The PMP CRAM. The Guide to Pass the PMP

Transcription

1 1 The Bellwether Partners The PMP CRAM The Guide to Pass the PMP PMP CRAM: This guide provides key themes and knowledge areas for preparation the PMP Exam. It is meant to augment PMP Texts and the PMBOK Guide. This guide contains study themes and guidelines. Using the themes provided will be a key to passing the exam. The themes should be considered when evaluating the exam questions. The PMP CRAM is a tool to be used before taking the PMP Exam. The objective for the PMP CRAM is to minimize going back to a PMP Text or PMBOK at the last stages before taking the PMP Exam. The PMP CRAM should help you identify areas here you need to go back to the Text or PMBOK. The PMP CRAM should contain all of the formulas that are needed for the test with many examples and calculations. PMBOK subject matter is summarized and key points for the Exam are highlighted. The PMP CRAM can be used as a trigger to highlight areas where a refresher is needed. The PMP CRAM is a supplemental tool for preparing for the Exam. 1

2 2 The Project Manager is ultimately responsible for the project. This is a key theme. There will be many questions on the responsibility of the Project Manager. Never rely on your Project Management experience. This will get in the way of passing the test. You must always think in PMBOK terms. The Project Manager should not defer to the stakeholders, the sponsor, the customer, or the team when making project decisions. The earlier in the project lifecycle, the more risk associated with the project. This is because decisions are being made with little information to rely on. A project in a temporary endeavor to develop a specific product. The team members are released after the project during the project closing process. The earlier in the project lifecycle, the more influence the sponsor and management have on the project. 2

3 3 Historical (Analogous) records are very valuable. They provide inputs to the all the major process areas. Lessons Learned are very valuable and should be developed at the end of each project phase, not merely at the end of the project. Utilize expert knowledge from past projects. Use a Project Plan from a similar project as a template or starting point. Progressive Elaboration is a key PMBOK theme. It simply means you will gain more information as you progress on the project. As you continue to get more information, the Project Manager will adjust the Project Plan and the associated baselines (Scope, Time, Cost). There are five major Process Groups: Initiating, Planning, Executing, Monitoring and Controlling. There are 42 processes within these Process Groups. Each process has inputs, tools and techniques, and outputs. The output of one process always becomes the input to another process. The following pages detail the process groups. 3

4 4 The key Initiating processes: Initiating Processes Develop Project Charter Designate project manager Define high level requirements Identify stakeholders Define the business case Define the project product 4

5 5 Planning Processes Prepare Project Management Plan Create WBS Plan Communications Create Scope Create Scope Plan Procurement Management Plan Statement Create Network Diagram and Define Activities Estimate time and cost Critical Path Create activity list Sequence Activities Develop roles and responsibilities Estimate activity durations Develop Schedule Estimate resource requirements Estimate Costs Develop Budget Develop process improvement plan Prepare Quality Plan Prepare Human Resource Plan Determine team make-up Plan Quantitative Risk Analysis Develop process improvement plan Gain approval of plans 5

6 6 Direct Project Execution Acquire Project Team Use the work authorization system Manage Stakeholder Expectations Conduct procurement Facilitate conflict resolution Perform Procurement plan Executing Processes Perform Quality Assurance Manage Project Team Report Status of Scope, Cost, Schedules Execute the work according to plan Evaluate team and performance Produce work in Project scope Hold team building meetings Use risk and issue logs Review change requests Perform Quality Assessment Perform Risk Assessment Use the work authorization system Prepare Lessons Learned Evaluate team and performance 6

7 7 Monitor and Control Project Work Monitoring and Controlling Processes Monitor and Control Risks Perform Integrated Change Control Control Costs Control Schedule Perform Quality Control Control Project Scope Control Project Costs Control Project Schedule Report and Measure Performance Review variances in time, cost, scope Take Corrective Actions Manage Change Requests Perform integrated change control Inform stakeholders of approved Perform Risk Audits Create budget forecasts changes Get acceptance of interim deliverables 7

