Decide to Build or to Buy in Projects Sometimes it’s better to go out and buy a solution from a vendor, and sometimes it’s better to build it in house. And there are good reasons for both. So in this lecture, we’re going to take a look at why would we buy or why would we build, and then there’s a mathematical analysis. This just from a math point of view about when is it better to buy or build. So why would you buy or build? Well, sometimes it’s…

Review Project Procurement Contracts Welcome back. In this lecture, we’re going to look at reviewing the procurement contracts, what contract types and what are the characteristics of those contracts are you allowed to use in your project? And you’ll need to recognize these for your PMP exam. This is an area that tends to beat up a lot of project managers because most PMS aren’t working with contract types. They’re not doing the procurement that it’s managed by a centralized contracting or a procurement office. So if you don’t have…

Section Overview I’ve been teaching the PMP exam prep course now for many, many years, and I’ve met thousands of PMP candidates. The one knowledge area that gives these folks the most trouble is procurement management. And I think that’s because most of these people don’t do the actual procurement. They work with contracting or procurement, procurement office or a purchasing office where they are. So they aren’t necessarily involved in the day to day procurements. Well, I’ve structured this course to focus in, especially the section to focus in…

Plan Stakeholder Management As with all knowledge areas, stakeholder management is no different that we need a plan. So this process is planning stakeholder management. It’s a plan which will address how do we identify, manage and engage stakeholders. So this is 13 two in the Pinbox plan stakeholder Management where we are developing management strategies for stakeholder engagement. It’s an analysis of stakeholder needs and it helps us to create a clear plan, a clear intention of how will we manage stakeholders. Let’s look at our edo here. For…

Section Overview You’ve now reached the new knowledge area in the Pembach Guide fifth edition, and that’s project stakeholder management. Stakeholders, we know are the people, groups and organizations that are affected by our project or our project can be affected by them. So in this knowledge area, this new knowledge area, we’re going to look at several processes dealing with stakeholders management. You’re going to see that a lot of this ties back to chapter ten of the Pinbach on communications management. So there is some parallelism that happens…

Procure Goods and Services Now let’s talk about project procurement management. This is one that beats up a lot of project managers because project managers often aren’t the folks doing the procurement. So the Procurement Management Plan, it’s all about the procurement activities in your organization. How do you operate, lead time, make or buy? What about scheduling, deliverables, performance bonds, warranties, insurance, things like that? The plan also defines the form and format for your statement of work documents. So what forms will you be using? Do you have…

Communicate With Stakeholders Let’s talk about communication. So much of communication is project management or scratch that, reverse it so much. Project management is communication. The planning we’re answering, who needs what information? Who is authorized to see that information? Who will provide it? When is the information needed? What modality or format? Where will you store this information? And what about time zones or language differences and so on? Also in the communications management plan, what are the requirements from stakeholders? What are they expecting? What exactly will we…

Define and Implement Project Quality Management Now let’s hop in and talk about project quality management, these processes, and the key things from the quality management chapter. We talked about the seven basic quality tools. Remember these? That we have caused an effect, or fishbone, also known as as an ishikawa that’s where we have an effect, a problem to solve, and you have major causes. And then branching off of these, you could have contributing causes. Your goal is to facilitate a conversation, to find causal factors. Another one…

Manage Project Time Management Welcome back to our Blitz review. We’re going to take a quick review of our time management processes. So this is something that is very important for your exam. We spent a lot of time in chapter six in the Pin box. So let’s hop in and we’re just going to hit the headlines here. Plan in schedule. Management. Our whole point is to establish our policies and define our procedures. So we document our approach for developing, managing and controlling the schedule. So we’re creating…

Master Project Integration Management We’re now going to talk about project selection methods, how to choose a project so quickly. We talked about future value. Future value is what some amount of money is worth in the future. And this formula, remember, was present value with one to the power of N, where I is the interest rate in N is the number of time periods. So it’s the present value times one plus I to the power of N. The opposite of that is the present value. It’s what…