For a project manager, a risk is an uncertain event. This potential event could be either desired (positive) or undesired (negative). A positive risk may be referred to as an opportunity, and a negative risk may be referred to as a threat. There are three unique strategies used for handling negative risk (avoid, transfer, and… [Read more…]
March 30, 2009 by tapuniversity
A milestone is stone along a roadway carved with information for travelers such as how many more miles to the next town. Today, we see the common metal road signs and mile markers which serve the same purpose. They provide an indication to travelers on how close they are to their destination and which way… [Read more…]
March 27, 2009 by tapuniversity
The Risk Register is an important project management document. It originally appears as the only output to the Identify Risks process of the fourth edition PMBOK®. As more analysis, planning, and monitoring occurs throughout the four risk processes that follow it (Perform Qualitative Risk Analysis, Perform Quantitative Risk Analysis, Plan Risk Responses, and Monitor and… [Read more…]
March 26, 2009 by tapuniversity
Plan Risk Management is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the six Risk knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to develop the Risk Management Plan which lays the foundation for the other risk processes on… [Read more…]
March 24, 2009 by tapuniversity
Plan Communications is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the five Communications knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to create the Communications Management Plan based on the communication needs of the stakeholders. It must be… [Read more…]
March 24, 2009 by tapuniversity
Develop Human Resource Plan is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the four Human Resource knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to create the Human Resource Plan. The Activity Resource Requirements document (from the Estimate… [Read more…]
March 23, 2009 by tapuniversity
How much should be invested in quality efforts? Cost of Quality is a tool and technique of the fourth edition PMBOK®’s Plan Quality process. These are the expenses associated with the investment to make a quality product and the costs of failing to meet quality standards. Cost of Quality is broken down into these two… [Read more…]
March 20, 2009 by tapuniversity
Applying Leads and Lags is a tool and technique of the fourth edition PMBOK®’s Sequence Activities process; and Adjusting Leads and Lags is a tool and technique of the Control Schedule process. In order to manage a project schedule, a project manager should understand the simple concepts of leads and lags. Leads and lags are… [Read more…]
March 19, 2009 by tapuniversity
Plan Quality is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the three Quality area processes, and one of the twenty Planning processes—which should not be difficult to remember with its name. The purpose of this process is to decide what quality requirements and standards should apply… [Read more…]
March 18, 2009 by tapuniversity
For Business Analysts studying for their CBAP (Certified Business Analyst Professional) certification, be aware that the exam will be changing. The current exam is based on the Business Analysis Body of Knowledge (BABOK®) version 1.6. The new version, BABOK 2.0 is being released on March 31st, 2009, according the International Institute of Business Analysis (IIBA®)… [Read more…]
March 17, 2009 by tapuniversity
Observation (also called Job Shadowing) is a tool and technique of the PMBOK’s Collect Requirements process. The Collect Requirements process defines and documents the needs of the stakeholders as they relate to meeting the project objectives. This method consists of watching people perform their work. It can be useful in understanding how the work is… [Read more…]
March 16, 2009 by tapuniversity
One of the several financial selection techniques that may be used to compare potential projects in order to estimate which would be the most financially beneficial is Payback Period. Selecting among projects takes place at the program or portfolio level where the organization decides which projects are worth the investment. The potential return on investment may… [Read more…]
March 13, 2009 by tapuniversity
Determine Budget is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the three Cost knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to add up the estimated costs of the project activities in order to create the budget. These… [Read more…]
March 12, 2009 by tapuniversity
Estimate Costs is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the three Cost knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to estimate how much money will be needed for the project activities. Although the purpose is straightforward,… [Read more…]
March 11, 2009 by tapuniversity
In earlier postings, the concepts of Earned Value (EV) and Actual Cost (AC) have been discussed. Earned Value is how much value is in the work already accomplished, and Actual Cost is how much money the work already accomplished has actually cost. The third term to understand is Planned Value (PV). PV is how much… [Read more…]
March 10, 2009 by tapuniversity
Develop Schedule is one of the 42 project management processes described in the fourth edition PMBOK®. It’s one of the six Time knowledge area processes, and one of the twenty Planning processes. The purpose of this particularly important process is to create the project schedule. This is the most important Time process, and there are… [Read more…]
March 9, 2009 by tapuniversity
Estimate Activity Durations is one of the 42 project management processes outlined in the fourth edition PMBOK®. It’s categorized as one of the six Time knowledge area processes, and one of the twenty Planning processes. The purpose of this process is straightforward—it estimates how long the individual project activities will take. We first need a… [Read more…]
March 6, 2009 by tapuniversity
Estimate Activity Resources is one of the 42 project management processes outlined in the fourth edition PMBOK®. It’s categorized as one of the six Time knowledge area processes, and one of the twenty Planning processes. The purpose of this process is to examine the project activities and estimate what materials, people, equipment, and supplies are… [Read more…]
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March 31, 2009 by tapuniversity
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