Saturday, July 22, 2017

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Optimizing Project Management with the right Tools

Technology has accelerated and streamlined project management even with project managers assuming a number of roles over the course of the project’s lifecycle. Choosing the right technology is essential to ensure that tasks are completed on time and the assigned roles are performed well. Further, it breaks communication barriers, helps in risk assessment and allows us to assert control on schedules. There is multiple software available for project management that perform appropriately based on the nature of the product. As product management technology is migrating to the cloud along with other business data and operations, cloud-based applications have a distinct advantage over locally-hosted applications. We discuss some extremely useful project management technologies.

Social media

Microsoft has social networking applications for intranet and many open source CMS platforms have features that let developers create a social networking application for internal messaging. As the office environment is reforming to undergo a more social interactivity, using social networking tools such as Twitter and Facebook can be beneficial in communicating project-related information or strategies with the team and clients.

Data Management Software

In the era of Big Data, data management is highly imperative, but at the same time data redundancy is a threat that looms above and needs to be addressed to. Effective data backup software coupled with data analysis software is imperative for saving and accessing data. Security is an essential as project-related data are generally vulnerable and whether it is stored locally or on cloud, it is important to mitigate risks while creating easy access.

Project management platforms

There are many open source and paid platforms for project management that are designed with special functions for planning and executing a project. They are endowed with useful tools for budget control, role management, documentation, scheduling, assigning tasks, deadlines and milestones.

Personal planning applications

Within the team, each member can have their own personal tool for marking their roles, duties, tasks and deadlines. Applications such as Microsoft OneNote and Evernote are ideal for noting ideas which can be shared with team members. Cloud storage tools like Dropbox can be used to save critical data for easy access on mobile and desktop device.

Diagramming

Software for creating charts, diagram, flowcharts and other graphical representation are irreplaceable tools in project management. Employing software for this will improve workflow give a comprehensive picture of project accomplishment. Microsoft Visio is a popular diagramming tool. Many project management software come with diagramming features built in.

Communication Tools

Email and web conferences have been replaced by video calls and instant messaging. These are quick, relevant and enable contact with multiple stakeholders simultaneously. For instance, on a common platform, the client, relevant team members, vendors and management can be communicated simultaneously. Microsoft Lync, Skype and other internally developed tools are a few examples.

Project management tools are designed to overcome geographic constraints so that cost reduction may be achieved by collaborating with team members across the globe rather than having them flown in to the project site. Technical advice can be easily availed using communication tools rather than organising a one-on-one physical meeting.  Of course, how the tool is used and applying the right tool for the right project is equally important. Based on the scale of the project and the nature of its execution, project management tools must be finalized. What we have mentioned above are generic tools that are applicable across all projects.

About the Author:

Sonal Maheshwari loves pursuing excellence through writing and has a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training.

The courses offered by Intellipaat address the unique needs of working professionals. Her work has been published on various sites related to Hadoop, Big Data, Business Intelligence, Project Management, Cloud Computing, IT, SAP, Project Management and more.

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Project management is an essential business tool that can be used by businesses of all sizes and varied agenda to improve productivity with better strategy. It creates a roadmap for executing a project effectively and efficiently taking all aspects of a project into consideration. Project management software provide a holistic view of the project from end to end, thus providing an opportunity to prepare for eventualities, set timelines, assign tasks, create goals and set priorities.

Better performance with better process

Project management enables the business to define the process, thereby defining a methodology that is both effective and efficient. It is a tool that will enable the manager to create a standard approach towards projects which can be implemented consistently. Lack of a standard process can result in loss of time, inconsistency and poor performance. Project management tools help develop systems that can be accessed by all team members, enabling them to understand the standard operations in project implementation.

What are the Projects in Business?

Projects can be defined as any activity within a business that are performed to drive the business forward. Right from administration of the business, to conducting business operations, every activity can be defined as a project and managed as such. After identifying the business drivers, project management techniques can be devised and applied. These techniques must be simple and easy to follow, and training of every team member is essential in skills required for executing the project. It is highly conducive if all members of the team are trained project managers as it becomes easy to explain the ideas and the bigger picture of the project.

