Category: Project Management

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PMBOK® Guide 7th Edition & PMP® Exam Changes

Book cover for the PMBOK Guide 7th Edition

The Project Management Institute (PMI) has released the PMBOK® Guide 7th Edition (Guide to the Project Management Body of Knowledge.  How does this impact your PMP® exam  preparation?  Let’s cover what you can expect based on PMI’s recent announcement so you can plan accordingly.

Most importantly, the PMP® Exam WILL NOT CHANGE in January 2022 due to the release of PMBOK® Guide–Seventh Edition, according to PMI.  The PMP® exam will continue to be based on the current Exam Content Outline (ECO).

The PMP® exam undergoes changes as part of a of a continuous improvement process.  PMBOK Guide–Sixth Edition is still relevant to the current PMP exam. Elements from PMBOK Guide 7th Edition may be incorporated as part of PMI’s continuous improvement process in the future, but the primary basis for the exam remains the current ECO.

RMC’s current materials are modeled on the existing ECO and because of this RMC is not releasing a new edition of Rita’s Exam Prep book or RMC’s exam materials. We do continuously improve our prep materials and delivery on a regular basis.

PMBOK Guide 7th Edition Changes

  1. PMI’s PMBOK® Guide 7th Edition Updates
  2. PMBOK® Guide 7th Edition and RMC’s Exam Prep Materials
  3. How Does PMBOK Guide 7th Edition Impact the CAPM® Exam?
  4. PMP Exam and Agile Methods

PMI’s PMBOK® Guide 7th Edition Updates

PMI has provided several updates that tell us what to expect with the release of the PMBOK Guide 7th edition.

July 2021:

  • The PMP exam is based on the PMP® Certification Exam Content Outline (ECO), not the PMBOK® Guide or other reference books. The Exam Content Outline summarizes the research conducted to create the PMP® exam and includes the most critical tasks required for project managers to master their role.
  • The current Exam Content Outline (ECO), dated January 2021, was designed to stay relevant for the foreseeable future, and PMI will give advance notice to the public before a new ECO and corresponding exam are launched.
  • PMBOK Guide 7th Edition will now be a reference to inform the development of the exam items. However, before any validated exam item is added to the exam, there is a rigorous and thorough review and field test cycle.  This process takes several months.
  • Key learnings and concepts from the PMBOK Guide–Sixth Edition remain valued and are referenced in sections of the guide (presumably referring to the Seventh Edition).
  • The PMBOK Guide is one of numerous potential inputs into preparing for the exam – and is listed as a reference – but is not a test-preparation tool.
  • The PMP exam is created based on the Exam Content Outline and uses many sources for question development.
  • More details are available from the PMBOK Guide FAQs updated in July 2021.

PMBOK Guide 7th Edition and RMC’s Exam Prep Materials

With the release of the PMBOK Guide 7th Edition, PMI announced it would be used as a reference to “inform the development of exam items.” Unlike previous versions of the PMBOK Guide®, the Seventh Edition is not creating sweeping changes to the exam itself.

The earlier versions of the PMBOK Guide showed changes to best practices in the field of project management.  That is not the case with PMBOK Guide 7th, which focuses more on outcomes than practices.  Those earlier versions of the PMBOK Guide often involved changes in terminology and processes, requiring wholesale changes to the exam and exam preparation materials. This is no longer the case.

Now, PMI says it will be changing the exam gradually over time.  This makes sense.  The old way PMI made changes gave the impression that knowledge gained under the prior editions of the PMBOK Guide was no longer relevant, requiring complete changes in the way project management is done.  The incremental approach is more consistent with the way project management practices change over time.

RMC’s current materials are modeled on the existing ECO and are therefore relevant to the PMP® exam as it is structured today.

How Does PMBOK Guide 7th Edition Impact the CAPM?

The Certified Associate in Project Management (CAPM)® exam will change in January 2023 although PMI has only released limited information about it. We continue to keep in touch with PMI and other sources and will update this post as new information about the CAPM® exam becomes available. According to PMI, the CAPM® will follow the PMBOK® Guide―Sixth Edition, specifically:

  • The current CAPM® exam will continue to be based on the Sixth Edition as dictated by the Exam Content Outline for the CAPM examination.
  • The Sixth Edition is a test preparation tool that candidates may leverage to prepare for the CAPM exam. (PMBOK Guide FAQs, Updated March 2021)
  • The current CAPM® exam is based on the PMBOK® Guide – Sixth Edition. Continue using RMC’s CAPM® materials for your test preparation.
  • Further information is outlined in the PMBOK Guide FAQs, Updated July 2021.

PMP and Agile Methods

Please be aware that our exam prep materials assume a basic familiarity with agile and predictive project management. But, RMC has many ways for students to build a foundation in agile methods as part of their exam prep.

RMC offers several Agile Fundamentals tools if you want to learn the basics of agile as part of your test preparation process.  If you are looking for a class, consider our Agile Fundamentals Instructor-Led Virtual course.  You can also purchase Rita’s PMP® Exam Prep book or system with the Agile Fundamentals book.

RMC is Here to Help You Prepare

The PMP® Exam Prep, Tenth Edition is still the premier exam preparation book in the industry.  This is borne-out by pass rates and feedback we receive from our students.  PM FASTrack® is still the best exam simulator in the industry.  It is continuously updated with new questions, including questions relating to concepts contained in PMBOK® Guide―Seventh Edition and questions in PMI’s new question formats.

RMC’s PMP® Exam Prep System combines the power of our book, exam simulator and flashcards. Our PMP® Exam Prep, Tenth Edition audiobook provides an alternative to the printed book to improve the convenience of your exam preparation experience. RMC’s PMP® exam prep virtual instructor-led classes and eLearning course still represent some of the best ways to prepare for and pass the PMP® exam.

Contact us today if you have further questions about the PMP® exam or to explore which exam prep option is best for you.

