Earned Value Management

Earned value management (EVM) is a fascinating method of project management. The name is a mouthful, but its overall goal isn't. Instead, it aims to provide an efficient way of determining a project's total cost of performance (TCO). TCO is how much money you can spend on a particular project.

At the same time, EVM ensures your organization spends the same amount on each phase regardless of where in the process they are at. It also empowers you as a project manager by allowing you to go back and revise estimates at any time.

Earned Value Management Overview

An earned value management system is a method for managing the progress towards achieving a milestone (called an 'achievable' or 'milestone') and is used to assess and improve the quality of project results. It is based on the concept that all resources are allocated to projects on a cost-time basis.

The idea behind earned value management is that managers should base decisions on information about actual performance rather than estimates based on past performance, which can be unreliable because they are often based on partial information.

Earned Value Management monitors and manages projects in terms of cost, schedule, scope, quality, and risks. The approach can be applied at any level of project management, including project initiation, planning, and control; execution; post-execution; or performance measurement.

How Does It Work in Project Management?

The primary function of earned value management is to measure and track progress made on projects. In this regard, it establishes a relationship between the expected cost, actual cost, and project performance.

The basic principle of earned value management is that it measures the cost of work done against the job's value (or benefit). This concept is called "value" because it describes what was accomplished with the resources used on a project. The term "earned" means that each resource impacts the accomplishment of objectives, directly or indirectly, through other resources.

Earned Value Management (EVM) is a system for managing projects from start to finish. EVM can be used in any business where you have an executable plan with milestones to meet your goal for completion. In addition, EVM helps you control costs by accurately showing how much money has been spent on each milestone over time.

What are the Benefits of Earned Value Management?

In this world of uncertainty, it is essential to have a system that defines your organization's performance. Earned value management (EVM) is a process used to determine an organization's progress toward its goals. EVM is a measurement of work completed against expected costs.

The benefits of EVM are:

• It provides visibility of all activities by assigning them a cost and time value.
• It helps the organization make better decisions by giving them complete information about their projects, whether they are working on schedule or behind schedule, how much money has already been spent on each project, etc., enabling them to take corrective measures if required.
• It ensures no overspending or underspending of resources at any stage of work, thus helping avoid waste and inefficiency in project implementation.
• It helps improve the quality of new products or services as they develop, allowing you to detect problems early, thereby improving reliability and reducing costs.
• Earned value management is also used in industry sectors such as banking, insurance, and healthcare to manage projects for financial gain.
• Earned value management has been used for decades in government departments such as those responsible for schools and hospitals.
• It provides a way to compare the relative effectiveness of different approaches to project management. It enables you to assess whether a system has been effective in meeting its objectives and whether it warrants continued use.
• It provides an objective basis on which to evaluate progress on projects. This allows for more accurate forecasting and planning than would otherwise be possible.

When to Use Earned Value Management in Project Management?

Earned value management effectively tracks project progress because it uses a set of pre-defined criteria to determine whether or not a project has met its goals. This process allows you to see how much money you have spent, how much time your company has invested, and how many resources have been used during each stage of your project.

While earned value management can be done manually or with computer software, it's important to remember that this method only works if you have good data about your project's goals. If any variables aren't appropriately tracked or aren't known in advance (such as weather conditions), then earned value management won't work well for you.

The EVM process is used to determine the costs, schedule, and budget of the project and identify risks and opportunities. The EVM process uses three primary methods:

Cost-volume-profit analysis. This method determines the overall cost of each activity in the project and compares it to its profit margin. If a project is profitable, it will continue until no more profit is made or its cost is higher than its profit margin. When this occurs, it is time for the project manager to consider reducing scope or increasing scope. These changes can sometimes be made without affecting other parts of the project because they do not change any of its other measurements (such as duration or scope).

Cost performance index (CPI). The CPI compares actual costs with expected costs; it does not compare actual costs with budgeted costs.

Schedule performance index (SPI). The SPI compares actual schedules with expected schedules; it does not compare actual schedules with budgeted schedules.

Conclusion

Earned value management, or EVM, is essential for predicting the project's schedule and budget. EVM incorporates many disciplines into one, making it easy to show a project's status to other employees and help guide future decisions.

Risk Assessment in Project Management

Risk assessment is the process of identifying and assessing the potential impact of a risk, which is then quantified to determine if it materializes. When you begin any project, taking in all the risks is essential. This helps you decide which ones you can afford and which others should handle.

 Risk assessment is a core competency for any project manager. Even if you're not a PM, it is essential to know the risks associated with your project just as much as the non-project managers on your team. Identifying and evaluating them can give you an edge over your competition.

What is Risk Assessment?

In project management, risk assessment is the process of identifying, evaluating, and prioritizing risks that could affect the successful execution of a project. A chance could be anything that could affect the project negatively.

 Identifying potential risks and understanding the probability of those risks happening allows project managers to make better decisions. A risk assessment helps determine which risks to keep an eye on and which ones to focus your attention on.

Need for Risk Management

Risks are an integral part of the business that can cause failure or negatively affect the business. Project managers are responsible for managing risks and taking them into account when creating a project plan. This ensures that the project is successful and that all parties involved are protected from risk. Several factors affect risk:

 Project type - Different industries face different types of risk. For example, an IT project may face downtime from cyber-attacks. Still, a construction project might be affected by weather conditions.

 The stakeholders and the team - The team and the project stakeholders have different risk factors. For example, suppose the team has limited industry experience or project-type experience. In that case, they may have more risk of success. Likewise, consider the stakeholders have limited funding, time, or ability to change. In that case, they may have more risk in changing the project's direction.

 Time and cost - The more time a project takes, the more risk it faces. Similarly, if the project is over budget, it faces more risk.

Identify Risks

The first step in risk assessment is identifying risks. This can happen either before or during the planning stage of the project. You can identify risks by asking yourself what could go wrong. You can also interview stakeholders and the team to help identify risks. Keep a log of these potential risks.

 You may not know all the risks at the beginning of the project. Some risks may surface mid-project or even after the project has begun. Once you've identified the risks, you can decide how to tackle them.

 Identify the probability and impact of each risk. Once you've identified the risk, you can assess the probability and impact of that risk. This can help you decide how to deal with each risk.

Estimate Impact of Identified Risks

The impacts of identified risks are essential to understand and manage. Still, knowing how the risks can be controlled is also necessary.

Therefore, managing the impact of risks on a project requires a sound understanding of how risk is defined, where it occurs, and how it can be managed.

Risks can be identified for several reasons, including:

• The identification of impacts that may occur if something does not go as planned.
• An understanding of how things might go wrong.
• An awareness of what could go wrong.
• Recognition that some events and conditions may cause problems.
• A desire to understand the potential impact of these events on project objectives.
• A desire to understand what type of risk management is required to mitigate possible adverse effects on project objectives.

Types of Risk

Project management is not only a process but also an art. It requires expertise and the ability to manage the project effectively, especially when working at risk.

Technical risks are the most common type of risk in project management. Technological risks are inherent in the process of creating a product or service. This can include problems with the product's design, manufacturing, delivery, and installation.

Operational risks are risks that arise from the operation of an organization. They are caused by human error, fraud, and other factors that may lead to adverse outcomes for your project. These risks can cause delays in your project schedule, reduced quality, higher costs, and lost revenue.

Relationship risks occur because you're working with people on your project who don't share your vision for success for your project or company as a whole. If these relationships don't work out well, you may delay achieving your goals because someone will have to back out or move on early.

Financial risk is the possibility that a project will not be completed on time or within budget or that it will fail to attract the level of funding required to complete it. This risk is typically managed with additional funding and approval from stakeholders. In some cases, this type of risk can be mitigated by adding contingency funds to the project budget.

Project schedule risk includes many factors that can negatively impact project completion. These include delays in obtaining required approvals, changes in scope or requirements, and issues with suppliers or subcontractors. The impact of these delays can be significant and can lead to missed deadlines if not correctly managed. For example, suppose a supplier misses a delivery date. In that case, this could cause delays in other areas, such as obtaining necessary permits or licenses from local authorities.

Scope management risk involves managing all project lifecycle stages- from planning to execution. Scope management risks include:

• Inadequate information about customer needs, lack of knowledge about technology options.
• Failure to understand organizational capabilities.
• Poor communication among project team members.
• Lack of overall understanding among stakeholders about what is expected once the project is underway.

Strategic risks could potentially impact the viability of a project or the profitability of an organization. These risks are usually associated with financial and environmental issues, such as natural disasters and political instability. Therefore, managing these types of wagers can be seen as critical in ensuring that projects are completed successfully.

Quantifying the Type of Risk

In project management, there are many types of risk. Some risks can be quantified and measured, while others cannot.

Quantifying the type of risk in project management can help managers to keep track of the project's progress and evaluate the risks involved in any given stage or phase.

In addition, quantitative risk analysis provides managers with a way to better understand how the project is progressing. Project risk can be quantified in various ways, such as:

Explicit Risk - The probability of failure for a specific part of the project (e.g., technical failure)

Implicit Risk - The probability that an entire project will fail (e.g., management's inability to meet deadlines)

Combined Risk - The sum of both explicit and implicit risks (e.g., if there are five clear risks and one implicit risk, then the combined risk is six)

Conclusion

Risk assessment is a core competency for any project manager. Even if you're not a PM, it is essential to know the risks associated with your project just as much as the non-project managers on your team. Identifying and evaluating risks can give you an edge over your competition. This can help you decide which ones you can afford and which others should handle.

Additionally, it can help you mitigate risks that may affect your project. For example, if you know there is a risk of a cyber-attack in your industry, you can take extra precautions to protect sensitive information.

Agile Project Management

Agile project management is more than just software development. It involves bringing together all the aspects needed to successfully deliver software projects on time, within budget, and with high quality. In other words, an Agile Project Manager is a full-stack professional who can combine engineering and business skills.

What is Agile Project Management?

Agile project management is a software development process based on iterative and incremental development, close collaboration between Development and Business, and Continuous Improvement.

The critical focus of agile project management is to deliver business value by keeping the work within the defined scope and timeline while keeping risks and costs at the minimum.

Using Agile, companies can reduce their product development time, increase customer satisfaction, and maintain a healthy bottom line.

The Origin of Agile Project Management

Agile project management methods were developed in the early 2000s by a group of software and project management experts who were frustrated with the limitations of the traditional waterfall approach. The most famous waterfall method was created in 1970 and focused on sequential steps:

The first step is to create a detailed specification of what the end product should look like, then design the product, then build the product, and finally test and release the product to customers. Unfortunately, the waterfall approach has many weaknesses and is often criticized for its rigidity and focus on documentation rather than the actual product.

With a waterfall approach, for example, it is hard to change the project's direction in the middle of the process.

How does it work?

With Agile project management, the outcome is broken down into smaller pieces called "sprints,” typically two to four weeks long. At the beginning of each sprint, the team decides what they will achieve within the next two to four weeks.

Next, the team reviews and then plans the next sprint at the end of the sprint. This way, they stay focused on their main goals while adjusting to the ever-changing conditions.

Regarding the project's documentation, Agile relies heavily on regular team meetings and tracking results with software tools. As a result, project managers will clearly understand the project status and can easily make adjustments when needed.

For example, if a developer discovers new technical challenges in the middle of the project, the project manager can easily adjust the team's priorities to accommodate the issue.

How is Agile Different from Other Project Management Styles?

The waterfall approach is very detailed upfront, but it doesn't allow for changes on the way. The waterfall project management model is often criticized for being too rigid and failing to meet the needs of modern businesses.

Scrum, on the other hand, is very focused on backlogs, team roles, and interaction, but it doesn't consider the needs of the wider business. The traditional waterfall and Scrum project management models are both sequential. Both rely on moving sequentially from one phase to the next.

Unlike waterfall and Scrum, Agile combines elements of both sequential and iterative project management styles. It is iterative in that it relies on delivering small pieces of functionality (or "sprints") repetitively. When executed correctly, it is also sequential since each sprint depends on the results of the previous sprints.

The Benefits of Agile Project Management

Switching to Agile project management can benefit your business in many ways:

Delivers high-quality products faster: By reducing the risk of rework, agile projects are likely to produce better results in a shorter timeframe.

Reduces business risks: Using agile project management will significantly reduce the chances of project failure.

Increases revenue: Higher customer satisfaction and retention rates will likely boost your company's revenue.

Holds down costs: By keeping risks and fees at a minimum, companies can save money.

Improves the working environment: By providing clear goals, regular check-ins, and constant support, Agile can improve staff morale and retention.

Why Agile Popular Among Programmers and Software Developers

Software developers and programmers often prefer agile project management because it gives them more control over the development process. For example, the idea of iterative development is that developers will create a product section, test it, and then move on to the next area. This way, the team can examine the product and find issues quickly before those issues have a chance to impact the whole product.

Another reason behind the popularity of Agile among programmers is that it is very flexible. Software developers with agile project management experience can quickly adapt to new situations. They can respond to changes in customer needs, for example, and either adjust their approach or find ways to complete the project within the existing scope and timeline.

Popular Software on Agile

• JIRA for project management and workflow management,
• Trello for project management,
• Confluence to collaborate with other team members,
• Slack for team communication,
• GitHub for code hosting,
• Visual Studio Code for code editing and debugging,
• Visual Studio for full software development and testing,
• Docker for containerization and DevOps

Agile Vs Waterfall

In the Waterfall model, a project team starts with a high-level idea and then works through a defined set of steps. Each step is a specific activity with a specific deliverable.

The Waterfall model is sequential and linear. This means that activities in the project are executed in a fixed order.

In the Waterfall model, there is no room for change.

There is no feedback loop; hence, there is no room for learning and improvement.

The Agile model, on the other hand, is all about continuous improvement. Therefore, agile teams use a feedback loop to adapt to changes.

The feedback loop begins with creating a "minimum viable product." The product is then tested to determine if it meets the client's needs. If not, changes are made, and the product is re-launched.

How Scrum Works with Agile

 Every agile project follows the same path: Plan, Execute, and Review.

The project Plan stage is all about the "what." It is about understanding the project goals and objectives. What are we trying to accomplish? What are the business outcomes of this project? What are the stakeholders expecting from this project? What is the project vision? These are just some of the questions that need to be answered at this stage.

The Execute stage of the project is all about the "how." It is about bringing together all the stakeholders and team members to agree on the project goals and objectives. It is about understanding the project roadmap. It is about understanding what the deliverables of this project are and how we go about completing those deliverables.

The Review stage of the project is all about "what's next." It is about understanding whether we were successful or not in accomplishing the project goals. It is about understanding the metrics and KPIs related to this project.  It is also about understanding what went right and what went wrong in this project and how we rectify the wrongs and make sure they do not happen again in the future.

Conclusion

Agile project management is an iterative and incremental approach to creating products broken down into smaller pieces called "sprints." It relies heavily on the team's ability to adapt to changing conditions and is best suited for projects with frequent change requests or that require new features.

The most significant advantage of Agile is speed. By shortening the feedback loops, the team can adjust to changes quickly and with minimal disruption to the rest of the business. The most significant disadvantage of agile project management is that it works best with teams with experience with this project management method.

10 Best Project Management Software

There is a lot of project management software on the market. But not all of them are worth using. You might make a mistake when you look at the alternatives and things that matter, so today, I'll show you the 10 best project management software for 2022.

Basecamp

Basecamp is a project management software that helps you run your business smoothly. It is a web-based tool, so you can use it from anywhere in the world and access it from any device.

Basecamp is free for small teams, but if you have more than 5 team members, you need to pay a small fee per user per month.

Basecamp has many features that help you manage your projects efficiently, including these:

Project planning: Basecamp helps you organize your work by creating a timeline for each task and milestone, assigning tasks to team members, and tracking their progress throughout the project.

Team communication: You can email everyone on your team at once or send messages to users as needed via Basecamp's inbox feature. You can also post updates and comments on each item's discussion page.

Collaboration tools: To keep everyone working smoothly together, Basecamp allows users to share documents or store them online in Dropbox folders, so they're available from anywhere at any time (or quickly backed up too). You can also create private forums for specific discussions or projects within Basecamp itself if needed — great for organizing work with multiple teams or departments within one organization!

Teamwork Projects

Teamwork Project Management software is a complete solution for project management. Many companies use it to manage all of their projects.

Teamwork Project Management software has been developed to help you manage your projects more effectively. It will help you be more organized, efficient, and effective in managing your team's work.

How Do Teamwork Projects Work?

Teamwork Projects is a web-based project management system that lets you manage everything from your team's workflow and communication to their projects, tasks, files, and deadlines.

You can use this tool for yourself or as part of an organization that uses teamwork projects, such as a team at a startup or agency.

Asana

Asana is a cloud-based project and task management tool that helps teams collaborate, communicate, and track their work.

Asana's unique feature set makes it an ideal choice for any organization. It's perfect for project managers, project teams, or individuals looking to manage their projects.

Asana offers many benefits over traditional spreadsheets:

Collaboration tools: Asana works with popular collaboration tools like Slack and G Suite. This allows teams to share files, documents, and tasks easily.

Communication tools: Asana helps teams stay on top of all their communication needs without getting lost in email threads or bulky spreadsheets. Teams can use Asana's real-time chat functions to coordinate meetings and ask questions via instant messaging (IM). Groups can also use social media integrations to stay connected inside and outside work hours.

Task management: Asana integrates with popular task management apps like Trello or Wrike so that you can manage your projects' tasks whenever you need them in your day-to-day workflow. You can create new jobs directly from within Asana, so you never miss a beat!

Zoho Projects

Zoho Projects is a project management software that can help you organize, manage and track your projects from start to finish. With this tool, you can collaborate with your team members on the same project and get real-time updates.

Zoho Projects offers a free trial for 1 user and 2 projects per month. In addition, you can download Zoho Projects for Windows or macOS and use it on up to 5 computers at once.

Why You Should Use Zoho Projects

Zoho Projects has many features that make it a great project management software:

Integrated collaboration tools: You can easily share files and links with your team members. This makes them comfortable working on the same project.

Task lists & to-dos: As part of their feature list, Zoho Projects also offers task lists & to-dos that allow you to organize tasks by the due date or priority level. In addition, you can assign tasks easily using drag and drop functionality.

Project templates: When you create a new scheme in Zoho Projects, you have access to templates that include all the features required for different projects like personal finance, marketing, sales, etc...

Airtable

Airtable is one of the most popular projects management tools on the market. It has made its way into many organizations as a replacement for Excel spreadsheets and other traditional project management systems.

Here are some reasons why you should consider using Airtable in your organization:

It's easy to use: Airtable has a simple drag-and-drop interface that makes it easy for anyone to get started.

You can share your data with others: Invite others to view it, modify it, or make changes. This makes it easier for everyone involved in the project to collaborate on data and keep track of what needs to be done next.

It's cloud-based: so it doesn't require setup or maintenance costs. In addition, it works with any internet connection, so you don't have to worry about installing software or setting up any servers or databases.

Hive

Hive is a project management software that helps you manage your projects and work with others. It's designed to be easy to use to focus on the essential things.

Hive is available in two versions: Hive Standard and Hive Enterprise. The main difference between these two versions is the number of users you can have on your account simultaneously.

The most common business processes are:

• Managing the project requirements, tasks, and resources.
• Tracking project progress and managing risks.
• Manually entering data into a spreadsheet or other tool to capture information.
• Maintaining a manual project management system is error-prone and difficult to update as projects change over time.

Hive Project Management Software is a solution that combines all of these elements into one integrated solution. As a result, you can use Hive for simple and complex projects, including multiple teams working on the same project at different locations.

Wrike

Wrike is a project management software that enables you to organize, monitor, and manage your projects from beginning to end. With Wrike, you can create projects and groups, assign tasks, get updates on progress and resources, manage budgets, and more. It's easy to use, but several features make it an excellent tool for the project manager.

Wrike offers several tools for managing projects:

Projects: Create or import new projects from Google Drive, Dropbox, or SharePoint. You can also create sub-projects from within individual projects.

Tasks: Assign tasks to people or groups of people by dragging them into desired roles (e.g., team members). You can also set deadlines for each task and receive instant updates on their status via email or Slack channels.

Reports: Create custom reports based on metrics like time spent on tasks by team members or cost per hour spent on the project by each department member.

Redmine

Redmine is a project management software that is easy to use and very powerful. Redmine is open-source software, so anyone can easily download, install and use it. It is also free to download and use, but if you want to install it on multiple machines, you will have to pay for it. You can buy a license for your Redmine installation from their website or through their partners, such as web hosting companies offering cheap Redmine installations.

The first feature is the ability to add attachments to issues and pull requests. This allows you to attach documents such as images, PDFs, and other file types, which help people understand what they are looking at before they start working with them.

Another helpful feature is the ability to assign tasks based on specific criteria such as priority or due dates. This makes it easier for people with different skill sets (such as developers) to work on similar tasks without having problems communicating with each other because they have different languages.

Smartsheet

Smartsheet software helps you track tasks, manage projects, and collaborate with your team. It is an online application that allows users to create spreadsheets, create jobs in those spreadsheets, and assign tasks to different team members.

Why use it?

The best part about Smartsheet is that it provides a tool to manage your time more efficiently. You can use it for personal or business purposes. The best thing about this platform is that it offers some advanced features such as custom dashboards and templates so you can have a customized dashboard for your specific needs.

Liquid Planner

Liquid Planner is an agile project management software that helps you to organize your projects and get the right people in place.

Liquid Planner has the following features:

Project Management: You can create, manage and close your projects in Liquid Planner. It has many pre-made templates to help you get started and a drag-and-drop interface that makes it easy for you to get started.

Team Collaboration: LiquidPlanner allows you to collaborate with other team members through the platform. It will enable accessible communication between teams, so everyone knows what is happening at each project stage.

Collaboration Tools: In LiquidPlanner, there are several collaboration tools available, including commenting on documents, sharing files, tracking changes, creating tasks and assigning them, etc...

Communication Tools: In LiquidPlanner, there are several communication tools available such as emailing documents, creating tasks and assigning them, etc...

The best project management software is not a "one size fits all" solution. What works best for you and your business will likely depend on your industry, the size of your company and hierarchy, the specifics of what needs to get done, and so on. Give some of these a try and see if they fit you and your team!

PMP Terminologies related to Cost

A Cost is an amount an organization pays for a product or service. This is often referred to as the unit cost and payment for each unit of an item purchased. In general, a cost is an accounting term that refers to all expenses an individual or organization incurred. The Cost of something has two main parts: one part, which is the good itself named in terms of its tangible form, and another part which is the money used to purchase it. Thus effective today, you must deal with both PMP Terminologies related to Cost.