Project Management Tools

There are numerous software solutions that can be accessed on the internet, intranet and via cloud for teams that are dispersed in the larger geographic area. Software solutions such as MS Project enable effective project tracking and scheduling, while Project Management scorecards present the effectiveness of the techniques throughout the project. Project management tools boost business productivity immensely, and some of the evident results have been as follows –

  • Streamlined Documentation: All essential documents pertaining to the project can be saved in a single location for access by the relevant team members. The cloud-based project management tools enable access of these documents across devices and locations too via a remote server. Further, documents can be password-protected to ensure security.
  • Regularized task management: Task management tools enable the manager to keep tab of individual employees by enabling the team leader to assign specific tasks and managing multiple employee groups through the system itself.
  • Staying on top of Schedules: Whether it is lean or busy season, project management tools enable managers to keep track of schedules with reminders and calendars to ensure deadlines are met. Plans can be made for short, medium and long term with agenda and deadline views giving minute details of every day operations.
  • Measuring Productivity: With detailed schedules of assigned tasks and deadlines, it is easy to measure individual employee as well as overall business productivity. Project management tools offer better visibility and control of the overall project due to which unproductive gaps can be eliminated and costs can be cut down directly.

Project matters that matter most

Project management tools provide a comprehensive picture of the project as a whole and provides a microscopic view with analysis. Since project management tools are updated in real time, they offer the current status and analysis reports which ensure that immediate actions can be taken. Here are a few ‘Big’ benefits of project management for business growth and success:

  • Better reporting and analytics: Project management tools lead the business beyond the basic errors of the Excel to provide accurate management information in real time. Hence, the exact costs, status, profitability, budget performance, resource utilization and customer satisfaction in quantifiable figures are present for measuring project viability and performance.
  • Minimized risks and failures: Since all the data pertaining to project performance is available in its most updated status, project risks can be easily mitigated and causes for failure can be identified. Historic performance of past projects, along with detailed reports can fortify the company while taking up similar projects in future.
  • Better team collaboration: Project collaboration software facilitate better team work across boundaries. With individual roles clearly defined, project management tools enable a positive synergy to create a conducive work group.
  • Better delivery: The end of a project is with its delivery, which is also the element that defines the project and thereafter the business success or failure. Project management tools provide real time status of deliverables, both tangible and intangible, thus providing a clear overview of business and project performance.

Ultimately, project management tools provide a clear and consistent view of the entire process, paving the way for better decision making and transparent business operations. The software tools, supported by mobile technology and software applications melt boundaries in business execution. Thus, business can be carried beyond the borders of the office space and expansion can be taken to a global scale with improved processes.

About the Author:

Sonal Maheshwari loves pursuing excellence through writing and has a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training.

The courses offered by Intellipaat address the unique needs of working professionals. She is based out of Pune and has an experience of 6 years in the field of content writing and blogging. Her work has been published on various sites related to Project Management, Digital Marketing and more.

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What is Quality?

Quality is a degree to which a set of inherent characteristics fulfil requirements. Essentially, a stakeholder has requirements and the degree to which we fulfil those requirements defines the quality for the customer. Quality gurus have defined quality as:

  • Philip Crosby says quality is: “Conformance of requirements of the customer.

  • According to W. Edwards Deming, quality is: “A predictable degree of uniformity and dependability, at low cost and suited to the market.”
  • Joseph Juran is of the view that “Quality is the fitness for use.”

Note: Often the names of those who have proposed any particular statement or term related to Project Management are asked in PMP examination. The question could also be put the other way round.

