

Having a clear and accurate plan for investing in profitable projects will help projects get a significant source of profit. But if you invest in the wrong way, your project will have to suffer to pay its debts.

Consider the value of money

Before deciding to spend a large amount of money, besides learning about the profit it brings. Projects need to learn more about the value of money (increase and decrease) over time due to external factors such as inflation, etc. to allocate cash flow accordingly.

Control all activities

The financial manager must cooperate with other administrators in the project, to ensure the effective operation of the project. Every project result has financial implications and it needs to be fully taken into account before implementation.

Importance of project financials management

Project financial management is more precisely the management of cash flow in and out of the project, each project will have its own way of managing its own finances in the most effective way. But the role of financial management for projects is the same. The following are the roles and goals of financial management for projects.

Decide the growth and existence of the project.
Manage cash flow in and out of all production and project activities of that project or organization.
Planning the financial plans of the project.
Decide on investment and financing categories.
Make it easy for projects to earn profits from equity or borrowed capital.
Maximize after-tax profit target.
Maximize the return on equity.

Read more about Project Scope Management.

How to effectively manage project financials

Many projects have to go into bankruptcy or are overwhelmed by debt because they do not know how to manage their finances effectively, and here are the most effective ways to manage finances that you should refer to for your project to avoid unnecessary losses.

Systematic financial management

The systematic management of project finances will help your project grow at its best. All loans, receipts, and expenditures, salaries, investment expenses, etc. need to be tracked in great detail. Using financial management software is the most essential for large projects or businesses that want to manage their finances in detail.

Clear revenue and expenditure

The revenues and expenditures of your project need to be clearly understood, having a clear revenue and expenditure plan will help you manage your cash flow more accurately, avoiding a budget deficit. In order to avoid debt, you should not spend more than the profit that the project makes.

Profitable investment

Continually invest the free money of the project in profitable projects, which will create more profits for the project. Efficient, high-return investments will generate huge cash flows.

The balance between risk and return

A good financial manager will certainly know how to balance risk and return: A small amount of risk will bring a small profit, and a large amount of risk will bring you a large return. If you want to bring in a large profit for your project, you must accept a great risk.

Pay attention to taxes

Everyone knows which of our returns are taxed by the state, so it’s essential to consider tax-affected investments right from the start.

There is always a backup plan

No matter how good your options are, unforeseen circumstances can happen. Equip yourself with plan B in advance with backup savings, use insurance services, so that you can easily overcome unexpected crises such as: losing business, being cheated, due to natural disasters, fire,… Having an extra plan B, C or D is something most financial managers have to do.

Use financial management software

According to surveys of financial experts, about 95% of medium and large enterprises use financial management software for their projects. Financial management software brings many benefits to projects such as:

Easy capital management
Capital management and capital structure
Clear revenue and expenditure management
Make payments on time
Make and approve budget plans easily
Allocate resources appropriately for project activities
Provide reports and KPIs to help control details of items, avoid overspending
High-security system

Always have a reserve fund

Many project managers do not pay attention to building a reserve fund, leading to the fact that when there is a crisis, there is no financial “rescue”. The Covid-19 pandemic is a prime example of how we can have any project crisis that is unpredictable. The room fund will be a sufficient amount of money to keep the project running during difficult times or to invest in potential, one-of-a-kind opportunities.

Normally, projects will deduct part of their profits to build a reserve fund. This fund will guarantee the project to maintain normal operation from 3 to 6 months. To determine how much money is needed for the fund, start by dividing expenses by fixed and variable costs.

Make a specific business plan

A clear and detailed plan will show where the project is in the current market conditions and what goals the project wants to achieve. Financially, planning helps a project allocate the financial resources and project activities needed to drive revenue. Furthermore, let the project manager know how to get the capital needed to keep the project running.

Proper financial allocation is essential for project success. To do this, it is important to know where your project stands in the market, how much is the return on investment, how much is the profit achieved…. Answering these questions will help the manager better manage his finances.

Debt reduction

An equally important principle for effective financial management is to prioritize debt reduction. Bad debts can be a pressure and affect revenue, short-term and long-term plans of the project. Therefore, projects should not carry these bad debts from year to year. Instead, they need to be wiped out to ensure a sustainable and stable financial situation.

Outsource services to minimize costs

To minimize operating costs, you can also consider outsourcing services to handle reports, taxes, etc., instead of needing an independent accounting department (however, this only applies for small projects with few employees).

Update reports regularly

Besides cash flow forecasting, project managers also need to regularly update reports to be able to grasp important business metrics. Once a month, you should compare receipts, expenses, loans, deposits, interest… if any, they will be handled quickly.

Mechanism of project management financials

Fixed asset management

It includes tangible fixed assets and intangible fixed assets. This includes managing in kind, managing quality, calculating and allocating depreciation of fixed assets, repairing, upgrading, and liquidating fixed assets. This is quite a difficult task because it includes solutions for the division of management responsibilities, use, depreciation accounting, and also management in terms of technical and technological aspects.

Management of working assets and working capital

It includes studying the conversion of current assets, structuring and classifying working assets, managing inventory, setting up and using reserve funds, setting discount policies inventory products, working capital flow model, capital turnover analysis skills, and working capital efficiency.

Cash management

It includes cash use planning, borrowing, and debt repayment planning, organization, management, and control of cash funds at the head office and branches, organization of transactions with domestic and foreign banks, establish money safety policies when making payment transactions, especially electronic payment transactions.

Service trade credit management

It includes management of business methods, collection of money, use of service trade-credit software, management of debt and debt collection regimes, payment and purchase issues sell commercial services, use and manage financial-related utilities.

Project capital management

It includes the management of own capital, bank credit, and commercial credit, in addition, the management of stocks and corporate bonds, profits versus profits for reinvestment.

Management of investment decision making

Investment cost analysis is a model to calculate capital potential, investment ability, especially large-scale production and project investment. In particular, special attention must be paid to the analysis of profits and the analysis of risks in investment activities.

Sales and financial risk management

It helps identify and handle potential risks in the project in order to minimize losses.

Steps to effectively manage project financials

Want to effectively manage your project finances? Be sure to complete the following steps!

Have a clear picture of the situation of the project

Before you start looking for ways to make your project more financially efficient, make sure to have a clear picture of your current financial situation. Make sure you track, understand and review all key performance metrics on a monthly basis to understand the financial performance of your project.

Train financial staff properly

The first step to ensuring you are effectively managing your project accounts is to make sure that the people in charge of them are completely up to speed with both your internal processes and any financial software you use.

Manage daily expenses

Even the most profitable projects can struggle if they don’t have enough money to cover day-to-day expenses. So every project needs to track and know their daily expenses. Expense management helps determine the spending of the project. It will allow you to plan your budget in place for the future.

Pay your debts and expenses on time

There are costs that occur when you incur penalties for not paying your debt on time. These are unnecessary costs that can be avoided when planning for the future. Keeping accurate records will save your project time and money. Take notes when payments are due, set reminders for them, and record when payments are made.

Cooperation and communication

Ensure that all departments work and communicate with each other. Encourage a culture of feedback and open discussion. This will ensure that any issues that need improvement are detected as soon as possible.

Ensure customers pay on time

Projects can be in big trouble if customers pay late. It affects the cash flow of the project and leads to not having enough money to invest in projects or pay suppliers, etc. Therefore, make sure that your customers pay on time.

Effective inventory control

Inventory control affects almost every aspect of project operations. Poor warehouse management, especially for warehousing and distribution, dramatically increases rates of inefficiencies and poor productivity.

Notes when managing small project financials

The financial management of small and medium projects is often overlooked. One reason given is that small project owners are often overwhelmed with many tasks, so they have little time to manage their finances or if they do, they do not do well. In fact, up to 80% of projects of all sizes, without good cash flow management, will fail or even go bankrupt.

Here are some basic ways to help small project owners effectively manage their finances:

Sign up for a basic accounting class before you go into the project. The knowledge learned from that course will help you manage the project’s books, avoiding the case of being overtaken by the accountant.
Before starting a project, it is advisable to find an accountant who is well versed in the type of project you intend to enter and regularly consult and consult with this person. That will help you know what details to look out for and what to avoid when managing your finances.
Investing in technology is never wasted so choose the best financial management software for your project.
When the project is just starting to operate, the financial management is not much difficult, the manager should keep track of the books and practice the accounting theories that have been learned.
From the outset, managers should establish measures against fraud and dishonesty. These measures include the establishment of internal control and inspection policies.
An important note is not to ignore the monthly statements from the bank. On a monthly basis, the manager should reconcile the balance of loans, deposits, and interest with that report.
The monthly cash flow statement needs to be updated and monitored regularly and on time.
To streamline the human resource apparatus for projects, managers can outsource services.
Managers should build monthly financial reports to facilitate monitoring the progress of the project so that they can promptly make the necessary plans.
Accounts used for projects should not be combined with personal accounts for cash flow transparency.