8 8 Closing Processes Validate work to requirements Complete procurement closure Gain acceptance of product Complete final performance reporting Archive project records Complete lessons learned Hand-over completed project Release team 8

9 9 NPV (Net Present Value) and PV (Present Value). The calculations are based on the time value of money. NPV factors in costs, PV does not. For the exam, you need to know that an NPV > 1 is good. You will find the NPV used is several questions. At times the NPV value will be in the wording of the question, but irrelevant to the answer. Expert knowledge is an input to all processes. It is usually a good bet that it is a correct answer when listed as a choice in the exam questions. The Project manager should address issues with open and honest communications. The Project Manager should confront issues. This is a best practice. Use templates whenever possible. Never start with a blank slate. This process is the utilization of historical data. The template is a corporate asset. Stakeholder management is an ongoing process throughout the project. There is the most stakeholder involvement at the beginning of the project. The success or failure of a project is determined during the planning process. 9

10 10 The Work Breakdown Structure (WBS) is a must have for the Project Manager. The WBS is graphical. It is created in a top down fashion using decomposition. Each node has a unique identifier. The lowest level is the work package, the actual work to be performed. The work package provides enough detail for the team member(s) to do the work. The Project Manager should always evaluate before taking action. This will be a key to many questions. If there is a choice between taking action and evaluating, evaluation is most likely the correct answer. This approach will help on many exam questions. The people doing the work, the team, should estimate the work. This is bottom-up estimating. The most important task and skill of a Project Manager is communication. A Project Manager spends at least 80% of his time communicating. 50% of his time is communicating with the project team. 10

11 11 The Project Team should be involved in all planning activities. The Project Plan is an all encompassing document that contains cost, time and schedule baselines that will be refined over the course of the project. PMBOK requires the changing of the baseline as changes are approved. This may not reflect your experience but you must think in PMBOK terms. Project changes will occur. Changes should be expected, managed and controlled by the Project Manager. Changes can be positive or negative. The Project Manager should be proactive in controlling and often impeding change. Earned Value Analysis is the best cost controlling technique. 11

12 12 Quality is planned into the project, not inspected in. This process results in lower cost because there are fewer defects and less rework. Risk analysis in an ongoing process. It is iterative. The Risk Plan is developed early in the Project and is progressively elaborated during the project. The Risk Plan is one of the 14 components of the Project Plan. Preventing a Risk is the best route. Mitigation is the next best route. Mitigating a risk is to make the risk less. Closing processes (e.g. administrative closure) is performed at the end of each phase of a project, not merely at the end of the project. In PMBOK terms, treat all phases like a project. Project Administrative Closure entails completing all documentation and releasing the team members. A regulation is an official document that must be followed. It may be issued by a regulatory body such as the AICPA or the FCC. 12

13 13 A standard is a guideline issued by a recognized body but it is not mandatory to follow. Stakeholders are project participants that have a vested interest in the project. They have skin in the game. The Project Management System (PMIS): It is a tool to support planning, scheduling, and distributing information. It is also used to store and deliver documentation. Approved change requests are incorporated in the scope, cost, and schedule baselines. The Change Control Board is incorporated in many questions. Be careful here! Remember it is the Project Manager in charge and makes key decisions. The Project Manager never defers to the Change Control Board for decisions. When the Change Control Board is offered as an answer to a question, it is usually a bad choice. 13

14 14 Internal Rate of Return (IRR) is used express the projects in terms of an interest rate. A higher percent (IRR) is good. An IRR of 10% may not be a good return on the investment. An IRR of 200% would be exceptional. Opportunity Cost: This is the cost of passing up one opportunity for another. For example, If would get a benefit of $100,000 from project A and choose Project B because the benefit would be greater, $200,000. The opportunity cost would be $100,000, the cost of not doing Project A. The Risk Management Plan is proactive, not reactive. Every risk must be entered into the Risk Register. The Risk Register becomes a component of the Risk Management Plan. Scope Management: Identify scope, evaluate, perform integrated change control process (accept/reject), control scope process (process accepted change). The project cost and schedule is dependent upon accessing project risks. Risks should be discussed at all status meetings. 14