Cost management plan

The cost management plan is a document that provides information and guidance to the project manager on how to manage costs. It should include a high-level description of the project's financials, including budgets and forecasts, and details on how costs are estimated and managed.

The cost management plan should also contain information about how the team will assess when it has reached its target completion date and how it will use this information to determine whether or not to continue with the project.

In addition, some projects may have other costs, such as marketing expenses or product development efforts. These can be included in the cost management plan if they fit into the scope of work for the project.

Cost Baseline

The cost baseline is the amount of money needed to make the product.

The cost baseline helps you determine how much your product will cost to produce. It also tells you how much money you need to get started.

For example, if your product costs $20 to make, and it takes $5 of materials and supplies to make each item, your total manufacturing costs would be $15. Therefore, that number should be used when pricing your items.

Earned Value

The earned value is a financial measure of the resources and incurred costs required to complete a project.

Earned value is calculated by taking into account two factors: the Cost of goods sold, which represents the Cost of the goods shipped to customers, and actual cash expenditures, which means how much was spent on goods and services.

Earned value is a valuable tool for monitoring progress in projects. It indicates whether a project is completed on time, within budget, and of high quality.

Earned value can be used for quality control as well as scheduling purposes. The earned value should always be compared with the planned value because the earned value can be adjusted upward or downward to reflect actual performance against plan or budgeted values.

Planned Value

Planned value is the amount of money you expect to receive from your project after you have invested all the money.

When you plan a project, you should consider the Cost of each phase and how long it will take to complete it. And then, you should calculate the total expected Cost and revenue of the entire project.

The planned value is an integral part of your budgeting process because it shows your available money for other projects or investments.

Actual Cost (AC) 

Actual Cost is the total expenses incurred by the entity, which can be directly and indirectly associated with the work done. For example, it includes all overheads, salaries, wages, transportation costs, etc. Actual Cost is a popular method because it can be easily converted into a percentage of turnover or profit, widely used in business management.

Estimate at Completion (EAC)

The EAC measures the extent to which a project has been completed. In other words, it measures how close a project is to being finished.

The EAC is calculated by taking all completed tasks and the sum of all remaining tasks in the proposed timeline. The sum of all remaining charges is calculated by subtracting the total hours spent on each task from the total number of hours spent on each task. The sum of all completed tasks is calculated by subtracting the total hours spent on each task from the total number of hours spent on that particular task.

The EAC can be damaging if more tasks remain than were initially planned to be completed. This can happen if unforeseen delays or problems require additional time to fix or resolve.

Cost performance index (CPI)

The cost performance index (CPI) is a financial measure used to determine the quality of a project. The CPI is calculated by dividing the total project cost by the total number of benefits derived. The CPI can be used as the basis for evaluating the performance of a project and subsequent decision-making.

The CPI provides managers with information about how much money they have spent on a project and what value it has gained. This enables them to make decisions about whether to continue with that particular project or not.

Schedule performance index (SPI)

SPI is a performance index that measures the efficiency of a system, either in terms of resource utilization or quality. It is calculated by dividing the total time required to complete a task by the time spent on it.

Schedule Performance Index (SPI) is a tool that helps managers to assess their project's performance, identifying areas for improvement and opportunities for increased productivity. The SPI is calculated from actual times rather than estimates or idealized tasks.

The SPI formula is: SPI = Actual Time / Estimated Time

SPI can measure how fast an organization can complete a task or how well it fulfills its goals. If an organization's SPI is below 1, it performs better than average; if it's above 2, it's acting worse than average.

As a final thought, you should understand that there are several ways to calculate the project cost; for example, if you are using Earned Value Management (EVM), then you will add the Estimate at Completion for the Work Packages. Learning the lingo may help you better interface with your team and project manager.

Top 10 Technologies Trend For 2022

Technology is a very dynamic field, and innovations are coming along at a rapid pace. When a new technology hits the market, we often forget about the past and take chances on what's next. In 2022, we'll discuss some innovative new technology that will shape our lives in the next few years. Let's look at ten different technologies that could be the future of media distribution.

Cloud computing

Cloud computing has revolutionized the way businesses store and share information. It provides access to resources from anywhere in the world, 24/7, at low cost, and with high security.

Cloud computing also allows businesses to scale their IT infrastructure as needed instead of buying new equipment or software whenever they need more power or storage space. This benefits companies by reducing costs and focusing on core business operations instead of managing IT infrastructure.

In addition, cloud computing can improve productivity by enabling employees to work from anywhere in the world without worrying about travel costs or lost time due to poor internet service.

Robotics and machine vision

Robots are coming! Robots are already helping us do our jobs better, but they're also becoming more sophisticated and versatile. As a result, they're being used for tasks once reserved for humans, including inspections of manufacturing plants and warehouses and monitoring sewage systems. The next step? Autonomous vehicles! As a result of these advances in robotics technology, we'll see an increase in demand for industrial robots over the next decade.

Augmented reality (AR) and virtual reality (VR)

Virtual reality (VR) provides an immersive experience where users can interact with computer-generated images in real time. Augmented reality (AR) includes real-world objects and computer-generated graphics superimposed on top of them, giving visual feedback when interacting with those objects in real life (for example, when holding a phone in your hand).

Blockchain technology

Blockchain technology has been around for a while but has recently become more widely known and applicable. Blockchain is a distributed ledger that can record transactions between parties without needing a third-party intermediary. It was initially invented as the backbone of the digital currency Bitcoin, but many industries are now using it to improve their processes and operations.

Blockchain has been touted as a possible solution to many problems in the financial world, including fraud prevention and settlement, tracking inventory, and even voting. As a result, some banks are experimenting with blockchain technology to create new services that cut costs while they reduce bureaucracy.

Internet of things (IoT) technology

The internet of things refers to a network of physical objects (e.g., cars, buildings, etc.) connected to the internet and can be remotely monitored or controlled. These connected devices allow companies to collect data about their manufacturing processes and inventory levels in real time, which gives them better insights into their business operations and will enable them to make decisions faster than ever before.

5G

5G, or fifth-generation wireless technology, will be a game changer for businesses and consumers. The next generation of cellular networks will transmit up to 10 times faster than current 4G networks, making it possible for mobile devices to connect with IoT devices in real time and reduce lag time. In addition, 5G will enable new applications such as self-driving cars and remote healthcare monitoring that was not possible with 4G.

3D Printing

3D printing is one of the leading technology trends for 2022. 3D printing is a technology that allows you to create objects by using digital files instead of designing them by hand. This technology has been used in the aerospace, automotive, and manufacturing industries for years. Still, it has recently started being used in other fields, like medicine, education, and art.

Smart Devices

Smart devices will be a big trend in 2022 because they will be able to integrate with other intelligent devices such as cars or home appliances to make life easier for their owners. Smart devices use sensors to detect movements to perform functions such as monitoring temperature or lighting levels.

 For example, an intelligent car could recognize when you park your car in your garage so you can automatically open your garage door when you get back home, so you don't have to carry those heavy bags from work!

Quantum computing

Quantum computing is an emerging technology that uses quantum bits (Qubits), which can exist in a superposition of states until an application determines a Qubit's state.

Unlike classical computing, where each bit has a set state and can only be either on or off, quantum bits can be in multiple states simultaneously. The result is that quantum computers have the potential to solve problems exponentially faster than classical computers.

The idea behind quantum computing is simple: a computer that stores information in binary code as binary zeroes and ones would require more space than a computer that stores data as qubits would need.

However, since qubits can exist in multiple states simultaneously, they could potentially store much more information than conventional computers.

Datafication

Datafication is the ability to create, manipulate, and analyze data. Datafication is a broad term describing any process that transforms raw information into usable knowledge. For example, Datafication can be applied to transforming raw data into information for decision making.

Datafication has become more important as humans increasingly depend on data from multiple sources and in different formats. A key aspect of Datafication is that it allows us to take advantage of all available data.

Unfortunately, traditional methods of collecting, organizing, and storing information were designed for specific purposes: they had limited capacity for handling large amounts of data. They could not easily integrate information from multiple sources.

Conclusion

So we can see clearly, according to this top 10 list. The future is promising. It is hoped that the new technologies described above can help us make our lives richer, better, and more accessible.

Well, come to think of it, the pace of technological development is swift. The ultrahigh-speed network will be applied in most parts of the world during this period. In 2022, electric cars will become increasingly popular, and people are switching their automobiles to electric vehicles somewhat wildly. It improves the automobile industry chain and saves energy significantly.

Many companies are developing a technology that makes TV sets generate electricity with human body heat. With this technology being introduced in 2022, we no longer need to worry too much about power outages. When a vast earthquake happens, online learning platforms will benefit people affected by the disaster as they provide remote education facilities for people to realize their studying goals as usual.

Scrum Vs Waterfall Vs Kanban

Scrum vs. Waterfall vs. Kanban is all terms you might have heard of when learning to become a software craftsman. Everyone talks about them, and everyone has an opinion. But what's the difference between these three popular approaches to software development? Is one better than the others? Are there any similarities between them? In this article, we'll try to answer these questions by observing specific aspects of each methodology.

What is Scrum?

Scrum is a framework for managing product development. It is a way to prioritize work, manage the team collaboration, and communicate expectations. Scrum has three main activities essential to all projects:

• Scrum teams typically create a product roadmap consisting of a few significant milestones with a few smaller goals within each milestone.
• Second, Scrum allows teams to easily adjust the product roadmap based on circumstances, such as new data or market research findings.
• Finally, it gives a team a clear understanding of how to create and manage those products over the long run.

When to use Scrum

Scrum helps manage teams with difficult or complex work, including software development. For example, it's common for product development teams to have various stakeholders, including customers and other departments.

Scrum excels at managing these types of projects because it has high visibility and clear expectations around what happens during each phase of the work.

Why Scrum is unique

Scrum has three unique characteristics that set it apart from other project management frameworks:

Self-organization: Scrum does not prescribe a specific team structure or imply that certain departments should work together. Instead, it empowers team members to choose how to organize themselves best.

Planning through transparency - Scrum is a transparent process. All team members, stakeholders, and other stakeholders can see what work is being worked on, how far along it is, and what the team expects to be completed by the next meeting.

Continuous adaptation - Scrum is a way of thinking and working, not a one-and-done process. It empowers teams to make changes along the way by taking advantage of its transparency, self-organization, and backlog of work.

What is Kanban?

Kanban is a process for managing workflow. It is often used as an alternative to Scrum for more straightforward, smaller projects. Kanban can also be used as a supplement to Scrum to help optimize workflow.

Kanban is often visualized as a board with cards representing work items. Work is represented as cards that move across the board as it progresses through stages, such as creativity and development.

When to use Kanban

Kanban is a good choice for managing projects with less pressure to hit specific deadlines. Some examples of Kanban industries include manufacturing, health care, and software development.

Why Kanban is unique

Kanban is different from Scrum in several ways:

• There is less focus on team collaboration - Kanban doesn't prioritize bringing a team together in one room to collaborate daily. Instead, it emphasizes a more decentralized workflow where team members work from home and can still collaborate effectively.
• There is less focus on product management - Kanban is a less rigorous process than Scrum. There is less focus on creating product roadmaps, tracking hours worked, and other details that Scrum teams are hyper-focused on.
• There is less focus on project management - Kanban is an adaptable process that can be applied to various projects and industries. It is not as prescriptive as Scrum, which is meant for managing software development projects.

What is Waterfall?

The waterfall process is a sequential management approach to software development. It is based on the idea that project management and product development should be linear processes where one phase leads directly to the next.

However, waterfall software development has recently been criticized because it is overly strict. It often requires that each phase be completed before the team can move on to the next phase of the project, which can cause projects to be significantly delayed if something goes wrong.

When to use Waterfall

The Waterfall is a good choice for managing projects where you have a clear vision for what you want to create, and a few unknown variables could affect your project.

Waterfall excels when there are no unknowns in the project, such as when you have a product that doesn't have many variables or is based on specific requirements.

Why Waterfall is unique

The Waterfall is unique in how it prioritizes project phases. Unlike Scrum, which prioritizes work items, and Kanban, which prioritizes workflow, Waterfall prioritizes different project stages. This means, for example, that the design phase of a project is more critical than the ideation phase, regardless of the amount of work being done in each step.

Difference between Scrum, Kanban, and Waterfall

Scrum is a product development methodology that emphasizes delivering working software at regular intervals. The name derives from the Scrum Development Process, which describes the roles, responsibilities, and activities involved in completing a project.

Waterfall development is a model for software development that describes a linear process of software development using a sequential, step-by-step approach, with each step having its deliverables. In waterfall methodologies, management decides what features to build and how to implement them; this is known as the "requirements" phase. Then developers create code in a specific order to meet particular requirements, known as the "design" phase. Finally, developers test their work and then deploy it to production if it passes testing.

Kanban is an agile software development method that avoids long meetings by having everyone update their Kanban boards when they have something meaningful to contribute. Each person has their commission, which contains columns for tasks they or need to accomplish during their time at work (e.g., "writing documentation," "creating an application").

Conclusion

Despite their differences, all three project management frameworks have one overarching purpose: to help teams create better products. So no matter which method you choose, keep in mind that each methodology offers the potential for improvement and the opportunity to learn new skills.

Top 30 Project Based Questions and Answers

1. What is a project charter?

The project charter is a document that describes the work you need to do as part of your project. It's a contract between you and your customer, designed to help both parties understand what they're getting into.

A good project charter has these key features:

• It clearly states what needs to be done and why. In other words, it explains the goals of your project and indicates how the team plans to accomplish them.
• It lists all necessary resources, including people and equipment.
• It describes the process that will be used to complete each task on time and within budget.
• It includes milestones or deadlines for the completion of each task.

2. What do you know about fast-tracking and crashing techniques?

Fast-tracking and crashing techniques are used to accelerate the process of getting new features into the code base without waiting for the necessary approval from management.

The fast-tracking technique involves a group of developers working together on a project, each with a task list. The team leader then creates a separate task list for each developer, with the time they will need to complete their tasks. The developers then proceed to work on their tasks as quickly as possible.

The crashing technique is similar to fast-tracking, except that no separate task list is created for each team member. Instead, one person does all of the work, and then when they are finished with their work, they crash the project server so that nobody else can see it or use it until another developer has fixed it.

3. Define Planned Value, Actual Cost, and Earned Value.

Planned value, actual cost, and earned value are three terms used in conjunction with the project management process.

Planned Value: This is a devised performance level for a project or program based on specific assumptions about the work to be done. This can be expressed as a schedule (time) or budget (costs).

Actual Cost: The amount spent so far on completing a particular phase of the project or program. The term actual cost does not include expenses such as salaries, benefits, and overhead costs incurred but not paid out to workshop participants.

Earned Value: An estimate of how much money will be made after completion compared to how much has been spent on the project or program. Earned value does not include expenses such as salaries, benefits, and overhead costs incurred but not paid out to work participants; these expenses are recorded under the actual price.

4. What is stakeholder analysis and Power-Interest Grid used for?

Stakeholder analysis identifies and understands the interests and values of those impacted by a proposed decision, policy, or action. This allows you to understand who is affected by your choices and how they will be impacted.

The Power-Interest Grid is a tool that helps you identify the key stakeholders in your decision, policy, or action. It also enables you to understand their relationship and where they stand on different issues. The grid can help you know which groups have more power than others over a particular issue.

5. Name the ten key knowledge areas as mentioned in the PMBOK Guide.

The ten key knowledge areas are:

Project management process, Information and Communications Technology (ICT) management skills, Project risk management, Organizational culture and leadership, Human resources management, Procurement processes and policies, Financial accounting, financial reporting and budgeting skills, Risk management principles, tools and methods, Quality assurance/quality control processes and procedures, Program management.

6. What is Project Scope Management?

Project Scope Management (PSM) is a process that ensures that the project scope and requirements are clear, realistic, achievable, and consistent with the project's overall objectives. In addition, the PSM process helps to ensure that the appropriate resources are allocated to the project, that risks are identified and managed, and that resources are aligned to deliver the required results.

7. How will you explain the project life cycle?

The project life cycle is a construct of the project management profession. It identifies the stages through which projects evolve from inception to completion, and delineates the roles and responsibilities of stakeholders as they move through these stages. The project life cycle is not a static process; instead, it evolves along with the project as it moves through its lifecycle.

8. What are the main qualities required for a successful project manager?

A successful project manager is a vital part of any team. They have to be able to handle all the details, problems, and challenges that come with managing a project. The main qualities required for a successful project manager are:

Good communication skills, Patience, Organizational skills, High level of initiative and initiative towards their team members, Ability to follow instructions and listen carefully.

9. What are some techniques used for defining scope?

The techniques used for defining the scope of a project are:

• Stakeholder analysis
• Project charter
• Project Plan
• Business case
• Organizational chart

10. Define the Triple Constraint Triangle in project management.

The Triple Constraint Triangle is a three-sided structure with the diagonal across the top of the triangle being one constraint and the two horizontal lines being two other constraints. The triple constraint triangle is often used in project management to help define projects driven by multiple stakeholders with very different goals and needs.

11. What is a project goal?

A project goal is an objective you want to achieve by the end of a project. It is a statement of what you want to accomplish. The project goal should be measurable, specific, challenging, and aligned with your business's strategic goals and objectives.

12. What is project delivery?

Project delivery is the process you get from your project plan to the point where all deliverables are ready for use or consumption in the customer's environment. A good project manager will ensure that all documents required for the successful completion of their projects are created in accordance with the requirements documented in their plans.

13. Name the four P's of Project Management?

The four P's of project management are Plan, Process, People, and Power.

 14. What do you mean by Work Breakdown structure?

Work breakdown structure comprises different tasks, milestones, and deliverables that need to be completed for a given project. It helps in understanding what needs to be done according to which phase of the project to minimize extra efforts required by different stakeholders.

15. What are "Severity Levels" in a project?

Severity levels categorize the type of disruption an issue might cause in a project plan. The severity level of a problem is usually based on its impact on other parts of the project plan, including schedule, release date, and scope.

16. What are Project Baselines?

Project baselines are a set of data and information that represents the current state of a project. They measure progress, review status, measure costs, and establish baselines for future planning. This information can be collected in real-time or at fixed intervals throughout the project cycle. The data is then used to manage the project more effectively and reduce risk by providing an objective view of how things are going.

17. What are the objectives of monitoring and controlling in project management?

The objectives of monitoring and controlling in project management include measuring progress towards completion

• Verifying that tasks were completed on time
• Determining whether tasks were completed as planned
• Determining whether tasks were completed within budget
• Ensuring that resources are allocated appropriately
• Ensuring that resources are used efficiently
• Ensuring that risks have been identified and adequately managed
• Ensuring that risks have been mitigated through proper contingency plans
• Tracking financial resources such as cost estimates, budgeted costs, actual costs, etc.
• Monitoring personnel resources such as hours worked, overtime rate, absence rates.

18. What are bug management and its significance?

Bug management is a process that involves tracking down software bugs, fixing them, and reporting the results to the appropriate people. Individuals or groups in companies can perform bug management. The main goal of bug management is to ensure the product is bug-free before it is shipped out to customers. Bug management can also be used to test new features and functionality before they are released into production environments.

19. Explain a project's life cycle.

A project's life cycle is a series of phases describing a project's life from inception to completion. The life cycle of a project starts with planning, continues through implementation, and ends with evaluation and closure. The phases within the life cycle provide opportunities for managers to influence the success of their projects and ensure they are completed on time, within budget, and meet expectations.

20. Difference between trend analysis and Variance analysis.

Trend analysis analyzes historical data, identifies trends in several variables, and draws conclusions about future events based on those trends.

Variance analysis analyzes historical data, identifies variances in several variables, and draws conclusions about future events based on those variances.

21. Difference between corrective and preventive actions?

In project management, there are two types of actions: corrective and preventive.

Corrective actions are taken when something goes wrong in the project. They are used to fix the problem and make the project successful. For example, if a customer has issues with the product that was delivered to them, we need to take corrective actions by responding quickly to solve the problem.

Preventive actions are taken before a problem arises. These actions help us prevent problems from happening in the first place. The best example of a preventative measure is testing a new software before releasing it to customers so that we can identify any bugs or problems early on can fix them before releasing it to customers.

22. What is EVM and its use?

Earned value management (EVM) is a project management approach that leverages the concept of earned value. EVM is used to assess a project's progress by comparing each activity's results against planned results. For example, if a project has been completed one-third of the way through and is within budget, it has met its EVM.

EVM ensures that the project is managed by its outcome, as defined in plans and schedules. In addition, the EVM provides visibility into changes in cost or program that may compromise these objectives. It also helps managers make informed decisions about how to continue or terminate projects based on their results.

23. Difference between Risk Impact and Risk Probability in project management?

Risk Impact: Risk impact is the potential adverse effect of a risk on the organization's objectives, strategies, and plans.

Risk Probability: Risk probability is the likelihood that an event will occur at some point in the future based on experience or knowledge of how things work.

24. What is the difference between Project, Program, and Portfolio?

A project is a great, discrete effort with a specific start and end date. Projects are usually organized into phases (e.g., requirements analysis, design, and development), with each step being a collection of activities contributing to the project's completion.

A program is a series of related functions or tasks that have been prepared for execution and will be completed within a time frame or budget. A program may include one or more projects in its scope.

A portfolio is a group of programs or projects that share common characteristics such as size, scope, risk level, etc., but also differ in other ways.

25. What are the processes and process groups in project management?

Processes are workflows that need to be performed for a project to be delivered successfully. These workflows are often broken down into smaller tasks that must be completed before the entire process can be achieved.

Process groups include those processes necessary for an organization to deliver projects successfully. They are often grouped into process groups based on commonalities within each process group.

26. Explain Fishbone diagrams in project management?

A fishbone diagram is a tool for understanding the relationships between the components of a business problem. This model aims to help you identify the true causes of your project problems rather than blaming your stakeholders, who are sometimes affected by factors outside their control. The fishbone diagram is a visual model that helps you understand how your project's components interact with other projects. It also lets you see where the problem l and can be fixed quickly.

27. What is the three-point estimating method?

Three-point estimating is a method of estimating the total cost of a project from its beginning to completion. This process is based on the idea that it is better to estimate the total cost of a project by determining how much money will be spent and what the expected return on investment will be than to guess at the final price.

28. What is a requirement traceability matrix? What is its importance?

A requirement traceability matrix is a tool that helps you identify and prioritize the risks that your product or service will encounter during the product development process requirement traceability matrix aims to help you understand where each requirement in your project comes from. It's also helpful in helping you resolve potential conflicts between requirements and identifying areas where new requirements may be needed. A requirement traceability matrix can be used for any software project, including web applications, mobile applications, and desktop applications.