Project financials management software

Definition

Project financials management software is a collection of working processes and cash flow control in the production and project process in order to bring profits to the project.

Typically, financial management software will have the following characteristics:

Assist in the preparation and approval of budget plans in the project.
Allocate financial resources to activities that generate profits for the project.
Provide reports with KPIs, thereby helping to identify and control each expense item, minimizing overspending.
Control the actual cost of each item for each department and department, helping to end duplicate and unnecessary spending.

What are the benefits of financial management software for projects?

For large-scale projects, the financial workload is extremely large and complex, without the support of software. Here are 3 benefits that financial management software brings to projects:

Understand the financial situation of the project: Financial management software is a tool to help summarize, store and quickly update the financial situation of the entire project. Managers will rely on the data on the software to capture the project situation, cash flow in and out of the project, thereby taking reasonable and timely adjustment measures.
Capital management and capital use structure: From the updated data on the software, administrators will know where the current capital sources come from, how much proportion they account for to ensure financial safety for the project. Not only that, the current financial management software has the feature of announcing, making reports on the use of capital, displayed daily on the homepage to help users easily monitor and allocate appropriately.
Improve the capacity of the financial management apparatus: Thanks to financial management software, projects can easily analyze and make financial statistics quickly, minimizing errors.
Moreover, most project financial management software today has the ability to work online, so wherever or whenever, managers can capture the situation of the project.

Several effective project financials management software

Odoo

Odoo enterprise resource planning software integrates more than 30 core modules with more than 1000 custom applications, providing effective support in project administration. Depending on the model, size, and usage needs, projects can choose for themselves the appropriate modules.

Financial Accounting – The accounting module is one of the core modules of Odoo, helping projects integrate bookkeeping with all accounting and financial management activities. Features of Odoo Accounting:

Accounting diary
Set up the initial accounting system
Term
Purchasing and Sales Accounting
Fund transfer
Personnel cost management
Easily make accounting reports: balance sheet, cash cage, number of pieces, age of debt…

Sage Live

Sage Live is a complete financial accounting and project solution that allows users to connect CRM, accounting, and financial data in a single application. With unified data, users will save more time building reports and can spend more time on other important issues.

Accounting Seed

Accounting Seed is an accounting application, full accounting and integrated with ERP software. This software helps to track financial data through the entire project lifecycle: from marketing, to project execution, to product sales and back-office accounting, to generating the financial reports required by the client.

Project financials is considered the life source of the project, if the financial management is not effective, the project will be in danger of standing on the verge of bankruptcy. The above article has provided you with beneficial information about project financials as well as tips for effective financial management during the developing process of organizations.

Hopefully, through this article, you have grasped the concept and know how to effectively manage your company’s finances. We also hope that this information will help you have a better start to your manager career.

Visit our websites to get more information and a free PMP Practice Test. To download, visit our website for your IOS or Android device.

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Scrum vs PMP: Everything You Want To Know

In this post, we'll compare the Scrum vs PMP certifications, as well as their costs, impact on salary, and the differences in the methods themselves

January 1, 2022

Being in charge of a project is not an easy task. Might seem like you’re walking through a minefield if you don’t have the appropriate foundation. When you’re blindfolded. Certification can help you obtain the skills you need for the work while also allowing you to earn more money. But, if you have to choose between PMP and Scrum, which would benefit your career the most? Which project management training and certification should you pursue?

In this post, we’ll compare the Scrum vs PMP certifications, as well as their costs, impact on salary, and the differences in the methods themselves.

Scrum vs PMP Certification

You have a variety of options if you want to get a formal certification for your project management skills.

However, the PMI Institute’s Project Management Professional (PMP) credential is the most common. It’s particularly useful for organizations that take a more traditional project management strategy. The Project Management Body of Knowledge (PMBOK) approach, which is sometimes conflated with the Waterfall model, provides the foundation for the PMP credential.

If you wish to work for a smaller, more agile company, such as a breakthrough startup, the chances are that they use Scrum. Scrum has two main certifications: Scrum Alliance’s Certified ScrumMaster (CSM) and Scrum.org’s Professional Scrum Master (PSM).

The PSM certification is held by 341,882 Scrum masters.

Before we continue, it’s important to note that Scrum certification is different from Agile certification.

Having the PSM or CSM certificate demonstrates that you have a basic understanding of Agile, since you must be familiar with the overall Agile principles and values.

However, it only qualifies you for Scrum, a single Agile framework.

You’ll need to look at other certification choices, such as becoming a Certified Agile Coach, if you wish to consult companies on Agile transformation or work for a company that uses a different framework, such as SAFe.

Now that it’s out of the way, let’s go back to Scrum vs PMP! The next part will show the difference between SCRUM and PMP.

If you want to know more about PMP certification, you can read the PMP Certification Requirement

Scrum Master vs PMP salary

According to Glassdoor, the average project manager salary in the United States is $66,137 per year.

The official salary survey conducted by the PMI showed a much greater yearly income. An average salary of $116,000 was reported by respondents.

Source: PMI

On average, project managers holding the PMP certification earned a 22 percent higher income.

The average Scrum Master certification salary in the United States is $97,319, according to Glassdoor.

According to the 2019 Scrum Master Trends study, 51% of respondents said the Scrum Master salary is $75,000 or more annually. The highest earners are distinguished by their certification.

Source: 2019 Scrum Master Trends

To summarize all of those figures:

The PMP and Scrum certifications both appear to have a direct influence on earning potential.
However, someone with a PMP makes more money than someone with a Scrum certification.

Cost of PMP and Scrum Master certification

It costs $550 to take the PMP test and get certified (USD).

The course can cost up to $3,000 in training, however the PMP handbook or PMBOK guide can be used to self-study the principles. Each of these books costs about $60.

Let’s take a deeper look at the costs of Scrum certifications.

The PSM1 certification exam is $150, while formal training courses start at $500.

Typically, the CSM test is only given as part of a CSM course. The cost of a course might range from $595 to $1,500. The cost of a course is determined by its location, teacher, and whether it is offered in person or online.

Which is better: PMP or Scrum Master?

The salary implications and certification expenses are insufficiently different to make one option the clear winner. As a result, it is highly dependent on your career objectives and current experience.

Do you wish to work in a field that follows the PMBOK guidelines? The PMP certification is the way to go.

Do you wish to work with startups, tech, and other innovative companies as part of small Agile Scrum Teams? You should pursue certification as a Scrum master.

If you consider taking the PMP test, you can read How to pass the PMP exam on your first try

Scrum vs PMP: Method

Next, let’s look at how each option’s project management methodology works in practice.

Let’s start with the PMBOK model because PMP is centered on it.

The PMBOK model

People used to equate PMBOK with the top-down Waterfall approach in the past. This is due to the fact that it separates project management into five phases or process groups.

The PMBOK, on the other hand, focuses on overarching principles rather than methods.

Initiating
Planning
Executing
Monitoring and controlling
Closing

Many of the PMBOK principles may be used in the context of a single Sprint or cycle in Agile or Scrum – you’re just completing the five phases once each iteration instead of once per project.

However, most of the PMBOK guide is designed with the assumption that you’ll be utilizing a top-down, pre-planned framework like Waterfall.

It also tends to place a heavy emphasis on documentation, which Agile discourages.

Scrum framework

Scrum is a framework created specifically for Agile methodologies. Rather than attempting to adapt PMBOK to work with Agile, Scrum provides a clear, step-by-step solution.

Rather than following five clearly defined stages that occur just once throughout a project, larger projects are divided into smaller sprints that run 1–4 weeks.

Within each sprint, there are still 5 different phases, although they are known by various names:

Pre-planning (or Backlog refinement)
Planning (aka Sprint planning)
Working (Execution)
Sprint review (or Product increment review)
Retrospective

What is the difference between PMP (PMBOK) and Agile?

Both the PMBOK and Agile methodologies recommend high-level principles rather than a specific framework to assist your decision-making.