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Identify and Analyze Risk in Project Management

Business woman working on managing project risks

One of the most important steps when coming up with a plan for your next project is identifying and analyzing risks. Whether you’re new to project management or you want to become a better project manager, understanding how to accurately determine where the risks lie on your projects can help ensure you’ll meet your goals with fewer, if any, setbacks along the way.  We encourage you to find out how your lack of risk knowledge could be hurting your projects.

Identify and Analyze Risk in Projects

  1. What are Risks in Project Management?
  2. What Is Risk Management?
  3. The Benefits of Risk Management
  4. A Guide to Risk Identification and Analysis
  5. Risk Management Starts at the Planning Stage

What Are “Risks” in Project Management?

What is a risk, exactly? It’s any uncertainty that might affect your project in either a positive or a negative way, so a risk is really a potential threat or a potential opportunity.

A threat might delay your project, increase your costs, and reduce the level of quality that you deliver, as a few examples. An opportunity might improve project performance by doing things like reducing the cost, improving the schedule, or boosting the quality delivered.

Each project will have its own set of risks, so you shouldn’t assume that the risks involved in your last project will affect the one that you’re currently working on. In other words, every time you start a new project, it’s best to identify risks, analyze their possible impact on your project, and come up with plans to reduce negative risks or deal with them if they turn into actual problems, and take advantage of opportunities.

What Is Risk Management?

The purpose of risk management is to identify as many potential opportunities as possible, and to plan the project in such a way as to take advantage of them. Risk management also seeks to identify and eliminate as many threats as possible and reduce the negative impact of any remaining project threats. You can use risk management to prevent problems rather than dealing with them after they occur. You identify and assess risks, and then you plan accordingly.

So, you would start by identifying what could possibly go wrong throughout the duration of your project. Then, you would assess the probability of those risks manifesting into real problems, and you would figure out the impact that a risk would have on your project.

Next, you’d come up with strategies to eliminate or mitigate the effects of risks you’ve identified. Then, you’d create plans to resolve any issue that might arise so you’ll be able to act right away when necessary.

Finally, you’d perform ongoing risk assessments as the project progresses

The Benefits of Risk Management

A few of the main benefits associated with risk management are:

  • Savings on project cost and time.
  • Greater control over the project.
  • Fewer hours spent dealing with problems because solutions have been planned to improve efficiency if a risk occurs.
  • Minimizing scope creep (scope creep refers to uncontrolled changes or continuous growth in a project’s scope, and this can occur when the project isn’t properly defined, documented, or controlled).

A Guide to Risk Identification and Analysis

For the best results, take advantage of a systematic process for risk management like the one below.

Using this process, you can spend more time managing the creation of your project deliverables. And, if a risk were to occur, you’ll be able to quickly implement your planned risk responses (contingency and fallback plans), rather than determining a course of action when an issue has occurred. All in all, this allows for more proactive project management.  You can avoid losing a lot of time and resources when issues do not become problems.

  1. Plan Risk Management: Determine how risk management will be done on your project, who will be involved in it, and what procedures will be used.
  2. Identify Risks: Determine specific risks by project, as well as by work package or activity.
  3. Perform Qualitative Risk Analysis: Subjectively analyze the probability and impact of each risk (for example, by using a scale of 1 to 10 for each risk). Also, prioritize the risks and categorize them. Decide what high ranking risks move on to the Quantitative Risk Analysis process. Categorizing may also help you find common causes for some- risks.
  4. Perform Quantitative Risk Analysis: Numerically estimate the cost and time impact of the high ranking risks from the Qualitative Analysis process. Expected Monetary Value (EMV, or % Probability x $ Impact) is the most common way of quantifying these risks. With these calculations you can create a risk reserve.
  5. Plan Risk Responses: Determine a course of action to reduce the overall risk to the project by decreasing the probability or impact of threats, while increasing the probability or impact of opportunities.
  6. Control Risks: Execute the risk response plan to manage risks and control overall project risk. Continually look for new risks and keep the risk management plan updated.

Risk Starts During the Planning Stage

Risk management begins during project planning. However, because risk assessment starts during planning doesn’t mean it stops there. Instead, you should continue performing risk analyses, including qualitative and quantitative analyses, during each stage of your project.

Ultimately, by using risk identification and analysis throughout a project, you can increase the odds that it will go smoothly, that you’ll stick to your budget and anticipated resource requirements, and that you’ll finish on schedule to impress and satisfy your stakeholders.

Build Your Risk Management Skills

The ability to effectively manage risk is an essential skill for professionals managing projects.  You can learn more about how to clearly identify and prevent many of the problems commonly faced on projects using our Risk Management – Tricks of the Trade® for Project Managers – Third Edition practical and easy-to-use Course in a Book®. It’s essential reading for anyone looking for a clear explanation of risk management and how it fits into the project management process.  RMC also offers our Risk Management eLearning course, and Learn things you can apply to your projects today!

Sources:

A whitepaper by RMC Learning Solutions, “6 Essential Elements to Effective Project Management.”

https://www.projectmanager.com/training/how-to-analyze-risks-project

https://www.clarizen.com/whats-risk-analysis-process-project-management/

https://www.pmis-consulting.com/example-project-risks-good-and-bad-practice/ 

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Phases of the Project Lifecycle

Project leader working with team on project lifecycle

Understanding the main phases of a project’s lifecycle can help you navigate any project with greater confidence, organization, and ease. You can use these phases as a guide to keep you and your team on track from start to finish, regardless of the project you are leading. So, what are the phases of the project lifecycle? We cover them below to help you tackle complex projects effectively.

Project Lifecycle Phases

  1. Conceptualization
  2. Planning
  3. Execution
  4. Termination

Phase #1: Conceptualization

Conceptualization, or initiation, is the first phase of the project lifecycle. Here you determine if the ultimate goal of a project can be achieved. And you work on getting approval from stakeholders.