29. What is the Critical Path in Schedule Network Diagram?

A critical path is a sequence of activities that has the most significant effect on the completion of a project. The critical path is the longest chain of activities in a project schedule. The essential way is determined by considering all activities that affect the completion of the project and by choosing those with the highest relationship between their start and finish times. The critical path is the most extended sequence of work packages that can be done without waiting for another to be completed. Critical approaches are affected by resource constraints, such as personnel availability and equipment availability, as well as other factors, such as communication delays and travel time requirements.

30. Explain Quality Control?

Quality control is an essential part of project management. It involves monitoring and evaluating the quality of a product or service to ensure that it meets the customer's needs and expectations. Quality control may be carried out by the company, such as when it produces a product, but it can also be done by an external party, such as a consultant or auditor. The primary purpose of quality control is to ensure that products are delivered on time, at the right price, and in good condition.

All You Need to Learn About Cyber Security

Cyber Security is one of the world's fastest-growing fields, and it's no wonder why. With more and more people, businesses, and even homes having access to the Internet, there is a growing concern that these digital spaces are vulnerable to cyber criminals and malicious hackers. Whether you're interested in becoming a cyber-security professional or want to be better informed about this critical topic, this article will provide you with everything you need to know about cyber security.

What is cyber security?

Cyber security is the collection of methods used to protect networks, computers, programs, and data from threats such as malicious software, identity theft, and damage to critical infrastructure.

Speaking more generally, cyber security is the protection of computers and digital networks from all forms of cyber-attacks. This includes protecting against attempts to steal or damage data, disrupt operations, or otherwise interrupt service.

 Cyber security is a growing field that spans multiple disciplines, including computer science, engineering, and criminal justice. The Internet of Things and people's dependence on technology has grown exponentially with increased connectivity. While this has made life easier in many ways, it has also introduced new security risks that did not exist before.

Cyber security professionals are charged with addressing these risks and keeping systems secure. The field is ever-evolving as new threats and vulnerabilities are discovered, and new technologies are created.

Is cyber security suitable for me?

Suppose you are interested in a constantly changing career that offers plenty of variety and helps people in need. In that case, cyber security may be the perfect fit for you. This is because cyber security protects computers, data, networks, and people from cyber-attacks. This can include everything from updating existing security systems to developing new tools to defend against threats.

The field is constantly evolving and changing, so you will likely have various daily tasks and an ever-growing skill set. Additionally, you will get to help people in need, protect critical infrastructure, and be part of a team that works towards a common goal.

What skills will I need to have?

Almost anyone interested in a career in cyber security can find a place in the field. However, specific skills make you more attractive in the job market.

 Computer Security: If you want to work in computer security, you will need to thoroughly understand how computer systems function. This means knowing how hardware, software, networks, etc. all work together. If this sounds like a lot, don't worry, computer science is constantly evolving. You may want to consider staying up-to-date on the latest developments in the field.

 Digital Forensics: If you're going to work in digital forensics, you will need to know how to collect and preserve evidence from computers and other digital devices. You will likely work closely with law enforcement or government agencies in these situations.

Network Security: If you want to work in network security, you will need to understand the different types of networks (e.g., LAN, WAN, etc.), how they work, and how to protect them from other attacks. Network engineers are responsible for designing and maintaining networks.

Importance of cyber security

Without cyber security, computers, networks, and other digital devices would be incredibly susceptible to attacks. Hackers could access your information without issues and even take over your device. This could have devastating effects, especially if the hack involves critical infrastructure, such as power grids or transportation systems.

Suppose you are ever worried about the state of cyber security in your country. In that case, you can do your part by taking steps to protect yourself and your devices. Additionally, suppose you are interested in a career in cyber security. In that case, you can help protect others from cyber-attacks by learning how to defend against them.

What Are Cyber Attacks?

Cyber-attacks are attempts to disrupt or damage computers or computer networks. They can be used for various malicious purposes, including stealing information or money or disrupting a person's or company's ability to function. Cyber-attacks can come in many forms, each with its threat level and consequences.

For example, denial-of-service attacks can be used to shut down computer networks. In contrast, ransomware attacks are used to encrypt computer files until a ransom is paid. Cyber-attacks can be targeted at individuals and organizations and may happen at any time. At times of the year, such as Black Friday, retail networks experience a high volume of cyber-attacks.

Different Types of Attacks

There are many types of cyber-attacks, each of which poses different threats to you and your data. You can defend yourself against these attacks by regularly updating your software, installing anti-virus software, and being careful about what websites you visit. These attacks include denial-of-service, ransomware, viruses, social engineering, and spoofing.

Denial-of-service Attack: A denial-of-service attack floods a computer network with requests. This attempt to overload computer systems often originates with a single computer.

Ransomware Attack: A type of malware that encrypts your computer files and holds them hostage until a ransom is paid.

Virus Attack: A type of malware that copies itself and spreads to computers by other means, such as email or social media.

Social Engineering: An attempt to trick people into revealing sensitive information, clicking on malicious links, or taking other action that damages computer systems.

Spoofing Attack: A type of cyber-attack that tricks a computer system into thinking it is coming from a trusted source.

What are the Different Types of Cybersecurity Threats

There are many different types of cyber security threats. The most common types include computer viruses, malware, identity theft, spam.

Computer Viruses: Computer viruses are malicious software (or malware) designed to damage computer systems. They can spread from computer to computer and sometimes be difficult to remove.

Malware: A type of software designed to disrupt computer systems or steal information. There are several different types of malwares, but they are often disguised as legitimate software.

Identity Theft: Identity theft occurs when someone uses your identity for their benefit. This can happen in various ways but most commonly with stolen credit cards or banking information.

Spam: Unsolicited email or message sent to a large number of people. Spam is often used to distribute malware or trick people into clicking on links that take them to fake websites.

Risks of Having Poor Cybersecurity

Suppose you have poor cybersecurity and don't take the necessary precautions to protect yourself. In that case, you are at risk of a cyber-attack. Hackers can steal your personal information, including banking and credit card information, Social Security Number, and other sensitive data. This can put your finances and personal information at risk, and it can take a long time to repair the damage.

 Suppose you have poor cybersecurity and are connected to critical infrastructure. In that case, you could be responsible for a cyber-attack that causes harm to others. This could include hacking into a power grid and causing blackouts or hacking into an airplane control system and causing a plane to crash.

Finally, suppose you have poor cybersecurity and work for a company. In that case, you could be responsible for a cyber-attack that damages your company. This could include allowing hackers to steal sensitive information or disrupt operations.

Summary

Computer networks, programs, and data risk being hacked or attacked by malicious software at any time. It would help if you had strong cybersecurity measures to protect yourself against these threats.

Cyber-attacks include denial-of-service, ransomware, viruses, social engineering, and spoofing. You can defend yourself against these attacks by regularly updating your software, installing anti-virus software, and being careful about what websites you visit.

Why Choose Quality Management

Quality management is a vast area of management thinking and strategy. It is a systematic approach to identifying and monitoring processes to ensure that they produce products and services that meet customer expectations, cost targets, and other standards.

A Quality Management System (QMS) helps businesses implement best practices for measuring quality, monitoring performance, and reporting on results. A Quality Management system has several components that work together to help an organization adopt best practices for measuring quality, monitoring performance, and reporting on results.

Each element of the QMS has a different scope, function, and set of activities. Some are more visible than others because they involve creating new policies or assigning responsibilities to various departments within the company. Here’s everything you need to know about quality management to choose whether it makes sense for your business:

Ensures All Products and Services Are Consistent

A quality management system ensures that all products and services are consistent. What does this mean? Each time a product or service is created or delivered, it should be compatible with the standard that has been agreed upon in your organization. That standard could be required to be safe, meet a particular set of features or functionalities, or be completed by a specific date.

Often, the standard will be determined by the customer and be agreed upon by the manufacturer or service provider and the customer beforehand. This is especially important for industries like food and healthcare, where the quality standard is critical for customers’ health and safety.

If the quality management system is well-designed and implemented, it will ensure that the company meets these requirements every time.

Improves Communication

A quality management system promotes communication. Communication is critical to the success of any organization. People must learn what they do and how they fit into the company’s operations, communicate to one another when their work has been completed, and communicate with customers and stakeholders to understand their needs and expectations.

Communication is the act of sharing information with others. It could be verbal or written, face-to-face, or in a meeting. Communication also includes listening and understanding what others have communicated to you. Communication is critical to the success of any organization.

Communication is the system by which information is shared in an organization. A quality management system promotes communication by creating a platform for people to share information. This could be within the department, customer service, or management.

It is necessary for people to learn what they do and how they fit into the company’s operations; communicate to one another when their work has been completed, and communicate with customers and stakeholders to understand their needs and expectations.

Reduces Waste

A quality management system reduces waste. Waste can cost an organization in many ways, including time, effort, money, and other resources. In some organizations, waste can cause health and safety issues, too. Where does this happen? Waste usually occurs when a process takes longer than it should or when something is created but is not needed.

For example, you may have a complex system for ordering and delivering your products. If a customer asks for a change to be made, it can add time to the process. That’s why a quality management system is helpful. It helps you quickly see where waste occurs, decide what to do about it, and put a plan to stop it from happening again.

Helps You Identify and Reduce Errors

A quality management system helps you identify and reduce errors. What are the most common errors?

An error could be as simple as the printer being out of ink when a report is due or a machine producing parts with the wrong measurements. Higher costs and lower customer satisfaction are possible outcomes of too many errors in your company.

 A quality management system helps you identify and reduce errors in several ways:

• Understanding customer requirements and expectations helps you know what kind of work you do. What do customers expect? How should the work be done?
• Having clear procedures and expectations for employees will help avoid simple errors, such as changing the wrong settings on a machine or not completing the correct paperwork.
• Having quality checks ensures that the product or service meets the customer’s requirements and has been completed correctly.

Increases Customer Satisfaction

A quality management system increases customer satisfaction by improving the quality of products and services. Customer satisfaction is about meeting and exceeding expectations. It’s about exceeding quality standards and giving customers what they want and need.

How can you increase customer satisfaction with your products, services, and operations?

• Understanding how customers use your products or services helps you identify any issues with the product or service and the quality of the experience.
• Analyzing defects and errors - This helps you to identify what is causing the problems and correct them.
• Using quality checklists - Quality checklists help you to confirm that the product or service has been completed according to the agreed-upon quality standards.

Manage Risks Effectively

A quality management system can help you manage risks effectively. It allows you to take a broader view of the business, identify potential risks, and implement plans to prevent them from happening.

A quality management system helps you to put together a risk management plan that follows three steps:

• Identify the risks: What are the most significant risks to your business? What might happen if you don’t address them?
• Analyze the risks: How likely are they to happen? What would be the impact if they did occur?
• Reduce the risks: What steps can you take to prevent the risks from happening?

Conclusion

Quality management makes sense for companies that want to produce consistent, high-quality products and services. Quality management systems help organizations prevent defects, reduce errors, and improve communication between employees and customers.

A quality management system achieves this by having clearly defined goals, metrics for success, and a method for problem-solving when problems arise. If your company is considering implementing a quality management system, ensure it is the right time. Then, please choose the right plan for your organization and partner with the right partner to help you implement it successfully.

Six Sigma Green Belt Certification: All You Need to Know

Six Sigma certification is an operational strategy to eliminate defects and reduce variation in business processes. The main objective behind using the Six Sigma methodology is to increase the quality of a product or service while simultaneously reducing the time and cost required to produce it.

Six Sigma Green Belt certification is attained by individuals who have completed an extensive training program in Six Sigma principles and are ready to put those skills into practice through hands-on application with a company that implements or has implemented Six Sigma as its operational strategy.

There are many benefits to holding a Six Sigma Green Belt certification, including higher salaries, promotion opportunities, job security, and even potential employers. This article will explain what you need to know about getting your Six Sigma Green Belt certification.

What is the Six Sigma Green Belt Certification

A Six Sigma Green Belt certification is a designation that denotes that an individual has completed training and has proven their competency in the Six Sigma methodology.

The Six Sigma Green Belt certification validates that individuals have the tools and knowledge to improve organizational efficiencies and reduce costs. The Six Sigma Green Belt certification is the first step toward Six Sigma Black Belt certification.

The Green Belt designation also opens up other career opportunities outside of Six Sigma, such as project management, quality assurance, and quality control.

Achieving Six Sigma Green Belt certification proves that you can successfully apply the principles of Six Sigma to your organization’s processes – and do so in a way that benefits the company by reducing costs, improving quality, and increasing productivity.

Why Should One Pursue a Green Belt Certification?

As we mentioned above, a Six Sigma Green Belt certification is the first step toward Black Belt certification. However, it also provides many other benefits, including –

Higher pay: Hiring managers are more likely to promote individuals with Six Sigma certifications. As a result, six Sigma professionals earn, on average, $10,000 more per year than their non-certified counterparts.

More job opportunities: Green Belt certifications open up new career opportunities, especially in fields such as project management, quality assurance, and quality control.

 Job security: Organizations implementing Six Sigma as their operational strategy will likely continue to use it. This means employees with Six Sigma certifications have job security, as organizations won’t risk losing operational efficiency.

How to get Six Sigma Green Belt certification

If you decide to pursue your Six Sigma Green Belt certification, you will need to find a training organization that offers a Six Sigma Green Belt certification program. There are many different providers, so it is essential to research to find the best program for your goals and learning style.

The length and price of your certification will depend on the organization and program you choose. Training programs typically of 10 months.

An essential factor to look for when selecting the right provider is accreditation. The American Society for Quality (ASQ) awards accreditation to companies that meet specific criteria. Therefore, look for a provider that has achieved accreditation.

How Six Sigma Green Belt Helps Your Career

In addition to providing the above benefits, achieving Six Sigma Green Belt certification will also help your career in several ways –

• It validates your skills: Companies hiring Six Sigma professionals are looking for individuals with extensive knowledge and experience with the methodology. Achieving Green Belt certification proves that you have the necessary skills to improve organizational processes and reduce costs.
• It shows passion for your career: Achieving Six Sigma certification requires significant effort and commitment. Your employer will see that you are passionate about your career and want to make a real, positive impact on your organization.
• It shows initiative: Many employers see Six Sigma certification as an indication that you are willing to go above and beyond your job description. Achieving certification shows that you are committed to improving your organization and yourself professionally and personally.

Six Sigma Green Belt Training- Eligibility Criteria

There are no specific criteria for Six Sigma Green Belt certification, meaning anyone can take the assessment and certification exam. However, it is essential to note that some employers may require specific credentials, including Six Sigma Green Belt certifications, so you may want to check with your hiring manager and recruiter before pursuing your certification.

Conclusion

For many individuals, Six Sigma Green Belt certification is the first step toward achieving Black Belt certification. It is also the first step toward pursuing a successful career in quality assurance.

Certifications are an excellent way to seek a new job, advance in your current position, or earn a higher salary. Regarding Six Sigma, certification is designed to signify that you have the skills and knowledge to put the methodology into practice.

Ready to start your Six Sigma journey? Make sure you understand what it takes to earn your certification and the benefits it will bring you. Then, you can put your skills to work with the proper certification and land your dream job.

Top 10 Machine Learning Projects and Ideas

Machine learning is changing the world. It’s allowing businesses to tackle new problems and approach old ones with a fresh perspective. With the rise of AI, machine learning plays a more significant role than ever. There are thousands of projects and ideas out there that involve machine learning. But not all of them are accessible for someone who isn’t an experienced developer or data scientist.

It can be tricky to know where to begin if you’re just getting started with machine learning. Machine learning has many different sub-domains, such as regression, classification, clustering, and more. This article will focus on some great projects that use supervised machine learning algorithms to solve real-world problems.

1. Travel Recommendation API with ML

Airlines, hotels, and travel websites often recommend destinations based on your previous searches. For example, if you’ve searched for cheap flights to London, you might start to see London as a recommended destination on other travel websites. This is an example of collaborative filtering, a machine learning technique that uses what you’ve already done to predict your future behavior. This technique could be applied to create a travel recommendation API.

Users can submit their past travel history and favorite destinations, and the API will recommend new goals based on their tastes. This can be a great way to monetize websites and apps. A travel recommendation API can be created using a machine learning framework. First, create a database to store users’ travel history and recommendations. Next, create a model to recommend destinations based on users’ travel history.

2. Fraud Detection with ML

Fraud detection is one of the most common applications of machine learning. It often forms a model that monitors transactions and looks for anomalies that could indicate fraud.

 For example, credit card companies manually review about 10% of commerce, and about 0.5% result in fraudulent charges. A machine learning model that detects fraud before it becomes an issue could save the industry billions of dollars. A standard fraud detection model looks for unusually high numbers of failed transactions at certain times or dates of the year. This is an excellent example of using supervised machine learning to predict rare events based on past data. This model can be implemented in Python using an algorithm such as k-nearest neighbors or naive Bayes. The data scientist would need access to a time series database for storing past transactions.

3. Voice-based User Authentication with ML

Voice recognition is another example of collaborative filtering. Many voice assistants, such as Siri or Google Assistant, use voice recognition to identify individual users based on the sound of their voices. Creating a voice recognition API that identifies the user and authenticates their requests is possible. This API could control home automation devices, start calls, or access sensitive information.

The data scientist would need to create a database of voice samples for each user. They must also complete a machine learning model to compare the user’s voice sample to the database. This model should also include a way to handle unknown users. A standard algorithm for voice recognition is Hidden Markov Models. This model identifies patterns in the voice samples that describe the user’s identity.

4. Smart Manufacturing with ML

Businesses can use machine learning to improve their operations.

For example, a manufacturing plant might use ML to analyze its production line and find bottlenecks or other issues. A retail store might use ML to predict sales and manage inventory. Training a model that monitors a production line might require access to the company’s internal data.

 On the other hand, a retail analytics model could be built from public data. Both models could be implemented in Python. The data scientist would need access to the company’s internal data for the manufacturing model. The retail analytics model could use public sources such as Amazon’s product catalog.

5. Computer Vision for Games with ML

Games often use computer vision to track things such as the player’s location or score. This data can be used to automate specific tasks or rank players.

For example, a game might track how far you’ve progressed and automatically award you with prestige. All computer vision models need images to train on, or a game might use images to track how far the player has progressed. This model can also track their score, a common feature in many games. A game computer vision model can be implemented in Python using OpenCV. The data scientist would need to create image databases for each game. They must also label these images to indicate essential features such as the player’s location and score.

6. Stock Prices Predictor

Stock prices can be hard to predict. They’re often affected by various factors that aren’t always easy to pin down. Machine learning can help by using past data to predict how a stock will perform in the future. A stock price predictor model could be built using an algorithm, such as a decision tree or random forest. The data scientist would need access to historical stock data. They also need to access the stock exchange to download current price information.

7. Sports Predictor

Sports are also influenced by many factors that aren’t always easy to predict. A sports predictor model could be built using data from previous games. The data scientist would need access to data from multiple games, including information about the teams, weather, and other factors. A sports predictor might use an algorithm such as a decision tree or random forest. It would also need to include features from the data, such as the weather and the players.

8. Enhance Healthcare

Healthcare providers are always looking for ways to make their services better. Machine learning can predict factors that affect patients’ health, such as the likelihood of contracting an illness or healing from an injury. A healthcare model could be built using an algorithm such as naive Bayes or k-nearest neighbors. The data scientist would need access to patient data, such as medical history, medications, and diagnoses. A healthcare model could predict the likelihood of contracting an illness like the flu. It could also indicate how long a patient will take to heal from an injury like a broken leg.

9. Movie Ticket Pricing System

The ticket price for going to the movies can be a controversial topic. It often depends on your city, the time of day, the day of the week, and other factors. An algorithm that predicts the ticket price for different combinations of those factors could help movie theatres better manage their business. A movie ticket pricing system could be built using an algorithm, such as a decision tree or random forest. The data scientist would need access to data about the movies playing, the theatre, and other factors that affect the price. Then, a movie ticket pricing model could be used to predict the cost for different combinations of elements. It could also determine the best ticket pricing strategy for a given day.

10. Image Recognition

Computer vision can be used for more than just modeling what the scene looks like. For example, a computer vision model could be trained to identify the objects in an image. A computer vision model that identifies objects in images could be built using an algorithm, such as a support vector machine. The data scientist would need access to images that contain the objects they want to identify. They would also need to label each image with the correct thing.

Conclusion

And there you have it — a collection of machine-learning projects that can help you explore this new and exciting technology. There are a lot of cool ideas to take inspiration from. Have you ever created a machine-learning model before? Share your thoughts below!

Top 20 AWS Interview Question and Answer

1. What is the relation between the Availability Zones and Region?

Availability zones and regions are two different but related features. Availability zones are portions of a region that can be isolated from other parts of the same region. Think of them as a group of data centers that can replicate themselves if necessary.

2. Explain what S3 is.

Simple Storage Service (S3) is a web-based storage service offered by Amazon Web Services. You can store any amount of data anytime and anywhere on the web and pay only for what you use.

3. What are the native AWS Security logging capabilities?

AWS Cloud Trail and AWS Config have the capabilities. These two tools can help you track changes in your AWS account. Cloud Trail is helpful for security analysis, resource change tracking, and compliance auditing, while Config can help you understand the configuration changes happening in your environment. In addition, these services can be configured to send notifications via SNS when new logs are delivered.

4. Mention what the relationship between an instance and AMI is.

You can launch multiple types of instances from a single AMI. Each instance type provides different computer and memory capabilities. Once you establish an example, it looks like a traditional host, and we can interact with it as we would with any computer.

5. What are the different types of virtualization in AWS, and what are their differences?

In hardware virtualization, all virtual machines run on the same physical hardware. These virtual machines boot by executing a master boot record in the root block device of your image.

Para virtualization is a virtual machine in which the guest operating system executes like the host operating system. Para virtualization uses a special bootloader called PV-GRUB, a modified version of GRUB. The PV-GRUB chain loads the para-virtualized kernel specified in the menu.

Para virtualization on HVM is a software layer between the host operating system and virtual machines. Para virtualized hardware lets you use storage and network I/O provided by your host operating system.

6. What is a T2 instance?

T2 instances are a new type of instance that you can create in the Amazon EC2 console or API. T2 instances work with Amazon Elastic Compute Cloud (Amazon EC2) to provide a cost-effective way to run applications and websites on AWS.

T2 instances are designed to provide predictable performance and cost, making them ideal for web servers, dev/test environments, content delivery networks (CDNs), database servers, and other applications requiring moderate CPU and memory resources.

7. What is Cloud Watch?

Cloud Watch is a monitoring service provided by Amazon Web Services. Cloud Watch offers detailed statistics about AWS resources' usage, performance, and health. In addition, Cloud Watch monitors the performance of running applications on Amazon EC2 instances.