15 15 Stakeholders are involved throughout the project. Their roles include identifying and managing risks, reviewing deliverables, and developing lessons learned. Organizations have historical information that can be used for projects, including: project plans, WBS with work packages, lessons learned, and project risks. All of these can be used as templates for new projects. The project manager is responsible for the procurement process and ensures that the contracts are adhered to and approved in a formal manner (written). All changes must be formally approved. Changes typically require changes to the Scope, Cost, or Schedule Baselines. Changes impact the triple constraints. 15

16 16 The project management plan is approved by approved by the sponsor, key stakeholders, and the project team. It is realistic that the parties agree that the project can be completed as planned. The project manager is responsible for ensuring that everyone has the same understanding regarding the scope, schedule, and the product to be delivered. The project is not complete until the customer approves the product and all artifacts are archived by the project manager. The project manager must adhere to all organizational policies. 16

17 17 The PMBOK definition of quality is conformance to quality and fitness of use. All requirements in the contract must be met. The project cannot be closed until all requirements are met. Quality is planned in, not inspected in. Everyone is involved in quality. Risk Management: Incentives should align the sellers and buyers goals. Every contract should be a win/win for both sides. When answering Risk Management questions, evaluate the perspective of the buyer and the seller. The buyer is the organization issuing the Request for Proposal (RFP). The seller is the company responding to the RFP and providing their response via a Proposal for goods or services. Consider who bears the risk. For example, in a fixed bid the seller assumes the risk as fees cannot be changed. In a Time and Materials Contract, the buyer bears the risk because the buyer pays for costs and expenses incurred. This is usually a good option when scope is hard to define. 17

18 18 Risk Management will change the Project Plan in all project phases and processes. Project communication for procurement processes must be formal and written. Verbal Communications is not appropriate for procurement processes. The three types of contracts are fixed fee, cost reimbursable and time and materials. Consider the risk for the buyer and the seller. Always look for the win/win scenario. Always consider the triple constraint (time, cost, scope) before taking corrective action. The time, cost, and scope baselines must be updated when changes affect the baselines. 18

19 19 When answering professional responsibility questions, take the high road. These are ethics questions. Do not consider your personal experiences or practicality. Always take the high road. The three organizational types are: functional, matrix (strong balanced, weak) and projectized. The Project Manager has the most power in a projectized organization followed by the strong matrix. When answering professional responsibility questions, take the high road. These are ethics questions. Do not consider your personal experiences or practicality. Always take the high road. The triple constraint: (Scope, Time, Cost) A change in one will affect at least one of the other two constraints. In this case, the baselines must be changed. The Project Manager must conform to the PMI Code of Contact. The four values outlined in the code are: Responsibility, Respect, Fairness, and Honesty. 19

20 20 There are two methods to compress a schedule Crashing and Fast Tracking. Crashing adds resources to compress the schedule. In PMI terms Crashing always increases project cost. Fast Tracking ignores dependencies and adds risk. Evaluate if cost is an issue when reading the question. If cost containment is important, fast tracking is the best answer. The cost of preventing defect is less costly than depending on inspection. The practice of prevention will avoid rework. The project sponsor has ultimate responsibility for project sign-offs. This is because the sponsor is funding the project. In this respect the sponsor is more important than the customer! Adding extra features is gold plating and must be avoided. The Project Manager should not defer to the customer for added features even if the cost or schedule is not impacted. The rule of seven states that when seven consecutive data points appear on one side of the mean on a control chart signify that the process is out of control. 20

