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In this issue... |
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This week was an exciting week for us because on Friday, March 25th we launched another breakthrough product - The PM Exam Simulator.
This PMP Exam Simulator offers unlimited online access to over 1,800 exceptionally realistic PMP exam practice questions. If you want to give this product a test drive go to this link: http://www.pm-exam-simulator.com/
Our newsletter this week will be jam-packed with information about products that will help you pass the PMP Exams easily. I will also share with you answers to questions in relation to the PMP Exams. Check out my expert tips too that highlight the importance of studying the PMBOK Guide to increase your chances of passing the PMP Exam..
Read on and enjoy!
Until Next Time,
Cornelius Fichtner, PMP
President, OSP International LLC
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Who creates and signs the Project Charter
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 In the past week I have received about 3 emails that pretty much all asked the same question:
"Who creates / signs the project charter?"
Let's look at this from the PMBOK Guide point of view because I want people to understand this in regards to the PMP exam.
The PMBOK Guide 3rd edition (The "old" one) says this
A project initiator or sponsor external to the project organization at a level that is appropriate to funding the project, issues the project charter. Projects are usually chartered and authorized external to the project organization by an enterprise, a government agency, a company, a program organization or a portfolio organization
The PMBOK Guide 4th edition (The "new" one) says this:
Projects are authorized by someone external to the project such as a sponsor, PMO or portfolio steering committee. The project initiator or sponsor should be at a level that is appropriate to funding the project. They will either create the project charter or delegate that duty to the project manager. The initiator's signature on the charter authorizes the project.
While there is a difference in the words chosen between these two definitions, we have to distinguish between "the letter of the law" and "the spirit of the law". My opinion has always been a) that the initiator creates the charter, but that it is often done by the PM following a delegation and that b) the initiator is the person who signs the project.
The reasons for this are the following:
- The Project Manager is the subject matter expert when it comes to initiating and starting a project. Hence, the PM is usually more qualified to create the project charter. He/She has more experience in doing this and knows what kind of detail to add to the charter. We PMs usually know from past projects what is important in the charter and therefore we can create a "better" charter than the initiator.
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The initiator / sponsor on the other hand is the person who has to pay for the project. Therefore the project manager may under no circumstances sign the charter to authorize the project. Or what would you think, if a PM came to you and said "I have created this charter for our project, I have signed it, the project has started and you must now pay for it.". The PM may of course co-sign the charter, but the primary signature that is needed on the charter is that of the initiator / sponsor.
And it doesn't matter if you look at this from the PMBOK Guide 3rd or 4th edition. They both mean to say the same thing but use different words. But yes... the 4th edition clarifies this nicely.
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| Video: PMP Exam Tip |
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 Reading and understanding the PMBOK Guide concepts and your Exam Prep book will help you obtain your PMP Certification.
Watch this video we have prepared for you: http://bit.ly/hxsBph
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Sample PMP Exam Question
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 A risk has a potential impact of $50,000 if it happens. The probability of the occurrence of this risk is 50%. What is the expected value for this risk?
A. 100000
B. 75000
C. -50000
D. -25000
Hint: Calculate the expected value by EMV formula. Also note that threats are treated as negative numbers.
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Exam Tip: Answer all PMP Exam questions from the PMBOK perspective
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The PMP certification examination is a computer-based exam that is offered at testing centers worldwide. The exam is based on much of the information contained in A Guide to the Project Management Body of Knowledge (PMBOK Guide).
The questions in the PMP Exam are based on the following process groups from the PMBOK Guide: Initiating, Planning, Executing, Controlling, Closing and Professional Responsibility. So expect questions like: Which process is applied to break down the project into smaller, more manageable elements?, or: Which Tools and Techniques are part of Risk Management Planning? Some questions use project management terms that may be interchangeable with others. There will be a few questions that require you to perform simple math calculations. Or you will be required to interpret graphs or diagrams on some questions.
The number one statement to remember is that you need to answer all questions on the exam from the perspective of the PMBOK Guide, even if you feel that this question is one of those that are not 100% aligned with the standard. Asking yourself "What would the PMBOK do?" is a good place to start.
Remember that PMI is trying to present an ideal environment for project managers that might be different from your own experience. The PMBOK Guide will help you a lot here simply because it gives the right answers to all the questions that you will encounter during the exams. Or it will at least point you in the right direction. So if you really want to be prepared for your exams, read your PMBOK Guide extensively and understand the lessons here.
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Solution
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The correct answer is: D
Reference: PMBOK4 - pg:298
Explanation: EMV for a risk is calculated by multiplying the value of its impact by its probability of occurrence. This will result in -$25,000. Choice D is the correct answer to this question.
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Lessons Learned from Imran Ashraf
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I passed my PMP exam on 20'Oct 2010. Here I am going to share my lessons learned:
My journey to PMP started in June this year when I purchased The PM Prepcast to get 35 contact hours and my approach was that I used to study a chapter from PMBOK guide, then watch its corresponding prepcast videos. I must say that Mr. Cornelius Fitchner has put up a great effort in preparing the lectures. The episodes on Applied Concepts are truly wonderful. It took me about 2 months to complete this phase since I was doing it alongside my job. I also purchased the PMP Formula Study Guide from Prepcast and that was very helpful too. I kept its Pocket guide with me most of the time and I was able to learn all the formulas very easily.
Then I started reading Rita Mulcahy's PMP Exam Prep book and this is a nice book to understand PMP concepts. Though questions at the end of each chapter are a bit difficult but it really opens up your thought process and the way Rita has explained each and every answer it guides you on the approach that must be taken while answering the actual exam questions. Afterwards I read PMBOK again and then I focussed on practice questions that are available on internet for free.
PMP exam is not too tough. But it really checks the project management skills. In my exam there were no lengthy questions, most of them were clear in what was being asked, the questions requiring calculator were not complex at all. Lots of questions were on ITTOs but it doesn't require memorization to answer. One must study PMBOK guide at least twice and should have clear understanding of terms like contract types, risk response strategies, quality tools and techniques etc. Regarding ITTOs, you should just try to understand and read ITTO for each knowledge area time and again, must follow the data flow diagrams against each of the 43 processes. I tried lot of practice questions which helped me alot in the actual PMP exam. Prepcast, PM Study, Headfirst and Rita's questions are very good to practice. Oliver Lehmann's questions are somewhat tough in my opinion. In the PMP exam, you may see a continuous flow of tricky questions in the exam. Don't panic as you will come across some very easy questions in good number too. Finally, sleep well before the test day. Exam requires a sheer concentration for 4 hours so must be fresh and relaxed when you sit in the exam. Good luck!
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