In this phase, start by focusing on the problem that needs to be solved and how to solve it. Find out if you have the proper resources to do the work necessary to solve the problem.  Once you know the project can be pursued, there are tools you can use to move forward. Some examples include a project initiation document (PID), a statement of work, a business contract, or a business case. In the world of PMI, these documents are part of the Project Charter.  Signed by the project sponsor, the Project Charter is the document use to formally start the project.

Here are some of the main steps taken during this phase of the project lifecycle:

  1. Meet with your clients to learn about their objectives and expectations. Ask a lot of questions and go over all the necessary details to be sure you really understand what’s required of you.
  2. Put a business case together so you can recommend solutions.
  3. Conduct a feasibility study. Figure out if you can, and should, do the project. Determine which solution is best.
  4. Write your project scope and statement of work.

Phase #2: Planning

The planning phase of the project lifecycle is when you set the goals and define the deliverables.  You also take the time to figure out the what responsibilities your team will need to fulfill. It is during the project planning phase that you identify what the completed project will look like. Often this is called the project product.

Essentially, you identify what must be done, including the steps to take and their deadlines.  It also includes the resources that will be used along the way. For example, you can set S.M.A.R.T. goals that are specific, measurable, attainable, realistic, and time-bound. Or, you can set C.L.E.A.R. goals, which are collaborative, limited, emotional, appreciable, and refinable.

This phase, focused on the project’s purpose, also includes risk management.  You set a schedule and performance measures.  Then you estimate costs and set a budget.  You also assign tasks, and sort out all of the requirements that need to be met.

Various documents are put together during this phase, such as:

Phase #3: Execution

After the plans are complete, it’s time to set them in motion in the execution, or implementation phase of the project lifecycle. Along the way, you’ll measure your team’s success.  Make big changes or minor modifications where necessary. This will help you stay on track towards achieving the goals you set.  PMI breaks this phase into two knowledge areas, “Execution” and “Monitoring and Controlling”.  Here you separate the tasks of doing the work to complete the project and make sure the project is progressing according to the project plan.

During this phase, ensure all deadlines are being met, resources are being used appropriately, and that your team is working within budget. It’s also wise to hold meetings regularly. This way you and your team can check-in.  You can report on progress and performance while managing and resolving any problems that arise.

Your deliverables are developed and completed as you move through the execution phase. During this phase, carefully monitor progress and quality to make adjustments as needed. After all, things don’t always go according to plan.

Phase #4: Termination

You’ve finally reached the final phase of the project lifecycle! Also known as the completion phase or project closure, this one is all about delivering everything your team accomplished.

You do things like end contracts with suppliers and submit deliverables to clients. Let your stakeholders know that the project is finished.  At this stage, you release resources and allow tools and team members to be reassigned to other tasks.

Take this time to evaluate the overall project to see what worked and where your team needed to refine the original plan. It’s a great idea to hold what’s known as a post-mortem meeting to share this information with your team.  Look at project performance (were the goals of the project met?), and your team’s performance (how well did they meet their goals?). This step can really help you work much more effectively in the future.

Ultimately, be sure your project is complete and ready to release during this phase. Create a final report, and then get ready to move on to your next project.

Discover More About How to Effectively Lead a Project?

As a project manager, you have the opportunity to continually improve. That is exciting! RMC courses help you dive deep into topics like the project lifecycle, to enhance your skills. Contact us for more information. We can help you prepare to get certified or help you earn professional development units (PDUs).

Project Management Professional (PMP)®, Certified Associate in Project Management (CAPM)®, and PMI® are registered trademarks of the Project Management Institute, Inc.

Sources:

https://www.smartsheet.com/blog/demystifying-5-phases-project-management

https://www.lucidchart.com/blog/the-4-phases-of-the-project-management-life-cycle

https://www.projectmanager.com/project-management

https://opentextbc.ca/projectmanagement/chapter/chapter-3-the-project-life-cycle-phases-project-management/

https://www.proofhub.com/articles/project-management-life-cycle-5-phases

https://www.mavenlink.com/resources/what-is-the-professional-services-project-life-cycle

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Is Your Lack of Risk Management Hurting You?

Business man taking notes on risk management

Risk management is the process by which you identify and analyze the uncertainty associated with your project, no matter how large or small. This is important because it gives you the chance, during the planning process, to figure out what risks might affect your project. That way you can take steps to avoid those risks becoming a real problem. And, if those risks do become reality, you can immediately take action.

Despite the benefits of risk management, many businesses still have huge misconceptions about the risk management process, as well as what risk is. As a result, they waste time, money, and resources, and run into problems that could have been avoided.

Lack of Risk Management and Its Effects on Projects

  1. Are You Making the Most of Risk Management?
  2. Understanding Risk Misconceptions
  3. Missed Categories and Methods of Risks
  4. Other Common Mistakes Made When Trying to Manage Risk

Are You Making the Most of Risk Management?

To figure out if your lack of risk management is a problem that needs to be addressed, ask yourself the following questions:

  • Do you want to control your project or have your project control you?
  • Can you imagine going on vacation at the beginning of the execution of your project because everything is under control?
  • Would you like to prevent 45-90% of the problems on your project?

You can do all of these things, as long as you know and implement risk management. It starts with understanding some of the biggest misconceptions about risk, along with some of the major mistakes that people make in risk management.

Understanding Risk Misconceptions

Because misconceptions about risk can do a lot of damage and hinder your ability to take full advantage of the benefits of a strong risk management approach, here are some of the things that you should know about risk and risk management.

With this knowledge, you’ll be able to implement risk management into any project you lead, and you can boost the odds of successfully completing projects without hitting snags along the way.

  1. Risk identification cannot begin without inputs to the process.

Risk management isn’t completed using only a checklist or a Monte Carlo simulation. It involves identifying risks for the project and by work package. Inputs to risk identification include the project scope statement, a WBS or backlog, the project team and other stakeholders, a network diagram, and a project budget and schedule.

  1. Risk identification cannot stop after only a brief effort that results in a short list of risks.

Rather than putting in minimal effort in identifying potential problems and their odds of arising during a project, it’s important to really take your time, and it is best to involve as many of the project’s stakeholders as possible. By the time you’re done, you shouldn’t be surprised to find that you have identified hundreds of risks on a large project.

