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Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

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Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 18, 2021 8:46 am

Opening new topic area for this week.
vandu80K
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 18, 2021 9:10 pm

Why are tools such as PMIS considered EEF and not an OPA ?

ref :"Review the EEFs such as organizational culture and structure, resource availability and skills, use of project management software, published commercial information, and organizational work authorization systems"

from the lesson 2, Topic D, page 86 | PMI® Authorized PMP® Exam Prep
vandu80K
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 18, 2021 9:46 pm

Hello Saket,
I was trying to picture the whole scheduling and Costing in agile, please correct the following decomposition and my understanding:

For Predictive life cycle we use
Planning Packages(high level) > Work Package(lowest level)> Activity List>

For Agile(Scrum) we use
Epics > features > User story > Tasks

1) please help me correlate the above two.
2) