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The PMI Code of Ethics and Professional Conduct is based on 4 core values:
Responsibility - taking ownership of decisions, actions and their consequences
Honesty - being truthful and transparent in all communications and professional conduct
Fairness - making impartial and objective decisions, avoiding favoritism and discrimination
Respect - treating all stakeholders with dignity, professionalism and consideration
Distinguish between a project, program, and a portfolio.
Project - a temporary endeavor undertaken to create a unique product, service or result
defined start and end date, specific objectives and deliverables
Program - a collection of multiple related projects managed together for better results
Portfolio - a collection of programs and projects aligned with a business strategy
Recording a single song is an example of:
a project
Recording a full album (multiple songs) is an example of:
a program
Managing all music projects (albums, concerts, merchandise) is an example of:
a portfolio
Distinguish between a project and operations.
A project is temporary, with a defined start and end date, aimed at creating a unique product, service or result.
while operations are ongoing, repetitive activities that sustain the business and maintain what the project has delivered
Regularly updating the website, fixing bugs and managing content is an example of:
operations becus it is continuous, ongoing work
Distinguish between predictive and adaptive approaches.
Predictive approach in a project lifecycle is plan-driven becus the scope, cost and time is defined upfront. a project follows a set steps. it's difficult to make changes once the project starts. waterfall is a common methodology of predictive
the adaptive approach is more flexible and adaptable. it is change-driven and iterative (work is done in small pieces with each cycle improving the project by frequent feedback and adjustments). changes are welcomed based on evolving needs
a hybrid approach combines both predictive and adaptive methods in a project (ex: building a smart home)
Distinguish between issues, risks, assumptions, and constraints.
issue - a problem effecting the project now
risks - potential problems or opportunities in the future
assumptions - things you think are true but not certain
constraints - limitations on budget, time and resources
Review/critique project scope.
a project scope should be:
clear and specific on what's included and excluded
aligned with business goals
meet stakeholder expectations
achievable in terms of budget, time and resources
clear deliverables and milestones that's easy to track progress
defines exclusions to prevent scope creep
Explain how a project can be a vehicle for change
A project helps a business improve by making things better, faster, or more effective!
Cost Management
the purpose of cost management is to make sure the project is completed within budget. it's important to plan, estimate, and monitor the budget to make sure we don't go over budget
Quality Management
the purpose of quality management is to make sure what's being done and the project itself meets the right standards. it's important to check the work often to make sure it's being done properly and meets expectations
Risk Management
the purpose of risk management is to plan for potential problems or opportunities that can arise throughout the project. It’s important to identify risks early so you can either take advantage of good ones or avoid the bad ones.
Schedule Management
the purpose of schedule management is to make sure the project is done on time. it’s important to plan the timeline and keep track of progress so there are no delays.
Distinguish between the different deliverables of a project management plan versus a product management plan
The deliverables of a project management plan is a guide to organize and manage a project, covering scope, time, budget, quality, risks, resources, and stakeholder communication. It helps ensure the project is completed on time and within budget.
the deliverables of the product management plan focuses on developing and managing the product. It includes a roadmap, strategy, features, and detailed planning to create a product that meets customer needs.
Distinguish differences between a milestone and a task duration.
a milestone is like a significant event, checkpoint or an achievement in a project, and task duration is the time spent on doing a specific activity to reaching the milestone
Determine the # and type of resources in a project.
1. Identify Resource Needs – Break down project goals into activities/tasks.
2. Classify Resources – human resources (team members and stakeholders) and physical resources (materials, equipment, facilities)
3. Estimate Quantity & Cost – Use estimation techniques (Analogous, Parametric, Bottom-Up) to determine the quantity and cost of resources
4. Acquire Resources – Internal allocation or procurement
5. Manage Resources – Optimize usage and address constraints.
Estimate Activity Resources - Tools & Techniques
Analogous - guess based on past projects
Parametric - uses math to predict
Bottom up - adding up all small tasks
Use a risk register in a given situation.
a risk register is used to identify, assess, determine its impact on a project and plan a response to potential threats or opportunities on a project.
Use a stakeholder register in a given situation.
a stakeholder register identifies who's involved in a project and assessing their influence and interests to help determine how to engage with each stakeholder, ensuring their needs and feedback are considered to keep the project on track and aligned with their expectations.
Explain project closure and transitions
Project closure is when everything in the project is finished, the final product is handed over, and the project is officially completed. It also includes reviewing what went well and freeing up resources.
Transition is moving the project’s final product into regular use so it works as planned.