  1. Risks should not be evaluated as they are identified.

Risk identification is its own process, then it is followed by qualitative and quantitative risk analysis. Evaluating risks as you identify them bogs down the process and decreases the number of risks identified. Focus on one step at a time, and the first step is to simply identify risks.

  1. Remember: The risks that are identified are only probabilities.

To clarify, a risk is an event that is uncertain. It is something that may negatively impact anything from your budget to your team’s ability to complete their tasks. So, as an example, if your project has too few resources, this is not a risk. It is a fact. One risk of operating with too few resources is going over budget; another is going over schedule. The fact of too few resources must be addressed in the project management plan.

  1. Risks need to be clearly and properly stated.

For example, a risk of “poor communication” is too nondescript to be useful in the risk management process. Risks should be described fully. So, in this example, the risk would be identified as such: “poor communication of customers’ needs regarding installation of system XYZ will cause two weeks of rework.”

Missed Categories and Methods of Identifying Risks

Some project managers and their teams focus only on technical, cost and schedule risks. There are many of types of risk so using risk categories is helpful. For example, technology, cost, and schedule are good risk each knowledge area can represent a risk category (scope, quality, procurement, stakeholders, communications, and resources), as well company culture, existing systems, operations, regulations, the marketplace, and other categories related to your industry.

You should also not use just one identification method, such as a checklist for example. It’s best to use a combination of methods and brainstorming with the team and other stakeholders is another good method. Surveys are also good, especially when meetings with all appropriate stakeholders.

Other Common Risk Management Mistakes

Here are additional mistakes to avoid:

  • The first risk response strategy identified is selected without looking at other options to find the best option or combination of options.
  • Project meetings address everything except what they should be addressing: risks!
  • Contracts must not be created or signed until the project manager is assigned and a risk analysis is complete. Remember, contracts should be risk mitigation tools and contractors you use should have their own risk strategy in place.
  • Companies forget that risks can be good or bad. They are sometimes referred to as threats and opportunities. As well as diminishing negative risks, look to enhance positive risks..
  • Due to lack of knowledge, some businesses equate risk management with adding a pad to the project schedule and cost. A pad in the budget is hidden. Proper risk management will result in a reserve identified as part of a specific risk strategy with each line item tied to a specific risk.

Take Advantage of Good Risk Management in Every Project

Having the right risk management strategy in place and being aware of the common risk mistakes to avoid will allow you to move through projects from start to finish while remaining on schedule and budget. Risks that arise will be handled smoothly through a risk plan you have in place, and reserve money not used for those that don’t arise is returned to the organization.

If you want to improve your skills in this area, check out RMC’s online course, Risk Management Tricks of the Trade for Project Managers.

Sources:

https://www.projectmanager.com/blog/risk-management-process-steps

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Three Ways to Lead with Emotional Intelligence

Young woman smiling over shoulder using emotional intelligence

Emotional Intelligence (EI) is your ability to identify and control your emotions to be a successful leader. Emotional intelligence is an awareness of emotions in yourself and in others.  It is the ability to develop and manage strong relationships.  Emotional intelligence uses reason to identify, understand and effectively deal with emotions. Studies show EI is a skill linked to success at all levels. Project managers with high EI are better equipped to deal with, handle and resolve conflict and change.

Leading with Emotional Intelligence

  1. What is Emotional Intelligence?
  2. Benefits of Using Emotional Intelligence
  3. Three Emotional Intelligence Techniques

What is Emotional Intelligence?

Author and social scientist, Daniel Goleman identified five categories within emotional intelligence.  They are: self-awareness, self-regulation, empathy, motivation and social skills.  These 5 categories define the ability to understand the needs and feelings of oneself and other people, manage one’s feelings, and to respond to others appropriately. Let’s walk through each competency.

1. Self-Awareness

Self-awareness is a pivotal component of emotional intelligence.   When you are self-aware, you have the ability to identify and name your emotions.  It means you have the ability to honestly recognize your emotions and the effect of your emotions.  It also includes the ability to know your strengths and limitations and having self-confidence in your capabilities and worth.

2. Self-Regulation

Regulation is the ability to manage emotions, which includes both regulating your own emotions, and when necessary and helping others to do the same.  Other aspects of self-regulation include trustworthiness, the flexibility to adapt to change and having high integrity.  Being open to new ideas and information is also a key trait of self-regulation.

3. Social Awareness

Another component of EI is social awareness.  Social awareness is mainly about empathy.  Empathy is our ability to feel what the other person is feeling.  We often describe it as the ability to put yourself in the other person’s shoes. Social awareness also includes organizational awareness.  This is the ability to anticipate and recognize customer needs, an ability to read the politics and understand the power dynamics in your organization.  Finally, social awareness includes sensing what others need to grow and develop.

4. Self-Motivation

Also called self-management, it describes your ability to demonstrate emotional self-control.  You may experience impulses or be in a bad mood, but you control those emotions.  As a person, you are interested in moving forward towards a goal or strategy.  You are also self-motivated and don’t let setbacks control the outcome.  Finally, you are able to stay calm under pressure and don’t panic in the face of a crisis.

5. Social Skills

The core to social skills is relationship management.  It covers abilities such as influence, conflict management, teamwork and leadership.  You use emotional intelligence to create and nurture relationships.  Your ability to influence comes from a strong ability to communicate clearly and persuasively.

Benefits of Using Emotional Intelligence

Emotional intelligence is important as our teams are more global. It is also important as more of our work is online.  Our environments are more intense, but they’re also more distributed and remote.   This means we have fewer opportunities for in person understanding.  We all have emotional intelligence skills.  The big benefits come from understanding, managing and using EI competencies to perform our work.  The benefits of emotional intelligence are far reaching:

  • Ability to actively listen and restate what you have heard .  This helps you clearly understand expectations and builds trust. You’ll find you are better aligned to the goals of the organization.
  • Improve the ability to develop ourselves and develop others. You are able to provide feedback effectively and are comfortable building the skills and abilities of others.
  • Helps with managing and resolving conflict. You need to be in touch with your emotions and to see another’s point of view to get to resolution.
  • Builds appropriate reactions within the context of your organization.
  • Helps you tailor your communications to influence stakeholders in our work environment, projects and day to day work.