Project Quality Management

The modern Project Quality Management is based on ISO (International Organization for Standardization) quality standards. Quality Management today complements Project Management. Both the disciplines recognize the importance of the following five elements:

  1. Customer Satisfaction – Understanding, evaluating, defining and managing expectations so that the customer requirements are met. This requires a combination of conformance to requirements and fitness for use.
  2. Prevention over Inspection – One of the fundamental tenets of modern quality management states that quality is planned, designed and built in – not inspected in. The cost of preventing mistakes is generally much less than the cost of correcting them when they are found by inspection.
  3. Continuous Improvement – The PDCA Cycle is the basis for quality improvement. The concept of PDCA or Plan-Do-Check-Act was pioneered by Shewhart and was later modified by Deming. It is one of the basic tenets that form a basis for Initiation, Planning, Execution, Monitoring and Controlling, and Closing; thereby enabling continuous improvement.
  4. Management Responsibility – Quality requirements or quality importance comes from the top. Though, the participation of all the project team members leads to the success of a project, but when it comes to providing the required resources for success, it remains the responsibility of the management. Just delegating responsibility to the project team is not sufficient. The management needs to provide appropriate resources to perform quality-related activities.
  5. Cost of Quality – Cost of quality basically, is the total cost of conformance + cost of non-conformance. There are different cost elements that form cost of conformance and non-conformance.

Perform Quality Control

It is the process of monitoring and recording results of executing the quality activities to assess performance and recommend necessary changes. It is performed throughout the life of a project. Quality Control requires the project manager or another qualified person to monitor and measure project results to determine whether or not they are up to the quality standards. In case of non-conformance, the root cause analysis is done and appropriate action is taken. The project team should have some understanding of statistical calculations. Here are a few terms related to Quality Control that the quality team must be able to differentiate between:

Tolerances – specified ranges of acceptable results

Control Limits – thresholds, which can indicate if the process is out of control

Usually the control limits are set below the tolerance levels. Let’s say, the tolerance level of a customer is +/- 15% of the cost, the upper and lower control limit can be kept as +/- 10%.

Prevention – keeping errors out of the process

Inspection – keeping errors out of the hands of customers.

Both are important and need to be performed. Prevention, of course gives better results as with inspection those errors would not come out, and also, it saves a lot of scrap work and rework related time and cost.

Attribute Sampling – the result either conforms (binary) or does not conform

Variable Sampling – the result is rated on a continuous scale that measures the degree of conformity.

Quality Control – Tools and Techniques

Control Charts – They illustrate the performance of a project over time. They map the results of inspections against a chart. Outer limits are set by customer requirements and within them are upper and lower control limits. Setting these limits helps in managing customer expectations with respect to quality requirements. Upper Control Limit (UCL) is generally set at +3 or +6 Sigma, while Lower Control Limit (LCL) is set at -3 or -6 Sigma.

Cost of Quality

Cost of Quality, as defined above, comprises Cost of Conformance and Cost of Non-conformance. Cost of Non-conformance is usually higher than Cost of Conformance and lays more adverse effect on a project.

Cost of Conformance

It is the money spent during the project to prevent the failures. Following are some of the different activities, which add up to the Cost of Conformance:

  • Quality Planning
  • Process Control
  • Quality Control
  • Design Validation
  • Process Validation
  • Test and Evaluation
  • Quality Audits
  • Field Testing
  • Training

Cost of Non-conformance

Cost of Non-conformance is the cost that is incurred during or after the project as a result of failures. The different activities that lead to Cost of Non-conformance are:

  • Rework
  • Defect repairs
  • Additional inventory
  • Corrective actions
  • Warranty repairs or services
  • Complaint handling
  • Liability
  • Scrap
  • Product recalls

The Conformance costs can be further categorized as Prevention Costs (costs involved in building a quality product) and Appraisal Costs (cost for assessing quality), the Non-conformance costs can be further categorized as Internal Failure Costs (failures found by project team) and External Failure Costs (failures found by customers).

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Understanding the development of a project management plan

To develop a project management plan it is important to understand that the very term initiates the planning process of the project which simply means that, the project management plan is a part of the planning process. There are certain inputs, tools and output available for our understanding of the process. Under inputs, there is the project charter. Then you have the enterprise environmental factors and organizational process asset. These factors become crucial in the process. In the next category of tools and techniques, expert judgement and facilitation techniques remain the same.