21 21 No work should be performed that is not in the WBS. If the work is not defined in the WBS it is out of scope. Performing this work is gold plating, a PMBOK no-no. Although co-location has traditionally been preferred for a project team communication, virtual teams can be managed as effectively. It is the Project Managers role to find the means to communicate, often deploying technology for virtual teams. The involvement and approval of the sponsor is one of the keys to a successful project. The sponsor pays for the project and must approve deliverables. The sponsor s key role is to fund the project but the involvement in the approval process is also essential. Project Communication for all procurement processes must be formal and written. 21

22 22 The three types of contracts are fixed fee, cost reimbursable and time and materials. Some examples: Firm Fixed Price (FFP), also called Fixed Fee: The price is fixed and the risk rests with the seller, or provided of goods or services. Fixed Price Incentive Fee (FPIF): The fee is fixed with an incentive to the seller for meeting or exceeding goals. The risks are shared between the seller and the buyer. Cost Plus Fixed Fee (CPFF): The seller passes the cost to the buyer and gets a fixed fee for completion. Although the risk is shared, it lies mostly with the buyer. Cost Plus Incentive Fee (CPIF): The seller passes the cost to the buyer and passes an incentive for a meeting a target or deliverable. The risk is well balanced in this scenario. Time and Materials: In this scenario, the seller passes the cost of all time incurred plus and expenses incurred. The buyer assumes the risk in this type of contract. This is often the best when project scope is not well defined well. 22

23 23 Human Resource Management entails: Developing the Human Resource Plan, Acquiring the Project Team, Developing the Project Team, Managing the Team. A program is a group of related projects that have a common interest or goal for the organization. A portfolio is a program that is strategic to the company. Conflict Resolution Techniques include: Problem Solving: This involves confronting a problem, not the person. Compromise: Each party sacrifices something. Withdrawal: Avoidance Smoothing: Plays down the problem Forcing: Use of power Collaboration: Working together for a win/win resolution. 23

24 24 The Project Manager should not defer to the Program Manager. The exception would be if corporate policy dictates that the Program Office has specific authority in certain situations. The may be several questions relating to this theme. Sources of Conflict: In many cases conflict occurs between project and functional managers. Conflict result from issues regarding schedules, resources, and priorities. Formal written is the preferred mode for contracts, project documents, and important project communications. A deliverable is a tangible, verifiable work product. It should be approved by the Project Manager and the Sponsor and often the customer. Risk response strategies include: Transfer: move to another party (outsourcing) Avoid: eliminate cause Mitigate: reduce the impact or probability Accept: Do nothing 24

25 25 The lowest level of the Work Breakdown Structure (WBS) is a deliverable, the work package. The process groups are iterative. Do not confuse them with project phases which are linear. In a matrix organization, the authority is shared between the Project Manager and the Department Manager. The more power that the Project Manager has, the stronger the matrix. The basic diagramming tools of quality are: Cause and Effect Diagram (Ishikawa Diagram, Fishbone Diagram) Pareto Chart Run Chart Scatter Diagram Control Chart 25

26 26 The cost, scope, and schedule baselines will be modified as the processes are changed. Note: This is not how most experienced Project Managers think! Project Planning Processes entail 21 of the 42 processes. The Project Plan is a collection of plans that are developed progressively during the project. The components of the Project Plan: Change Management Plan Configuration Management Plan Scope Management Plan Schedule Management Plan Cost Management Plan Quality Management Plan Process Improvement Plan Human Resource Plan Communications Plan Risk Management Plan Procurement Management Plan Scope, Cost, Schedule Baselines 26

27 27 Project Payback Period: This is the time that it takes the project cost. If the project cost $100,000. The payback period would be two years at $50,000 per year. The Project Manager is responsible for the strict adherence to scope management. This means that the only work to be done is the work to successfully complete the project. All work is defined in the WBS. To define scope this is order of processes: Define Project Charter, Identify Stakeholder, Collect Requirements, Define Scope. The Requirements Matrix includes: Requirements Identification Number The Source o the requirement Who owns the requirement Who manages the requirement Requirement status 27