Three Emotional Intelligence Techniques

By increasing your emotional intelligence, you can better connect and collaborate with others. You become more resilient and help motivate and lead others.  There are many things you can do to increase your emotional intelligence.  Here are three ways to lead with emotional intelligence:

1. Practice Recognition

  • Analyze your interaction daily.
  • Journal or note emotions as they arise.
  • Watch response in others. Notice body language. Notice when people are not engaged.

2. Use Empathy

  • Identify the emotion you are feeling, or the emotions others are exhibiting. Identify when you have experienced similar.
  • Note differences in how others respond. Your emotions may be different than others and that is good information to have in order to read the situation.
  • Tailor your responses by being aware of yourself and others. Then, adjust appropriately to the situation and respond intentionally.  This will prevent you from trying to tell another person what they should be feeling or to dictate a response.

3. Respond Intentionally

  • Stop reacting immediately. Not every thought in your head needs to be shared.
  • Ask yourself if this is the right time to respond? Or do you need to take more time to think through your response?
  • Ask yourself what is the appropriate response and how much information do I need to share?

Final Thoughts

As a project professional, applying your emotional intelligence skills to increase your organizational awareness, identify opportunities to use the appropriate level of empathy, and enhance your self-awareness of your emotions helps you be an effective leader. You’ll be better able to deliver project objectives and deliverables with less conflict and a more cohesive team.

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CAPM vs PMP: Which is Best for You?

Business woman looking over shoulder thinking about CAPM vs PMP certification

Whether you’re ready to enter the field of project management or enhance your skills if you’ve already established a career as a project manager, there are certifications, like the CAPM® and PMP® from the Project Management Institute (PMI), that you can pursue.  RMC is here to help you understand the CAPM vs PMP and to help you learn what it takes to pass your certification exams on your first try.

PMI offers two options: the Certified Associate in Project Management (CAPM)® or the Project Management Professional (PMP)®. We break down these popular certifications so you can figure out which path is the right one to pursue to improve your skills, differentiate yourself from the competition, and land the job you want.

CAPM vs PMP Certification 

  1. Benefits of CAPM Certification
  2. The CAPM vs PMP Exam
  3. What Happens After You Become a CAPM?
  4. Advantages of Having a PMP Certification
  5. The PMP Exam
  6. What Happens After You Become a PMP?

Benefits of CAPM® Certification

Getting your CAPM® certification is a great path to take if you want to build your skills to consider a career move into project management. If your goal is to be able to manage larger or more complex projects and take on more responsibility, this credential is a great next step.

This certification can provide you with knowledge and skills that will give you the confidence to take on a larger project role or be the project lead. If you want to stand out against other job seekers, becoming a CAPM® shows future employers that you want to improve professionally. Now may be the time to consider looking into the CAPM® exam before it is scheduled to change in July 2023.

The CAPM vs PMP Exam

Because this certification does not require project management experience like the PMP®, the exam for the CAPM® is less complex. It is fact-based and doesn’t require you to interpret scenarios. The exam takes three hours to complete and consists of 150 questions. You have to retake it every three years to maintain this certification.

This is an entry-level certification (unlike the PMP®, which has more extensive requirements) that you can get when don’t yet have the PMP’s® prerequisite experience. The prerequisites for this certification are a secondary degree (high school, or associates degree) and 23 hours of project management education.

What Happens After You Become a CAPM®?

This certification will immediately boost your credibility in the field. Employers will recognize your commitment to the profession. It will also give you the chance to gain valuable experience that you can use when you’re ready to pursue the PMP®.

However, even if you decide that you don’t want to get your PMP®, your CAPM® certification can help you go farther than you would if you didn’t have this on your resume.

Bottom line:

Consider pursuing your CAPM® certification if you’re new to project management, enjoy the work and want to get the education necessary to prove yourself so you can take on more ambitious projects in the future.

Advantages of Having a PMP Certification

If you’ve been working as a project manager and you’re ready to take your career to the next level, the PMP® certification is a worthwhile investment. This certification is recognized around the world in a wide range of industries and it’s the most sought-after credential for those who want to be recognized in project management.

With this certification, not only will you become qualified to command a much higher salary than those who have a CAPM® and those who have no certification at all, but you’ll also be able to prove that you have what it takes to lead larger or more complex projects with more substantial budgets and responsibilities.

The PMP® Exam

The PMP® exam is more expensive, more challenging, and longer than the CAPM® exam. It consists of 180 questions, and you’re given four hours to finish it. To maintain your certification, you’ll need to earn 60 professional development units every three years.

There are several prerequisites that must be met before you can take the PMP® certification exam. You’ll need to show that you have a secondary degree, 2-5 years spent leading projects (depending on your degree type), and either your CAPM® certification or 35 hours of project management education. Alternatively, you can also qualify if you have a four-year degree, 4,500 hours spent leading projects, and either your CAPM® certification or 35 hours of project management education.

What Happens After You Become a PMP?

Once you have your PMP® certification, you’ll be ready to pursue exciting new job opportunities in project management. You’ll stand out against others in the field, and you’ll have the skills necessary to tackle the most complicated projects.

With this certification on your resume, you can prove that you know the ins and outs of effective project management, and employers will recognize this distinction.

Bottom line:

Whether you want to land a better job, make more money, or simply have the skills necessary to tackle projects of all sizes and complexities, becoming a PMP® can prepare you to be a better project manager. Consider getting this certification if you already have up to 5 years of project management experience and want to be recognized and rewarded for your expertise.

CAPM vs PMP: Which Certification Should You Get?