The most distinguishing factor between PMBOK and Agile is their approach to change and stakeholder involvement.

Change is seen as a necessary evil in the PMBOK, which emphasizes structure and control. Agile, on the other hand, is a mindset that accepts and promotes change.

Stakeholders are mostly involved in early-stage planning in the PMBOK. However, with Agile, cooperation occurs throughout the project.

Scrum vs PMP: Sometimes the right choice is both

Unfortunately, as with most things in life, there is no one-size-fits-all solution.

Scrum will be the obvious choice for certain businesses, while PMBOK will work better for others.

For many people, the ideal option is to use both approaches in various areas.

You may also choose to get both certificates over time.

PMBOK for familiar or ongoing projects

You don’t need a revolutionary approach if you know your project inside and out.

Would an agency supplying copy or creative to a repeat customer find clear benefits from forming a Scrum team for the 100th time? Most likely not.

Using PMBOK principles inside your existing team structure is generally your best choice for predictable, known projects.

The Work Breakdown Structure (WBS) in the PMBOK is a good place to start.

Scrum for new and unpredictable projects

Working inside the limitations of a traditional workflow, on the other hand, isn’t always the greatest option.

The Scrum framework is ideal for new projects, such as developing a new product for a new vertical.

Finding a logical product owner is a smart place to start. They might be a significant customer or someone who knows everything there is to know about your customers.

If you’re creating proposal software for salespeople, for example, your internal sales manager may be an excellent Scrum product owner.

The product vision and backlog are user-centric, rather than technical or feature-centric. As a result, even a non-technical person may highlight user stories (features from the user’s point of view).

This will assist you in determining the project’s scope and building a complete Scrum team with all of the skills required to finish it.

With an Agile project strategy, you can get up and running quickly and adapt as the market and client base change. You can build an innovative product that people want even if you have no prior market experience.

About other types of project management certification besides SCRUM, read more about CAPM and PMP.

PMP vs Scrum vs Agile

Agile and PMP or Project Management Professional Certifications depend on where you wish to use your skills

Conclusion

Both the PMP vs Scrum certification have their own ways of contributing to your overall objective. So, It all boils down to your ambitions for the future. You can choose whatever certification will be most beneficial to you and pursue it. This article is a brief rundown of everything we spoke about Scrum vs PMP.

Visit our websites to get more information and a free PMP Practice Test. To download, visit our website for your IOS or Android device.

What is Project Management Triangle?

In this article, we will provide you with Project Management Triangle, each of the project triangle's elements. Let's get started!

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If you are wondering about 'benefits management' and 'benefits realisation management'. Visit our website to learn everything!

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PMP Review with A Successful Story

Let’s read PMP Review which may help you a lot! Visit our website to get more information and free PMP Practice Test!

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What is Project Scope Management?

One of the most important and complex aspects of project management is project scope management. So, what is it? Let's get started!

January 1, 2022

Introduction

Project scope is one of the three core elements of project management: Scope – Time and Cost. In modern project development trends, project scope management is a common occurrence. Building scope management skills, as well as handling project scope arising, is an important requirement for projects in general and project management personnel in particular. In this article, we will present the main processes related to project scope management, and also mention the relevant aspects and treatment options for effective project scope management.

What is Project Scope?

Project scope is an important part of project planning that involves identifying and documenting a list of specific project objectives, tasks, costs, and specific deadlines. The project’s scope document, known as the scope statement or terms of reference, explains project boundaries, establishes responsibilities for each team member, and verification and approval processes. Review completed work.

Large projects tend to change as they progress. If a project has been effectively scoped from the outset, it’s easier to manage these changes. When documenting a project’s scope, stakeholders should be as specific as possible to avoid scope creep – a situation where one or more parts of a project end up requiring a lot of work, more time, or even more effort due to poor strategic planning or miscommunication.

Project Scope Statement PMP

The project scope description is the result of defining the project scope. The project scope description details the project outputs and the work done to produce the outputs.

A project description should include the following:

Product scope description: This is a detailed description of the properties, characteristics of a product, service or work result.
Product quality standards: Clearly define the standards so that the product can pass the final inspection before being put on the market.
Project outputs: Outputs include both products/services and other ancillary outputs such as project management documents and reports.
Non-project work: Identify non-project work contents and clearly describe what is out of project scope to help manage customer expectations
Project constraints: List and describe project constraints such as project budget, project completion time, or completion schedule for key work items.
Project assumptions: Assumptions about events that affect the project and how to effectively resolve them

The role of the project scope description

The project scope description creates a unified understanding among all project actors. Indicate what is not within the scope of the project to help manage the expectations of project stakeholders.

The project scope description allows the project team to conduct detailed planning during implementation. It also provides a basis for assessing whether additional project change or workload requirements are within the project scope.

Why Do Project Managers Need Scope Project Management?

Here are several benefits in terms of scope management recommended to any organization running a new project:

Clearly state what the project entails so that all stakeholders can understand what is involved
Provides a roadmap that managers can use to assign tasks, organize work, and budget properly
Helps focus team members on common goals
Prevent projects, especially complex ones, from expanding beyond the established scope.

Project managers often find that setting project scope ensures projects stay focused and deliver on expectations. Scope provides a solid foundation for managing a project as it moves forward and helps ensure that resources are not diverted or wasted on factors out of scope.

Steps Involved in Project Scope Management

Project scope management includes the processes involved in defining and controlling what is and isn’t included in a project. The purpose of this is to ensure that all project personnel agree on the output product as well as the process of implementing and producing the product of that project.

Project scope management includes the following key processes:

Project scope management planning

Scope management for a project begins with creating a management plan for the duration of the project. This process has two important outputs: a scope management plan and a requirements management plan. What are the project requirements? The concept of project requirements is explained in the PMBOK® Guide, Fifth Edition as follows: “conditions or capabilities that must be met in a project or embodied in a product, service, or result in order to satisfy an applicable agreement or specification”.

The requirements management plan will document in detail how project requirements are analyzed, documented, and managed. This plan usually includes the following information:

How to plan, monitor and report required activities
Ways of expressing the activities of configuration management
How to prioritize requests
How to use product matrix
How to track and record request attributes

Collect project requirements

The next, often the most difficult of the project scope management processes – is gathering project requirements. The problem with this step is the lack of a standard process for collecting and documenting project requirements.

There are several methods to collect requests. Among them, one-on-one interviews are often very effective, but they are time- and resource-consuming. Organizing focus groups and seminars, using creative groups, decision-making techniques, etc. is usually quicker and more cost-effective than face-to-face interviews. In addition, distributing survey questions is also a viable method if the participants provide information honestly and thoroughly. For information technology projects, the project requirements collection can also apply two popular methods: prototyping and document analysis.

Project scope definition

What is scope in project management? The next step in project scope management is to define the details of the work required for the project. This is very important and crucial to the success of the project as it improves the accuracy of the estimated time, cost, and resources. The primary outcome of the scope definition is the project scope statement and project documentation update.

Key inputs for preparing a project scope statement include the project charter, scope management plan, requirements documentation, and organizational process assets such as related policies and procedures. the scope statement, as well as project files and lessons learned from previous similar projects. Although content varies, project scope statements must include at least a description of the product scope, product user acceptance criteria, and details of all project deliverables.

Build a project work breakdown table (WBS)

After gathering requirements and defining scope, the next step in project scope management is to create a work breakdown table (WBS). The WBS board is often described as an organizational chart, centered on tasks. A project team typically organizes a WBS based on the project’s product, phases, or process groups. In WBS, the work package is the lowest unit. A work package should be defined at the appropriate level so that the project manager can unambiguously establish an estimate of the effort required to complete it, an estimate of the cost of all required resources. design and evaluate the quality of the results when the work package is completed.

There are several different methods for building a work roster:

Use the available guide
Equivalent application method
Top-down approach
Bottom-up approach
Mind mapping method
Confirm project scope

Scope validation

It is very difficult to create a good project scope statement and WBS for a project. However, it is even more difficult, especially for IT projects, to verify project scope and minimize scope changes. Some project teams knew from the outset that the scope was very unclear and that they had to work closely with the project client to design and manufacture the various products. In this case, the project team must develop a scoping process that meets the unique needs of the project. Careful processes must be developed to ensure that the customer gets what they want and that the project team has enough time and money to produce the desired products and services.

