PMP in 21 Days | Based on PMBOK 6

Here is another question posted by one of the participant: Hi Kavita... one more query...regarding Risk Response Plan. If I find a risk of missing deadline...and to avoid that I work extra time or hire few temp contractors to complete the work within deadline. So is this case of AVOID risk or ACCEPT risk? I did avoided the risk by adding more time/resources. However I also accepted that risk will occur and hence hired more people. From what I understand is ACCEPT is you don't take any action and wait for the risk to happen and use contingency plan. So in that case I accepted risk and my contingency plan was to hire more people. But at the same time AVOID risk says, take action and eliminate risk. So I eliminated risk by hiring people. just too much confusion :) So what is the answer to above question? This is what I posted back.. A risk has some probability and some impact - I'm sure you know that.. Now lets understand the risk responses in detail: ...

One of my student posted this question today on Udemy "Pass PMP in 21 Days" And It made me think that quality, out of all the knowledge area is the one, in which we think, we know but end up with wrong answers. For instance  - This question: Is inspection as a tool part of QC (Quality Control) Or a QA (Quality  Assurance) Process? Here is the answer which I posted -  "Inspection is relevant in both Quality Assurance and Quality Control. I do understand that this is the most confusing aspect of quality management. However just keep in mind that inspection process happens in Quality Assurance (Also referred as Audit) and understand since this is part of executing process group, the deliverables are under progress (Direct and Manage project work). So Quality assurance focuses on process inspection in order to PREVENT defects. Quality control is part of monitoring and Controlling process group. This is assumed that deliverables by the execution team i...

I interact with many project managers, few of them pass the exam successfully after attending the workshop - which is great (Around 10% ). Rest of the people get soaked up in normal busy hectic life and let the goal move away, thinking next week which turns next month and then next year... My participants, on the other hand fetches better % of PMP appearance (40 - 50%) and they PASS. WHY? 2 reasons 1. People are tuned in  - what does it mean, if you are part of a group and one person broadcast that he passed - you get confident that if he can pass, I can too. 2. The concepts and plan to pass within 21 days works!!  Its simple - if you prepare using a  question driven methodology  - your chances to pass significantly improves. Why? because you know your weak areas by doing similar questions and have worked on getting the concepts right using available channels (discussions, posting questions, reading etc). The help is available.. In fact I tell my...

Integration Management Cash-Flow Analysis Techniques Project Selection Criteria What is it Selection Mechanism Payback Period Period of time required to recoup the funds expended in an investment, or to reach the break-even point. Select Lowest Internal Rate of Return (IRR): Think bank Interest rate Internal portfolio rate at which the investment will produce results. Select Highest Net Present Value:  Money now is more valuable than money later on. Formula: PV = FV/(1 + r)t  Where r  =interest rate PV – Present Value FV = Future Value t = Time period Select Highest Remember the Formula!! ROI Return on Investment Divide net profit by total assets Select Highest Benefit Cost Ratio Benefit / Cost Select Highest Cost Management Rough Order of Magnitude estimate (ROM) = -25% to +75% Definitive e...

If you ask any PMP certified manager, what was your preparation method and what made you succeed the exam in first attempt - The most common answer, you would get is: I did many questions!! Apart from other things like how they ensured that each topic is covered, PMBOK is read and few more specific methods. Let me take an example, I studied for RMP (Risk management professional) exam, Got the PDUs and started preparing for the test. Did read many books, however I was not able to get the confidence that I can pass. There are very few questions banks (practice tests) which are available for RMP. So I checked for whatever I could get my hands on.. After preparing thoroughly (80% reading from books and 20% questions) I finally was in parametric centre, taking the RMP exam. The first question pops on the screen and I had no clue of the answer or the terms used in the question. I flagged it.. Moved to next question and I had similar feeling.. Flagged again, hoping to see a fami...

What are Enterprize Environmental Factors?   Lets say that there is a government regulation that a female employee needs to be escorted back if she works in office beyond 7PM. Your project requires longer hours and your office have no transport facilities. Any pick up or drop expenses are billed to your project and may have adverse effect on cost baseline. While selecting the team for your project, would you consider the government regulation? I bet you would J Lets consider another situation, You have a team member and this guy is totally irresponsible, you have given him warnings but all in vein. Just recently, you gave him a task, which was very important to be delivered on time, but he took unplanned leaves and now you are really not happy with this person to be part of the team. What would you do? Would you terminate his employment? Would you ask his functional manager to talk to him or get him replaced? The way you would r...