28 28 A Project Charter Plan is not a Project Plan. The Project Charter is used to initiate the project. There will be several questions relating to the Project Charter on the exam. The Work Breakdown Structure (WBS) is the basis for project planning. It is done early in the planning process. The WBS becomes input to the process of defining activities. A Pareto Diagram graphically shows the causes of defects or problems. It graphs the frequency of defect occurrence to help focus on the most critical quality problems. The Project Charter is developed by executive management. It names the Project Manager. Without the Project Charter, the Project Manager has no authority. 28

29 29 The Project Charter does not contain project details. It states the project mission, the product, general costs, and a timeline. It names and legitimizes the Project Manager. If there is no Project Charter the Project Manager has no authority. Sunk costs cannot be recouped. If a project is cancelled after incurring cost of $200,000. This is a sunk cost. The WBS includes the work to be done on the project. If the work is not included in the WBS it should not be done. Scope definition is an input to the WBS. The WBS is an input to creating the activity list. Time Management: PMI utilizes the Critical Path Method (CPM) and the Planning Evaluation Review Technique (PERT) and the key tools for time management. 29

30 30 The time management process begins after the WBS is complete. A key process is the sequencing of activities. It entails: defining activities (activity list), sequencing activities, developing network diagrams, developing project schedule. The Time Management planning processes are: Define Activities Sequence Activities Estimate Activity Resources Estimate Activity Durations Develop Schedule Analogous (top down) estimating can be used to estimate activity durations. This estimating is based on historical information from previous projects. PERT or three point estimating is also used. Three estimated are obtained. Pessimistic, Realistic, and an Optimistic estimates are obtained. Standard Deviation is also utilized. 30

31 31 Time Formulas: PERT (three point estimates) Standard Deviation Pessimistic, Optimistic, Real (Most Likely) Pessimistic minus Optimistic divided by six The Time Management formulas follow: Three Point=(P+(4ML)+O)/6 Pert estimate: Pessimistic:6 Most Likely: 4 Optimistic: 3 SD=(P-O)/6 SD: 0.5 Pessimistic:6 Optimistic: 3 31

32 32 Slack Formulas: Slack (Float): The amount of time an activity can be delayed without impacting the critical path Slack=LS-ES or Slack=LF-EF ES and LF will be provided on the exam Forward Pass EF=+ES+Duration-1 May be provided on the exam Backward Pass LS=LF-Duration+1 May be provided on the exam 32

33 33 Three types of time management reports are utilized. Network Diagrams used to calculate the critical path. Gantt Charts (Bar Charts) are also developed. They depict grouping of activities over time. Milestone Charts are graphical and highlight project milestones over time. Gantt and Milestone Charts are management reports used for executive reporting. Milestone Charts are the number one preference for management reporting. The Delphi technique is a form of expert judgment. Experts are polled independently and the data is collected. The experts do not share information with each other. The Cost Baseline is the Project Budget. As cost change during the project, the Cost Baseline must be modified. Changes are expected and the as approved changes impact the cost. 33

34 34 Cost Management: Earned Value Analysis is the basis for the PMI cost analysis. All formulas must be memorized. The cost formulas and examples follow: Earned Value Formula Description: Formula: Example: Formulas: Definition: Budgeted at BAC BAC is the project $500,000 Completion budget. Planned Value PV How much work should have been completed at a point in time? Planned Percent Complete times BAC 40% should have been completed after six weeks. $500,000 Earned Value EV How much work was completed during the given period of time? Actual Cost AC The $ spent over a period of time EV=Actual Percent Complete times BAC $180,000 was spent over six weeks PV=$200,000) 30% completed at the end of six weeks. EV=$150,000 AC=$180,000 34

35 35 Cost Variance CV (Cost) The difference what we Expected to spend and what was spent! Schedule Variance Schedule Performance Index SV SPI The difference of where we planned to be and where we are! SPI (Schedule) Greater than one is good. That means the project is ahead schedule. CV=PV-AC PV: Expected to spend: $200,000. Spent: $180,000 Cost Variance: +$20,000 SV=EV-PV EV: $150,000 PV: $200,000 SV: - $50,000 SPI=EV/PV EV: $150,000 PV: $200,000 SPI:.75. The project is behind schedule. 35