Scope validation involves formal acceptance of completed project deliverables. This acceptance is usually achieved by inspection by the customer and then signing on the main products. To receive formal acceptance of the project scope, the project team must clearly document the project’s deliverables and procedures to assess whether they are completed correctly and satisfactorily.

Project scope management control

Scope control involves managing changes to the project scope while keeping in mind the project goals and business strategy. Users are often unsure of how they want the display to look or what functionality they will need to improve business performance. Developers aren’t exactly sure how to interpret user requirements, and they also have to deal with constantly changing technologies.

The goal of scope control is to influence the factors that cause scope change, to ensure that changes are handled according to procedures developed as part of integrated change control and management as well as handle changes as they happen. The project management plan, requirements document, requirements traceability matrix, work performance data, and organizational process assets are key inputs to scope control.

Steps for Identifying the Scope of Project Management

Depending on the formation conditions of the project, for example, the customer gives the project manager a very detailed and clear product description, the project manager will not need to worry too much about the scope of the project. However, in case the organization realizes the business need and decides to initiate the project, the Project Manager now has to do everything from scratch (collect requirements, evaluate requirements, define scope, find stakeholders…)

With a waterfall implementation project: the project manager should develop and define the product scope during the initialization phase of the project. The most effective way is to hold a meeting with stakeholders and clarify the requirements for the product and close the scope before the end of the launch phase.

With agile/adaptive implementation projects: The product scope may not be finalized at the outset, but the project manager needs to continuously update and clarify the scope during implementation.

Understanding the difference between project scope and product scope helps project managers:

Separation of scope related activities during project implementation
Understand project workflow
Limit the risks associated with the scope
Avoid arising/requiring to change the project scope

Besides scope management process, find out more about project management steps in Project Management.

Reasons for the loss of control over the project scope

Loss of project scope control in project management is understood as a loss of control over the change or continuation of the project’s size. This phenomenon occurs when the project scope is not clearly defined, defined, and controlled. This often tends to lead to negative effects and should be avoided during the developing process of any organization.

If budgets and schedules increase with project scope, this change is generally considered an acceptable extension to the project, when the term loss of control over project scope is not used.

Loss of project scope control is often caused by the following main reasons:

Customer dishonesty with a defined “free value” policy
Poor change control
Lack of proper awareness of the objectives needed for the project
The poor project manager or project sponsor
Poor communication between project stakeholders

Tips for Project Scope Management

There are 3 common ways to help control project scope well including:

Project Charter

It is a highly legal document used to confirm the official approval for the project leader to use the allocated resources to satisfy the requirements for the project. In some organizations, BAs are often involved in the development of business cases and project charters. For the development of project charters, BAs often use the technique of drawing a Context Diagram. The Activity Context Diagram is the starting point for designing the technical aspects of the system.

Use Case Diagram

Use Case diagrams contain model elements that represent systems, actors, and use cases, and show relationships between use cases. A Use Case diagram shows:

System
Agent
Use Case

The significant benefit of using a Use Case chart is that it helps business stakeholders think about how they can change the roles people play in their organization. Regarding the system element, the boundary of the system that we want to develop needs to be clearly defined. This also helps the BA to define the project scope.

Product Backlog

According to the trend of modern software development, the concept of Product Backlog is a collection of functions that need to be developed by the product. It is regularly updated to meet the changing needs of customers as well as project conditions. According to the Product Backlog, requests with high priority are executed first. Customers will be the first one whose demands will be met.

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What Is Quality Management?

Quality management plays an indispensable role in the developing process of every organization or project. So, what is it? Let's go ahead!

January 1, 2022

Introduction

The project quality management process is the principle applied to ensure that the project results and the process of delivering project results meet the necessary needs of the stakeholders. There is no double that, quality management plays a key role in the developing process of most organizations and determines the success of the project.

However, not everyone fully understands the definition of quality management as well as how to apply this process to the operation of the organization. The following article will provide beneficial information to help you have a more specific perspective on this field.

The definition of quality management

Quality management is the coordinated activities to direct and control an organization or project in terms of quality. Quality direction and control generally includes quality policy and quality objectives, quality planning, quality control, quality assurance, and quality improvement.

Quality management is now applied in every industry, not only in manufacturing but in all fields, in all types of organizations, from large to small scale, regardless of participation in international markets. or not. Quality management ensures the organization does the right things and the things that matter, following the philosophy of “doing the right thing” and “doing the right thing every time”.

Why is quality management important?

In any industry, especially companies that want to compete in the international market, quality management plays an important role in the survival of the project and is a necessary factor to help project manage activities well.

Thanks to the project quality management, you can:

Improve competitiveness

When quality management is good, the number of defective goods and goods to be produced is less, leading to a reduction in labor and material costs. The cost reduction but the value customers receive from the product still ensures the quality, the price is low, leading to the increasingly enhanced competitiveness of the project.

Meeting the requirements of the society

The needs of society are getting higher and higher, along with the increasingly fierce competition in the market. Therefore, projects need to improve quality in accordance with domestic and international standards to enhance prestige and affirm the brand.

Good implementation of social responsibility

When using resources and materials well, it will avoid waste and bad economic, social and environmental consequences. Maximizing cost savings while ensuring quality, the production will be strictly controlled as well as the optimal management method for the organization.

Contributing to national benefits

When quality is guaranteed, it not only helps projects develop and have a position in the market but also affirms the country’s reputation in the international market and the quality of life of customers. Since then, the population has also gradually increased.

Principles of quality management

Principle 1: Customer orientation

Quality is customer-oriented because retaining and attracting customers will help the organization gradually dominate the market.

Therefore, besides meeting the current needs of customers, it is necessary for improvement and innovation in technology to quickly respond and exceed their expectations by reducing errors, waste products and even complaints occurs.

Principle 2: Leadership

Quality management cannot be effective without the foresight and radical commitment of management to specific, clear, and customer-oriented values.

Leadership needs to be in sync between the operational goals and the direction of the organization. Furthermore, directing the development of strategies and measures to mobilize and encourage the participation and creativity of all employees in planning and achieving goals to help improve each person’s personal capacity as well as achieve high results. possible.

Principle 3: Members’ participation

The human factor is one of the important factors of the organization, their full participation with their skills, experience, understanding, enthusiasm, and sense of responsibility will help improve internal strength. for the organization.

Each person from high to low position, with any position, has an equally important role in the implementation of quality management. Therefore, the leadership needs to create conditions for each individual to learn and improve their knowledge, professional qualifications, and skills to successfully complete their jobs and positions.

Principle 4: The process approach

The result of creating value for the organization is a set of related activities carried out in a logical sequence known as a process. Logically defining and managing the processes implemented in the organization and specifically managing the interactions between those processes is known as the “process approach”.

The management of quality must be viewed as a process, the results of quality management will be good when the activities in the process of creating a product are well managed and interactive. It is a sequence of operations from input to output.

Principle 5: Systematic

An organization or project cannot solve the quality problem well when dealing with individual factors affecting the quality management system but must consider and solve them in a synchronous and harmonious manner.

Concentrating resources to accomplish the common goal of the organization through the identification, understanding, and systematic management of processes related to goals, development strategies to bring efficiency to the organization.

Principle 6: Continuous improvement

Principle 1 also clearly states that quality is oriented by customers, whose needs are increasingly changing according to the trend of higher and more diversity. Therefore, quality also requires innovation through continuous, non-stop improvement.

Innovation is a method for projects to improve the quality level to increase competitiveness. Improvement can be the improvement of equipment, technology, management methods or it can be the improvement of resources and structures in the organization. However, improvement also needs to be thorough, small steps or leaps, and stick to the organization’s operational goals.

Principle 7: Fact-based decision making

Every action in the quality management process, if it is to be effectively implemented, must be developed and analyzed in a policy manner, not decisions based on inference. And the evaluation process is often based on the organization’s strategy, processes, inputs, and outputs,…

Principle 8: Win-win cooperation with suppliers

Partnerships with projects are reciprocal, mutually beneficial, and create value to enhance capacity.

Through a network of internal and external relationships of the organization such as customers, suppliers, training organizations, regulatory agencies, competitors,… Based on those relationships, the organization can identify the development strategy to help penetrate the market. However, the related parties need to pay attention to the cooperation relationship by exchanging as well as the relationship principles in each object group.

Quality management jobs description

This will help employees in the project, as well as candidates, understand their roles, responsibilities for the quality management position to perform well the assigned tasks, describe the management job. Specific and clear quality is absolutely essential. The following are some typical job descriptions of quality management positions in the project.

