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All You Need To Know About PMP

In the ever-changing corporate scenario, the evolution of specialized certifications has taken the job industry by storm. These specialized certifications are like dozes that give you special and focused knowledge in a certain field. The PMP certification is one such example. It is in great demand not only in India but also abroad. PMP certification helps you implement applied knowledge and practical experience in your area of work. More importantly, it is not industry-specific and is being opted as a necessary requirement for many industries.

This article is based on PMBOK 6.

 Project Management Institute (PMI)

Project Management Institute is an American non-profit professional organization for project management, founded in 1969. According to Wikipedia, “The PMI serves more than 2.9 million professionals including over 600,000 members in 214 countries and territories around the world, with 300 chapters and 10,000 volunteers serving local members in over 80 countries.” PMI has recruited volunteers to create industry standards “The Project Management Body of Knowledge” and provide various certifications in the field of Project Management.

 Project Management Professional (PMP) 

PMP certification is one of the most prestigious certifications in the field of Project Management. Project Management Institute is the certifying body of this certificate. As of August 2019, there are 932,720 active PMP certified individuals in 218 countries. Gaining PMP credentials is not easy, it requires a lot of dedication and hard work. The Project Management Body of Knowledge has a set of standard terminologies and guidelines for project management. Knowledge of PMBOK in the practical scenario is required to pass the PMP exam.

 A Guide to the Project Management Body of Knowledge (PMBOK Guide)

The Project Management Body of Knowledge Guide is a set of standard terminologies and guidelines for project management. Knowledge of PMBOK is not only necessary in the practical scenario but is also required to pass the PMP exam. The 6th version of this book was released in 2017. This book is published by the Project Management Institute. PMBOK is divided into Process groups and Knowledge areas. These Process groups and Knowledge areas overlap each other on various occasions. There are 49 processes in this book. Every process has some inputs, outputs, tools, and techniques. These processes, which are then grouped under PMBOK process groups and knowledge areas.

 Five Process groups

There are 5 phases to the project life cycle that are also known as process groups: Initiating, Planning, Executing, Monitoring and Controlling, and Closing. All the process of PMBOK categorized under these process groups:

  • Initiating Process Group: Processes required to start a new project or a new project phase.
  • Planning Process Group: Processes related to the planning of a project which will help in the execution and controlling of the project
  • Executing Process Group: Processes related to the actual completion of project activities and tasks.
  • Monitoring & Controlling Process Group: Processes covering everything related to tracking, monitoring, reporting on, controlling project performance, and progress.
  • Closing Process Group: Processes required to conclude and complete a project or project phase.

 Ten Knowledge areas

PMI has divided the large field of project management into 10 parts. The knowledge areas are the core technical subject matters, which are essential for effective project management. All the processes of PMBOK are also categorized under these knowledge areas. You can consider knowledge areas as a vertical element of PMBOK. These knowledge areas are:

 Project Integration Management

This knowledge area holds the overall project together and integrates it into a unified whole. This is the only knowledge area that has processes in all the process groups. Project start, planning, execution, monitor, and closure are included in this knowledge group. Below are the processes of this knowledge area:

  •  Develop Project Charter
  • Develop Project Management Plan
  • Direct and Manage Project Work
  • Manage Project Knowledge
  • Monitor and Control Project Work
  • Perform Integrated Change Control
  • Close Project or Phase

 Project Scope management

This knowledge area takes care of the overall scope of the project. Managing Project scope is the toughest part of the project. It is important to collect requirements and define scope properly as further execution of the entire project will depend on it. It also impacts the time, cost, and risk of the project. Below are the processes of this knowledge area:

  •  Plan Scope Management
  • Collect Requirements
  • Define Scope
  • Create WBS
  • Validate Scope
  • Control Scope

 Project Schedule Management

This knowledge area takes care of the time aspect of a project. Project time is dependent on the scope and cost of the project. Various project activities are required to define, sequence, and map within a tentative duration in this area. Project schedule requires constant observation w.r.t. to a schedule management plan. Below are the processes of this knowledge area:

  •  Plan Schedule Management
  • Define Activities
  • Sequence Activities
  • Estimate Activity Durations
  • Develop Schedule
  • Control Schedule

 Project Cost Management

This knowledge area takes care of the most important aspect that is cost. Project cost is also dependent on the scope and schedule of the project. Effective cost management is a major performance indicator of a project manager which requires consistent monitoring. Below are the processes of this knowledge area:

  •  Plan Cost Management
  • Estimate Costs
  • Determine Budget
  • Control Costs

 Project Quality Management

This knowledge area takes care of project quality which is one of the triple constraints. When you need better quality, you need to put in more time or cost for it. Planning of quality is required during the initial stage of the project and is included in the project management plan. Below are the processes of this knowledge area:

  •  Plan Quality Management
  • Manage Quality
  • Control Quality

 Project Resource Management

This knowledge area takes care of the management of essential resources which include humans and non-living elements. Successful execution of the project is dependent on the proper availability of the resource. This knowledge area takes care of acquiring the right team, ensuring their satisfaction, and tracking their performance:

  •  Plan Resource Management
  • Estimate Activity Resources
  • Acquire Resources
  • Develop Team
  • Manage Team
  • Control Resources

 Project Communications Management

A Project Manager spends 90% of their time in project communication. This knowledge area takes care of the communication aspect of the project. Effective communication is the key factor for project success. Early and frequent communication is vital to every stakeholder. Below are the processes of this knowledge area:

  •  Plan Communications Management
  • Manage Communications
  • Monitor Communications

 Project Risk Management

Keeping the project safe from unwanted events is the significant responsibility of a Project Manager. This knowledge area takes care of risk aspects of project management which include planning, identifying, analysis of risks, correspondence response, and monitor. Below is the process of this knowledge area:

  •  Plan Risk Management
  • Identify Risks
  • Perform Qualitative Risk Analysis
  • Perform Quantitative Risk Analysis
  • Plan Risk Responses
  • Implement Risk Responses
  • Monitor Risks

 Project Procurement Management

We need to depend on the outside organization for various products and services for the execution of the project. Hiring subcontractors can get the job done quicker, cheaper or with better knowledge. This knowledge area takes care of the procurement aspect of the project. Below are the processes of this knowledge area:

  •  Plan Procurement Management
  • Conduct Procurements
  • Control Procurements

 Project Stakeholder Management

This knowledge area takes care of different people or organizations involved with the project, their importance, and level of interactions with various project entities. Effective collaboration with various stakeholders is very necessary for the smooth execution of the project. Below are the processes of this knowledge area:

  •  Plan Stakeholder Engagement
  • Manage Stakeholder Engagement
  • Monitor Stakeholder Engagement

Study Materials for PMP Exam preparation

  • PMP Handbook published by PMI
  • PMP Exam content outline
  • PMBOK 6
  • PMI Lexicon of Project Management Terms
  • PMP Exam Prep by Christopher Scordo (1000 Questions)

According to Project Management Salary Survey 11th Edition, employees with a PMP certification make 22% higher salaries on average across 42 different countries surveyed. Antlia Solutions can help you prepare for your PMP exam as per your requirements. We provide a personalized training schedule with one-to-one revision and doubt clearing sessions along with UpToDate reference material that can help you reach your dream position in your career.

PMP and PMBOK are the registered trademarks of the Project Management Institute.

 

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