36 36 Cost Performance Index Cumulative CPI CPI (Cost), greater than one is good. That means the project is ahead on cost. CPIc The rate that the project is tracking in terms of cost... The rate at which the progressing from the beginning to a point in time. CPI=EV/AC CPIc=EVc- ACc CPIc Example: EV EVc AC ACc Month1 $100,000 $100,000 $80,000 $80,000 CPI: EV/AC CPIc: EVc/ACc Month2 $150,000 $250,000 $200,000 $280,000 CPI: EV/AC CPIc: EVc/ACc EV:$150,000 AC:$180,000 CPI: Project is over budget and is doing badly regarding cost. Total each period EV and AC and make calculation. 36

37 37 Estimated at Completion To-Complete Performance Index Estimated to Completion Variance at Completion EAC Project the total cost at completion based on project performance. EAC: BAC/CPI TCPI (BAC-EV)/(BAC-AC) BAC: $500,000 EV: $150,000 AC: $180,000 ETC VAC Projecting how much more will be spent Difference between what was budgeted and actually spent ETC=EAC- AC VAC=BAC- EAC Many ways to calculate. This may be the most simple. BAC:$500,000 CPI:.0883 EAC: $556,251 TCPI: 1.09 >1 is good EAC:$441,000 AC: $180,000 ETC:$261,000 BAC:$500,00 EAC: $441,00 VAC:$ 59,000 37

38 38 The key facts about critical path. It is the longest sequence of activities. There is no slack, or float. It is the focus of any compression of the project schedule. The float or slack is zero for any node on the critical path. Six Sigma utilized standard deviation as a measure of quality, the measurements: Plus/minus three standard deviations from the mean % of all items are acceptable. Plus/minus six standard deviations from the mean % of all items are acceptable. The Monte Carlo technique is a computer simulation task for risk analysis. 38

39 39 The three methods for presenting the project schedule are: Network diagrams, Milestone Charts, and Gantt Charts. Milestone and Gantt Charts are used for reporting to management, status meetings. Network Diagrams are diagnostic tools for calculating the critical path and identifying scheduling risks. There are two methods to compress a schedule. Crashing that adds resources to compress the critical path. Fast tracking that performs critical path in parallel. Crashing adds cost. Fast tracking adds risk. The Risk Management Plan is structure to avoid risk, nor merely to react to risk. Processes of Integration Management: Develop Project Charter, Develop Project Management Plan, Monitor and Control Project, Manage Project Execution, Perform Integrated Change Control, Close Phase or Project 39

40 40 The three levels of estimating accuracy are: order of magnitude (-25% to + 75%, budget) (-10% to + 25%), and definitive (-5% to + 10%). Contingency is a buffer built into the project schedule to mitigate risk. The Project Manager is ultimately responsible for Quality, Risk, Cost, Scope, and on. Risk Management will affect all process groups. Risk Management will change the project plan during planning, executing, and controlling. 40

41 41 Adding extra features not in the WBS is gold plating and must be avoided. Be careful that you avoid the customer is always right motto. Exam questions may paint a good scenario for helping the customer. PMBOK requires that the Project Manager keep a rigorous adherence to the Scope, Cost, and Time Baselines. Project Communications associated with Procurement should be formal (written). Project Changes should be expected, planned for, and well managed. The Code of Ethics and Professional applies to all Project Managers associated within the PMI. 41

42 42 Changes should be proactively managed by the Project Manager. Out of Scope changes must be avoided. This is gold plating. Scope verification ensures that the work product if formally accepted. Quality assurance ensures the correctness of the work. Progress Reporting: 50/50 Rule: An activity is completed 50 percent complete when it begins and gets credit for the last 50 percent when it completes. 20/80 Rule: An activity is considered 20 percent complete when it begins and gets credit for the last 80 percent when it is completed. 0/100 Rule: An activity does not get credit for partial completion: It only gets credit for full completion. 42