Job Description Quality Manager

Manage and promote the operations of the quality management department; ensure the quality, function, and operation of the project.
Manage quality assurance manuals; propose programs & policies on quality assurance.
Ensure facilities and operations are in compliance with quality management guidelines and internal standards.
Regular audits of the quality management system.
Guide QA staff to perform daily tasks and QA tool management.
Ensure finished products meet customer requirements and project quality standards.
Handling abnormal reports on product quality; make plans and countermeasures to improve, prevent recurrence of errors.
Responsible for handling customer feedback reports on product quality.
Making general reports on quality, quality conditions and reporting directly to the company’s board of directors.

Job Description of Quality Employees

Understand the production technology process, product characteristics.
Carry out quality inspection of all stages according to the production process and the company’s regulations; products are 100% controlled at all stages.
Participating in testing, handling, and evaluating product quality; building production processes, testing procedures; inspect and supervise research, testing, and production processes.
Check the quality of input materials; inspect and supervise product quality in assigned stages according to prescribed inspection standards;
Quality inspection of finished and semi-finished products; classify and detect defective products and semi-finished products and request workers to handle and repair them; request to stop production when detecting violations.
Check quality, GMP, safety on the production line.
Maintain quality system, plan periodic inspection; keep records of inspection items; prepare reports of nonconformities occurring during the inspection.
Guide the application and urge the units to implement the newly issued quality documents (processes, regulations, forms, etc.).
Proficient in using measuring instruments, reading, and analyzing measurement results.

Requirements for the position of quality manager

Each project will set different criteria to select personnel for the quality management position depending on the field of production and business activities and specific job requirements. However, to apply for a quality manager position, here are some typical criteria:

Graduated from university with a major related to the field of production and business of projects. Preference will be given to candidates with QC/QA certification.
Experience working in a similar position.
Understanding of quality standards and quality management and monitoring processes.
Effectively exploit data analysis and statistical analysis tools.
Experienced in quality inspection and testing
Experience in implementing corrective action programs.
Proficient in using MS Office software, QC/QA software, and databases.
Strong communication, analytical, time management, executive, and problem-solving skills.
Able to work independently under high pressure.
Friendly, harmonious, careful, responsible at work.
Gender, age according to the regulations of the project.

Several quality management methods

Quality check method

This method was formed a long time ago and mainly focuses on the last stage. Based on technical requirements, designed standards, or contract conventions, the quality control department conducts checks to prevent products from spoiling and classifies products according to different levels of quality. Therefore, when it comes to improving quality, it is believed that it is only necessary to improve technical standards by increasing inspection work.

However, with this method, it is not possible to exploit the creative potential of each individual in the unit to improve and improve quality.

The comprehensive quality control method

The term total quality control was coined by Feigenbaum in the 1951 publication of his book Total Quality Control (TQC). In its third edition in 1983, he defined TQC as follows: Quality control holistic approach is an effective system for unifying the development and quality improvement efforts of different groups into an organization so that marketing, engineering, and service activities can be carried out in the most economical way, completely satisfy the customer.

Total quality control mobilizes the efforts of every unit in the company into processes related to quality maintenance and improvement. This will help maximize savings in production and service, and at the same time satisfy customer needs.

Thus, there is a difference between inspection and quality control. Inspection is the comparison and contrast between the actual quality of the product and the technical requirements, thereby eliminating the waste products. Control is a broader, more comprehensive activity. It includes all marketing activities, production, comparison, quality assessment, and after-sales service, causes finding and remedial measures.

Total Quality Management (TQM)

In recent years, the introduction of many new management techniques, contributing to improving quality management activities, such as the “Just in time” system has been the basis for management theory. total quality TQM.

TQM’s goal is to improve quality and satisfy customers to the best extent possible. The distinguishing feature of TQM over previous quality management methods is that it provides a comprehensive system for managing and improving all aspects related to quality and involving every department and every individual to achieve the set quality goals.

The TQM method has several basic characteristics:

Objective: Consider quality first, always customer-oriented.
Scale: TQM must be combined with JIT, which means it has to expand the control area.
The basis of the TQM system: Starting from people (In the three main blocks of production and business are machinery and equipment, technology methods, information, and personnel). This means that it is necessary to have the cooperation of everyone in the project from leadership to members throughout the process from research – implementation – design – preparation – production – management – service.

Implementation technique of Deming quality improvement circle: PDCA.

Plan: Identify methods for achieving goals. In quality management, tools such as cause-and-effect diagrams, Pareto diagrams are often used to find the causes, analyze and propose appropriate measures.
Do (Perform the work): Pay attention to the principle of voluntariness and creativity of each member. Implement appropriate governance actions.
Check: The goal is to detect deviations and make timely adjustments during the implementation process. In the work of quality management, the inspection is carried out using statistical methods. Train and train staff (trust people and don’t need to over-check).
Act: Correct deviations on a preventive basis (analyze, detect, eliminate causes and take measures to prevent recurrence).

The Deming circle is a quality management tool that helps projects constantly improve, perfect and improve efficiency. Each function of the Deming PDCA circle has its own goals, but they interact with each other and move in the direction of the perception that quality must be taken care of first.

The process of quality management

Quality planning

To manage quality, it is necessary to build all standard processes, if only a part according to standards, it is only called a quality management approach.

Quality control

It is a part of quality management that focuses on fulfilling quality requirements. Quality control is the control of the processes that create products and services through the control of factors such as people, machines, materials, methods, information, and the working environment.

Raw materials are the main input factors, which have a major influence on quality. Equipment and technology factors are factors of special importance affecting the formation of quality. The human factor here includes all human resources in an organization from the top management to the employees who are involved in the quality process.

When assessing the quality, customers can trust the products and services many times. The high frequency of repeated use shows that the quality meets the needs of customers. In addition, it is also possible to rely on specialized centers and organizations that operate independently of manufacturers or service providers. Don’t judge quality based on subjective, one-sided, or majority opinions.

Quality control includes the following:

Human resources control
Process control
Device control
Environment control

Quality Assurance

Quality assurance is a proactive process for defect prevention. It recognizes flaws in processes. Quality assurance activities include planning, regular and independent audits to verify that activities are performing consistently according to defined principles. This is to provide confidence to the stakeholders that the project will meet the stated requirements and standards.

The four overall goals to consider include:

Provide assurance that the project is proceeding as planned, the project process has been agreed
Measure the effectiveness of the agreed plan and process
Learn lessons and improve
Identify non-compliance items and opportunities for improvement

Quality improvement

In a production process, the cost of waste often accounts for a significant amount of the cost of production. Quality improvement plays an important role in reducing waste.

Quality problems include two types:

Acute quality problem: An acute quality problem is a rare problem. It changes the current state of the system, a solution is needed to restore the status quo.
Chronic Quality Issues: Chronic quality problems are frequent problems. There should be solutions to change the status quo, to make the system better.

Distinguishing quality problems is important because each type of problem has a different method and method of problem-solving. Acute quality problems are solved by quality control tools. Chronic quality problems are solved by quality improvement tools. It is a dangerous fact that acute problems are often prioritized to be solved continuously while neglecting chronic problems is a huge waste of problems. Organizations often lack mechanisms to identify and eliminate waste or lack quality improvement.

Find out more about Project Portfolio Management.

Core components of the quality management process

Quality goals

The setting of quality objectives is a common requirement of standards in quality management systems. The objectives are designed to encourage projects to define the strategic goals and objectives of the product quality management process.

Documented objectives give purpose to a customer-centric quality management system in every project. Quality objectives must provide a clear vision for all members of the organization to understand the purpose and value of the quality management system.

Organizational structure and responsibilities

The product quality management system should include a clear and up-to-date model of the structure of the project and the responsibilities of all individuals in the organization. Structure and accountability documentation includes visual guidelines such as clear diagrams and documentation.

Data Management

Data is the core of the approach to total quality management. The quality and availability of data are critical to the success of the product quality management process principle. This is to promote continuous improvement activities and quality control prevention.

A project must be able to provide useful data on effective quality control measures. The data management system should support and strive for constant improvement of remediation activities, by identifying data within the project and data sources collected from third parties.

Guaranteed equipment

The control and calibration of the instruments used to measure quality are integral to the success of a quality management system. Machines and equipment used to verify products or processes must be strictly controlled and calibrated to industry standards. Depending on the equipment, periodic calibration is required for each of these machines prior to each measurement session.