The answer depends on your current level of experience, as well as where you want to take your career. No matter what you decide, RMC is here to help.

We offer courses instructor-led online for a fully immersive learning experience. Or, choose from our eLearning courses and self-study materials that allow you to work independently and at your own pace. No matter which you choose, RMC courses and learning materials are specifically designed to teach you how to pass the CAPM® or PMP® exam on your first try, guaranteed! This means that, whenever you’re ready to pursue your certification and evolve your career, you can get started right away, no matter how you prefer to learn.

Need Additional Help?

Still have questions about the CAPM vs PMP and need some extra guidance? Contact us for more information!

Sources:

https://www.cbtnuggets.com/blog/career/management/capm-or-pmp-which-is-better

https://www.pmi.org/certifications/types/project-management-pmp

https://www.pmi.org/certifications/types/certified-associate-capm

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Business Analysis: The Best Way to Start a Project

Team working on a project using business analysis

How do projects get started in your organization? A strong business analysis knowledge can save your organization significant time and money by weeding out low-value projects and prioritizing valuable ones based on business need and realistic, expected benefits. If you’re thinking, “well, it depends,” you are not alone. Few organizations have a well-defined, consistent way of deciding when work becomes a project.  Let’s dig in.

Six Step Process to Start a Project

  1. Receive Request for Work
  2. Analyze the Request
  3. Develop a Solution Approach and a Business Case
  4. Prioritize Against Other Projects
  5. Get Approval and Funding
  6. Assign a Project Manager and Start Planning

Evaluating Stakeholder Requests

Having a consistent process assures stakeholders that every request will be considered equally. As titles and job responsibilities vary in organizations, any professional with strong business analysis skills can manage this pre-project work. Follow these six steps to develop a structure for evaluating stakeholder requests.

Step 1: Receive Request for Work

All work starts with a request.  This of this as a potential project.  The work starts by someone inside or outside the organization asking for something to be changed, added, or removed from the organization’s processes or systems.  A request is the trigger that sets the work in motion and the requestors are the first known stakeholders.  There are generally three types of requests.

  1. A problem: The requestor or problem owner may have called the help desk or filled out a problem ticket. A problem can also be identified by a business leader from customer feedback.
  2. An opportunity: How can you improve value or increase revenue? An opportunity could help an organization more toward its goals more quickly. An opportunity may be a new product idea or a process improvement.
  3. A constraint: Constraints may be imposed on an organization by management’s internal policies or by an outside agency.

The organization must review requests to analyze importance, urgency, and priority.

Step 2: Analyze the Request

Not every request will bring the same business value to the organization.  Some requests are better than others, and some requests may not be good at all. You need to analyze the value of each request and prioritize accordingly. Project objectives should help articulate the business value. However, defining project objectives is challenging because stakeholders often have conflicting values and expected benefits.  Facilitating conversations about expected benefits, goals and objectives can help stakeholders reach agreement.

Value can be determined by worth or price, but it can also be influenced by missed opportunity costs.  That is why every project request should be evaluated for its business value. Select high-value projects by spending time upfront determining the expected business benefits and the costs.

Project requests can be added to one of three buckets to help determine if the project is worth pursuing.  A request that will resolve a serious problem impacting the organization’s ability to do business is a MUST DO.  If the request will cost more to improve that it will save in expected benefits should go into the REJECTED bucket. If a problem is less immediate, the request is placed in the LOOKS PROMISING bucket to be further analyzed and prioritized. The process of bucketing requests allows you to begin discussion the solution and build the business case.

Step 3: Develop a Solution Approach and a Business Case

When the initial analysis confirms the request is worth pursuing, the team needs to discuss solution alternatives and assess the estimated costs of each. Teams often use brainstorming techniques to generate creative, innovative ideas for solutions, then analyze each possible idea. Regardless of the method you chose, all feasible options should be considered before one is chosen.

Once the solution approach (or product vision) is agreed upon, it’s time to estimate the business value and costs involved in designing and building the solution along with the expected maintenance costs. These benefits and costs are then compared in a business case or cost/benefit analysis to determine if the request should move forward.

The business case includes the estimated net business value of the request with objective, measurable criteria.  Keep in mind that financial considerations are only one component of project selection.

Step 4: Prioritize Against Other Projects

Once a request has a business case, it can be prioritized against existing requests.  This backlog of requests should be reviewed on a regular basis, and the highest priorities should be promoted to projects.

Organizations that don’t follow this six-step process often struggle with prioritization. Sometimes the requester with the highest position in the organization gets their requests prioritized. Sometimes organizations respond first to the requests that are smallest or easiest to complete and never get to the bigger, more complicated initiatives.

Other organizations try to work on every request and wind up with overworked employees and few completed projects.  Prioritization is difficult, but it be easier if each request has a business case and a strategic plan for comparison.

Step 5: Get Approval and Funding

Just because a request is likely to add business value doesn’t mean the organization has the time or resources to complete it immediately.  Once a request has been analyzed and prioritized, someone in the organization must provide funding.

The project sponsor, as the key stakeholder, is the person or group (such as the steering committee) who provides the funding for the project. The sponsor may be the original requester the requester’s manager, or an executive.

If particular skills are needed, the sponsor could move employees off lesser-value projects or look for outside resources to fill the gaps.  If the project is requested by an outside customer, the price is established, and a proposal is presented to them.

When the value is financial, there are many formulas that can be used to evaluate and compare options.  Return on investment calculations estimate how much the organization will receive if they fund the potential project.  Other financial measure, such as the internal rate of return and net present value may be used. However, value can’t always be calculated in financial terms. In some cases, the best choice might be a project with a longer payback period with other intangible advantages such as customer satisfaction.

Step 6: Assign a Project Manager and Start Planning

Only after completion of the previous five steps does a request become a real project.  At this point, the organization assigns a project manager who begins planning the project.  When these six steps are complete, the project manager has great information with which to plan.