8. What Are the Benefits of AWS's Disaster Recovery?

AWS Disaster Recovery provides a comprehensive solution for businesses to protect their data and applications from natural disasters and other disruptions. The service includes:

• Building backup infrastructure in AWS regions outside your primary location.
• Storing copies of your data in several Availability Zones.
• Replicating them to another area for disaster recovery.

9. Explain how the buffer is used in Amazon web services.

The buffer is a temporary storage area used to store data temporarily before it is written to disk or transmitted over a network. This allows businesses to handle large amounts of data quickly and efficiently.

The buffer can be used in Amazon Web Services (AWS) to help manage the volume of traffic that flows through your website. A website that receives more traffic than usual may need to be scaled up with additional instances (virtual servers) to handle the increased load. For example, if you have an online retail site and expect an increase in sales during the holiday season, you might want to scale up your website to handle the increased traffic without crashing or slowing down.

10. What is an Elastic Transcoder?

Elastic Transcoder is an AWS service that helps you automate and streamline the process of converting your media files for distribution over the internet or mobile devices. It supports a wide range of input formats and output formats and can be used to perform local processing or remote processing (processing on Amazon EC2 instances).

11. What are key pairs in AWS?

Key-pairs are an essential part of the AWS security model. They control access to AWS services, including EC2 instances and S3 buckets. A key pair consists of a public key that can be shared publicly and a private key that is kept secret. The private key is used to sign requests when you need to authenticate with AWS services.

12. What are the edge locations?

The edge location is the point of presence (PoP) where an organization's traffic enters the AWS network. The edge location is used as an entry point for incoming Internet traffic.

13. What is AWS Lambda?

AWS Lambda is a compute service that runs code in response to events and automatically manages the computing resources required by that code. One can use AWS Lambda to extend other AWS services with custom logic, or it can be used to build applications that respond quickly to new information.

14. How Do Amazon Rds, Dynamodb, and Redshift Differ from Each Other?

Amazon Rds, Dynamodb, and Redshift are three primary services that Amazon offers. They are all hosted databases with different use cases.

Amazon RDS is a service that allows you to create a relational database in the cloud. It offers an extensive set of features that include multiple database engines (MySQL, Oracle), high availability, scalability, and backup/restore.

DynamoDB is a highly scalable NoSQL data store that supports document and key-value style data models. It provides fast and predictable performance with low latency at any scale.

Redshift is designed for running analytic workloads such as data warehousing and business intelligence (BI). It can handle petabytes of data without compromising performance or functionality.

15. What are RTO and RPO in AWS?

RPO (or Response Time Objective) is the amount of time it takes for your organization to respond to an incident. It is measured in days, weeks, or months. The goal is to have an RPO for each type of incident, such as a service disruption or a data loss.

RTO (or Recovery Time Objective) is the amount of time it takes for your organization to recover from an incident. It is measured in days, weeks, or months. The goal is to have an RTO for each type of recovery, such as restoring service or recovering data.

16. What are the essential features of Amazon cloud search?

Amazon Cloud Search is a fully managed service that provides you with a powerful and flexible search engine that can be used to index your website, email, and other content. In addition, you can use our platform to add search functionality to your app or website and provide users with an intuitive experience by building customized search pages.

Amazon Cloud Search features include:

• A search engine that can be used in any environment.
• Flexible configuration options include customizing the query language (for example, using standard SQL) or creating your parser.
• Advanced ranking logic for results is based on various factors, including relevancy, authority, user context, and more.
• Dependency management for adding custom operators and data sources.

17. Can you vertically scale Amazon EC2 instances?

Yes, you can. The main thing to remember is that you need to allocate more memory for the new instance, which means that your existing models will need to be scaled down.

You can scale up by increasing the size of an existing instance, or you can scale down by reducing the number of instances running on a single physical server.

18. What Is Amazon Route 53?

Amazon Route 53 is a service that lets you route your traffic to the best location for your business. It's like a Smart DNS provider, but it's not limited to just proxies or VPNs.

Amazon Route 53 is an Internet domain registry, which means that Amazon hosts and maintains hundreds of thousands of unique domains. You can use these domains as the basis for your DNS (Domain Name System) records, but they're not just sitting idly on their own: They're being used to route traffic between websites and devices worldwide!

19. What is the difference between an IAM role and an IAM user?

The critical difference between an IAM role and an IAM user is that users can be assigned to an IAM role. Roles are a tool for managing permissions and access control, while users are objects that roles can manage.

20. What are the different types of Load Balancers in AWS services?

The different types of load balancers in AWS services include:

Elastic Load Balancing (ELB): This load balancer can service multiple applications with at least one instance of each application. The ELB distributes incoming traffic among the application instances and scales automatically as needed.

Application Load Balancer (ALB): An ALB can service multiple applications with a single instance of each application. The ALB distributes incoming traffic among the cases, while ELBs handle the distribution based on the client's IP address.

Traffic Manager: This is a type of load balancer that can service multiple applications with a single instance of each application. Traffic Managers are used for high availability or redundancy when deploying various models for different clients.

Which Certification to Choose? Six Sigma or Lean Six Sigma

The Lean Six Sigma certification is a new addition to the Six Sigma certification. It's the latest evolution of the process improvement and quality management movement. Suppose you're considering a career in Quality Management. In that case, Six Sigma certification can help you prove your mettle and advance towards your goals.

Lean Six Sigma and Six Sigma are two of the most popular methodologies for improving operations. This is because both heavily focus on analyzing data. However, lean Six Sigma is more about eliminating waste (wasting time and money) in the process, whereas Six Sigma is about improving productivity.

What is Six Sigma?

Six Sigma is a quality management system that focuses on processes and defects. Six Sigma aims to reduce the number of defects in your product or service to as close to zero as possible without compromising quality.

Six Sigma is an improvement methodology that many companies have proved to be an effective tool for managing quality, reducing costs, and increasing customer satisfaction.

The Six Sigma concept can be applied to any business process, but it's most commonly used in manufacturing or services. It usually involves three steps: Define the problem, develop the design and implement it.

What is Lean Six Sigma?

Lean Six Sigma is a concept created by the manufacturing industry to help them improve the efficiency of their processes. It is a handy tool for businesses, especially in improving their operations.

Lean Six Sigma is a set of tools and methods to eliminate waste from a process or system. Waste, in this context, means any activity or decision that does not add value to your company's processes, goals, or objectives.

Lean Six Sigma involves identifying and eliminating waste, allowing you to create more value while reducing costs and increasing profits.

When to choose Lean Six Sigma over Six Sigma?

When you choose Lean Six Sigma over Six Sigma, you will be able to focus on the customer experience and provide more value to your customers.

Lean Six Sigma is a practical method of reducing waste in any process. A complete management system focuses on eliminating defects before they enter the production line.

Lean Six Sigma aims to provide a continuous improvement program that improves processes at every stage of production.

Lean Six Sigma vs. Six Sigma

Level of Certification

Green Belt

1. Six Sigma

Eligibility: Candidates must have at least 3 years of experience in their field of expertise.

Examination: Pass a 100 marks multiple choice question paper in 4 hours.

2. Lean Six Sigma

Eligibility: IASSC has no prerequisite to sit in a Lean Six Sigma examination.

Examination: 100 multiple-choice questions in 3 hours with a minimum score of 385 out of 500 points.

Black Belt

1. Six Sigma

Eligibility: Candidates for this position do not have to have a Six Sigma Green Belt certification. However, they should have completed one or two projects and have at least 3 years of full-time work experience in their expertise.

Examination: Pass a 150 marks question paper of multiple-choice questions within 4 hours

2. Lean Six Sigma

Eligibility: No prerequisite is required.

Examination: You must pass 4hr of the MCQ examinations with a min score of 580 out of 750.

3. Master Six Sigma

Eligibility: Candidates should have a Six Sigma Black Belt certification and five years of work experience as a Six Sigma Black Belt or Masters Black Belt. They should have completed 10 Six Sigma Black Belt projects.

Examination: Portfolio

Lean Six Sigma or Six Sigma, which one is better?

Lean Six Sigma has benefits over Six Sigma, including:

• It is easier to implement than Six Sigma because it is not as complex.
• It requires less training than Six Sigma.
• Lean Six Sigma requires fewer people to run it than Six Sigma does.
• Lean focuses on reducing waste, whereas Six Sigma focuses on reducing defects.
• Lower cost per unit
• Higher productivity
• Better customer satisfaction
• Lean principles are applicable across all industries and can be implemented in many situations.

Conclusion

The fact is that Six Sigma and Lean Six Sigma are used interchangeably, as both are different facets of the same process. However, in some circles of quality training organizations, arguments can be over which to choose. The key distinguishing factor is the level of expertise you wish to obtain.

For instance, one can be certified in Lean and get training for using the DMAIC structure without pursuing Six Sigma certification. Ultimately, you will have to decide which path is best for you. In either case, however, you will be better off undertaking any training in quality management systems.

Quality Improvement in Six Sigma

Quality improvement is a key component of Six Sigma. It's a continuous process designed to produce more consistent and reliable results, ultimately leading to higher customer satisfaction.

Quality improvement is integral to Six Sigma because it helps organizations identify problems before they become significant. The goal is to eliminate or reduce defects per million opportunities (DPMO).

There are six steps in the quality improvement process:

First, define the problem: Determine what needs fixing by understanding why customers aren't satisfied with your product or service.

Measure performance: Set up metrics to track key performance indicators (KPIs) such as repeat purchases, customer complaints, and returns.

Analyze data: Look at your KPIs to see if there are any patterns or trends you can use to improve your product or service.

Define the solution: Develop ideas for making changes based on your analysis so you can fix specific problems related to DPMO.

Implement improvements: Create new processes or systems for implementing change throughout the organization so everyone works toward the same goal — reducing errors and improving customer satisfaction.

Evaluate results: Monitor all improvements closely after implementation to ensure they achieve their desired outcomes.

Importance of Quality Improvement

Quality improvement is an essential part of the Six Sigma methodology. It is the area of a company where employees are responsible for improving the quality of the product or service. It involves continuous improvement in all parts of a business, from manufacturing to sales, customer service, and administration. Quality improvement is a constant process and not a one-time event. Therefore, it has to be managed continuously throughout the organization.

The most important aspect of quality improvement is quality standardization. Quality standards help in identifying defects and creating a quality management system.

Quality improvement is an activity that focuses on improving products or services, processes, or customer satisfaction by identifying areas for improvement, implementing solutions, and monitoring results. Quality improvement activities may include:

Identification of problems: Identifying problems with the current state of affairs, considering the reasons behind them, and determining their effects on customers or internal operations

Possible solutions: Developing plans for dealing with problems, such as introducing new products, changing policies or procedures, enhancing training programs or employee performance evaluations

Implementation: Implementing solutions through action plans that address identified problems within specific time frames (typically 6-9 months)

Monitoring results: Evaluating whether changes made have improved performance and whether they lead to customer satisfaction.

Six Sigma Methodology

Six Sigma uses DMAIC methodologies to achieve its goals, which stand for:

Define: The first step in DMAIC is to define the problem or opportunity that needs to be addressed. This can be done through brainstorming or other techniques.

Measure: Once the problem has been defined, it needs to be measured to make improvements. This step requires collecting data on key factors related to the improved process and analyzing it using statistical techniques such as regression analysis and ANOVA (analysis of variance).

Analyze: After measuring the process, you should analyze your data using statistical techniques like regression analysis and ANOVA (analysis of variance). These techniques allow you to determine whether your measurements are within acceptable limits or if any patterns in them may help with future improvements.

Improve: This step includes developing new processes or improving existing ones by identifying opportunities for improvement through brainstorming sessions with employees from all levels of the organization.

Control: In the final phase of Six Sigma, you create a control plan, a set of procedures that ensures your new standardized process works smoothly and meets quality standards.

Benefits of Quality Improvement

Quality management has been a significant focus for Six Sigma for many years. This is not surprising because quality is the basis of all business activity and, in particular, customer satisfaction. As a result, quality improvement has become a central tenet of Six Sigma's philosophy.

The benefits of quality improvement include:

Reduced costs: Reductions in product defects and errors lead to reduced production costs. This is particularly significant in the case of products where quality control costs can be very high.

Improved customer satisfaction: Improved product quality leads to improved customer satisfaction, measured using customer surveys or other electronic commerce (e-commerce) techniques.

Increased market share: Improved product quality ensures more customers are satisfied with their purchases, which increases the company's market share.

Increased Productivity: Productivity increases when employees can perform their duties efficiently and correctly without making mistakes, leading to fewer rework activities and reduced costs associated with correcting errors.

Improved Quality: Six sigma provides organizations with a way to improve their processes. This will result in more satisfying customers who will give positive feedback to the organization.

Increased employee job satisfaction: It improves employee morale because employees are happier knowing they are helping their company achieve its goals.

Once you put a Six Sigma quality improvement plan into action, you will see how much of an impact it can have on your company's work. So don't wait—start today!

Top 7 Formulas to Memorize Before Your PMP Exam

If you've done a lot of googling on PMP formulas, you've probably seen many people saying the same 5-6 formulas repeatedly. However, this list is entirely different and should be enough to get you through PMP exam. As long as you memorize this list and understand what they mean, it should be simple to see how they are used in a problem.

Cost Variance (CV) = Earned Value (EV) – Actual Cost (AC)

Cost variance is one of project management software's most important performance measures. It compares the planned costs to what has been spent and shows how much of a variance there is between them.

CV is used to determine whether or not the project is on target or behind schedule.

What Is Cost Variance?

CV measures the difference between planned and actual costs. The CV value is calculated by subtracting the AC from the EV. CV can be calculated for each WBS element (Work Breakdown Structure), work package, and summary task level.

Where Does CV Come From?

CV is measured as a percentage of budgeted cost or budgeted time.

For example, if a project manager has budgeted $25,000 for a particular task but only spent $20,000, their CV would be 20% ($5k / $25k). The percentage of CV should be compared against an acceptable range for that specific task type (e.g., 10% - 30%).

EAC = AC + [BAC – EV / (Cumulative CPI x Cumulative SPI)]

Estimated at Completion (EAC) is the value of the project's remaining work, usually calculated as the sum of the baseline cost estimate and all approved change requests.

An EAC calculation is one way to determine if a project is likely to finish on time and within budget.

For example, suppose you have an EAC that falls short of your original estimate. In that case, you should probably be concerned about missing your deadline.

Schedule Variance (SV) = Earned Value (EV) – Planned Value (PV)

The schedule variance is a measure of the performance of a project. It is used to determine whether or not a project is on track and will finish on time or within budget. It is calculated by comparing the earned value to the planned deal.

Schedule Variance (SV) = Earned Value (EV) – Planned Value (PV)

The EV is calculated by multiplying the budgeted work cost scheduled by the completion percentage for each unit of work.

For example, if you have 100 units of work planned and you have completed 50% of that work, then the EV would be 50%. If you have spent $1 million on those 50 units, your EV would be $500,000.

The PV is calculated by multiplying the budgeted cost at completion by 100% minus the completion percentage for each unit of work.

For example, if you have 100 units of work scheduled and completed 50% of that work, your PV would be 50%. If you have spent $1 million on those 50 units, your PV would be $2 million.

EAC = AC + Bottom-up ETC

Estimate at Completion (EAC) =Actual Cost (AC) + Bottom-up ETC (Estimate to Complete)

The EAC is the final budget estimate for a project. It considers all changes that have been made to the project and includes all costs incurred during the project's life cycle.

 The EAC is calculated using two different methods: top-down and bottom-up. The bottom-up method uses specific data from each activity in the WBS. Then, it adds them together to get an approximate total cost for the entire project.

The top-down method uses information from higher decomposition levels to estimate completion.

Cost Performance Index (CPI) = EV / AC

To control the cost of a project, one of the most important things is to know how much you are spending on your project. This can be done by calculating the Cost Performance Index (CPI).

Cost Performance Index = EV (Earned Value) / AC (Actual Cost)

EV: The estimated cost for each task in the project schedule. It is calculated by multiplying the duration of each task by the estimated cost and adding them up.

AC: The actual cost spent on each task in the project schedule. It is calculated by multiplying the exact duration of each study by its true cost and adding them up.

Schedule Performance Index (SPI) = EV / PV

The schedule performance index measures the current project status, where SPI > 1 means the project is ahead of schedule. At the same time, SPI < 1 indicates that the project is behind schedule.

Project performance is often measured using the Schedule Performance Index (SPI), which is calculated as follows:

SPI = EV / PV

Where EV stands for earned value and PV stands for planned value. Earned value refers to the actual cost incurred on a specific contract or task during a given period. The planned value refers to the estimated cost or budget on hand at a certain point in time.

EAC = AC + (BAC – EV)

EAC (Estimate at Completion) = AC (Actual Cost) + (BAC (Budget at Completion) – EV (Earned Value))

In the above equation:

AC is the actual cost of work performed on the project up to a point in time. This is also known as the actual cost of work performed or the essential cost.

BAC is the project's budget at completion and is calculated by adding all costs from inception to the current time plus any remaining portions of previous expenses that have not yet been paid.

EV measures how much work was completed on a schedule compared to its planned value (PV). It can be measured using either physical units of measurement or percentage complete.

Conclusion

The most important thing to remember when you are studying for the PMP exam is that passing and failing are not about whether you have learned enough or if you have all the formulas memorized. It is about understanding where these formulas can be used and how you can use them to solve problems in new and different situations.

 Practice by working through as many sample problems as possible and get your hands on every kind of formula before taking the exam. More importantly, understand how each formula can help you become effective at project management. There are hundreds of formulas, but only a few that a PMP candidate will be expected to know and understand to pass the exam.

Basic Principles of Project Management

Projects are essential aspects of life and work. A business that is not up to date with the latest from its competitors will never shut down. Therefore, it is necessary to be organized and efficient in your business tasks, as well as in your projects. Some simple principles for project management can improve a lot on their efficiency.

About Project Management

The primary purpose of project management is to deliver the desired benefits efficiently, cost-effectively, and timely manner. Project management is the application of knowledge, skills, tools, and techniques to achieve specific goals and meet specific success criteria.

Projects are temporary endeavors to create unique products, services, or results. A project has a defined start and end point. It often has a budget, deadline, and a list of objectives that must be completed by its end date. Projects can vary in size from small projects with budgets under $10,000 to large projects with budgets over $100 million.

Project managers play many different roles throughout their careers depending on their experience level and the type of organization they work for or with. For example, project managers may be responsible for managing one project or multiple projects at once. They may also have additional responsibilities, such as supervising staff members or managing budgets within their organizations.

Defining a Project

The first step in planning a project is to define what the project is straightforward. What are you trying to accomplish? What will be the goal of your project? An excellent way to describe your project is by using SMART objectives. The acronym SMART stands for:

Specific - your objective is clearly defined and precise.

Measurable - some metrics or measurements can be used to determine whether your objective has been achieved.

Assignable - someone is accountable for achieving the objective, and some steps can be taken to help them achieve it.

Realistic - the resources necessary to achieve the objective are available or can be obtained at an acceptable cost or within an acceptable timeframe (if they aren't readily available).

Timed - there is a deadline by which you want this objective completed.

Structuring the Project

Structure the project means identifying all the tasks that need to be completed, how they fit together, and in what order they should be done. It would be best if you also decided how many people are required to complete each task and how long it will take them to do it.

Using these figures, you can start scheduling your deadlines for each task and putting them into an overall schedule for the project. Of course, everything must fit together smoothly so that one job doesn't depend on another being finished first — this would cause delays that could affect the outcome of your project.

Clear Goals

The project manager is responsible for ensuring all project goals are met. To ensure that you can meet your goals, you should use the SMART paradigm (specific, measurable, ambitious, realistic, and time-bound) to define each. This way, you will have a much easier time managing your projects and keeping everything organized.

Managing the Project Disturbance

Project management is about people and relationships, but it also requires a certain amount of discipline. One of the most challenging things to do in project management is deal with the inevitable project disruptions. However, it's essential to deal with these disruptions in a way that doesn't impact your team and your project.

It's easy to get caught up in the excitement of a project or lose focus on what's happening around you. When this happens, it's easy to forget about dealing with the various issues that come up as part of any project.

You can do two things when you find yourself distracted during your work: put down the work and focus on managing the disruption instead, or continue working on your project but manage your time so you don't let those distractions distract you for too long.

Risk Management

As well as managing the project, it's essential to understand and manage risk. Risk management involves identifying potential problems and developing strategies for dealing with them before they happen. Project managers should be aware of internal and external threats that could affect their projects, such as financial constraints or poor communication between team members.

Project Deliverables

Project deliverables are the output of a project. They are usually written documents, such as an e-mail, reports, or presentations.

In project management, the purpose of deliverables is to document and communicate the results of a project. The main types of deliverables include:

Documents - reports, presentations, and web pages that explain the work done by an individual team member or group of people on a particular project.

Presentations - handouts explain a study, analysis, or review results.

Reports - factual summaries with supporting information written clearly, and concisely describing what was learned from an event or activity.

Evaluations - written assessments of individual team members' performance during an event or activity to reflect their contributions to team success.

Create a Communication Plan

A communication plan is a structured approach to communicating with stakeholders. It outlines how you will share with your team, customers, and others throughout your project. The purpose is to ensure that everyone knows what needs to be done, who should do it, and when it needs to be done.

A communication plan includes:

Who? A list of team members who are responsible for communicating with each stakeholder. This will help ensure that everyone has the information they need when they need it.

What? An outline of how often and in what format you will communicate with each stakeholder. For example, suppose someone is responsible for communicating directly with a customer. In that case, they should be included in the schedule for these conversations. Suppose there are multiple people responsible for this. In that case, each member should be included separately (in case one person misses a scheduled call).

When? A timeline for when each communication must take place (if applicable). This may include deadlines for meetings or other important events such as product launches or deadlines for payment from customers.

How? Information about how contact information can be shared with other parties involved in the project (in case someone gets lost in the shuffle).

Be Transparent

You don't have to be a perfectionist by nature to have this skill, but it's essential to be consistent in your approach.

Be transparent in project management. This doesn't mean you should share every detail of the work with your team members — that would be a waste of time and resources. But it does mean that you need to let them know when you're about to embark on a new project and what the expected milestones are. Also, be open about how long it will take for you to complete the work (and why).

Just as necessary is having an honest discussion about what went well and what didn't — and why. Again, this isn't about sharing every detail with everyone on your team but communicating what worked well, what didn't work well, and why it was important for everyone on your team to understand those things before moving forward with the next project or task.