Quality management is both an opportunity and a challenge. Quality improvement is activity throughout the organization to improve efficiency, performance, create additional benefits for the organization and customers. Quality improvement is a constant effort to maintain and improve quality with the principle that the following project must be better than the previous one.

The above article has provided you with beneficial information about quality management as well as its importance and how to build up an effective quality managing process. We all hope that this information will help you have a better start to your manager career.

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Program Management vs Project Management

Do you know about the differences between program management vs project management? Let's get started with this article!

January 1, 2022

Introduction

Debates about projects or programs have been a burning topic of discussion for many years. Distinguishing between Program management vs Project management can help us to better understand the art of leadership and correct our own behavior. Let’s follow this article to discover more about the differences between these two aspects.

Definition of the Program vs Project

What is Project management?

Before defining project management, we need to have a clear concept of what a project is? To be more specific, a project is understood as a process consisting of works that are coordinated with each other, have a start date, an end date, and work towards a certain goal. It is an organizational unit dedicated to the pursuit of a goal, satisfactory completion of product development on time, within budget, in accordance with the desired level of performance.

A project consists of a regular and interconnected set of activities, with an objective, having a defined objective, and which requires to be completed with the specified time and resources. Projects can vary in size, i.e. small, medium, large and very large. Upon completion of the project, a final product is received. In particular, the project is limited in terms of time, cost, and resources, so it is necessary to perform project management to achieve the goal in the most effective way.

To dig deeper into the management of a project, read more Project management

What is Program management?

A program can be defined as a framework of work plans, consisting of a set of projects that complement each other and are sequenced in a suitable sequence to achieve economies of scale. Projects are grouped into a single program when the resulting benefits of a collection replace the benefits of managing individual projects. It consists of various projects initiated to achieve organizational goals. It is done to improve the overall performance of the organization, as it involves business process reengineering, change management,…

Program Management vs Project Management

The main difference between project and program

The difference between project and program can be drawn clearly on the following grounds:

Several activities that have been done to create a different product or service, with specific purposes, is called a project. A bundle of projects that are linked together, logically for achieving combined benefits, is called a program.
While the project is content-specific, the focus is on delivering the required results. In contrast, a context-specific program links different related projects together to achieve the ultimate goal of the organization.
A project is distinct and is within the allotted time. At the other extreme, a program is eternal and implemented within the enterprise to continuously get the results of the entity.
A project deals with specific products, while a program deals with the benefits received, from its implementation.
The scope of the program is wider than the project, the project operates on a single functional unit, while the program operates on different functional units.
The tasks performed by the project manager, to complete the project, are of a technical nature. In contrast, the tasks undertaken for successful program execution, are strategic in nature.
There is a specific output generation required by the project. On the contrary, the program produces the general results necessary for the growth and survival of the organization in the long run.
One can measure the effectiveness of a project by assessing product quality, timeliness, cost-effectiveness, compliance, and customer satisfaction. On the contrary, in order to measure the effectiveness of a program, one needs to check if it meets the needs and benefits for which it has been implemented.

The Four Dimensions of Project Management vs Program Management

Each project/program often combines four following dimensions:

Project scope

Project scope is the part of project planning that involves identifying and documenting a list of specific project objectives, tasks, tasks, costs, and deadlines. The project’s scope document, known as the scope statement or terms of reference, explains project boundaries, establishes responsibilities for each team member, and verification and approval processes. Review completed work.

Large projects tend to change as they progress. If a project has been effectively scoped from the outset, it’s easier to manage these changes. When documenting project scope, stakeholders should be as specific as possible to avoid project scope overruns – a situation where one or more parts of a project end up requiring a lot of work, time, and effort due to poor strategy planning or miscommunication among members in a project.

Here are several benefits in terms of scope management recommended to any organization running a new project:

Clearly state what the project entails so that all stakeholders can understand what is involved
Provides a roadmap that managers can use to assign tasks, organize work, and budget properly
Helps focus team members on common goals
Prevent projects, especially complex ones, from expanding beyond the established scope.

Stakeholders

“Stakeholder” is a term used to refer to individuals, groups, and organizations that have a close relationship with an enterprise, especially in projects or programs. This is an audience that has an interest, can share resources, influence, and/or at the same time suffer direct or indirect impacts on business operations in terms of strategies, plans, business activities, portfolio, project… Stakeholders also include a group of important stakeholders who have the ability to influence or decide on the existence and development of the business.

The impact of Stakeholders is often most significant in the first stages of the project or program. At this stage, the project is often flexible and can be changed so that almost all stakeholders can clearly be aware of this. The influence of Stakeholders often drops off remarkable when starting the construction, but will boom again during the project handover period. Therefore, the most effective principle of Stakeholder management is that project managers/leaders should manage stakeholder expectations continuously to ensure that their project results meet the demand and expectations of Stakeholders.

Stakeholders can be considered the foundation for the success of any project. The implementation plans, the factors of input demand, the way to deal with the outputs… are all quite important links with stakeholders and bring benefits for the mutual connection in the process of completing the project.

Having a group of stakeholders is regarded as having a strong resource. In the case of unilateral implementation, the success rate is also there but accounts for quite a bit. Therefore, when planning the implementation of the project, please invite the stakeholders to cooperate with each other. There will be difficulties, but it will be more effective than doing it on your own.

Risk consists of 3 factors: the probability of occurrence, ability to affect the object, and duration of influence. The essence of risk is uncertainty, then if it is certain (probability is 0% or 100%), it is not called a risk.

Risks

Risks can be distinguished according to the following criteria:

Dynamic risk: associated with change, especially in the economy. Those are risks whose consequences can be beneficial, but can also bring loss (the change in customer tastes may be suitable for the product that the business is trading or not? Is the change in technology suitable with the financial capacity of the business, is the change too fast or not?…)
Static risks: the consequences of which are related only to the occurrence of losses or not, but not to the possibility of profitability, and are not affected by changes in the economy. Static risks are often related to objects: property, people, civil liability.

Project risk management is usually performed by managers and leaders to identify situations, problems, and events that may affect the business in the future to promptly take preventive measures. Therefore, they can limit the amount of risk while finding ways to turn the risk into an opportunity for success.

In the management system in the enterprise, project risk management is considered a relatively important factor with core values that need to be considered in parallel with production and business activities.

Change (Uncertainty)

The nature of change exists in two forms: translational transformation and total transformation. Translational transformations are small changes that occur naturally and continuously in the day-to-day operations of an organization. Meanwhile, the comprehensive changes are towards a clear change in the strategy, people, organization, technology, and culture of the enterprise. Thus, change management is essentially controlling the change of one of the five factors mentioned above, depending on the current status of each organization. Even governance can require simultaneous impact on all these aspects for many organizations and in some corporate training consulting programs.

Change management is the whole process of proactively reforming the activities of an enterprise in order to create greater competition against other businesses in the market, using methods and techniques. support from individuals, groups, and organizations to transition from the current state to the new state. It involves many different fields, from sociology to behavioral sciences, information technology, and business solutions.

Change management helps projects implement change proactively, in the right direction, and at the right time. This is the condition for them to survive and develop effectively in a constantly changing environment. In today’s business environment, more than in any previous era, the only constant is the change. Successful organizations manage change effectively, constantly adapting to any changes in the business environment to adapt to the changes and thrive with forces.

Project Management Typology

For the classification of projects, there are currently three main types of projects: investment projects, public investment projects, and public-private partnership projects.

Investment project: Including activities on expected investment, equipment, plans together with assigned resources. Form a coherent strategy with a timetable, location,… to achieve certain profitable goals.
Public investment projects: Including the State’s investment activities in programs and projects to build socio-economic infrastructure. At the same time, invest in programs and projects for socio-economic development.
Public-private partnership project: A cooperation project between the State and investors and enterprises together to implement an infrastructure development project. And provide public services on the basis of project contracts.

Program Management Typology

Program strategy alignment

The process of aligning the activities of an organization’s business units and its employees with the organization’s planned objectives. The ability of most businesses to achieve their strategic goals would benefit from implementing a comprehensive strategic alignment to help ensure that their departments and employees are working together towards the stated goals of the company.

Program benefits management

Program benefits management is a combination of the process of identifying, planning, measuring, and keeping track of the benefits of stakeholders and organizers from the start to the end of the program or project. Its purpose is to ensure that the benefits can be given in a specific, measurable, and realistic way.

