Freebie Friday: How to prepare for your PMP® Exam. Build a PMP® Exam Study Plan

Freebie Friday: How to prepare for your PMP® Exam. Build a PMP® Exam Study PlanStudying for the PMP exam toward your PMP certification will be a much less daunting task if you apply your project management skills to it and create a project plan. In this video of The PM PrepCast's series on preparing for the PMP exam, you'll learn the essential elements to include in your project study plan. 

Watch the video now and start building your PMP Exam Study Plan. Click here: https://youtu.be/XTya8B77TJM

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Free PMP® Exam Sample Question

Free PMP® Exam Sample QuestionYou are working with your team on estimating how much time each activity will take. One of the documents you are using contains information on categories of labor, material, and equipment required to complete your project. You are also interested to see skill levels of your labor, any certifications required, and grade levels of your supplies. Which of the following documents would you primarily refer to for this purpose?

A. Resource breakdown structure
B. Organizational breakdown structure
C. Work breakdown structure
D. Risk breakdown structure
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HINT: This is one of the inputs to the Estimate Activity Duration process.
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All our questions are updated to the latest A Guide to the Project Management Body of Knowledge (PMBOK® Guide) standard. Stop by at http://free.pm-exam-simulator.com/ and try the PM Exam Simulator free for 7 days. We are a Project Management Institute (PMI)® Registered Education Provider

Answer and Explanation
The correct answer is A.

Based on the scenario described, the project team is performing the Estimate Activity Durations process. An input to this process is the resource breakdown structure (RBS) which is a hierarchical list of team and physical resources related by category and resource type that is used for planning, managing, and controlling project work. Each descending level represents an increasingly detailed description of the resource until the information is small enough to be used in conjunction with the WBS to allow the work to be planned, monitored, and controlled.

A. Resource breakdown structure
Correct. The resource breakdown structure is a hierarchical representation of the team and physical resources related by category and type. It is useful for estimating activity durations as it provides information such as skill levels of the labor and grade levels of your supplies.

B. Organizational breakdown structure
Incorrect. The organizational breakdown structure (OBS) is a hierarchical chart arranged according to an organization's existing departments, units, or teams with the project activities listed under each department. The OBS does not contain any information on categories or types of resources and therefore would not be useful for estimating activity durations.

C. Work breakdown structure
Incorrect. The work breakdown structure (WBS) is a hierarchical chart designed to show how project deliverables are broken down into work packages. The question implies the Estimate Activity Duration process is underway. The WBS is included in the scope baseline which is one of the inputs to that process. However, the WBS does not contain any information related to categories and types of resources; therefore it is an incorrect answer.

D. Risk breakdown structure
Incorrect. The risk breakdown structure is a hierarchical representation of potential sources of risk. It is useful for helping the project team consider the full range of sources from which individual project risks may arise. A risk breakdown structure is used for risk planning and has no usefulness for estimating activity durations.

Reference: A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017, Page(s) 198, 326, 316

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Free CAPM® Exam Sample Question

Free CAPM® Exam Sample QuestionDeveloping prototypes to clarify requirements is considered which type of strategy for planning risk responses?

A. Avoid
B. Transfer
C. Mitigate
D. Accept

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HINT: The purpose of developing prototypes is to reach a common understanding of the project requirements, thus reducing the probability of rework.
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All our questions are updated to the latest A Guide to the Project Management Body of Knowledge (PMBOK® Guide) standard. Stop by at http://free.pm-exam-simulator.com/ and try the PM Exam Simulator free for 7 days. We are a Project Management Institute (PMI)® Registered Education Provider.

Answer and Explanation:
The correct answer is C.

There are five response strategies to deal with individual risks in a project: escalate, avoid, transfer, mitigate, and accept. Of these strategies, mitigation reduces the probability and impact of a risk to the project. Prototypes are developed so that the sponsor or customer can review the prototype and confirm the team’s understanding of project requirements. The result is to mitigate the risk of rework caused by requirement misunderstanding. Thus, developing prototypes is considered risk mitigation.

Details for each option:

A. Avoid
Incorrect. ‘Avoid’ is a risk response strategy chosen to eliminate a threat, perhaps by changing part of the project management plan or adjusting project objectives or baselines so that a threat has zero impact on the success of the project. The purpose of developing prototypes is to reach a mutual understanding of the project requirements, which may mitigate but not entirely remove the risk of rework due to misunderstanding requirements.

B. Transfer
Incorrect. ‘Transfer’ is a strategy that shifts ownership of a threat so that a third party bears the impact of the risk, as in using insurance, performance bonds, warranties, or guarantees. Developing prototypes does not involve shifting ownership of a threat and thus is not an example of risk transference.

C. Mitigate
Correct. ‘Mitigate’ is a strategy to reduce the probability of occurrence or impact of a threat. When a project team misunderstands how the sponsor or customer sees the requirements, they may produce unacceptable deliverables that require rework. Developing prototypes allows the customer or sponsor to review an early stage of the work product, whereby their feedback may enhance the project team’s understanding of project requirements. This strategy reduces or mitigates the costs and delays of rework.

D. Accept
Incorrect. ’Accept’ is a strategy whereby the project team decides not to take any action unless the risk occurs. If you take an active approach to acceptance, you may allocate a contingency reserve in your budget, schedule, or resources but take no further action. If you take a passive approach to acceptance, you take no action to deal with the threat. On the contrary, developing prototypes is not an example of acceptance because the project team takes action well before the risk of rework has a high probability of occurring.

Reference: A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017, Page(s) 442-443

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Freebie Friday: The Complete Guide to PMP® 35 Contact Hours

The Complete Guide to PMP 35 Contact HoursThose contact hours that Project Management Institute (PMI)® demands before you can even apply for your PMP® exam cause a lot of confusion. First, there are a lot of them! You need to rack up 35. Second, what does 'contact hour' even mean? Many students opt for online project management education these days and don't have any face-to-face 'contact' with their tutors.

Then you have to work out whether your course counts as 'formal' education, which training company to choose and that's before you've even started to work out how to record it all in a way that meets the PMI® standards…

Read more here

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Two-Day Live PMP® Coaching Just $179 Enroll for September 21 & 22, 2019

Boost Your PMP®PMP Coach Dan Ryan, MBA, PMP Exam Prep in Eight Hours!

Join us on Saturday, September 21, and Sunday, September 22, from 09:00 am to 1:00 pm EST. You will learn PMP exam essentials and still have the rest of the day to yourself! This class is open for PMP prep candidates from all over the world. So take the class and review PMP exam required topics to boost your exam studies, all while you sip your morning coffee -- or afternoon tea!

Invest just eight hours of your time and take a major leap forward in your studies!

Yes, It's Really Just $179

Let PMP Coach Dan Ryan help you ace the PMP® exam! In the past, you had to pay $249 for his group coaching. But this class is now offered for just $179.

The class is exactly the same one that Dan has previously taught to hundreds of successful exam takers! This means that you will get the exact same lessons and quality of coaching, but you're paying $70 less! And of course, the content has been updated to the latest edition of the PMBOK® Guide.

Click here to join the class!

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