Conclusion

As you have seen, there are many essential principles to project management (after all, there are whole books devoted to the topic!). If you follow even a few of these principles, however, you will likely be better off than if you had not. The most important thing is to know where to start. Project management concepts include tracking multiple tiers of scheduling, budgeting and dealing with risks, and meeting performance expectations. You can count on success if you remain focused on these goals throughout your project.

Professional Advantages of the CAPM® Certification

Are you ready to take your career to the next level? Like thousands of other well-seasoned project managers, you're looking for a way to advance your professional credentials by demonstrating that you've acquired specific skills, knowledge, and abilities. If so, then you should consider undertaking the challenge of earning the Certified Associate in Project Management (CAPM®) credential.

The Certified Associate in Project Management (CAPM®) is a highly sought-after certification. It embodies project management knowledge and the ability to pass an exam, which can always be intimidating.

What Is the CAPM Certification?

The CAPM certification is a globally recognized professional certification that confirms the competence and knowledge of the personnel in the field of project management.

The CAPM certification certifies that the holder has the knowledge and skills to manage projects effectively. The CAPM is an excellent choice for individuals interested in advancing their careers, especially those who work as Project Managers or Project Leaders.

The primary purpose of this Certification is to help professionals gain the knowledge, skills, and abilities necessary to be successful in their chosen field. These skills include:

• Leading projects from start to finish
• Communicating effectively with all stakeholders
• Working with team members to resolve issues or problems that arise during a project
• Managing budgets and other resources effectively.

Things You Learn in CAPM® Certification

The CAPM® certification is the most advanced and respected credential for project managers. If you're serious about your career, this is the Certification to get.

The CAPM® exam is challenging and comprehensive, but with some preparation, you can pass it on your first try. Here are some things that you learned while taking the CAPM® exam:

• Know your stuff!
• Read the question carefully before answering it.
• Don't get caught up in details if they aren't relevant to the question.
• The answers are not always in the exact wording of the question.
• A better understanding of project management as a whole.
• Knowledge of different types of projects and how they differ from one another.

Benefits of CAPM® Certification

CAPM® is the most globally recognized Certification for project management. It has become a standard that employers look for when hiring project managers. The CAPM® credential is a mark of excellence in project management. It demonstrates how your skills, knowledge, and experience compare with others in the field.

The benefits of being CAPM® certified include:

• Advanced knowledge of project management concepts and processes
• Validate your ability to think strategically, lead complex projects and solve problems effectively
• Enhance your credibility as an expert in your field with clients, colleagues, and peers
• Demonstrate your commitment to continuous learning through lifelong professional development
• Improve your ability to lead and influence the project team
• Make you stand out from your peers as a leader in the project management field

Stepping Stone to the PMP®

CAPM is an entry-level certification for project managers. It's a stepping stone to the PMP® certification, which is more advanced and applicable to more complex projects.

Project managers who want to improve their credentials can take advantage of these training courses designed for all experience levels.

The CAPM® exam is offered by the Project Management Institute (PMI®). The PMI® is a leading global organization for all things related to project management, and they offer many valuable training opportunities.

Professional Advantage of CAPM

The CAPM is a professional certification that demonstrates you know to be a project manager, and it's also an excellent way to display your commitment to your career.

As a project manager, you'll be responsible for managing projects and teams in an organization, often with multiple stakeholders involved. This can include budgeting, scheduling, and overseeing all aspects of the project from start to finish.

A CAPM certification is an industry-standard credential proving you have the skills to manage projects effectively. It's essential if you're working in a large corporation or organization with strict guidelines for how projects should be addressed.

It will also help you stand out from other job applicants because many employers look for certifications as proof of skill sets specific to their field of work. For example, an employer might want someone who knows how to use Microsoft Office programs or has experience with accounting software like QuickBooks Pro or Excel. A CAPM certification shows employers that you have these skills and can use them well enough to pass an exam on them.

Conclusion

The vast majority of aspiring project managers think that the PMP® Certification is the be-all, end-all of the industry. And while it's the most respected, that doesn't mean it is necessarily the best. As a result, more and more companies are looking to top talent who has completed the CAPM® Certification to fill their project managers' needs.

If you're looking to advance your career in project management, the CAPM® is an excellent way to get started. It will provide you with valuable new knowledge and skills and demonstrate that you've dedicated yourself to a self-guided, continuous improvement path. In addition, potential hiring managers will see it as evidence of your commitment to professional development, which they'll surely appreciate. Plus, it might be the first step towards that promotion you've been waiting for.

Top Project Selection Methods for Project Managers

When choosing a project, many different types of methodologies can be applied. But which method is the best? If you do not know, you will make some mistakes in selecting your project. This article will tell you about project managers' top selection methods.

Benefit/cost ratio

This method compares the expected benefits with costs to determine whether a project should be accepted or rejected. The benefit/cost ratio is calculated by dividing the dollar value of benefits by the dollar value of costs.

The higher this ratio, the more attractive a project becomes because it offers more benefits than costs. However, this method does not consider factors such as risk and time involved in completing a project successfully.

Benefit measurement methods

Benefit measurement methods compare a project's future performance against some standard and determine how better or worse the new project will perform than the old one. These measurements can be either qualitative or quantitative, depending on the standard type (e.g., benchmarking).

Net present value

The net present value (NPV) method is a commonly used tool for project selection because it helps you compare projects with different cash flows over time (like those with costs in the future).

The NPV calculation uses a discount rate to determine how much money a project needs to earn to be profitable. The higher the discount rate, the less you will be able to spend today and still make more money in the future.

Payback period

The payback period method is another common way of comparing projects. However, it assumes that all cash flows happen at the end of the investment period, so it doesn't account for inflation or other factors that change over time (like interest rates).

Three Point Estimating Techniques

Three-point estimating is a technique used to calculate a project's cost, schedule, and resource requirements.

It uses three values representing the best case, most likely, and worst-case scenarios. The most probable value is taken as the most reasonable estimate.

Internal rate of return

This is a discounted cash flow method that calculates how much money would need to be invested today, with an interest rate equal to the opportunity cost of capital (i.e., discount rate), such that there would be enough cash flow generated at some future date to pay back this initial investment plus all other costs incurred up till now (i.e., reinvestment).

Earned Value Analysis (EVA)

EVA is a process improvement method that uses variance analysis to identify project problems and improve performance. EVA is commonly used in business, especially in construction, engineering, and IT projects.

Opportunity cost

Opportunity cost refers to the price of the last opportunity to pursue another one. Project managers must consider opportunity costs when making decisions about their projects because it can be difficult to foresee all the potential consequences of their choices at the outset.

Decision Trees

The decision trees project selection method is based on the binary tree structure. It considers all possible combinations of projects and then ranks them by their net present value (NPV).

Decision trees are used in many applications, including finance and artificial intelligence. In project selection, they are a tool for analyzing trade-offs between various investments.

In addition, they can be used to evaluate multiple projects or to explore a single project as it changes over time.

Project Priority Index (PPI)

The project priority index (PPI) is a relative ranking of projects that can be used to decide project selection. It is based on the concept of weighted attribute scoring, where each project's attributes are rated on a scale of 1 to 5, with 5 representing the most important and 1 representing the least important.

The PPI is calculated by taking the sum of all weighted attributes and dividing it by the sum of all weights. The higher the resulting percentage, the more critical the project is considered to be.

Conclusion

There are so many ways to select projects that, hopefully, you can be inspired to take all of them into serious consideration. Mapping out the entire project life cycle and identifying the cost of failure is a great way to get a macro view of your project and prioritize it within your organization. Establishing trust through open communication rules helps you meet more deadlines and deliver better results. Finally, determining your project's criteria for success lets you focus on what matters most for your organization by prioritizing key outcomes.

Project Cycle Management: Everything You Need to Know

Table of Content

Project Cycle Management: Definition

How the Project Cycle Management Works?

Why Project Cycle Management?

The Phases of Project Cycle Management

How Project Cycle Management helps Project Managers?

Conclusion

Project Cycle Management: Definition

Project Cycle Management is an approach to project management that focuses on the process of managing projects. It is distinguished from other systems by concentrating on a cyclical process rather than a linear one.

It considers the whole range of activities needed to plan, implement and complete a project, not just those directly related to managing the work.

PCM is based on an iterative model, meaning each phase builds on what has been done before and sets the scene for what happens next. This approach allows teams to get early feedback about how well their plans work and adjust accordingly. The benefits include increased productivity and reduced waste.

An iterative model also allows teams to better manage risk by identifying potential problems early on and taking corrective action before they become significant issues.

For example, suppose a team realizes they have underestimated how long specific tasks will take. In that case, they can adjust their schedule accordingly instead of waiting until it's too late to do anything.

How the Project Cycle Management Works?

PCM is a structured system that helps projects run smoothly by providing a clear overview of the project's goals and expectations at the outset. It is divided into clear phases--each one beginning when its predecessor is completed.

Using this method, teams can focus on completing one phase before moving on to another and establish clear goals for each phase. This helps ensure that all parties involved in the project have similar ideas about what they're working toward, which helps to eliminate confusion and miscommunication in the long run.

PCM also prioritizes risk management, making it easier for teams to discuss issues before they turn into problems.

Why Project Cycle Management?

Project cycle management is essential to any project because it helps keep everything organized and moving forward orderly.

A good PM will create plans that consider all possible challenges arising during a project to address them before they become problems.

Project management can be applied to any project system. Still, it is most often used for complex projects involving technical systems or large groups of people.

Project management has become very important in today's business world because it allows companies to maximize their productivity by managing multiple projects simultaneously.

The Phases of Project Cycle Management

Initiation - In this phase, the project manager initiates the project by creating an overview of the project's goals and objectives, collecting information about the business case for the project, and creating a high-level plan for completing the project.

Planning - In this phase, you will determine how long your project will take, what resources you need, how much money you can spend on it, and what risks are involved. You also identify the goals of your project and create an initial project schedule based on these goals.

Executing - In this phase, you complete all the tasks identified in your initial plan to reach a milestone or deliverable. This includes monitoring what needs to be done at each step to stay on track with your schedule.

Monitoring and Controlling - In this phase, you monitor progress against what has been planned so far, make any changes necessary to keep things moving forward smoothly, and adjust as needed based on new information received during this process. You also monitor costs throughout this process, so they don't exceed budgeted amounts for any given task or activity in your schedule.

Closure- Project Closure is the last phase of the project life cycle. The Project Manager should ensure that all the deliverables are submitted to their respective departments and that all communication channels are closed. At this stage, all the project team members are informed about their projects' final status so they can move on to their next assignment.

How Project Cycle Management helps Project Managers?

Project cycle management is the process of ensuring that all project resources are used effectively and efficiently.

 Project managers must ensure that there is no waste of resources, such as time, money, and people. They also need to make sure that the work done by their team is up to standard and meets the expectations of the client or end user.

Project managers are responsible for monitoring every aspect of a project, from planning and budgeting to execution and delivery. This means they have to manage multiple tasks simultaneously, which can be challenging.

Project managers use project management software tools to keep track of all their projects at once. These tools can help them prioritize tasks and organize their time more effectively, focusing on each task individually instead of having too much going on at once.

Conclusion

The project management cycle is an internal, controlled process undertaken by the assigned project manager to ensure all the various aspects of the project are appropriately coordinated and synchronized.

Project cycle management is a proven method used to increase the success of projects in multiple industries and countries. In addition, it allows individuals to obtain leadership positions and a competitive edge over their peers.

Quality Assurance vs Quality Management - Similarities & Differences

Quality assurance and quality management are terms that are often heard but not well understood. Sometimes they refer to the same thing, but at other times they might mean different things.

In order to prevent themselves from falling deeper into the confusion surrounding these two terms, many business owners have turned to online resources to learn about their differences.

Quality assurance vs Quality management

The primary difference between quality management and quality assurance is the scale of their operations:

Quality management applies to an entire organization or department. For example, it can describe how a whole company manages its customer service or how a software development team works its coding standards.

Quality assurance applies to specific functions within an organization or department. For example, it can describe how an engineering team ensures that new products meet technical requirements before they are released into production.

What is Quality Assurance?

Quality assurance (QA) is the part of quality control focused on fulfilling quality requirements. Its purpose is to ensure that a product or service is of the desired quality and satisfies given customer requirements. There are three types of QA processes:

Pre-production QA: Ensuring that all processes, documentation, tools, and resources are in place for an effective start of production.

Production QA: Monitoring the production process to ensure that products conform to requirements.

Post-production QA: Checking the finished product against specifications, standards, and regulatory requirements.

The main goals of quality assurance are:

• To ensure that the quality of your products or services meets your customers' needs and expectations.
• To reduce the number of defects in your products or services.
• To improve the efficiency and effectiveness of your product or service development process.

Benefits of Quality Assurance

The main benefit of quality assurance is that it helps to ensure that your product is delivered as expected. In addition, quality assurance ensures that the final product matches the requirements in the engineering specifications.

Quality assurance can also help to eliminate waste and errors, which would otherwise be expensive to correct in production. For example, suppose a supplier fails to deliver on time or produces an inferior product. In that case, this can lead to delays in production and may ultimately cause you to lose customers.

Another benefit of quality assurance is that it helps you to identify any potential issues with your product before they become an issue for your customers. This prevents customers from getting dissatisfied with their purchases because they are not working correctly or have other defects.

Quality assurance also helps businesses improve their processes and make them more efficient at delivering high-quality products or services.

The most significant benefit of quality assurance is that it improves customer satisfaction with your service or product. If you want happy customers, then there are few things better than ensuring they get exactly what they expect when they buy something from you!

Why Quality Assurance?

The purpose of QA is to ensure that all the processes involved in the production or delivery of goods or services are done correctly to achieve the desired standard or goal. The show involves many functions, such as purchasing materials, inventory management, designing products/services, etc., which need proper planning and execution to achieve good results.

What is Quality Management?

Quality management is a process that ensures the products and services that a company provides meet customer requirements. It involves measuring the quality of products and services, identifying where improvements are needed, and implementing solutions to improve quality.

Quality management is an ongoing process that includes planning, organizing, directing, and controlling activities to ensure that the methods used in creating products or services meet customer requirements.

The goal of quality management is to provide consistent product quality at all levels of production.

In addition, it seeks to continuously improve the processes used to create products or deliver services by identifying problems early in the production cycle to correct them before they become significant problems.

Benefits of Quality Management

The benefits of quality management are many. Quality management is not only beneficial to the overall health of an organization, but it can also improve its financial status. In addition, quality management provides several benefits for businesses, including:

Reduced costs: Companies implementing quality management systems often find that they save money in the long run. This is because they can identify problems early on and fix them before they become too expensive to fix. By catching issues before they become significant, companies can avoid paying for costly repairs or replacements later.

Increased productivity: A sound quality management system can help businesses increase their productivity by reducing errors and preventing defects in the first place. In addition, if a company has a high level of employee satisfaction, this will also lead to increased productivity because satisfied employees tend to be more productive than unhappy ones.

Improved customer service: A company with an effective quality management system will provide better customer service than one without one because it will be able to identify problems quickly and fix them before they become serious issues that upset customers or result in expensive recalls. Since customers expect high service levels these days, any service failure can negatively affect your reputation and bottom line.

Why Quality Management?

Quality management ensures that businesses continually assess their performance and make necessary improvements. By focusing on continuous improvement rather than perfection, companies can avoid investing too much time, money and effort into getting something right from scratch before moving on to something else. This approach also helps them retain their competitive edge in a fast-changing environment.

Conclusion

Hopefully, the above definitions and explanations have cleared up any questions you might have had about quality assurance and quality management. The two concepts are closely related but are not entirely the same.

Quality management focuses more on the broader picture, while quality assurance is more hands-on. Quality management is also organizational, while quality assurance is more often individualized. The takeaway here? Quality management refers to an overall system or framework to ensure high-quality standards. In contrast, quality assurance relates to the personal actions involved in providing those standards are met.

5 Good Tips to Become a Successful Product Manager

What is the role of a product manager? What are their responsibilities in an organization? Of course, their task within a company isn't a cakewalk, but it's a rewarding career.

Do you want to be the best of the best product manager in your firm? If so, this article is for you. Here we'll discuss five significant points that will assist you in enhancing your skills as a product manager.

Stay tuned!

Core Roles of Product Manager

Product managers are accountable for product planning and execution throughout a product phase. Below are some of the core activities or roles of a product manager:

• Understand the customer demands and business objectives of the organization. 

• Must set a plan (milestones and deadlines) for the product to be developed and launched.

• Conduct competitive analysis to understand what they're doing well and where they can improve, thus, making the product more competitive.

• Create a product roadmap that includes a product's primary targets, features, and deadline - allowing these professionals to make alterations to the plans and track progress.

• Define the product vision by combining the customer demands, business objectives, and competitive analysis to describe the long-term product goals.

• Once the product is launched, product managers track the metrics to visualize how the product is doing. They work with the team to determine the key metrics and monitor them daily.

Tips to Become a Good Product Manager

Product management is a lucrative yet challenging career choice. To succeed in this career, you need to have strong technical skills, business acumen, and people skills. In addition, you must understand your customer and stakeholder's demands and translate those into a necessity for your team.

Let's look at the top 5 tips you must maintain when managing a product to become a good product manager.

Prioritizing Customer and Their Requirements

As a product manager, you must focus on your customers and their requirements. Take the time to learn your target market and what the consumers want in a product. Develop user personas and remember them amid decision-making on functionalities and aspects.

How to make your product more significant to your customer?

• The best way to learn or understand your customer's needs is by communicating with them daily.

• Establish customer interviews and make a point to speak to them directly.

• Develop feedback loops in your product development process to get customer input at every phase.

Define the Issue

A good product manager can define an issue precisely and develop efficient solutions. When you are given a problem, take a few minutes to understand the product and the issue from different perspectives, such as the root cause, potential solution, and impact on other products' parts. 

One way to think about issues is to consider the problem's effect on other parts of the product. For instance, if you are striving to solve an issue with the checkout procedure, you will have to understand how it will affect other areas, such as the shopping cart.

Make Data-driven Decision

As a product manager, you must be comfortable in making decisions based on data. Therefore, collect data from all sources, such as market research, customer suggestion/feedback, usage data, and more, to leverage your decision-making process.

How to make data-driven decisions?

• Learn what data is available to you and where it originated.

• Understand how to analyze leveraging data tools such as Google Analytics or Excel.

• Ensure you are gathering data from all sources and not just the ones that support your current beliefs.

• Be open to testing and trying out new things, even if they don't go your way.

• Leverage data to inform your decisions; however, don't forget to use your prudence.

Focus on Results Rather than Outputs

A common mistake most product managers make - focusing on outputs than results. Outputs are design assets, features, or code, while results are the outcomes you need to attain with your product. 

For instance, if you create a new feature, your result might increase users' satisfaction or reduce churn. Hence, ensure that you pay enough attention to the prize and focus on delivering results, not outputs.

But how to focus on outcomes instead of outputs?

• Define the outcomes you wish to attain for your product.

• Arrange your team according to those outcomes.

• Ensure continuous tracking and progress estimation toward those results.

• Make relevant amendments to ensure you acquire the desired results.

Keep Yourself Updated

The product management domain is constantly evolving, and to become a good product manager, you need to keep yourself updated continuously. With constant learning, you can stay ahead of the crowd and offer a top-notch product, as knowledge lets you climb greater career heights seamlessly.

A few methods to stay put with the evolving product market are:

• Reading books about the topic is an excellent method to learn about product management. Several resources with different titles are available, so make sure you find one that interests you and dive in.

• Another way is to attend conferences. During these events, you can hear from top product managers in the sector and learn about the latest trends.

• The following greatest method is to experiment with new products. This will offer you first-hand experience with how different products operate and what aspects they provide.

Keeping these 5 top tips in mind, you can develop a robust base for your career, thus paving the way to a successful product manager.

Quality Management Plan: What It Is & Why It Matters

Table of Content

What is Quality Management Plan?

Why Quality Management Plan?

Quality Management Plan Tools

Steps to a Successful Quality Plan

How to make Quality Management Plan

Benefits of a Quality Plan

Conclusion

What is Quality Management Plan?

A quality management plan is a document that describes the organization's approach to quality. It also serves as a communication tool and a guide to help you manage your company's processes for achieving customer satisfaction.

The quality management plan will identify your company's goals and objectives, how you intend to achieve those goals, how you will measure whether you've achieved them, and any relevant information about your employees.

It will also include information about existing policies and procedures related to quality management.

Why Quality Management Plan?

The quality management plan is a document that outlines the steps required to achieve the desired level of excellence in your organization. This can be as simple as having a quality assurance plan for your production line or as complex as an entire project management system that covers all aspects of an organization. In any case, you must have a plan in place to know where you're going, what needs to be done, and when.

It helps communicate with employees about their role in achieving the company's goals. When employees know their roles and responsibilities, they can more easily understand what it means for them if they don't meet those expectations. This helps them feel more invested in their work and makes them more likely to perform at an exceptional level because they know they're part of something bigger than themselves.

It allows for regular communication between departments that may not always need to talk directly.

Quality Management Plan Tools

Quality management plan tools can help you identify quality issues at the earliest stages of a project.

Many different types of quality management plan tools are available to help you manage your project's quality. The following is an overview of some of the most common ones:

Affinity diagrams: Affinity diagrams involve grouping ideas into categories based on their similarities. They help team members discover and examine potential causes of problems within your organization.

Interrelationship diagrams: Interrelationship diagrams involve connecting ideas with arrows to show how they interact and influence each other. They're often used with affinity diagrams to provide a more detailed view of how systems work together.

Process Decision Program Charts (PDPC): This is one of the most commonly used tools in quality management. It helps in identifying non-value-added activities and eliminating them from your process. This tool also helps in generating new ideas for process improvement.

Matrix Diagrams: These diagrams are used to analyze factors that affect the quality of a product, service, or process. These diagrams help identify relationships between various factors and how they influence each other. This is especially useful when too many variables are involved in analyzing individually.

Prioritization matrices: In a quality management plan, you can use prioritization matrices to define what should be done first, second and third. They can help define objectives, set priorities, make trade-offs, and choose courses of action.

Network diagrams: Network diagrams illustrate how data flows through an organization so that employees can identify potential issues that may lead to poor quality. These diagrams also help employees understand their roles and responsibilities within their teams, allowing them to focus on their tasks instead of trying to do everything themselves.