If a project manager struggles during project planning, it may be an indication that this pre-project analysis was not done.

Need Additional Help?

Business analysis work is not just about requirements. Deepen your Business Analysis skills and knowledge to help your organization to understand the business value and assess the importance of requests before you start a project.

Still have questions and need some extra guidance? Consider one of RMC’s popular business analysis eLearning courses including Business Analysis Fundamentals or Business Analysis: A Critical Role on Projects.

Sources:

https://rmcls.com/ask-the-why-question-it-really-works-requirements/

https://www.teamgantt.com/blog/how-to-prioritize-projects

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5 Key Agile Tools for Passing the PMP® Exam

Woman at her computer reading about agile tools to pass the PMP Exam

Don’t let agile content on the PMP® exam take you by surprise! As expected, test-takers are reporting that 50% or more of the PMP® exam consists of hybrid and agile questions. Through our research, we have identified some key agile tools you may come across on the exam. By knowing these tools and some related terminology, you could get more answers right on the exam.

5 Agile Tools for the PMP® Exam

  1. Product Backlog
  2. Iteration
  3. Information Radiator
  4. Story Points
  5. Kanban Boards

1. Product Backlog

Sometimes called a “backlog,” this tool is part of the requirements management process and is used and maintained throughout the project. The requirements are categorized by priority into a list. As requirements are met (or “done”), they are removed from the backlog. Items can be reprioritized, added, or removed. This is called “grooming the backlog.” Below is an example of a backlog, followed by some other useful terms to know for the exam.

User Story: Agile teams typically break the product features (or high-level requirements) down into user stories. User stories are written in the following format: As a <role>, I want to <functionality> so that <business benefit>. As you can see from the backlog example, each user story is written following this structure.

Definition of Done: The team and the product owner need to agree on a definition of done before the team begins working so that everyone has a shared understanding of what “done” will look like for that increment.

2. Iteration

An iteration is a timeboxed period of product production. Specifically, you might see the term “sprint” on the PMP® exam. “Sprint” and “iteration” are synonymous, and they are timeboxed to one month or less. Each sprint is like a mini project. When a sprint ends, any incomplete product backlog items are returned to the product backlog, to be added to the next sprint or reprioritized. Here are other terms to know related to iterations.

Scrum: Scrum is a popular agile methodology that is lightweight and easy-to-understand. In Scrum, iterations are called “sprints.”

Scrum Master: The Scrum Master is the team’s servant leader. The Scrum Master guides and coaches the team.

Sprint backlog: The sprint backlog can be presented like a Kanban board (see the information radiator section). It relates only to tasks that happen during that sprint. The sprint backlog serves as a highly visible view of the work.

The daily scrum, or daily stand-up, is a 15-minute meeting that is held at the same time and place every day while the team is working toward the sprint goal. Each member of the team briefly answers three questions about what they are doing to meet the sprint goal:

  1. What have I done since the last meeting?
  2. What do I plan to do today?
  3. Are there any impediments to my progress?

The team leader or Scrum Master makes sure the meeting happens every day and follows up on any identified obstacles.

3. Information Radiator

This is agile’s umbrella term for highly visible displays of information, including large charts, graphs, and summaries of project data. Information radiators are usually displayed in high-traffic areas to maximize exposure, where they can quickly inform stakeholders about the project’s status. A Kanban board (see Kanban board section) and a sprint backlog are examples of information radiators, as are burn charts. Here are specific burn charts you may see on the PMP® exam:

Burndown chart:  This example of a burndown chart tracks the work that remains to be done on a project. As work is completed, the progress line on the chart will move downward, reflecting the smaller amount of work that still needs to be done. Burndown charts allow us to quickly project when the work will be done but they make it hard to separate the impact of scope creep from the team’s progress.

Burnup chart: Burnup charts track the work that has been completed. Therefore, the progress line on it will move upward, showing the increasing amount of work that has been completed. A burnup chart can show changes in scope, making the impact of those changes visible.

4. Story Points

Story points are used as an estimation tool for agile teams. Instead of estimating in hours or days, agile teams estimate in a relative unit called “story points.” For example, imagine we have already developed a simple input screen and have given that task a size of 2 story points. We can then estimate the remaining tasks by comparing them to the input screen. We might assign 1 story point to a simple fix or change and assign 3 points or 5 points to bigger pieces of work. Relative sizing, as in story points, doesn’t give a false sense of an exact measure, as hours might. Sizing one piece of work relative to another also accounts for the different speeds at which people work. A story might be 3-points for experienced developer, or 5 points for a novice worker.

5. Kanban Board

A Kanban board is the primary tool for planning and monitoring the progress of the work. It’s generally a whiteboard (or its electronic equivalent) with columns that show the various stages of work (as shown here). The tasks that are being worked on are represented by sticky notes that team members move through the columns to reflect their progress. Teams will often have the daily stand-up meeting at a Kanban board.

Learn More About Agile for the PMP Exam

RMC has several opportunities to learn more about these tools. If you are planning to take the PMP exam, sharpen your Agile knowledge as part of your test prep.

RMC offers a self-directed Agile Fundamentals eLearning Course that teaches agile project development, practices, tools, and techniques to immediately use agile methods on your projects. We also have the Agile Fundamentals book in hard copy or in an online subscription format.

If you are looking to introduce additional team members to Agile Fundamentals, contact us to learn more about our instructor-led classes.

You can also watch our webinar on the 5 Key Agile Tools to Know for the PMP Exam.

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Project Charter and the Practice of Law

project cTwo colleagues discuss the project charter and practice of law

A project charter can be a useful project management tool for the practice of law. The charter is the authorizing document for a project. It contains information describing the scope of the project, a rough estimate of its cost, the value of the project to the organization, and a basic description of the internal and external resources needed to complete the project. The document also identifies known stakeholders in the project as well as the project’s objectives.