Stakeholders management

Stakeholders are individuals, groups, and organizations that have an interest or can share resources, influence and/or at the same time suffer direct or indirect effects on business operations in terms of strategies, plans, business activities, portfolio, project… Since stakeholders play a vital role in the development of any project or company, stakeholders management can be considered a particularly important task.

Significant Difference Between Program and Project management

Project management is the process of planning, coordinating time, resources, and monitoring the development of a project to ensure that the project is completed on time, within the approved budget. Specified requirements for the technical and quality of products and services by the best possible methods and conditions.

Meanwhile, program management is defined as the application of knowledge, skills, and principles to a program with the purpose of achieving program goals and obtaining benefits by managing individual program components. A program component refers to the projects and sub-programs within a large program.

Programs are often long-term, projects are often short-term

A program typically lasts for a much longer period of time than a project. In addition, managing a program involves long-term strategies that a project may not need. The long-term nature of programs also means that managing programs involves a process of continual improvement.

Programs are closely linked to the financial plan of the institution

Program managers are typically responsible for delivering results that are tied to an organization’s financial plan. Meanwhile, projects are usually based on that project’s timeframe. For example, a project manager would not be responsible for providing quarterly results, while a program manager would typically be tied to a company’s quarterly results.

Program management is in-depth management

Programs are typically provided, directed, supervised, and controlled by a senior management team. To manage the program requires the manager to be able to influence at this level. They must also come up with measures to resolve disagreements between managers. Program managers must also ensure that governing boards set achievable goals for programs

Projects can have a similar management mechanism. However, they have little tendency to be administratively intensive.

The program has a broader scope of financial management

Projects often have a fairly clear budget. Project financial management is focused on spending within that budget.

On the part of the program managers, they can be responsible for revenues and expenses that are important to an organization’s financial results. As a result, planning, managing, and controlling the budget of a program is often much more complex than project management.

Managing program change requires executive leadership

Projects often use a disciplined change management process. Meanwhile, changes that occur within a program are more difficult to manage. The program is guided by the organization’s strategies, depending on market conditions and their objectives. So, at the program level, managing the changes that take place requires executive leadership skills.

Project vs program management skills

Leadership skill

In essence, the project manager is the team leader of a project. They are responsible for setting the direction and vision for the team and making sure everyone is on the right track to get the project through each stage.

Organization and planning skills

A good project manager must have planning skills. They have the responsibility for making plans based on both long-term and short-term goals to achieve success for the project. Project managers must map out the steps needed to take them and create specific plans for completing the project.

The project manager will have to determine the scope and size of the project and then plan the allocation of resources needed to complete the project. It is also important to plan the time and budget to complete the project.

Communication skills

Along with leadership, excellent communication skills are critical to any project manager’s success. You need to make sure that all departments and stakeholders are kept up to date on the latest developments in the project. You also need to make sure they understand any changes and are aware of the progress.

You will have to present the plan, convince your superiors to provide enough resources so that you can get the job done. Besides, you also have to communicate and implement plans with team members, so good communication ability will be a strong advantage of a project manager.

Risk management skills

Your project will not always go smoothly without a hitch, there will be times when you will have problems with countless objective reasons delaying the project or worse, completing the project with bad results. Projects rarely succeed immediately without at least one hiccup or change of plan. That is the reason why you also need to be a master risk manager in the position of project manager.

The project manager must have the mindset, vision, and even ability to predict what might happen to save the plan, so let’s build flexibility in your project plan to account for unexpected changes.

Value-based Management

Definition

Value-based management is a tool for maximizing corporate value. Value-based management uses assessment techniques in performance management, business control, and decision-making. The value of the company is determined according to the discounted future cash flows. Value is created when a company invests capital to get a return above the cost of capital. All strategies and decisions are tested against potential value creation.

There are many ways to use a value-based management model. The simplest way is to use in financial statements, profits will incur a cost of capital (added economic value).

This model can also be used for capital budgeting and investment analysis. All investments are tested against the required cost of capital. When being used correctly, this model will help align all activities and decisions made on key drivers of value.

Applying value-based management model

Value-based management is used to set goals, measure performance, determine returns, and communicate with investors, as well as to prepare and evaluate capital budgets.

Traditional accounting systems determine the value of organizations based on performance measures such as earnings per share or return on equity. However, they do not consider the efficiency of exploitation and use of resources as well as the opportunity cost of capital investment.

The above article has provided you with beneficial information about Program management vs Project management as well as how to distinguish these two aspects in terms of the developing process of organizations. We all hope that this information will definitely help you have a better start to your project or program manager career.

Visit our websites to get more information and free PMP Practice Test. To download, visit our website for your IOS or Android device.

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PMP Study Guide 2024

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Study guides are unquestionably necessary for passing the Project Management Professional (PMP)® Certification Exam. However, each prospective PMP® credential holder has a unique schedule and learning style, necessitating the use of a PMP test prep program with a diverse set of resources to satisfy everyone’s demands. If you want to become a PMP certified professional, you’ll require a PMP study guide. Let’s learn more in our article.

This study guide is only a portion of our PMP study guide, which you can obtain by entering your email address below this post. And now, let’s get started to learn everything about the PMP exam study guide.

What is PMI PMP Exam?

When it comes to passing the PMP® Preparation, “Fail to Prepare, Fail to Prepare” is absolutely the case. Just reading only the PMBOK® Guide may be considered to be a mistake. The PMBOK® Guide is a manual/guide that explains the PMI® approach to project management and provides the foundation for the PMP® exam. What you should know is…

Checklist for Studying
What Books Do You Need?
What Materials Should You Study?
How to Use Exam Simulators to Test Yourself
Having a Strategy for Exam Day

This PMP exam study guide was designed to be a source for all of the material you’ll need to earn your PMP certification.

PMP Study Checklist & Calendar

PMP Study Checklist

Here we provide with you an example of a checklist for your study:

Preparation

✅PMP Training (our recommendation)

✅PMP Study Book

✅Read PMBOK (Not Essential)

✅Take part in PMP Study Group

✅Search on Google PMP Success Stories

Preparation

✅Read People Domain Tasks

✅Read Process Domain Tasks

✅Read Business Environment Domain

✅PMP Exam Formula Study Guide

✅Earned Value Management Formulas

Test Yourself

✅Prepcast 5 Exam Simulated Exams

✅Free PMP® Exam Simulator (7 Days)

✅Free PMP Exam (200Q)

✅Master of Project 9 Exams

Exam Day Prep

✅Check out Venue for Parkin

✅Prepare ITTO Flashcards

✅Run book for Exam Day

✅Bring Packed Lunch and ID

✅Book time off work for Exam

Other

✅

PMP Study Calendar

	Mon	Tue	Wed	Thu	Fri	Sat	Sun
Week 1 Morning Afternoon Evening
Week 2 Morning Afternoon Evening
Week 3 Morning Afternoon Evening
Week 4 Morning Afternoon Evening
Week 5 Morning Afternoon Evening

Learn how to create PMP study plan

PMP Study Material per Domain

The exam questions are divided into categories as shown in the table below:

Domain	Percentage of Items on Test
People	0.42
Process	0.5
Business Environment	0.08
Total	1

Tasks and enablers are found in each domain. Recognizing what is: the domains, tasks, and enablers (specified by the JTA) which are listed on the following sites:

Domain: Defined as a high-level knowledge area that is critical to project management practice
Tasks: The project manager’s primary tasks inside each domain area
Enablers: Work examples that demonstrate how to do the task. Please keep in mind that enablers are not meant to be a complete list; rather, they serve as samples of what the task encompasses.