A project communication plan results into an output of communication management plan, similarly develop project management plan results into an output of project management plan. The emphasis on various inputs and outputs will enable you to co-relate why the process is needed and what the process is all about. This understanding will help in excelling PMP® exams with sheer assurance.

What is a Project Management Plan?

A project management plan very clearly defines how the project will be done and how it can be executed, monitored, controlled and closed. It’s a plan on how to manage, coordinate and integrate all the different knowledge areas and processes within a project.

In order to create a project management plan there are different outputs which are a collection of subsidiary project plans. They are namely,

  • Scope Management Plan– A Scope management plan defines how the project will be planned, managed and controlled.
  • Requirement Management Plan– It defines how the project requirements will be defined, gathered and managed.
  • Schedule Management Plan– It defines how the project schedule will be created and managed.
  • Cost Management Plan– It details how the project cost will be planned for, estimated, budgeted and then monitored and controlled.
  • Quality Management Plan– This defines what quality means to the project and it how it can achieve the desired quality.
  • Process Improvement Plan– It aims to eliminate non-added value activity, eliminate waste and how there can be improvements in terms of execution and management.
  • Human Resource Plan– It defines how the project team members will be brought on the project,managed and released from the project. It also defines team training, safety issues, roles and how the project’s reward and recognition system will operate
  • Communication Management Plan-This defines who will get what information, and in what modality the communication will take place.
  • Risk Management Plan-It is an uncertain event or condition that may affect the project’s outcome. It defines how the project will manage risk.
  • Procurement Management Plan-It controls how the project will be allowed to contract goods and services.
  • Change Management Plan– It is part of the control scope process which details the procedures for entertaining change requests and how they are managed and controlled.
  • Configuration management plan-This defines how changes to the features and functions of the project deliverable, the product scope may enter the project.
  • Staffing Management Plan-This specifically addresses how human resource requirements will be met in the project. It can address staffing, procurement of resources, etc.
  • Risk response plan– It defines the risk responses that are to be used in the project for both positive and negative risks.
  • Milestone list– It details the project mile stone and their attributes.
  • Resource calendar– It defines when people, facilities and equipment are available to contribute to the project.
  • Cost baseline– It is the aggregated cost of all the work packages with a project.
  • Quality baseline– It documents the quality objectives of the project including metrics for stakeholder acceptance.
  • Scope baseline– This is a blend of 3 project documents- Project scope statement, the WBS, WBS dictionary.
  • Risk register– This is a centralized database consisting of outcome of all the other risk management process.
  • Issue log– This is a log that has issues registered by the issue owner along with a deadline to resolve. In time, the outcome is also updated.
  • Assumption log– An assumption is believed to be true but it hasn’t been proved yet.
  • Change log– It has project changes recorded in the log. Time, cost and risk details of each change is also entered in the log.

In order to carry out any kind of project, it is crucial to understand the above mentioned plans as these ultimately play a role in different areas of the project.

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What is Project Management Office?

PMO (Project Management Office) is a group of people who own the project management process of an organization as defined by PMP.

  • They have the right to change anything in the project management process.
  • They train the project managers and handhold to them the process of implementation.
  • They are the people who ensure that project managers are following the process, for which they perform audit from time to time.
  • They are supposed to report directly to the executive board members of an organization and tell them how well the projects are being executed.

Officially, a PMO head is the person, to whom both program and project managers finally report. He is not the one who creates some presentations, goes to different project managers, gets their project plans and creates a PPT out of it, or an excel presentation or report out of it. PMOs are not the ones, who are responsible for making sure that the vendors’ invoices are being paid and their organization’s invoices are being sent to the customers in time; nor are they the people who look into whether the tickets are done for the resources in the project that they are doing. Those are not the tasks of Project Management Office. Those are project admin station activities that have nothing to do with PMO as per PMI.