43 43 Lessons learned are important input and output of all project phases. The Project Manager must: Influence the factors that cause change Detect when a change has occurred Manage and control change Proactively influence the factors that effect change Earned value is the preferred project controlling and reporting technique For the test, performance indexes >1 are good, <1 are bad. This is true for all indexes. Cause and Effect Diagrams: These are also called Fishbone Diagrams or Ishikawa Diagrams. They are used in Perform Quality Control to determine how different factors may cause quality problems. 43

44 44 The key quality control tools and techniques are: Control Charts, Pareto diagrams (80/20 rule), Ishikawa diagrams (Cause and Effect, Fishbone), trend analysis, and statistical sampling. Preventing a risk is preferred to mitigating a risk. All risks are entered into the Risk Register. It is part of the Risk Management Plan and is updated during the course of the project. A key to risk management is to have a response or mitigation strategy ready. 44

45 45 The five type of power are legitimate, coercive, reward, expert and referent. Legitimate (Power): given based on position/title Coercive (Punishment): punishment for goals not met Reward: give rewards or recognition Expert: power because of subject matter expertise (SME) Referent: based on respect or charismatic personality The Exam will favor reward and expert as the favorite styles. Work Breakdown Structure (WBS) Dictionary: describes the attributes of each node on the WBS. This is necessary because the WBS is graphical. The Dictionary contains time and cost estimates, responsibility for the work, deliverable information such as due dates. The Scope Baseline contains the Project Scope Statement, the WBS, and the WBS Dictionary. 45

46 46 The Project Manager is ultimately responsible for all project decisions. The near Critical Path is the path closest to the Critical Path. The project team members should resolve issues when possible. The Project Manager never defers a decision to the project team, the sponsor, the customer or stakeholders. This is a key PMBOK theme and probably opposes your frame of reference and experience. 46

47 47 Communication Channels: This is the possible formal or informal channels on a project. When the calculations are done, the effect of increasing people on a project is evident. The formula: Communication Communication Channels n is the number of people on the project n(n-1)/2 5 people 10 people 100 people Channels: 5 people, 10 channels 10 people, 45 channels 100 people, 495 channels 47

48 48 Administrative Closure includes the updating and finalization of records. Administrative Closure includes the release of the project team. The closure of the contract is formal and written. The two closing processes are Close Project or Phase and Close Procurement. Lag is the inserting of waiting time into the schedule. 48

49 49 Some keys for analyzing test questions: Read the last sentence of the question first. Then read the question. There are times when the actual question is the last sentence. Everything else may be irrelavent. The questions are very often paired sets. That is two questions can be eliminated. Then focus on the two answers remaining. One is better than the other. Remember the PMP themes. A question will have at least one theme embedded in the questions. Ask yourself the question: What PMBOK themes are present? Most questions have extraneous information (background noise). This is information that is not pertinent to the question. Try to filter out the background noise. Do not be distracted. Be careful of made up terms. If you have not seen the term in PMBOK. It has been offered in an answer as a trick. 49

50 50 Some tips for taking the test: Memorize all the formulas. This is a must! You will be given some scrap paper. Before you begin the test, write down all the formulas. Practice this as a drill before you take the test. The reason for doing this is you will waste time, become nervous, and make mistakes if you don t. Tip: Ask for more scrap paper than you are given. If a question is very long or you do not understand it, mark it and come back to it after you complete the rest. Manage your time. 50

51 51 If you are very unsure of a question, mark it. Be careful not to mark too many questions. Trust your first choice and your intuition. Take a checkpoint after 20 or 30 minutes. This will benchmark your time. If you have made good progress, it will help you relax. If not, you may have spent less time on questions and start to use your intuition more. Go back to the marked questions when you complete the test. And finally, don t overanalyze. Go with your intuition. Good luck! 51