An interesting aspect of the project charter is that it provides a basic description of what success looks like and identifies deliverables and objectives. While deliverables probably would not be relevant in most legal project charters, a description of objectives certainly would be. The project charter is signed by the project sponsor. This authorizes the project manager to do the project.  It is through the project charter that the project plan is created and money budgeted.

How Lawyers Can Use a Project Charter?

In modified form, a project charter can be adapted to some aspects of a law practice, perhaps as part of or attached to a retainer agreement. There are a couple of scenarios where a project charter might be helpful. In a case for the purchase of a business, where a client is looking to fit a prospective purchase with other businesses they currently operate, a document created with their lawyer outlining the strategic fit of such a business within their portfolio (from a legal perspective) could be helpful.

I am not advocating that the lawyer start providing business advice to a client, however, it would be a good idea to discuss where aspects of a purchase would fit from a corporate entity standpoint, a tax standpoint, or how intellectual property portfolios might mesh. This could provide a strategic baseline for the transaction that could be important if some of these assumptions change during negotiation or due diligence.

A charter would also be helpful since it could provide a first cut at estimating the scope of the transaction, the level of effort and cost. Having this initial look at issues relating to the transaction might provide good information to a client as to whether to proceed or walk away. It could also provide the clients other business advisors, such as accountants and business advisors with information that will allow them to better advise your client.

Additional Project Charter Benefits for a Law Firm

Another area that comes to mind for the potential use of a project charter could be where your client is contemplating filing a lawsuit against an intellectual property infringer. There, the strategic direction of the potential lawsuit, the goals sought to be achieved when matched against the costs and strategic risks associated with a such an action could provide vital insight as to whether and how your client should proceed. For example, balancing the risks of starting a patent infringement action against the risk of a counterclaim seeking to invalidate the patent or an antitrust action seeking damages or an injunction from misuse of the patent.

Many of these things are done by firms all the time. An advantage of doing them in the context of a project charter is that you are discussing these issues in a business language that your client can readily understand. In essence, by creating such a charter, in plain language, you are meeting them half-way, providing a legal framework for a proposed course of action described in a business context. This could be extremely valuable to your client.

Things to Watch Out for When Using a Project Charter

There are risks associated with this type of document. The first thing a lawyer should be mindful of is the possibility that any discussions of business strategy could be viewed as non-legal work and thus not covered by the attorney-client privilege. In creating a charter for your project, a lawyer needs to be careful to limit it to legal advice and related legal strategy.

Build Your Project Management Knowledge

A project charter can be a useful tool for a lawyer. It can be used to clarify the objectives, costs, and potential risks of a legal matter. It is also a useful tool in lawyer-client communication.

Continue to learn more about project management techniques. RMC’s PM Crash Course in a book or online PM Crash eLearning course gives non-project management professionals an excellent foundation in predictive and agile methods so you so you can apply them to your job immediately.

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Applying OCM to Projects

Project team working at on applying OCM to their project

Projects come with specific objectives and goals that can result in changes to the way a business works. But if the individuals within an organization who are going to be impacted by the outcome of a project don’t agree to implementing changes, your goals won’t be met after all. The solution: Organizational Change Management.

Organizational Change Management and Projects

  1. What Is Organizational Change Management?
  2. Why Is Project Change Management Important?
  3. Organizational Change Management Strategies
  4. Using an OCM Framework Is a Game Changer

What Is Organizational Change Management?

A lot goes into managing projects successfully, but one thing that might be overlooked is Organizational Change Management (OCM). Put simply, this process helps ensure that anyone who will be affected by a project will be aware of, as well as accepting of, important changes.

OCM is a process that helps you prepare stakeholders and workers for the changes that lie ahead, thereby putting their minds at ease and giving them the chance to understand why the changes are necessary and beneficial.

Why Is Project Change Management Important?

Let’s say you’re managing a project that will result in the implementation of new processes designed to boost a company’s efficiency. Now imagine that those processes are quite different from those currently in place, causing workers to be resistant to the changes.

As you probably already guessed, when this type of scenario occurs, it can dramatically decrease the ROI of a project. After all, the whole point was to implement changes for the better, with the expectation that the people within the company would be willing to agree to the changes.

With OCM, the focus is on educating and preparing those who will be affected so they can understand the benefits and the necessity of applying the changes that a project requires. Ultimately, it’s about transitioning seamlessly from old ways of doing things to new methods that bolster success.

Organizational Change Management Strategies

How can you make the most of change management in project management, and make sure you integrate OCM into project plans effectively?

First off, homing in on the people who will be directly affected by a project’s outcome is the goal of OCM. But you want to do this while you’re managing a project, not after it’s complete.

Also, you can have a project management team and a change management team working together to help reduce risks, improve communication, and boost efficiency. It’s best if these teams work together, communicate well, and agree to the common goals. And it’s also wise to ensure team members on both sides understand their responsibilities and can follow a process that includes milestones.

Using an OCM Framework Is a Game Changer

Integrating OCM into your project management plan can be easier when you use an OCM framework that’s designed to reduce resistance, increase motivation, and create change smoothly and quickly.

A framework can help you take the appropriate steps, in the right order, to ensure people will be prepared for any changes that are forthcoming. You can address concerns and reassure everyone that a change will be a positive move in the right direction. Changes can be managed, workers can be productive, and project goals can be realized.

The good news is you can choose from various frameworks to find the one that you prefer. Examples include:

  • ADKAR Model
  • Satir Change Management Model
  • Kotter’s Model
  • Kübler-Ross Model
  • McKinsey 7-S Framework
  • Lewin Model

Bottom line: with Organizational Change Management, it’s all about managing a project like you normally would, while also planning for the ideal outcome by taking steps to ensure the impacts of the project will be readily accepted. And, with the right OCM framework, it becomes easier to focus not only on the requirements of the project but also on the people who will be affected by it.

Sources:

https://www.enableps.com/the-importance-of-ocm-in-projects-management/

https://adaptmethodology.com/change-management-framework/

https://blog.remesh.ai/7-organizational-change-management-frameworks

https://change.walkme.com/change-management-frameworks/