Definition of PMO

It is an organizational body or entity, assigned with various responsibilities related to the centralized and coordinated management of those projects that are in its domain.

The projects supported or managed may not be related, other than being managed together. Project Management Office can exist in all the three levels. There can be a Project Management Office that takes care of the Project Management part of it; there can be a Program Management Office, which will do the same thing, but at a higher level, i.e., at the program level; and there can also be Portfolio Management Office, which manages portfolios or is the owner of the Portfolio Management process at a higher level. Now, it can be a single organization playing all the three roles.

The primary function of PMO is to support the project managers in a variety of ways, which may include, but is not limited to:

  • Managing shared resources across the projects administered
  • Identifying and developing project management methodology, best practices and standards
  • Coaching, mentoring, training, and oversight
  • Monitoring compliance with PM standards, policies, procedures and templates
  • Developing and managing project policies, procedures, templates and other shared documentation
  • Coordinating communication across projects

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PMBOK Guide is a “distilled version” of Project Management body of knowledge and it coexists with the corresponding application area knowledge, general management skills and interpersonal skills.

PMBOK guide is a standard, which does not talk about a particular methodology, like Agile or PRINCE2 and so on. It gives a slightly higher level overview of Project Management, in which it proposes 47 processes, which are supposed to be the best practices in Project Management that are needed to be applied for the project to be successful.

The PMBOK Guide has been published by PMI and it takes inputs from practitioners and academics.

As mentioned above, PMBOK Guide is a distilled version, and the important thing that it has put through is, there is an overlap between the application area knowledge, general management skills and interpersonal skills. It implies that they are not exclusive to each other, or are not standing alone, instead they intersect each other.

The PMBOK Guide has been organized into 3 sections, which are:

1. The Project Management Framework

  • Introduction
  • Organizational Influence and Project Life Cycle

2. The standard for Project Management of a Project

  • Project Management Process Groups (includes 5 process groups)
  • Project Management processes for a project (47 processes)

3. The Project Management Knowledge Areas

  • 10 Distinctive Knowledge Areas

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Earned Value Analysis (EVA) is one of the key tools and techniques used in Project Management, to have an understanding of how the project is progressing. EVA implies gauging the progress based on earnings or money. Both, schedule and cost are calculated on the basis of EVA.

Features of EVA

  • Earned Value Analysis is an objective method to measure project performance in terms of scope, time and cost.
  • EVA metrics are used to measure project health and project performance.
  • Earned Value Analysis is a quantitative technique for assessing progress as the software project team moves through the work tasks, allocated to the Project Schedule.
  • EVA provides a common value scale for every project task.
  • Total hours to complete the project are estimated and every task is given an Earned Value, based on its estimated (%) of the total.
  • Earned Value is a measure of ‘Progress’ to assess ‘Percentage of Completeness’

Need for EVA

  • EVA provides different measures of progress for different types of tasks. It is the single way for measuring everything in a project.
  • Provides an ‘Early Warning’ signal for prompt corrective action. The types of signals can be the following:

a)   Bad news does not age well – Holding on to the bad news does not help. The project manager needs to take an immediate action.

b)   Still time to recover – In case, the project is not going as per schedule and may get delayed, the situation is needed to be taken care of by finding out the reasons that are causing delay and taking the required corrective action.

c)   Timely request for additional funds – While there is time to recover, the need for additional resources or funds can be escalated with an early warning.

  • It allows ‘rolling up’ the progress of many tasks into an overall project status.
  • It provides with a uniform unit of measure (dollars or work-hours) for the progress.

Key Elements of EVA

  • Planned Value (PV) – The approved cost baseline for the work package. It was earlier known as Budgeted Cost of Work Scheduled (BCWS).
  • Earned Value (EV) – The budgeted value of the completed work packages. It used to be known as Budgeted Cost of Work Performance at a specified point (BCWP).
  • Actual Cost (AC) – The actual cost incurred during the execution of work packages up to a specified point in time. It was previously called Actual Cost of Work Performed (ACWP).