PMI will follow the percentage of coverage at the domain level as described on the previous page for each PMP test, which will encompass all tasks for a domain. An example of the new task structure is as follows:

Task statement → Manage Conflict

Enablers

Analyze the source and stage of the conflict
Analyze the context for the conflict
Evaluate/recommend/reconcile the appropriate conflict resolution solution

Domain 1 – People 42%

Task	Enablers
Manage conflict	– Analyze the context for the dispute – Analyze the background for the dispute – Evaluate/recommend/reconcile the suitable conflict resolution solution
Lead a team	- Define your vision and goal. - Be a proponent of diversity and inclusiveness (e.g., behavior types, thought process) - Appreciate servant leadership (e.g., relate the tenets of servant leadership to the team) - Choose a leadership style that is appropriate for the situation (e.g., directive, collaborative) - Motivate, inspire, and influence team members and stakeholders (e.g., team contract, social contract, reward system) - Evaluate the influence of team members and stakeholders - Differentiate between various leadership choices for diverse team members and stakeholders.
Support team performance	- Evaluate the effectiveness of team members in relation to key performance indicators. - Support and acknowledge the growth and development of team member - Decide on the best method for providing feedback. - Check for improvements in performance.
Empower team members and stakeholders	- Create a plan based on the strengths of your team. - Support team members to be accountable for their work. - Assess task accountability demonstration. - Determine and assign decision-making power at the appropriate level(s).
Ensure team members/stakeholders are adequately trained	- Determine the skills and training aspects that are necessary. - Choose training alternatives based on your training requirements. - Set aside funds for training. - Evaluate the results of training
Build a team	- Evaluate stakeholder abilities - Deduct the project's resource needs - Evaluate and refresh team skills on a regular basis to meet project requirements. - Keep the team together and transmit knowledge
Impediments, obstacles, and blockers for the team should be addressed and removed	- Determine the team's major barriers, obstacles, and blockers. - For the team, prioritize important barriers, obstacles, and blockers. - Use the network to execute solutions that will help the team overcome barriers, obstacles, and blockers. – Re-evaluate on a regular basis to verify that the team's obstructions, hurdles, and blocks are being handled.
Negotiate project agreements	- Assess the negotiation's boundaries in order to reach an agreement. - Determine the final objective through assessing priorities (s) - Verify that the project agreement's objective(s) has been met. - Take part in contract discussions - Decide on a plan for negotiating.
Collaborate with stakeholders	- Assess stakeholder involvement requirements - Ensure that stakeholder requirements, expectations, and project goals are all aligned. - In order to achieve project goals, build trust and influence stakeholders.
Build shared understanding	- Analyze the situation to determine the source of a misconception. - Conduct a survey of all relevant parties in order to achieve an agreement. - Assist in the implementation of the parties' agreement – Look into any possible misconceptions.
Engage and support virtual teams	– Examine the requirements of virtual team members (e.g., environment, geography, culture, global, etc.) – Look at several options for virtual team member engagement (e.g., communication tools, colocation). - Provide options for virtual team member participation. - Evaluate the efficacy of virtual team member involvement on a regular basis.
Define team ground rules	- Share organizational principles with team members and external stakeholders. - Build an environment that encourages adherence to the ground rules. - Handle and correct ground rule violations.
Mentor relevant stakeholders	- Set aside time for mentorship. - Recognize mentorship opportunities and take use of them.
Emotional intelligence can be used to improve team performance	- Evaluate behavior by using personality indicators - Examine personality indications and adapt to important project stakeholders' emotional demands

Domain 2 – Process 50%

Tasks	Enablers
Execute projects with the zeal necessary to provide company value.	- Evaluate opportunities to offer incremental value - Throughout the project, assess the project's business value. - Assist the team in subdividing project activities as needed to identify the bare minimal product.
Manage communications	- Examine all stakeholders' communication requirements. - Determine all stakeholders' communication methods, channels, frequency, and level of information. - Effectively communicate project information and changes - Verify that communication has been received and that feedback has been received.
Assess and manage risks	- Evaluate risk management alternatives - Evaluate and prioritize risks iteratively
Engage stakeholders	- Examine the stakeholders (e.g., power interest grid, influence, impact) - Sort stakeholders into groups. - Organize stakeholder engagement by category. - Create, implement, and validate a stakeholder engagement plan.
Plan and manage budget and resources	- Determine financial requirements based on the project's scope and lessons learned from previous projects. - Plan ahead for future budget challenges. - Keep an eye on budget variances and engage with the governance process to make required adjustments. - Manage and plan resources
Plan and manage schedule	- Determine the scope of the project (milestones, dependencies, story points - Make use of past data and benchmarks. - Create a timetable that is based on the technique. - Use technique to track continuing development. - Make adjustments to the timetable as appropriate depending on the approach. - Work with other projects and operations to coordinate.
Plan and manage quality of products/ deliverables	- Establish a quality standard for project deliverables. - Recommend improvement alternatives based on quality gaps - Monitor the quality of project deliverables on a regular basis.
Plan and manage scope	- Establish a list of requirements and rank them in order of importance. – Dissect the scope (e.g., WBS, backlog) - Keep an eye on the scope and make sure it's correct.
Integrate project planning activities	- Bring the project/phase plans together. - Examine the consolidated project plans for dependencies, gaps, and business value. - Examine the information gathered - Gather and evaluate information in order to make well-informed project decisions. - Identify information requirements that are critical
Manage project changes	- Recognize and accept the need for change (e.g., follow change management practices) - Develop a change management plan. - Follow the approach when implementing the change management plan. - To take the project ahead, determine a change reaction.
Plan and manage procurement	– Establish resource requirements and requirements – Make resource requirements known. - Manage contracts and suppliers - Develop and implement a buying strategy. – Create a delivery method
Manage project artifacts	- Determine the project artifact management requirements (what, when, where, who, etc.). - Verify that project information is maintained current (version control) and available to all stakeholders. - Evaluate the project artifact management's efficacy on a regular basis.
Determine appropriate project methodology/methods and practices	- Evaluate the project's requirements, complexity, and scope. - Recommend a plan for project implementation (e.g., contracting, finance) - Make a recommendation for a project technique or strategy (i.e., predictive, agile, hybrid) - Throughout the project life cycle, use iterative, incremental techniques (e.g., lessons learned, stakeholder engagement, risk)
Establish project governance structure	– Determine the appropriate governance for the project (e.g., replicate organizational governance) - Establish escalation pathways and thresholds.
Manage project issues	- Recognize when a risk has turned into a problem. - Take the most effective step to solve the problem and ensure project success. - Collaborate with key parties on a solution to the problems.
Ensure knowledge transfer for project continuity	- Talk about project responsibilities with the rest of the team. - Describe the working environment's expectations. - Confirm knowledge transfer strategy
Plan and manage project/phase closure or transitions	- Set the criteria for completing the project or phase effectively. - Determine whether or not you are transition-ready (e.g., to operations team or next phase) - Complete actions to bring the project or phase to an end (e.g., final lessons learned, retrospective, procurement, financials, resources

Domain 3 – Business Environment 8%

Task	Enablers
Plan and manage project compliance	- Verify that all project criteria are met (e.g., security, health and safety, regulatory compliance) – Sort compliance into categories. – Identify possible compliance concerns – Make use of compliance-supporting techniques. - Examine the consequences of noncompliance - Determine the best method and course of action to meet compliance requirements (e.g., risk, legal) - Measure whether or not the project is in compliance.
Evaluate and deliver project benefits and value	- Check to see if any advantages have been discovered. - Create a written agreement on ownership to ensure that benefits continue to be realized. - Confirm that a mechanism for tracking benefits is in place. - Assess delivery alternatives in order to demonstrate value. - Evaluate value gain progress with stakeholders.
Examine and respond to developments in the external business environment that may have an influence on scope.	- Examine how the external business environment has changed (e.g., regulations, technology, geopolitical, market) - Evaluate and prioritize the impact of changes in the external business environment on project scope and backlog. - Make suggestions for scope and backlog adjustments (e.g., schedule, cost changes) - Examine the external business environment for potential implications on project scope and backlog on a regular basis.
Support organizational change	- Evaluate the culture of the organization - Determine the impact of organizational change on the project and the measures that must be taken. - Assess the project's influence on the organization and identify the next steps.

PMP Study Guide Tips

In this part, we would like to share with you our best PMP study guide with some useful tips as follows:

Use an Exam Simulator
Read through one book mentioned above.
Complete the test in the book.
These results should be saved for the night before the exam.
Read through the list of process groups below to make sure you understand each term and concept.
Establish a daily schedule for developing the process group map and formulae, as well as Earned Value Management.
Set a time to take more online tests and keep track of your results. Make a list of any terms or concepts that you don’t understand.
Repeat until you’ve completed all of the examinations. Aim for a score of 70% or above in each.
Take the exam you took in step 1 the night before.
Relax and stick to the exam day schedule. Take pauses to give your brain a chance to rest.

Why is it necessary to use an exam simulator? The old PMP exam format was based on a phase-based strategy, however, it has since been changed to a domain-based one. The Agile approach has been included in the new test. There aren’t many sites online where you can put these to the test.

What is Project Management Triangle?

In this article, we will provide you with Project Management Triangle, each of the project triangle's elements. Let's get started!

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Benefits Management and Benefits Realisation Management

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