Steps to a Successful Quality Plan

• The first step to a successful quality plan is to define what quality means to your organization.
• Write down the vision and values of your company. This will help you focus on the company's mission and how you can provide value for customers.
• Understand that all customers are not created equal. Each customer has different needs, wants, and desires, which should be addressed accordingly.
• Identify the processes critical to your business success and those not so essential (non-value-added activities). If you have inefficiencies or waste in your processes, eliminate them immediately!
• Create performance measures for each process so you can measure performance against goals, objectives, and benchmarks set forth by management. This allows us as leaders to see if our employees are doing their jobs effectively and efficiently – it also helps us see where we need to make improvements to become more efficient overall as an organization.
• Analyze your processes regularly using statistical tools such as Pareto analysis or cause-and-effect diagrams (fishbone diagrams). These tools allow us as leaders to identify areas where we may need to improve efficiency or effectiveness within our organization to reduce costs.

How to make Quality Management Plan

The quality management plan is a document that describes how the company is going to ensure that the product or service meets customer requirements and expectations.

It is essential for any organization as it helps identify the risks involved in producing a product or providing a service. It also helps develop strategies to eliminate or reduce those risks.

Quality management plans can be developed in various ways depending on your organization's needs. However, they all share some common elements:

Product quality policy defines why you are doing this and what you hope to achieve by implementing a quality system.

Product quality objective sets out what level of quality you want to achieve with your product or service. For example, suppose you want to ensure that no defects occur in your products. In that case, this might be reflected in an objective such as "controlling the number of defects per million opportunities."

Quality control procedures specify how you will control quality throughout the production process. For example, you may have different strategies for different parts of your business or other products within your company. Sometimes, these will be documented as part of your standard operating procedures (SOPs).

Quality assurance procedures describe how you will monitor and measure the success of your quality control measures so that they are practical and efficient.

Benefits of a Quality Plan

The benefits of a quality management plan are numerous. The following are just a few of the many benefits of implementing a quality management plan.

• It helps companies to reduce costs by reducing waste and errors, which in turn reduces overhead costs.
• It makes your company more efficient, which will help you increase your profits.
• It lets customers know they can rely on your company to deliver quality products and services.
• It allows employees to feel confident in their abilities and more comfortable working at their job.
• A good quality management plan will ensure customers receive high-quality products or services every time they order from your company.
• A quality management plan allows you to identify areas where productivity can be increased. It also lets you know which processes need improvement to make them more efficient in the long run.
• Implementing a QMP helps you identify the root cause of problems or defects in your products or services. This allows you to develop strategies to eliminate them quickly.

Conclusion

Every company, large or small, has adopted the practice of launching a quality management plan. Most companies see it as a way to improve their processes and reduce costs. But what is a QMP? As you will see, a QMP is much more than just a document that outlines the steps to be carried out during the production of a product or service.

Because so many aspects go into developing a quality management system, it is not a simple undertaking by any means. It requires you to document each step of your process, from incoming material examination to customer service. So put, if you have planned for every conceivable contingency during your manufacturing process, a quality management plan will help ensure every product or service your company provides is manufactured according to your high standards and to the highest specifications possible.

Why is Project Management a Top Career Choice?

No matter the sector, project managers are always a necessity to planning and provisioning the work in companies across the world. For an organization to complete a project from initiation to closure phase seamlessly, they depend on qualified professionals that are talented at creating a drastic effect within the company.

As more and more companies realize the significance of project management training, the demand for experts continues to shoot up. According to a PMI study, by 2027, businesses will need 87.7 million professionals working in project management roles.

Being a top-notch certification, the steps to accreditation is not an easy task. However, it's a rewarding career that will boost your personal and professional growth.

This article will help you understand how project management can swivel your career 360-degree.

Project Manager Roles 

The primary roles of project managers include planning, organizing, monitoring, controlling, leading, and managing tasks to obtain specific business objectives. In addition, the managers determine approaches to initiate projects, evaluate and understand the criteria, analyze the needed experts on board, and finally monitor the workflow progress.

Apart from these significant responsibilities of project managers, they also:

• Set work budgets

• Provide project progress reports to stakeholders

• Decides which skill sets needed for the projects

• Establishes a plan and chooses how the work must be completed

• Conduct meetings to monitor work progress

• Creates a schedule and timeline for the project and all underlying projects

• Manages the team and organizational culture

Project Management Scope Worldwide

Project management needs individuals to have a wide range of skills to be efficient in the field. What's more that organization skills are that project managers must be effective problem solvers, proficient in math skills, and have precise communication.

Let's look at some of why project management is a great demand in the modern world.

• The PMI survey shows there are 22 million new project management jobs through 2027.

• Project managers have become a necessity of an organization irrespective of its size or industry verticals.

• Project managers with any project management certifications receive a higher salary package than non-certified peers when it comes to salary. For instance, according to Glassdoor.com April 2022, the average entry-level project manager salary in the US is $58,003 annually.

• Education aids prospective project managers to acquire numerous skills required to achieve the mass of tasks needed for a job to get done.

• As you begin your journey from entry-level to high-level position, you receive an ocean of opportunities and handsome remunerations.

• Last but not least, they make a massive difference to the company's value and bottom line.

Few consider project management to be CEO training as both roles have similar prerequisites and challenges - working with investors, project teams & clients, and dealing with many financial restraints.

An important point to remember is that project managers are always learning - they must continuously refresh their knowledge of processes, new market trends, technology, customers, products, and services.

Why Pursue Project Management?

Whether or not you are working in a project management role, you can acquire professional skills from studying project management. Life and work become streamlined when you excel in the skills needed to get a kick-start idea.

No matter which industry vertical you work, understanding the fundamentals of project management will always come in handy. 

Moreover, project managers with professional certifications such as PMP, PMI-ACP, PRINCE2, etc., are more likely to earn the best salary perks and have more career-advancing opportunities than non-certified employees.

Here are some of the reasons why you should study or pursue project management:

• You acquire all the specific skills, programs, and techniques needed to manage your working schedule against the deadline effectively. When planning a project, you can predict challenges to manage risks, prioritize accordingly and focus on the business objective.

• Understand how each project can be classified into exact processes of assigned activities, targets, and deadlines. Moreover, how to delegate each component to an assigned activity manager to manage the demands of stakeholders. This allows project managers to react to problems as they develop greater agility and guide their teams more effectively to deliver value.

• Project management is about project solving, critical thinking, ideation of project outcomes, leadership, and flexibility. As part of the study, you get to practice these skills in group assignments, work opportunities, and industry-led training focused on solving real-life problems.

• Learn how to develop and monitor key performance indicators (KPIs) and objectives against project deadlines. 

iCert Global offers project management courses that help project management enthusiasts to obtain education and real-world knowledge for any project management career.

We conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across the globe.

Visit us at https://www.icertglobal.com/for more information about our professional certification training courses.

Project Manager Job Descriptions

The roles and responsibilities of project managers differ from one project to another. It may vary based on the industry and organization size. Here, we will some of the typical duties of the project manager in a company:

• Create a detailed plan to monitor and track project progress

• Ensuring projects are delivered within the set scope, budget, and timeline.

• Ensure the availability and allocation of resources

• Coordination with internal and external sources for effective project execution

• Report and escalate to high-level management

• Manage relationships between stakeholders and clients

• Conduct risk management analysis to minimize project risks

• Estimate project performance using suitable project management tools

• Lead the initiation and planning of a project

• Develop and maintain a comprehensive document of projects

PMP Process Chart: What You Should Know

PMP Process chart is one of the most crucial process charts to be created in any project. It is a must-have tool for anybody who wants to complete their task successfully and without any problem.

Someone might think that the PMP process chart is just about sticking a bunch of data on an Excel spreadsheet, but it is not exactly like that. This is one of the most comprehensive project management tools available today, with a lot of history behind it.

About The Chart

The PMP Process Chart is a visual representation of the project management process. It shows how the different activities in the project lifecycle fit together and where each activity fits in with others.

The PMP Process Chart was developed by the Project Management Institute (PMI). This organization has been helping organizations build their project management skills since 1965.

To understand the PMP Process Chart, it's essential to understand what it isn't.

For example, the PMP Process Chart doesn't show how much time each activity takes or what percentage of the work is done by each team member. These things can be measured—but they're not part of this chart. Instead, the purpose of this chart is to show how all the activities connect.

The 5 Process Groups

The five process groups are:

Initiation: In this process group, you must prepare for the project by understanding its scope and establishing a plan to complete it.

Planning and Scheduling: In this process group, you will have to develop the project plan and schedule to accomplish the project requirements within the required time frames.

Execution: In this process group, you will be responsible for organizing resources and resources management during the execution phase of the PMP certification process.

Monitoring and Controlling: In this process group, you will be responsible for carrying out all activities related to monitoring and controlling the project throughout its duration to achieve goal objectives within budgeted cost estimates or budgeted time frames as per approved budget parameters by the sponsor or client.

Closing: In the closing phase of the PMP certification process, you will be responsible for finalizing all documentation related to project completion, such as closing reports, closure meeting minutes, final words, etc., which should be signed by all key personnel involved in the project completion.

10 Knowledge Areas

Scope management is the process of determining what problems and opportunities the project will address. It involves identifying the scope, including all project activities and deliverables. The scope should be detailed enough that it can be managed effectively but not so precisely that it becomes a burden on the team.

Communication management is communicating both within and outside your organization about what your project will accomplish and how you plan to accomplish it. This includes informing stakeholders about progress, identifying risks and issues, and clarifying expectations.

Communication management may also involve coordinating with external partners or vendors to ensure they understand your project's goals and your organization's commitments.

Time management is about managing your time effectively so that each team member has adequate time for their assigned tasks when needed most. Time management can also mean ensuring sufficient time for each task before moving on to another or taking a break between tasks if necessary.

Stakeholder management includes the stakeholders for your project, their roles and responsibilities in your organization, and how they interact with each other (e.g., who is responsible for making decisions).

Cost management includes cost drivers such as workload, scope change orders (SCOs), and unforeseen problems affecting costs. It also contains project team members' resources, such as equipment or software licenses.

Integration management includes how various functions within an organization will interact during the life cycle of a project — from requirements gathering through execution of deliverables and close-out activities — so that each phase of work can be completed on time and within budget.

The process chart's quality management section includes the activities performed to ensure the processes, products, and services meet customer expectations. It is important to note that this section does not include the quality assurance or quality control activities performed after the process has been completed.

Human resources management is essential to any organization because it involves managing employees and their skills, motivation, knowledge, and abilities to maximize productivity.

Human resources management may often include working on an organization's hiring process or interviewing candidates for new positions.

Procurement management encompasses all aspects of purchasing goods, services, or materials for use in manufacturing processes. This includes creating purchase orders for materials, tracking all payments made for purchases, and receiving products from vendors the organization has contracted.

Risk management is an essential part of the PMP process. A risk is any threat or opportunity that could negatively affect a project or organization. When you create a risk list, you're defining your project's risks and how you'll respond to them.

Risk identification: Identify risks and how to mitigate them (reduce the likelihood or impact).

Risk response: Determine what actions are needed to address identified risks.

Risks should be prioritized based on their likelihood of occurrence, impact, and cost.

Conclusion

The PMP process chart will be a good starting point as you prepare for your certification exam. If we have one piece of advice, it's this: practice, practice, practice.

Numerous online tools can help you study, from flashcard systems to quizzing yourself on terminology. When it comes to earning a PMP certification, there's no substitute for hard work—which means hours of studying hard to provide yourself the best chance at passing the test and achieving the certification you've set out to obtain.

PMP Certification Cost in the US 2022

PMP is an industry-recognized accreditation fruitful for people working in the project management domain- looking for career advancement. The certification powered by the Project Management Institute (PMI) helps you understand and communicate the global language of project management with other experts - offering you a chance to connect with the community of professionals, companies, and proficient worldwide.

As the demand for the project managers is rising each day, and if you're looking for ways to get certified in PMP, it's a great move. However, the first step towards your PMP journey is to know the PMP certification fee.
Hence, in this article, we'll discuss the cost of PMP certification in the US in 2022.

PMP Accreditation Fee in the US

You're eligible for the PMP exam once you complete your PMP application and get approval from PMI. The eligibility period starts from the day your application is endorsed to one-year.

You can take the credential test up to three times within the eligibility span you're already acquainted with.

The PMP certification fee varies depending on the following factors:

• PMI or non-PMI Members
• Re-examination
• PMP certification renewal

Being a PMI Member during the PMP exam application will offer you one-year access to the PMI library, including PMBOK. However, first, let’s look at the PMP certification fee structure of PMI Members.

PMI Member Fee Structure

Now, the requirements for being a student/retiree PMI member are as follows:

PMI Retiree Membership: You must have been a prominent PMI member for five or more successive years and retired from an active profession for this membership.

PMI Student Member: For this membership, you must enroll in a full-time degree-offering program at a college/university with a US credential or the global equivalent.

If you prefer any one of these membership alternatives during your PMP application, PMI will ask for your documents that will verify the status.

Other popular merits of being a PMI member is:

• Save money on pursuing globally renowned accreditations
• Excel novel skills through free events and webinars
• Free downloading of the PMBOK Guide
• Stay ahead of targets leveraging more than 1000 free templates and tools
• Make local and global connections with the PMI Community

Now, let's look at other aspects of PMP certification fee in detail.

What are the Other Aspects of PMP Certification Fee?

When training for the PMP credential test, you must consider other expenditures than the exam cost. For example, you must attend a PMP training to meet PMP conditions.

The training expense relies on certain factors like location, the mode of enrolment, training content, and more. In addition, other than training, the time you need to earmark the PMP exam preparation has to be considered.

Here we will see all the factors of the PMP certification fee. Please read till the end for a detailed understanding.

I. Being PMI Member 

We have glimpsed PMP aspirants asking whether it's worth being a PMI member while striving for the certification. The answer is YES.

The PMP exam fees cover the membership fee, and it proposes a few benefits, i.e., free PMBOK Guide access, a PMP exam fee discount, and more. Another reason why it's worth it is that you can save up to $100 on the PMP re-examination fee.

If you've passed the credential test, you're familiar with the certification renewal - you must renew the PMP certification every three-years starting from the day you become PMP certified for active maintenance of the credential.

II. PMP Certification Renewal Expenses

How can I renew my PMP certification?

To maintain your PMP credential, you have to follow certain procedures and they are:

• During every 3 years Certification Cycle, you have to earn 60 PDUs.
• Fill out all the relevant details on the application for certificate renewal.
• Make the payment fees after you receive confirmation from PMI.

How to Earn 60 PDUs?

All the PMP-certified professionals across the globe must earn PDUs for active maintenance of their credential. The PDUs can be earned through several development activities that falls under two groups:

• Giving Back (25 PDUs): Contribute in the activities to develop the profession by leveraging skills and knowledge.
• Education (35 PDUs): Gain knowledge to improve your technical, business management and leadership skill.

What is the cost of PMP certification renewal?

III. Cancellation or Re-scheduling PMP Exam Cost

If you have paid for the PMP exam, you can either reschedule or cancel it. There may or may not be cancellation or rescheduling fees. You can reschedule the test up to two days before the test.

The rescheduling exam fee is variable and dependent on the following:

Hence, it's better to reschedule/cancel the PMP credential test at the earliest; if you're unable to attend.

1. How to reschedule online PMP exam?

Once you're qualified for the PMP exam, you can schedule the test through your profile on the official page of PMI. After that, you will be led to the Pearson VUE site for the PMP exam, and in case you want to reschedule or cancel, you've to do it from the same place.

2. How to reschedule paper-based PMP exam?

If you select PMP paper-based exam and want to reschedule it, you'll have to send a mail to pbtexams@pmi.org no later than 35 calendar days before the scheduled exam date. 

Ensure that you include:

• Your name,
• PMI ID number,
• Group ID number (in your confirmation mail), and
• The location you chose for the test.

IV. PMP Exam Cost Refund Requirements

In some scenarios, you may get a refund for the credential exam fees you have paid. And how is that? Let's see:

• If your PMP application is chosen for audit by PMI and fails - PMI will deduct $100 from the PMP exam fee and return the rest of the amount to you.
• If you've passed the audit or your application wasn't selected, you haven't written the credential rest. However, you would like to get a refund of the PMP fee amount - you've to make a cancellation request one month before your PMP eligibility expiration date. Here too, PMI will deduct $100 and return the rest.
• Remember, if you fail the PMP exam - you won't get any refund.
• You aren't eligible for a refund if you haven't taken any PMP exam within a one-year eligibility period. 
• If you scheduled the PMP credential test and didn't attend the examination, PMI won't refund the exam fee amount.

a. Justifying Circumstances for PMP Fee Refund

PMI considers the mitigating situations for personal emergencies to reschedule/cancel the PMP credential test within 30 days of the appointment or miss the same.

What are the extenuating circumstances?

• Death/illness in immediate family
• Natural disaster
• Medical emergency
• Military deployment

However, these situations don’t include work-related scenarios.

If you fall under any of the conditions mentioned, please get in touch with customercare@pmi.org with a validating document and rationale for getting a refund of the PMP credential test or for exam rescheduling without forfeiture.

Conclusion

Being a prestigious and state-of-the-art project management certification, the cost of a PMP credential is the acquisition of a great career ahead in the project management field. So give yourself a head-start to grow with PMP certification training offered by PMI-authorized training centers like iCert Global. The PMP certification assures financial well-being and offers advanced project management skills to solve intricate real-life projects.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across the globe.

Visit us at https://www.icertglobal.com/for more information about our professional certification training courses

Top 30 PMP Exam Questions and Answers for 2022 

One of the most prestigious and globally known professional qualifications for project managers is the Project Management Professional (PMP) certification. A US non-profit professional organization, Project Management Institute (PMI), offers this certification.

Undoubtedly, this certification is the forever's market trend. We can say the demand for PMP professionals will not fade, not any time soon at least. They always stay on demand, taking into account any industry vertical. Hence the course is beneficial both for your career advancement and future.

PMP credential is essential for those who wish to advance their career for a bright future. A central point of being a certified PMP professional is the cash flow. Across the industry, the average salary of certified project managers is significantly higher.

This has consistently been the highest-paid IT certification that will continue to grow shortly. The accreditation also improves job security. Some organizations value the core competencies learned through PMP during downtime. Therefore, the credential aids in fighting a potential lay-off better than a non-certified one.

In this blog, we will see top 30 PMP exam questions 2022.

Top 30 PMP Questions and Answers 2022

Q1. A manager and the engineering head discuss a change to a major work package. After the meeting, manger contacts you and tells you to complete the paperwork to make the change. This is an example of:

A) Management planning

B) A change control system

C) Management attention to scope management

D) A project expediter position

Answer – D

Q2. Which of the following can't be a part of Group creativity techniques?

A) Affinity diagram

B) Vendor Bid Analysis

C) Nominal group technique

D) Brainstorming

Answer – B

Q3. What is a program?

A) A collection of subprojects having a common customer

B) A collection of projects which have common resources

C) A collection of sub-projects having a common goal

D) A very large and complex project

Answer – B

Q4. You are a new project manager who has never managed a project before. It would be best in this situation to rely on _____ during planning in order to improve your chance of success.

A) Historical information

B) Stakeholder analysis

C) Configuration management

D) Your intuition and training

Answer – A

Q5. A project has a 60 percent chance of a $100,000 profit and a 40 percent of a US $100,000 loss. The Expected Monetary Value (EMV) for the project is:

A) $40,000 loss

B) $100,000 profit

C) $60,000 loss

D) $20,000 profit

Answer – D

Q6. Cost baseline is the output of which of the following?

A) Determine budget

B) Estimate costs

C) Plan cost management

D) Control costs

Answer – A

Q7. What is the SPI of a software development project where EV = $6,000, PV = $5,000, AC = $4,000?

A) 0.73

B) 1.2

C) 0.8

D) 1

Answer – B

Q8. During project execution, a team member comes to the project manager as he is not sure of what work he needs to accomplish on the project. Which of the following documents contain detailed descriptions of work packages?

A) Scope management plan

B) Project scope statement

C) WBS dictionary

D) Activity list

Answer – C

Q9. What is meant by RACI?

A) Responsible, Accountable, Confirm, Inform

B) Recommended, Accountable, Consulted, Inform

C) Responsible, Accountant, Consulted, Inform

D) Responsible, Accountable, Consulted, Inform

Answer – D

Q10. All of the following should be included in a plan resource management except:

A) Resource identification

B) Project interfaces

C) Obtaining resources

D) Responsibilities and roles

Answer – C

Q11. The person or group providing the resources and support for the project, program or portfolio and is also responsible for enabling success is called:

A) Sponsor

B) Client

C) Senior management

D) Project manager

Answer – A

Q12. What is known as project scope?

A) It is the combination of the cost and the schedule which is required to complete the project work.

B) It is the description of the required work that is necessary to complete the project.

C) t is the design of experiments that are used to complete the project work.

D) It is the description of the required work and resources that are needed to complete the project.

Answer – B

Q13. Which of the following comprehends the project life cycle?

A) Milestones

B) Phases

C) Estimates

D) Activities

Answer – B

Q14. Which of the following is not valid according to McGreger’s Theory X?

A) Employees seek to be directed

B) Employees avoid work

C) Employees are self-centered

D) Employees are self-motivated

Answer – D

Q15. You are finding it difficult to evaluate the exact cost impact of risk. You should evaluate on:

A) Numerical basis

B) Quantitative basis

C) Economic basis

D) Qualitative basis

Answer – D

Q16. What is meant by portfolio management?

A) Project decision making

B) The centralized management of one or more portfolios to achieve strategic   objectives

C) Managing various contents of the project file

D) Managing the levels of the levels of financial authority to facilitate

Answer – A

Q17. A project manager is quantifying risk for her project. She needs expert opinion in this process and related experts are spread over to different geographical locations. How can she continue?

A) Determine options for recommended corrective action

B) Using Monte Carlo analysis online

C) Applying the Delphi Technique

D) Applying the critical path method

Answer – C

Q18. What is the role of the change control board?

A) Assessing the impact of the change on Project objectives

B) Defining requirements for the customer

C) Doing performance appraisal for team members involved in implementing changes

D) Encouraging team members to raise more change requests

Answer – A

Q19. All of the following are always inputs to the risk management process EXCEPT:

A) Historical information

B) Lessons learned

C) Work breakdown structure

D) Project status reports

Answer – D

Q20. A project manager is in the middle of creating a request for proposal (RFP). What part of the procurement process is he/she in?

A) Control procurements

B) Close procurements

C) Plan procurements

D) Conduct procurements

Answer – C

Q21. You want to group your project stakeholders based on their authority and involvement in the project. Which of the following is appropriate model for this?

A) Power/Influence grid

B) Salience model

C) Power/Interest grid

D) Influence/Impact grid

Answer – A

Q22. Which of the following a resource histogram shows but a responsibility assignment matrix does not?

A) Interrelationship

B) Time

C) Activities

D) Activities assigned to

Answer – B

Q23. Which of the following represents a set of conditions that should be satisfied before deliverables are accepted?