Note: In PMP®  exam, the terms used can be either PV, EV and AC or BSWS, BCWP and ACWP.

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We had discussed earlier how your career prospects increase with PMP® Certification . With increased globalization, industrialization and millions of projects, big and small being undertaken, the Project Management Profession has been gaining prominence like never before.

To summarize briefly, PMP® Certified Professionals are in demand by many leading companies in India & abroad for the following reasons:

  • Certified professionals implement best practices in the Project Management domain.
  • They are better at managing projects as per general and best practices guidelines.
  • They help in improving the Project Management Processes.

PMP Job Openings

According to PMI, there is huge demand for certified project managers across the globe. The best way to get employed by top companies is through PMP® training, which is the single most important step towards PMP® preparation.

Importance of PMP® Training

There are certain pre-requisites for undertaking PMP exam. PMI requires that before you take up PMP® exam, you need to undergo a mandatory 35 hour Project Management Training. 

PMP Eligibility

The training is done either through an online medium or through Classroom Sessions. Project management training covers the PMBOK (Project Management Book of Knowledge) released by PMI. The intention is to spread awareness and understanding of the general guidelines to be followed while managing a project.  The best part is that the PM training is delivered by industry experts who have hands-on experience in the Project Management domain.

Benefits of Attending Project Management Training

  1. 35 Contact hours PDU(Professional Development Unit) certificate to meet the pre-requisites of PMI PMP® exam
  2. In-depth discussion of the concepts in PMBOK; this allows for easier grasping of concepts and best practices
  3. Learning industries’ best practices
  4. Discussing real-life examples in order to map it to the concepts in the exam
  5. Networking with others who are preparing for PMP®. Networking puts you in touch with others who would later recommend you for jobs in their own organizations

Services Required along with PMP® Training

  • Mock Tests: This allows you to get a feel of the real exam and helps you assess your strengths and weaknesses.
  • Free Post Training Support:  This helps you reach out to your trainer or any other faculty to get doubts cleared even after the training period.
  • Assistance in Submitting Application: The application submission process is tedious. It includes filling up details of all previous projects to match up to 4500 hours of leading or directing a project.  Edureka provides guidance in filling up the details.
  • Free online Resources: Apart from Mock tests,you need to have recorded lectures for easy reference at a future date.
  • Free online support: You definitely require 24/7 support during the training period, to clear any doubts on topics related to the PMP® training course.

PMP® Online Training:

The PMP online training has numerous benefits and some of them are as follows:

  • You can attend the class from the comfort of your home.
  • It’s helpful for those of you who’d like to take a self-paced approach to prepare for PMP® Certification while balancing a busy schedule at work.
  • It allows you to grasp requisite knowledge slowly rather than getting overburdened with a 9 hour classroom session at once.
  • You can raise doubts and get them clarified immediately in this kind of approach.

We hope this post was helpful in understanding the importance of training. Got a question? Mention them in the comments section and we will get back to you with the relevant information

Related Posts:

Tips to ace PMP exam.

Growing PMP career opportunities in different industries.

Guide to PMP exam preparation

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Project Management Professional® preparation should be more focused on  quality than quantity. When training for the PMP® exam, it is best to follow some time-tested practices that will help you prepare better for the exam. Here are some tips to help you top your PMP® exam and become a certified project management professional:

Tip#1:

Even before registering for the exam, a thought process has to be set in place. When attempting for PMP® exam, the focus should not be on memorization, but on understanding the concepts, best practices, guidelines and project management framework, as per PMI’s PMBOK Guide. This is important because, the above mentioned practises and guidelines in project management framework will be implemented on a daily basis and thorough understanding of the concept is the only way to do it.

Tip#2:

Enroll for PMP® exam preparation workshop. This is a vital step as this provides you with the required 35 contact hours training and is a perfect opportunity to know what to expect at the PMP® exam

Tip#3:

Now that you have enrolled for the exam preparation course, you are good to go. The next important is to assess your gap in knowledge and know your weak areas, so that you can concentrate more on them.

