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Project Management Exam Study Guide Exam PMI-001 PMI-001 Study Guide Leading th

Project Management Exam Study Guide Exam PMI-001 PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 2 - Table of Contents Chapter I: Basics of Project Management 1. What is a Project? 2 2. What is a Program? 2 3. What is a Portfolio? 2 4. What is a Project Management Office? 2 5. What is Project Management? 2 6. What are the different Project Management Knowledge Areas? 3 7. Discuss the various stages in the Project Life Cycle. 4 8. Who are the Stakeholders in a Project? 7 9. Who is a Project Manager? 9 Chapter II: Project Initiation 10. What is understood by the term Project Initiation? 11 11. What is the importance of the Project Charter? 12 12. What is the role of a Project Initiator? 13 13. Discuss the processes involved in Project Initiation. 13 Chapter III: Project Planning 14. Discuss the importance of the second phase of Life Cycle of a Project. 21 15. What is understood by Project Management Plan? 22 16. Discuss Scope Management. 22 17. What is understood by the term Work Breakdown Structure and 24 Work Breakdown Dictionary? 18. What is Activity Planning? 26 19. Discuss the importance and the different types Network Diagrams. 28 20. Discuss the process of Estimating Activity Resources. 30 21. Discuss the process of Estimating Activity Durations 32 22. Discuss the process of Project Scheduling. 33 23. Discuss the factors playing an important role in Cost Estimations. 35 24. Discuss the Cost Budgeting Process. 35 25. Discuss the process of Risk Management Analysis. 36 26. Discuss the key principles governing Risk Management. 37 27. Discuss the various responses to Negative and Positive Risks 39 28. Discuss the process of Human Resource Planning and the key principles 40 PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 3 - used in the same. 29. Briefly discuss the process of Quality Management Planning. 41 30. Discuss the main principles concerning Quality Management. 42 31. Discuss the Plan-Do-Check-Act Cycle. 43 32. Discuss the Total Quality Management Philosophy. 44 33. Discuss the six sigma theory as the basis of Quality Management. 45 34. Discuss the Continuous Improvement Theory. 46 35. Discuss Process Improvement Plan as a process in the second phase. 47 36. Discuss the process of Procurement Management. 47 37. Discuss the principles behind Procurement Management. 48 38. Discuss the process of Communication Management as a process of the 50 second phase of project lifecycle. 39. Discuss the process of building a Communication Plan. 51 Chapter IV: Project Execution 40. Discuss the third phase of project lifecycle. 54 41. Discuss Project Control and Monitoring as process of the third 55 phase of project lifecycle. 42. Discuss the process of ensuring quality as a part of execution. 57 43. Discuss Quality Audits, Performance Analysis, Root Cause Analysis 58 as tools for Quality Planning and Control. 44. Discuss the process of acquisition of the team. 59 45. Discuss Team Development and Power. 60 46. Discuss Team Motivation. 62 47. Discuss the process of Distributing Information. 64 48. Discuss Project Procurement as a process. 66 Chapter V: Project Control 49. Discuss what is Project Control? 70 50. Discuss the impact of changes to a project and project control. 71 51. What is Project Feedback Loop? 73 52. What is meant by ‘corrective action for a Project’? 73 53. Discuss the role of WBS to control the project scope. 74 54. How can variance be identified with the help of Earned Value Management. 75 55. Discuss the process of measuring quality control. 75 56. Discuss the theories that can be adopted while managing a Project Team 78 57. Discuss Risk Monitoring and Risk Control as a process of the fourth phase. 79 58. Discuss Contract Administration. 80 Chapter VI: Project Closing 59. Discuss the last phase of the project lifecycle. 82 60. Discuss the processes involved in closing of a project. 83 PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 4 - 61. Discuss the process of closing out a contract. 84 62. Discuss the early closure of projects. 84 63. What is the importance of ‘Lessons Learned’? 86 64. What is meant by ending a project, ending a contract? 86 Chapter VI: Professional Responsibility 65. Discuss the various responsibilities towards the profession 90 of project management. 66. Discuss the various responsibilities towards the clients or customers. 90 PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 5 - Chapter I Basics of Project Management PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 6 - 1. What is a Project? A project is problem for which a solution is sought by working systematically. It includes defining the task to be achieved, planning how to achieve, undertaking and monitoring the plan. A project is an endeavor possessing the following characteristics: o A project is temporary in nature in the sense that it is not repetitive or permanent, o A project has schedule. This means that a project has a fixed beginning date and an ending date, o A project is undertaken to achieve a goal, o The goal of a project could be producing a product or service that achieves something specific, o A project ends when the objectives are met or when it is terminated. 2. What is a Program? A program is a group of related projects. Projects that share the same characteristics or are close in some manner are clubbed together and the same is known as a program. Program includes projects which are designed to achieve a common objective, projects that require sharing resources or projects that are interdependent. The sole purpose of clubbing the projects is to make the functioning of the organization more efficient. The life of program is much more than a project. It subsists till every project that forms a part of the project is not complete. 3. What is a Portfolio? Clubbing of related programs and projects further is termed as a Portfolio. A portfolio achieves to meet specific needs of an organization. Programs or Projects are clubbed as portfolio primarily for making staffing and budgeting decisions. 4. What is a Project Management Office? The Project Management Office is also known as the PMO in short. The basic function performed by a PMO is to coordinate in terms of communication, technical resources, human resources, financial resources between different projects. It ensures a regular supply of resources to the team. It facilitates the working of a Project Manager by assisting in maintaining and delivering up to the management standards and policies of the organization. Its aim is to increase productivity, cut costs, and improve processes. PMO is considered an integral part by many organizations today. PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 7 - 5. What is Project Management? Project Management is the application of knowledge to achieve the specific project goals. It is systematically going through the life cycles of a project to achieve the deliverables. The aim of applying all the knowledge, skills, tools, and techniques is to achieve the objectives of the project. It involves breaking down of the task into series of tasks which are required to be fulfilled within a specified time frame and budget. 6. What are the different Project Management Knowledge Areas? The entire life cycle of a project consists of 44 processes. These processes are essentially from 9 knowledge areas. These knowledge areas and the functions they cater to are: Figure 1: Knowledge Areas Procurement Management Risk Management Communicati on Management Human Resource Management Quality Management Cost Management Time Management Scope Management Integration Management Knowledge Areas PMI-001 Study Guide Leading the way in IT testing and certification tools, www.testking.com - 8 - o Integration Management: As the name suggests it is responsible for integrating the various elements of a project. These elements are developing project plans, managing the execution of these plans, monitoring the work and closing the project. o Defining the Scope: Processes under this knowledge area ensure that all those functions are performed which are necessary to complete the projects. Defining the scope of the project, planning, verification and control come under this. Work is broken down a logical structure is created to accomplish the task. o Time Management: These processes are implemented to ensure a timely completion of the project. These processes do logical sequencing and scheduling of the activities and further ensure that the timeline is adhered to. o Cost Management: These processes are crucial for the success of a project. It is the responsibility of these processes to ensure that the budget constraints are adhered to. All activities catering to cost management are under this knowledge area. o Quality Management: The aim of these processes is to ensure that the project delivers to the expected level of quality. The project is expected to fulfill its objectives. o Human Resource uploads/Management/ pmp-study-guide.pdf