A) Deliverables list

B) Test plan

C) Acceptance criteria

D) Punch list

Answer – C

Q24. Which of the following can be used for Trend Analysis?

A) Control charts

B) Cause and effect diagram

C) Pareto chart

D) Run chart

Answer – D

Q25. The best project organization structure for a small but highly technical project will be:

A) Mixed organization

B) Functional organization

C) Matrix organization

D) Projectized organization

Answer – B

Q26. What is the acceptable range used for determining the realistic activity cost estimates?

A) Level of accuracy

B) Cost management plan

C) Level of precision

D) Units of measure

Answer – A

Q27. If a risk has a 20 percent chance of happening in a given month, and the project is expected to last five months, what is the probability that the risk event will occur during the fourth month of the project?

A) 20%

B) 60%

C) > 1%

D) 80%

Answer – A

Q28. Your construction project was damaged by an earthquake. Your contractor says that he cannot fulfil the terms of the contract due to a specific clause you both had signed the contract. He is referring to the:

A) Contract obligation terms

B) Fixed price clause

C) Force majeure clause

D) None of the above

Answer – C

Q29. You are the project manager of a software project team consisting of 2 analysts, 4 software developers and 3 test engineers. One new test engineer will join the team in two weeks. What will be the number of communication channels after new test engineer joins the team?

A) 50

B) 45

C) 36

D) 55

Answer – D

Q30. Being the project manager of the ABC Project, you have allowed subsequent project phase to begin even before the predecessor phase completes. Which of the following relates to this scenario?

A) Crashing

B) Fast-tracking

C) Risk management

D) Tandem scheduling

Answer – B

iCert Global assists you with every step towards being a certified PMP professional. Besides these exam questions and answers, we have come up with a curriculum that will aid you in cracking the exam at ease.

Hope you found this blog informative. Find out our other training courses in the project management field on our website:

https://www.icertglobal.com/

For more queries, please do mention them in the comment section. We will get back to you.

10 Cost Estimation Techniques in Project Management

Cost estimation techniques in project management are vital to effectively communicate the cost of a product to the stakeholders and help make the right business decisions.

Though no single recognized method will always provide an accurate estimate due to many factors coming into play, such as change requests, team dynamics, and velocity, there are a wide variety of estimations methods used by project managers to determine cost estimates.

Below are the 10 cost estimation techniques in project management

Analogous Estimation

Analogous estimation is used when you have previously experienced the same type of project. You can use your experience with similar projects to estimate the cost of the current project.

 For example, suppose your organization had built a new website before, which took three months. In that case, you can use that information to estimate how long it will take to make another one. This method is helpful in situations where there are no historical data available for estimating the cost of a task or activity.

Parametric Estimation

Parametric estimation is used when historical data is available from previous projects related to the current project. In this case, you can use statistical techniques such as regression or correlation analysis to determine an equation that accurately predicts costs for similar tasks on future projects.

Three-point Estimation

Three-point estimation is another technique used for cost estimation in projects. In this method, we divide our project into three phases: low-end, most likely, and high-end estimates for each phase separately. This approach allows us to avoid over- or under-estimating the budget by providing us with more realistic results due to its flexibility.

Expert Judgement

This is the most common technique used by project managers. They use their knowledge and experience to arrive at an estimate. Experts may be required to estimate elements like cost, time, and resources or other variables that can influence the estimate.

Bottom-up Estimation

In this technique, each task is estimated separately and added up to get a total cost for the project. This is a prevalent method used by project managers. Still, it has limitations because it doesn't consider risks associated with each task, which may negatively impact the overall project cost.

Vendor Bid Analysis

This involves analyzing the bids received from vendors for particular goods and services required to complete a specific task or phase of the project. It helps in determining whether these bids are in line with what was expected or not. This method can also compare vendors' responses to similar requests for proposals (RFPs).

Reserve Analysis

Reserve Analysis is a complex method that uses historical data to forecast costs and duration for similar projects.

 It considers past performance metrics for cost, schedule, and resources.

The goal is to predict how long it will take to complete the project and how much it will cost. This method can be used for both small and large projects.

Cost of Quality Analysis

Cost of quality is an analysis technique used to determine if any changes should be made to achieve higher quality standards. Cost of quality looks at two factors:

Quality costs - these are costs associated with developing high-quality products and services.

For example, purchasing better-quality materials or hiring more skilled workers can improve product quality and lower maintenance costs.

Avoidable costs are costs associated with mistakes made by people working on projects (errors) or employees not following procedures correctly (waste).

Top-down Estimation

This is a method where you first need to estimate the total costs for all phases of your project and then break down each phase into smaller units.

You can then use this information to estimate individual costs for each phase. This method is mainly used when the scope of work or product requirements are well defined and agreed upon by everyone involved in the project.

Estimation by Analogy

This technique is based on comparing similar projects and applying the same cost factors or estimating relationships to the new project.

The new project's cost estimates are then multiplied by the appropriate elements to obtain an estimate for the new project.

Conclusion

So that is how you can estimate your project's cost using this technique. I hope you enjoyed reading this article! Please comment below if you know any other project management techniques that should be added to this list of techniques; please comment below!

7 PMP Exam Questions to Prepare

During a bidder conference, you see one bidder is your close friend. What should your next step be?

1. You will try not to give the contract to him to prove your integrity
2. You will pass some confidential info to him
3. You will resign immediately from the bidding process
4. You will disclose this relationship to your management

What are the three ‘I’s’ of stakeholders?

1. Importance, inquiry, and influence
2. Interest, influence, and involvement
3. Interest, influence, and importance
4. Interest, influence, and impact

All of the following are ALWAYS inputs to the risk management process EXCEPT:

1. Historical information
2. Project status reports
3. Lessons learned
4. Work breakdown structure

What is the Japanese method of modern quality management called, which relies on continuous small improvements involving everyone from the top management to the lowest level worker in the organization?

1. Kanban
2. Deming Cycle
3. Kaizen
4. PDCA

If a risk event has a 90 percent chance of occurring, and the consequences will be US $ 10,000, what does the US $9,000 represent?

1. Expected monetary value
2. Risk value
3. Contingency budget
4. Present value

EMV = .9 X $ 10,000 = $ 9,000

The activity relationship between the start of cleaning and the start of digging is represented by which of the following?

1. Start-to-Finish
2. Start-to-Start
3. Finish-to-Start
4. Finish-to-Finish

The project manager meets with the project team to review lessons learned from previous projects. In what activity is the team involved?

1. Risk identification
2. Performance management
3. Project team status meeting
4. Scope identification

Top Project Management Certification in 2022

Project management is a globally recognized management certification that enhances a person's knowledge in several aspects such as policies, processes, skills, and practices, ie.:

• Being certified in project management helps you boost your confidence.

• It enables you to implement the projects in an organized way.

• It opens new doors in your career path and allows you to broaden your network with professionals. 

Moreover, this certification is not accessible to the gain-the applicant has to undergo a strict evaluation and application process. Most of the time, the project management certification is optional. Therefore, it is not a mandatory feature of the methodized system. Not to forget, having a certified management professional helps the organization get the best result for them.

The company gives preferences to project managers who have specialization in project management. Moreover, these professionals are well trained to handle the ongoing demand in the industry.

Project management certification is necessary for project managers. It proves to be the initial step in their career; however, the certificate can be daunting, but you can ace it with proper planning and preparation.

Project Management Certifications

This blog mentions the project management certifications that can help you become a professional project manager and take your career to the next level. So choose which certificate to go for and which is best for your job.  

Professional in Project Management (PPM)

This course offers you a comprehensive glimpse into the fundamentals of project management. It covers best practices, strategies, and case studies to benefit your organizational performance. 

You'll learn how to enhance your organizational performance, manage critical changes and choose the proper size for your project to guide it until completion. 

In addition, you'll get strategic insights on implementing fundamental concepts and increasing overall performance by applying agile methodology and enterprise architecture.

PMI Agile Certified Practitioner (PMI-ACP)

This Project Management Agile Certified Practitioner course is the perfect choice if you want to leave your mark in the engineering and project management world. Its benefit lies in its flexibility to the agile mindset.

 As a result, it shifts focus from product releases to customer value. The certification teaches you how to listen, learn, collaborate and deal with complexity while nurturing an environment of trust.

The course begins with a broad overview of agile project management, then explains how it differs from traditional approaches that rely on fixed plans. 

While grounded in theory and best practices, this course also focuses on practical application, so you're ready to apply what you learn right away.

Certified Associate in Project Management (CAPM)

The CAPM is an excellent project management certification offered by the Project Management Institute. The accreditation lays the foundation for further certifications like the Project Management Professional (PMP).

 If you're looking for a basic level certification in project management that's not too demanding and packed with many learning opportunities, this is a good certification.

The CAPM certification focuses on the critical elements of the project management lifecycle required to complete any project. It encompasses knowledge areas such as scope management, quality, time, cost, resource, risk, and stakeholder management. 

There are no prerequisites required to earn the CAPM certification; meet the educational requirements, pass an exam at a testing center, and achieve your CAPM!

PRINCE-2

Looking for the most widely-adopted PMI-certified project management methodology, look no further than PRINCE2. 

Based on the proven project management experience across the world, PRINCE2 offers a systematic way to design and deliver projects of any size or complexity. 

Its best practices are derived from various sources and tested worldwide across multiple industries and countries. 

Therefore, anyone using PRINCE2 can work confidently that they have tried-and-tested methods to apply in their organization.

Business Value-Oriented Project Management (BVOPM)

 BVOPM or Business Value-oriented Project Management (BVOPM) Certification is for professionals familiar with agile principles and their frame. 

It builds your credibility in project management and people management. This program is popular and has worldwide recognition; it helps the holder to understand the agile frameworks and principles. 

BVOPM certification teaches people management skills, which helps project managers build sustainable relationships with their team members.

Project Management Professional (PMP)

The PMP certification demonstrates that you have the knowledge and capabilities to successfully lead a project based on industry principles, standards, and practices. 

The PMP certificate is globally recognized and accredited by the Project Management Institute (PMI). It constantly works to bring in new changes within the course contents and keep it up-to-date and aligned with the rapidly changing industrial requirements.

It also proves your commitment to your career by allowing you to demonstrate your skills and providing a higher value to organizations.

Program Management Professional (PgMP)

Leading multiple projects as a project manager is a very coveted skill set these days. This is where Program Management Professional (PgMP) certification comes in. Earning the PgMP certification gives you an edge over other project managers when landing more challenging project management assignments. Of course, achieving the PgMP certification is no easy feat. Still, the entire effort you put into the process will pay off big time.

Certified Scrum Master (CSM)

Certified Scrum Master Course creates highly qualified professionals able to oversee a team of individuals who are responsible for working on a product. 

This training will help candidates better understand the business values and develop interaction between the development team and external sources such as stakeholders, customers, and other groups.

This course equips you with the knowledge and skills to become an effective product owner and steer the development of your product with requirements that drive the highest business value. 

The course covers agile principles and practices for product owners. It focuses on critical areas related to writing requirements, product vision, story mapping, backlog creation, and maintaining the product backlog.

Certified Project Manager – CPM-IAPM 

Are you responsible for implementing complex projects and want to demonstrate your expertise in management? Then the Certified Project Manager (IAPM) certification is the right choice for you! 

As a certified project manager, you learn how to manage projects according to best practices, and it proves your knowledge of international project management standards. 

This gives you a clear competitive advantage over non-certified colleagues and opens up new career prospects. Please note: The certificate is awarded once by the International Association of Project Managers (IAPM).

CompTIA Project+ certification

CompTIA Project+ ensures that professionals can work on small, medium, and large projects, developing relevant skills to plan and manage projects effectively using different methodologies. 

Organizations and professionals benefit from the ability to use multiple project methodologies to fit with their corporate strategy. 

CompTIA Project+ remains a popular customer choice in the IT industry by balancing essential management skills with team-building techniques.  

Conclusion

Even though project management has been around for a long time, some might argue that it is not a "certified" field. Unfortunately, this is no longer true. The fact that there are numerous PMI-approved courses on the market is proof of this. 

In addition, as we speak, many established companies are in dire need of certified project managers to fill their project management leader roles. 

In the same way with any other career or industry, the need for qualified PMs is vital for organizational success. 

What is Six Sigma: Everything You Need to know about it

Six Sigma is one of the six types of processes to achieve excellence. Six Sigma is an applied process to understand what works and goes wrong. It is a concept used in many companies around the globe to understand how an organization can perform and the steps that need to be taken.

Hence, it is a methodology that offers a very big framework that helps understand Six Sigma and how it would be implemented to handle any issues or situations that may occur in the organizational culture.

What is Six Sigma?

Six Sigma is a set of tools, techniques, and methodologies used in Quality Control (QC) to improve the quality of products or services. Motorola developed it in 1986.

Six Sigma aims to eliminate defects at any stage of a process, from design to production and delivery, while providing superior customer satisfaction through improved quality.

It involves systematically identifying problems and their root causes, implementation of countermeasures, and continual improvement through analysis of results.

Why does Six Sigma Matter?

Six Sigma is an approach to quality management that emphasizes prevention over detection, which results in fewer defects and less waste (or rework). It also helps companies improve their processes and become more competitive in their industries.

 By using Six Sigma analytics and tools, organizations can identify areas where improvements can be made within their business processes — which ultimately leads to increased profitability.

Achieving Six Sigma certification indicates that a company has committed to its goal of producing only 3.4 defects per million opportunities (DPMO).

Is Six Sigma different from lean?

While lean focuses on reducing waste and optimizing processes, Six Sigma focuses on improving quality. So you can think of it this way: Lean seeks to maximize efficiency by eliminating waste.

In contrast, Six Sigma seeks to optimize quality by minimizing variation in any given process or system.

How does Six Sigma Differ from Other Management Standards and Methodologies?

Six Sigma differs from other management standards and methodologies in the following ways:

• It's a business process improvement methodology rather than a management system or compliance program; it provides tools for improving processes to produce higher quality results but doesn't mandate specific actions in each area where improvement is needed.
• It focuses on process improvement rather than fixing problems after they occur — this means implementing changes before defects occur rather than afterward.
• It focuses on identifying, measuring, and improving processes that add value to the customer by reducing variation in products and services.

What are the Key Elements of Six Sigma?

Six Sigma uses DMAIC methodologies to achieve its goals, which stand for:

Define: The first step in DMAIC is to define the problem or opportunity that needs to be addressed. This can be done through brainstorming or other techniques.

Measure: Once the problem has been defined, it needs to be measured to make improvements. This step requires collecting data on key factors related to the improved process and analyzing it using statistical techniques such as regression analysis and ANOVA (analysis of variance).

Analyze: After measuring the process, you should analyze your data using statistical techniques like regression analysis and ANOVA (analysis of variance). These techniques allow you to determine whether your measurements are within acceptable limits or if any patterns in them may help with future improvements.

Improve: This step includes developing new processes or improving existing ones by identifying opportunities for improvement through brainstorming sessions with employees from all levels of the organization.

Control: In the final phase of Six Sigma, you create a control plan, a set of procedures that ensures your new standardized process works smoothly and meets quality standards.

Why is Six Sigma Important for Businesses?

The Six Sigma methodology is a set of tools and techniques that help businesses improve their processes, thereby enhancing their customer experience.

It is an improvement strategy that helps companies achieve consistent perfection in their processes. It aims to reduce the variability in business activities, products, and services. This helps in eliminating defects and improving quality while also reducing costs.

There are many benefits to adopting a Six Sigma approach, including:

• Reduces waste and variation through structured processes.
• Improves product quality and customer satisfaction.
• Increases revenues by reducing costs.

Six Sigma Benefits:

Cost Reduction: Six Sigma helps reduce costs by identifying key areas where costs can be reduced by improving efficiency and reducing waste. The focus is on the elimination of destruction rather than just cutting costs.

Improved Quality: By reducing variability in processes and products, you can ensure that your customers get a consistent, high-quality product or service every time they interact with you or use your product or service. This will also help retain existing customers, attract new ones, and increase customer loyalty towards your brand because of a better experience!

Innovation: By identifying critical variables within processes and then optimizing them based on data analysis, Six Sigma ensures that innovation is focused on areas where it matters most – driving ROI for your business!

Conclusion

Six Sigma is the process behind some of the business' most reliable innovations. It's more than just a methodology, however, with plenty of training and courses available to help companies put it into practice.

And while small companies can implement it, it's also been used to great success on a massive scale, with proven results in quality control. As a result, six Sigma is more relevant today than ever before.

Stakeholder Management: PMP Questions to Study

Sometimes, stakeholders are people who have their own opinions of how the implementation of a project should go. Project Management seeks to understand, manage and meet the needs of all of these stakeholders and ensure that all expectations are met.

The stakeholder management process involves communication channels that facilitate feedback to meet the needs and expectations of such individuals and groups.

Stakeholder management is the practice of having an active role in managing the expectations and requirements of the project stakeholders. For example, in a typical project, multiple stakeholders will be concerned about how this project will affect their daily lives, security, and sales.

PMP certification ensures that project managers have the knowledge required to lead and manage project teams toward completing projects. This can only be achieved by having a thorough understanding of the Project Management Body of Knowledge (PMBOK) and experience in applying the concepts, skills, and techniques associated with project management.

PMP certification is an international standard for professional certification for project managers.

Identify stakeholders

The first step in stakeholder management is to identify all of the stakeholders that may have an interest in your project. This list should include those who will benefit from your project and those who could be adversely affected by it.

Each stakeholder group has its own needs and expectations, so it's essential to understand these differences before moving on to the next steps.

Plan for stakeholder management

As the PMP, you manage stakeholder expectations, understand their needs, and determine how best to engage with them. Therefore, you must take the time to identify stakeholders throughout each project phase. This process will help you anticipate where issues may arise during implementation and be proactive in dealing with those problems.

 Once you have identified them, create an action plan for each participant that includes identifying the type of communication needed (frequency, mode, etc.) and what actions they need to take to remain informed regarding this specific project.

Manage stakeholder engagement

Managing stakeholder engagement, a large part of the Commitment Management process, boils down to understanding your relationship with that stakeholder.

You need to know who they are, what motivates them, and how they want to be engaged. You also need to understand when there might be variations in how that stakeholder participates in the project and how you can plan for those situations.

Finally, make sure that when you plan for changes or variations in your stakeholders' behavior, you document everything you learn about those changes so you can use that information when it comes time to respond appropriately.

Monitor stakeholder engagement

To maintain stakeholder engagement, you need to monitor and keep an eye on the engagement of each stakeholder. Project managers should understand how stakeholders impact the project and take actions to balance those impacts.

Project managers should also understand how stakeholder engagement affects project performance and how they can correct any variations to bring attention back to normal through good relationships.

Takeaway: PMP Stake Management Question

Which of the following is true concerning work performance data and performance information?

1. Work performance information represents raw observations and measurements.
2. Work performance data is used at the organizational level, while work performance information is used at the project-level
3. Work performance data is collected from monitoring and controlling processes.
4. Work performance information is more valuable than work performance data.

Which of the following is not a classification of stakeholder engagement?

1. Resistant
2. Unaware
3. Participating
4. Leading

Which of the following does not identify someone as a stakeholder during stakeholder analysis?

1. Someone who creates a need
2. Someone who proposes a solution
3. Someone who would be affected by the solution
4. Someone who is affected by the need

The primary purpose of the stakeholder register is:

1. To serve as a project directory
2. To keep a list of all project stakeholders
3. To record stakeholder issues on the project
4. To map functional requirements but to originate in stakeholder

What are the dimensions measured on a stakeholder grid?

1. Motive and opportunity
2. Expertise and influence
3. Access and availability
4. Interest and power

6 Prominent Agile Certifications for Your Career Development

Several businesses are still operating in a dull and inflexible-mannered environment or are stuck with traditional methods. Their vertical means of reporting, hierarchy and many other factors often leave the customers, shareholders, and what say more, the employees unhappy. This results in delayed project delivery, top project failure, non-coordination among team members, and too many contact points.

Companies started thinking differently in transforming the traditional procedures with wide adoption of a new-flanged methodology, 'Agile.' It prioritizes test-and-learn approaches over detailed planning. It has become the most implemented developmental tool in many industry verticals like education, banking, software industry, construction and many more.

Hence, organizations are looking for Agile certified professionals to meet their Agile-related company requirements. The practice is a significant choice to adopt in the changing market environment. These experts can respond to any transitions efficiently and swiftly so that their projects are widely accepted around the globe.

With Agile certification, you obtain the edge to bring shifts in your company by adopting Agile techniques, strategies and tools, followed by high perk salary and job security.

In this blog, we shall be brushing through the concept of Agile, its benefits, significance, challenges and many more.

What Exactly is Agile?

Agile principles are critical software market drivers that help learn, innovate, and adapt quickly. It is developed for quick and seamless company workflow. Agile is a tedious process to deliver software progressively from the initial phase of the project rather than providing the entire project at the end.

This term is mainly applied in project management, and if the project is classic, then the Agile practice is a great approach to follow.

Agile assigns to the principles of lean development, which accentuate efficacy to optimize the delivery of value to customers. The pillars of Agile methods are provided in the Agile Manifesto as follows:

• Operating software over comprehensive documentation.
• Responding to the business transformation by following a plan.
• Interactions and individuals over tools and procedures.
• Customer alliance over contract negotiation.

Though the method is designed to simplify the procedures, adopting Agile in a company is a lot more complicated than it seems to be. It is a total rework of a business process, and it needs fundamental transformation to be made in every aspect of the venture.

Many companies recruit Agile trainers, send their workforces for methodology training or even recruit consultants to recreate their operational manuals. However, companies have too many questions and challenge to face when implementing Agile.

Understanding the implementation challenges and discussing different methods to resolve the problem beforehand could prove a critical decision whether Agile is a profit or loss.

Why Adopt Agile Methodology?

Being Agile needs a transition in the infrastructure and relation between management and the team by driving decision-making to the lowest point. The backward method makes the IT company more responsive and expertise. Teams depend on Agile practices and culture to develop into top-notch performing units that offer value throughout the firm.

When pursuing an Agile certification, you can benefit from organizational and personal levels. Let's look at how worthy the certificate is.

Organizational Benefits

Agile certification includes the complete knowledge of Agile practice to implement within the organization. The benefits of the certificate on an organizational level are:

1. Real Value to the Organization

The main aim is to offer exemplary service and products to the customer and satisfy them completely. Without an Agile professional, a company can't meet their targets as they ensure consistent value delivery throughout its project's lifecycle.