Tip#4:

Get as much hands-on experience as possible during the exam preparation workshop. This is in fact the most essential part of your preparation for the PMP® exam. The mock test gives you an opportunity to test your knowledge, time management and your understanding of the pattern of the exam. Time management is essential as you have to complete 200 multiple questions in 400 hours.

Tip#5:

You can fill up the PMP® Certification application at the PMI® website –http://www.pmi.org/Certification/Project-Management-Professional-PMP.aspx .We also guide you on how to apply & fill up the PMP® application form.

Tip#6:

There are different phases in project management life cycle like Planning, Execution, Monitoring and Control, Initiation and Closing. Each of these phases have different weightage. A study plan has to be created focussing on providing a bigger part of your time for topics of greater weightage and your weak spots in PMP curriculum and having enough time to cover all areas of the curriculum.

Tip#7:

Divide your time in such a way that all aspect of the PMP® curriculum are covered well in advance. Spend 2 days for project management framework, 18 days for the core concepts and 2 days for ‘Professional & Social Responsibility’. You are not restricted to this schedule. Depending on your learning capabilities and interest in different topics, the time allotment can be worked around.

Tip#8:

Mock test…Mock test…Mock test. There is no better way to test your knowledge and get you prepared for the exam than this. Practice is the key to success

Tip#9: 

Repeated test, tests your skill as well as improves your speed of answering. ! Keep practicing to fine tune your knowledge areas and improve your time management. Keep practicing till the final day to make sure that you will be able to ace the PMP® exam on your first try.

Tip#10:

Repeatedly test your knowledge on your weak areas, till you conquer them. This might sound repetitive, but it is done so to emphasize the importance of being knowledgeable in all areas of project management life cycle and making sure there is no weak areas that might bring down your score in the PMP® exam.

Follow these steps and you will be all set for acing the PMP® examination.  And with Edureka’s 24/7 support to clear your doubts then and there, this is sure shot way to get it right the first time.

All the best!

Related Posts: 

Why companies hire PMP certified Project Managers?

Guide to PMP® exam preparation.

Cracking PMP® exams.

Career prospects with PMP Certification. 

Growing career opportunities in different industries. 

PMP is a registered mark of Project Management Institute, Inc.

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Project management is a niche skill that has always been in demand due to the scale and complexity of projects being undertaken in this techno-industrial age. You can read our earlier post on how your career prospects can improve with PMP® certification.

What PMI® Report has to say about the growing demand for PMP® Credential Holders

 Market research is undertaken every now and then to forecast the requirements for Project Managers in the industry.  PMI®, which conducts the Project Management Professional® examination, has been doing specific research in this area and its annual reports showcase the growing demand for individuals in the Project Management Domain.

As per the 2014 report release by PMI®, there will be a high demand for practitioners of project management. The demand would be in terms of:

  • Opportunities Offered
  • Skills required

These demands would also vary based on:

  • Industry Sector
  • Geographic Location

Example: In developing economies like India and China, there is a huge requirement for Project Management Professionals in IT and Manufacturing respectively. China for example does not have effectively implemented project management processes in their industries. This is forcing local industries and global Chinese companies to have it integrated in lieu to comply with the demands of the global clientele.

In countries still recovering from global meltdown, there is an increased need for Project Management Professionals to think strategically and deploy projects effectively.

 Industries with growing demand for Project Management Professionals

 PMP Implentaion in Industries

Energy

The world community is more cohesively talking about the need for non-renewable energy. This has led to large number of projects being undertaken in these areas:

  • Solar energy
  • Wind energy
  • Geothermal energy

There will be huge demands for the project professionals in these areas.

At the same time, one can’t write off traditional energy sources.  Discoveries of newer oil fields and advances in fossil fuel extraction technology are leading to a number of large scale projects being undertaken.

Example: An untapped oil field off the coast of Brazil has been recently discovered and there’s potential to make it one of the biggest oil producers. However, Brazil lacks skilled workforce leave alone Project Management Professionals. This gap is being addressed by importing skilled Project Management Professionals in these long term projects. Similar demand is being generated in Europe where energy fields have been recently discovered in the North Sea region. Therefore there is huge potential in this sector.

Healthcare

Improving care and lowering costs is the main focus area of this industry. In the United States, the Patient Protection and Affordable Care Act has spurred competition in the insurance sector, forcing companies to innovate in order to win customers. The need to cut down costs, increase efficiencies and enhancing customer experience will be an important driver for private insurers in the immediate future.

According to CIO Insight, Project managers with strong IT skills will find opportunities in healthcare projects that use mobile devices, social media and data analytics to unify service across multiple channels.

By 2017 Mobile Healthcare is expected to generate revenue of USD 23 billion and projects that capture healthcare data and use it to improve healthcare delivery with lower operational costs are going to be undertaken.  And therefore Project Managers with experience in the following will be in much demand:

  •  Software Development lifecycle
  • Large scale budget management
  • Cross-functional projects

This trend is being noted in both developed economies as well as developing economies such as South Asia, Africa and Southern America where the middle class is demanding better access to healthcare facilities.

Construction

Construction industry is projected to increase by more than 70 percent to US$15 trillion by 2025, and it will be concentrated in three countries: China, the United States and India.

For project managers with experience in the construction industry, the job market in Asia is the place to be as Project Management processes are not very mature in these geographies. India, whose population growth has outpaced the growth of its infrastructure, has a shortage of professionals and the demand will go up to 3 million professionals by 2022. The country needs approximately 1 million skilled project managers to fill gaps in large construction projects that require high degrees of independence and complex regulatory compliance.

Information Technology

Tech remains a powerful job engine with no signs of slowing. In the United States, technology outpaces all other industries in employment growth by three to one. Multinational IT corporations based in the United States are rapidly taking over smaller IT companies and expanding into emerging markets in Asia, the Middle East and Africa.

As the companies take on multitude of employees from various cultural backgrounds, it has a strong need for project managers with a standardized set of skills to undertake system reorganizations and turning strategic vision into tangible goals and effective output.

IT project managers need to be:

  • Good at understanding the political culture and principles of the organization they work for
  • Have ability to think and act strategically
  • Have experience on architecture led Project Management

 Countries with growing demand for Project Management Professionals

 Project Management Requirements

Canada

582,366 new project management roles are projected to be needed by 2020.

 Brazil

The country’s 10-year energy plan will attract US$133 billion in investments. About two-thirds of employers in Brazil report that they can’t find enough workers with the right skills. More than 1.3 million new project management roles are expected to be needed by 2020.

 North Sea

Deep-sea oil drilling in the North Sea region was expected to create 50,000 new jobs in 2013 alone. By 2030, the North Sea will need 100,000 new workers with college degrees in Finance and Project Management.

 Germany

More than 1.6 million new project management roles are projected to be needed in the country by 2020.

 India

The US$100 billion Delhi-Mumbai industrial corridor development project is India’s largest-ever infrastructure project. Nearly 9 million new project management roles are projected to be needed by 2020.

 China

China boasts the world’s largest high-speed rail system: 10,463 kilometers (6,501 miles) of tracks. With an annual investment of US$100 billion, the country plans to complete 18,000 kilometers (11,185 miles) of track by 2015 and 120,000 kilometers (74,565 miles) of high-speed rail by 2020. Nearly 25 million project management roles are projected to be created by 2020.

 Australia

Australia has three operating liquefied natural gas projects and seven more under construction, representing an investment of more than AU$200 billion. A corresponding labor shortage in Australia translates to higher salaries for Project Managers there. More than 375,000 new project management roles are projected to be needed by 2020.

 Japan

According to PMI’s Project Management Talent Gap Report, 2.6 million new project management roles are expected to be created by 2020.

There is no doubt that PMP® Certification brings with it amazing job opportunities. PMP® Certification examination is a grueling process .

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