2. Time and Expense

Agile-certified individuals assign tasks to every workforce by considering their scope, thereby assisting them in gaining success in the projects. This, to an extent, helps them to offer value in the deadline. In general, these professionals know how to manage the expense, time, and team correctly.

3. Easy Adaptability

On recruiting an Agile expert, a company can respond swiftly and adapt seamlessly to the constantly transforming business environments. Whatever transitions occur in the future, an organization can take immediate actions if an Agile professional is involved.

4. Seamless Communication

Assertive communication is essential to avoid confusion among the team, making a project successful. Agile certified candidates communicate well with the teams to bring alliance while dealing with specific projects, helping them maintain proper track of the daily progress. They enhance their daily communication by conducting meetings on the task status.

5. Relationship Reinforcement

Agile projects often lead to robust relations between the team members. However, it is essential to create a good connection within the team of an organization for a successful project. Agile practitioners can bring the entire group together, communicate efficiently and reach a conclusion.

Personal Benefits

The certification can also have a personal benefit, as Agile-related organizations are drastically growing. Some of the personal benefits are:

1. Career Boost

Agile plays a significant role in software development and project management within the company. Since the accreditation is of top-notch value, companies constantly hire Agile certified professionals with a higher pay scale and opportunities to work abroad.

Moreover, you are open to several job positions in the Agile area. The companies are looking for those who can bring value to their business.

2. Leadership Skills

Agile certification benefits a lot to be an Agile leader, providing you with leadership skills for management and control of organizational teams. With the accreditation, you can set targets, guide the team, conduct meetings and have complete authority over the Agile team.

By bringing alliance and solving conflicts within the team, you can move towards the project's success and become an efficient company lead.

3. Gain Agile Methodology Insight

The certification offers the knowledge of Agile methodologies to the individuals. Moreover, it teaches how to adopt the techniques within a firm to achieve the business targets. A person with Agile, practical skill helps them work in a reputed firm with a decent pay scale.

Top Agile Certifications

PMI-ACP Certification

PMI is an internationally recognized certification exam. The Agile Certified Practitioner (ACP) provided by PMI is PMI-ACP certification. The certification represents that you have deep insight into Agile principles and are skilled enough to execute Agile techniques efficiently. It covers primary Agile methods, Kanban, Test-driven Development (TDD), Lean, Scrum and Extreme Programming (XP).

Unlike other certifications, PMI-ACP has prerequisites, and they aren't negligible. Following are the eligibility criteria to know before attending the exam, they are:

     1. General Project Experience

• 2,000 hours of general project management experience in the last 5 years.
• Requirement satisfied by Active PMP or Program Management Professional (PgMP). 

     2.  Agile Project Experience

• Least experience of working 1,500 hours on Agile project teams during last 3 years.
• These are in addition to 2,000 hours of General Project Experience. 

     3. Training in Agile Practices

• 21 contact hours must be earned in Agile practices.

According to Glassdoor.com, project manager with PMI-ACP certification earns:

• India - INR 15lakhs
• US - $90,890
• UK - £50,943
• Canada – CA $82,968

AgilePM Certification

The APGM International Agile Project Management (AgilePM) certification validates a workforce's potential to understand and incorporate Agile methodologies in project management. This results in swift, successful project delivery, minimized expense, better communication and cohesion to principles in the working environment.

Sectors, where AgilePM accreditation is beneficial, are IT, business, project management, aerospace and cybersecurity. The certification is offered at 2 levels:

• Suitable for project management practitioners with limited Agile knowledge or Agile teams looking to become project managers.
• Considered as the next step for candidates who have achieved Foundation-level certificate.

According to Glassdoor.com, project manager with AgilePM certification earns:

• India - INR 6-19 Lakhs
• US - $ 77K-125K
• UK - £ 30K-65K
• Australia – AUD 100K-150K

CSPO Certification

The Product Owner (PO) is the creative shareholder on most Scrum teams. The role can vary from company to company, depending on the context. A Certified Scrum Product Owner (CSPO) understands five basic levels of product ownership: understanding the role of PO, describing strategy and purpose, understanding customers and users, testing product assumptions, and working with the product backlog.

According to Glassdoor.com, CSPO certification earns:

• India - INR 13 Lakhs
• US - $ 1,03,321
• UK - £ 53,174
• Canada – CAD 86,937

CDA Certification

The Certified Disciplined Agilist (CDA) is a software development certification that demonstrates a person's fundamental understanding of Disciplined Agile methodologies and is ready to execute them. It provides different competencies, from a beginner to the highest level of expertise.

CDA is an entry-level certification, is the best choice for people who are new to software development or individuals with prior experience but want to advance their career.

SAFe Agilist Certification

It is also known as a Scaled Agilist (SA), is the central part of the introduction into the SAFe principles and is awarded to individuals who can prepare with the guidance of a 2-day course called Leading SAFe. As companies strive to apply the basic Agile foundations to their company, SA dilutes the principles of popular practices into an easy-to-use mode called SAFe.

These certified SA knows how to incorporate Agile profile management into an efficient organization that offers constant value to their shareholders and end-users with a short turnaround time.

The average salary earned by a certified SAFe Agilist:

• India - INR 1200K-2 Lakhs
• US - $ 80K-135K
• UK - £ 33K-75K
• Australia – AUD 100K-157K

PSM I Certification

It is a highly look for certification as it permits IT experts to demonstrate an in-depth knowledge of Scrum methods within the Scrum Master role. The Professional Scrum Master (PSM I) is recommended for individuals in the role but merely has the basic Scrum Master concepts.

This certification is for anyone who wishes to demonstrate their basic knowledge of Scrum principles and apply them to real-life scenarios. Once you are done with PSM I, Scrum professionals can continue to advance to Level III by taking corresponding exams.

The average salary earned by a certified PSM professionals:

• India - INR 564K-2 Lakhs
• US - $ 61K-142K
• UK - £ 42K-56K
• Australia – AUD 95K-145K

12 principles of Agile

The 12 principles of Agile Methodology are:

• Customer satisfaction through continuous quality delivery
• Welcome changes according to customer’s demands
• Business and development go hand in hand
• A collaborative approach to work
• Establish projects around motivated individuals
• Encourage sustainable development
• Precise in-person conversation
• A measure of progress is working software
• Continuous attention to excellence
• Simplicity
• Self-organizing teams
• Reflect for Effectiveness

Challenges Faced on Agile Implementation

Challenge 1: Boosting the communication

One of the leading reasons behind the failure of Agile in a company is the lack of communication. To go Agile, all senior management, executive, and middle-tier management must be aware that there will be some transformations in project management practices. They must understand the advantages of the Agile changes and how the changes will impact the organization's workflow. Hence, companies need to develop proper channels to interact for smooth and efficient communication among different teams.

This creates a good flow of information among the employees, keeping them up-to-date on the project progress. If the teams are located in one place, it helps in the swift adoption of the methodology as it takes place more organically and assists in creating a proper feedback system on each project.

Challenge 2: Developing ownership

The prime objective of Agile transition is to create a sense of ownership with the teams. For a project to be successful, the crucial point to understand is the responsibility of completing the task on/before the deadline.

Once ownership is developed among the members, they will be more prone to work dedication and time-oriented to complete the projects. Tasks' independence is also a factor that will aid the teams to finish their task on time and create engagement with the project.

This will also help the members to have the freedom to come up with solutions to the issues that arise during the project without approval from their superiors due to full task ownership, thus motivating the workforce to achieve better outcomes.

Challenge 3: Resistance to change

Resistance to the change by the company's internal infrastructure is one of the biggest challenges faced by the organizations. It is challenging to transform people's way of thinking and work.

The belief and habits of technology giants are naturally well-established. People often argue against the change of traditional software processes, and when Agile transition is leveraged to challenge them, they create a barricade or an obstacle to resist the transformation.

For instance, a project manager takes a one-hour-long meeting with the developer to discuss the essential requirements for their latest projects. The manager is adjusted to this type of working environment.

Imagine if the manager is asked to shorten the meeting to 15 minutes and develop the product updates in sprints? What would happen? The person would find it a challenge, which they might try to resist and lead to Agile implementation failure.

Challenge 4: Inconsistent practices and procedures

Customer satisfaction is the central part of the Agile methodology, or in other words, we could say customer satisfaction determines whether the method is a success or failure.

To meet customers' demands, Agile frameworks like Kanban create service networks within the company, where all teams, departments and individuals can self-organize around the task, evolve and collaborate their operational method by quality enhancement.

For optimal working of service network, the employers must follow the same rules and apply the same principles. A team that collaborates and communicates entailing the project delivery's cross-functional responsibilities.

Challenge 5: Lack of education and training

Another top reason for Agile methodology failure is insufficient education and training. For the method to work, one must have a thorough knowledge of its concept, principle, frameworks, values and practices. This is when an Agile coach or trainer comes into action.

They ensure that the company succeeds with flying colour with the implementation of Agile. They will train on how the process works and approach decision-making according to the Agile mindset.

Challenge 6: Fragmented measurements and tooling

To choose an apt solution to the existing problems in your company, you must consider the business nature, pros & cons of different agile methods and company characteristics.

To be successful with Agile, a crucial requirement is to choose the right tools such as Jira, Kanbanize and ClickUp. But for these tools to be beneficial for an organization, you must be consistent in its leverage.

After leveraging any of the tools mentioned above to an extent where you have gained significant experience, start customizing the tools to suit your company or project prerequisites. To keep in mind, project-related measurements and data are precisely defined.

Industries Benefitting by Agile Implementation

1. Marketing and Advertising

Agile practices help advertising and marketing companies to make better decisions to produce valuable content for attracting consumers. Some of the successful companies in this industry, thanks to Agile methods, are:

Teradata Applications that sell software for marketing support. They leveraged the Agile approach to automate their work procedures and approval processes. It helped them in enhancing the project communications.

Next is a business named CafePress that sells customized designer gifts and services to people interested in launching their own merchandise. The company adopted the method to communicate with their customers and assist them in uploading their designs in no time.

2. Healthcare

It is one of the most profitable industries with numerous breakthrough innovations. Agile adoption in the healthcare industry is more likely to benefit the owners and their customers.

Healthcare is the most booming industry vertical as people require treatments. However, in several countries getting proper therapies has been a daunting task due to its lack of seamless procedures. People feel hectic and frustrated with the setup.

If healthcare marketers are willing to create real-time solutions and connect with the customers, then Agile principles can help. By leveraging the technique, the industry can quickly transform the features that are not working as expected. By using Scrum, weekly Sprints can maintain privacy and security when new features are rolled out.

3. Engineering and Product Development

Agile methodologies are leveraged in IT sectors where people leverage traditional software like a waterfall to create their products. Agile practices became a perfect approach to stay on top of their games due to increased market competition.

With the introduction of the practice, companies can plan for a short period and choose to execute and organize their projects or tasks. It helps businesses to bridge the gap between employees and shareholders. It also minimizes the risk of reworking in product development, saving its budget and time.

About Us

For more information on how iCert Global can help you to achieve your Agile Certification goals, please visit our website.

https://www.icertglobal.com/

We provide instructor-led classroom and online training across the globe, followed by Corporate Training for enterprise workforce development.

10 Tips on How to Pass the PMP Exam in Your First Attempt

​Before you start studying, we'll give you 10 tips on properly passing the PMP exam on your first attempt. You'll even learn about a simple strategy that can help you with all of your PMP study efforts.

Enroll in a PMP preparation course

PMP certification is not easy to obtain, and it requires enormous effort from your side. Therefore, we suggest you enroll in a PMP preparation course to help you pass the test on your first attempt. There are many options available online as well as offline that can help you prepare for the test.

Become familiar with the PMP exam content outline

The first step in passing this test is becoming familiar with the exam content. This will allow you to know the topics on the test and how they are connected. You can do this by reading through the guide or taking a course that teaches you how to use it as a study tool.

Understand the PMBOK Guide

The Project Management Body of Knowledge (PMBOK) Guide provides all the necessary information about project management required by anyone taking this test. Therefore, before enrolling in any training course or preparing yourself, we advise you first to become familiar with this guide. Otherwise, it will be tough for you to pass the exam without guidance!

Practice whatever you know

After being familiar with the exam content outline, it's time to start studying for your PMP exam by practicing everything you already know about project management. This will help you get used to taking tests so that when it comes time for your actual exam, you won't be nervous or anxious about failing because of its difficulty level.

Subscribe to a Q&A practice exam service

The best way for you to prepare for the PMP exam is by taking as many mock exams as possible before taking the actual test. This will help you get used to the format and structure of the exam. A good start is by subscribing to a Q&A practice exam service where you can access thousands of questions written by certified PMPs who know what they are talking about. You can also use these questions during your study sessions to become second nature when it comes time for them during actual testing conditions.

Take as many mock exams as possible.

The more mock exams you take, the more comfortable you will be with taking them on test day. This means that if there are any surprises or unexpected questions during actual testing conditions, there's no need to panic because you've already probably solved a similar question.

Join a study group

The first thing you should do is join a study group or PMP community where you can swap notes with other people who are also preparing for the exam. This will give you access to information about how others tackled certain aspects of the exam, such as risk management and quality control. You may also access sample questions and mock exams from other members who have already taken the test.

Find the right formula to memorize

If there is one thing that will help you pass the PMP exam, it's memorization. There are many formulas on which you will be tested, and if you don't know them by heart, then there is no way that you will pass this test!

Join PMI and connect with other Project Managers

Being a member of the PMI before you write the exam has many benefits. First, test fees are cheaper if you are a PMI member. Second, PMI opens up many opportunities to network with other project management professionals resulting in more opportunities.

Complete your 35-contact-hour certification training requirement before taking the PMP exam.

As you start your journey to become PMP certified, you should know that it requires a lot of effort and time. The 35 hours of formal project management education is essential because it develops the knowledge and skills necessary for passing the exam. The guide provided by PMI provides many resources that can be used to improve your first attempt at passing this exam.

If you're trying to learn how to pass the PMP exam, then our top 10 list of tips can help you with that. Now it's up to you! Pass the PMP exam on your first attempt!

Beginners Guide to PMP Certification Cost

At some point in life, individuals, especially IT professionals, might have pondered about the PMP certification, how much the certification exam cost, and how and where to kickstart.

Project Management Professional (PMP) accreditation is a prestigious professional designation for project managers globally. The credential is accredited by the Project Management Institute (PMI).

PMP indicates the documented education, experience, potential, and competency needed for leading and executing projects. It is one of the well-reputed certifications provided by the PMI, USA.

In simpler words, PMP certifies your potential in managing projects and recognizes the hard work you have done hitherto.

According to pmi.org, there are more than 1Mn PMP-certified project managers worldwide and 300+ chartered chapters in 218 nations.  

Moreover, the credential is valid for three years; hence after acquiring the PMP certificate, professionals must maintain the same through Continuing Certification Requirements (CCR) program. 

If you have set your targets on acquiring the PMP credential badge, you have made the best choice over your lifetime. However, getting certified in PMP is not a five-finger exercise. The accreditation demands real-life project management education and experience.

What is the Cost of PMP Certification?

Pondering how much does the project management certification cost?

PMP certification costs incurred to achieve 35 PDUs vary according to the country. Here is an example of the average expenses of PMP training costs for different nations:

The PMP certification exam costs for PMI members and non-members are as follows:

An individual choosing to become a PMI member amid application will have to pay a PMP certification exam cost of $555 - covering both the examination and the membership fees ($129 + $10 one-time application fee).

If an individual doesn’t wish to be a part of PMI, they will also have to pay the same PMP exam fee, $555. Therefore, we suggest you apply for the PMI membership option so that shelling out your PMP course expense is more logical.

I Want to Renew My PMP Certification, What Should I Do?

Once you receive the PMP credential badge, ensure that you maintain the same by earning 35 PDUs over three years. After PMI confirms that you have met the PDU prerequisites, you'll receive a mail/message to apply for PMP certification renewal – asking you to make payments through the online certification system.

PMI will send the individual an updated certificate with new CCR cycle dates after processing the application and renewal fees. This usually takes around 6-8 weeks to get delivered through postal.

The credential holders must agree to comply with the terms of use, including audit norms agreements. The participant can renew the accreditation only after completing the audit and agreeing with all the terms and conditions during an audit.

The auditing done by PMI is random, i.e., PMI selects a group of PMI certification holders randomly, where they must submit supporting documentation to prove PDUs.

Therefore, credential holders must keep these PDU claiming materials for 18 months after the end of the CCR Cycle.

Can I Cancel My PMP Certification Renewal?

An applicant has the right to cancel their certification renewal at any time. For this, they must write a cancellation request to customercare@pmi.org.

On receiving the application form, PMI will refund one-third of the renewal fee for each full year of the CCR cycle that the applicant hasn't leveraged following the date of cancellation request.

If other mitigating scenarios ban an applicant from completing the renewal procedure, they may contact Customer Care - PMI will review and settle the claims on a valid basis.

Why Should I Get PMP Certified?

The PMP certification adds value to your career. This program has been ranked the top Project Management Certification by the CIO magazine as it offers evident proof that the participant has the needed potential and experience that employers require.

According to PMI's Salary Survey 2021, individuals with a PMP certification report higher average salaries than those without the credential, i.e., 16% higher on the median across the 40 nations surveyed.

The willing applicant must succeed in combination-type question sets to clear the credential test, answering 180 questions in 230 minutes. The test can be taken in 15 different languages worldwide.

PMI has designed the PMP exam to meet the growing demand of the profession, organizations, and you. It focuses on three domains you require to acquire a competitive edge and prove your work smarter:

• People (42%)
• Process (50%)
• Business Environment (8%)

PMP Exam Reference Books

Let's look at the top 4 PMP exam reference books that you must consider for the credential test in 2022:

• The PMP Exam: How to Pass on Your First Try, Sixth Edition

Author: Andy Crowe

• PMP Exam Prep Simplified

Author: Andrew Ramdayal

• All-in-One PMP Exam Prep Kit

Author: Darron L. Clark, PMP

• Head First PMP: A Learner’s Companion to Passing the Project Management Professional Exam, 4th Edition

Author: Jennifer Greene and Andrew Stellman

Conclusion

The PMP accreditation helps individuals acquire remunerative job roles in finance, IT, healthcare, automotive, manufacturing, and other exciting industries.

PMI, the accrediting body of PMP, released the PMBOK Guide, which is the base for the PMP credential test. The exam is challenging for most as it covers a wide range of areas conforming to the syllabus based on the Guide. Therefore, the choice of a good training center is crucial.

Succeeding the exam is hard; hence, it will be better if you revise a few resource materials on the topic.

You can also enroll in our PMP training course that encapsulates the latest best practices specified in the PMBOK Guide Ed 6 and learn from the expert, thereby passing the PMP exam on your first strive at ease.

iCert Global conducts Project Management, Quality Management, Business Analysis, Agile, Scrum, and DevOps Certification courses across the globe.

Visit us at https://www.icertglobal.com/for more information about our professional certification training courses

PMP Concepts: The Workflow Diagram

The Workflow Diagram is a powerful technique helpful in conveying the significant activities of the project and their relationships. In one view, it presents a complex picture of how work gets done in projects. On the other hand, such a diagram can easily depict the overall project management process and provide a basis for discussions among team members.

What is Workflow Diagram?

The workflow diagram is one of the essential diagrams in PMP. It illustrates the various steps involved in a process with multiple inputs, outputs, and activities.

A workflow diagram can be used to describe any process with multiple stages. This includes project management, manufacturing, construction processes, and IT development projects.

The workflow diagram also helps to identify all possible paths through the process, their relative importance, and how they relate to one another. In addition, it allows you to determine the order of events within each activity (i.e., what needs to happen first).

To create a workflow diagram, you need to know how to use Microsoft Visio or some other software tool that can help you draw a flowchart-style diagram. Most software tools allow you to create simple flowcharts by drawing boxes and connecting lines between them.

However, suppose your company already has an established template for creating flowcharts. In that case, there's no need for you to learn new software – use the existing template!

Use of workflow Diagram

Workflow diagrams are often used in project management. Still, they are also helpful in describing any complex process with multiple steps. They can be used to document organizational processes or identify improvement opportunities within an existing process.

The primary purpose of workflow diagrams is to help people understand how things get done to identify areas where improvements could be made.

Benefits of Workflow Diagram

The Workflow Diagram is a high-level view of the project management process. The diagram shows the project management process's primary inputs, outputs, and activities. It is an overview of the entire project management process for a single project or program.

The Workflow Diagram can be used as a guide to ensure that all activities are completed in a logical sequence. It also helps to identify any missing tasks or gaps in the workflow.

The Workflow Diagram is an essential tool for Project Managers to understand the flow of information in their projects. It also provides them with an opportunity to analyze how efficiently resources are being utilized and if there are any areas where improvements can be made.

The following are some of the benefits of using the Workflow Diagrams:

• First, it allows you to see how various activities within your project relate to each other and their relationship with other processes or departments within your organization.
• It helps you understand where bottlenecks might occur within your project so that they can be addressed before they become significant problems.
• You can use this diagram as a reference when creating other types of charts, such as Gantt Charts or PERT Charts.
• It helps identify risks early on so they can be mitigated or avoided altogether.

Project Management Workflow Methodologies

Three of the most common workflow methodologies are:

• Agile Project Management Workflow
• PRiSM Project Management Workflow
• Waterfall Project Management Workflow

Let's know about these three methodologies in brief:

Agile Project Management Workflow methodology

Agile project management is a methodology that focuses on the quick and regular delivery of products. It is a collaborative environment where the project team members work in short iterations to deliver working software. The process involves:

• Cross-functional teams.
• Frequent delivery of working software.
• Close customer collaboration.
• Regular feedback from customers.

Agile project management is a methodology that was developed from the concepts of Lean Manufacturing. The Agile Project Management Workflow has five steps:

Planning: The team works with the customer to determine what needs to be done, how long it will take, and what resources are required.

Implementation: Once planning is complete, the team breaks down each task into smaller chunks that can be completed within the timeframes specified in the plan.

Testing: When an iteration is complete, a short testing period takes place where users test functionality to ensure it meets expectations and functions as intended.

Deployment: Once testing is complete, new functionality can be deployed with minimal downtime or impact on other applications or services.

Monitoring: After deployment, monitoring ensures new functionality meets expectations and doesn't produce bugs or errors in other system areas.

PRiSM Project Management Workflow methodology

PRiSM is a project management methodology that uses a structured process to organize the work of a business or organization. The purpose of PRiSM is to help project managers manage projects efficiently and effectively.

PRiSM was developed by Project Management Institute (PMI) as an extension of the Project Management Body of Knowledge (PMBOK). PMI's goal was to create a way for organizations to streamline their project management practices.

The PRiSM methodology is based on three basic principles: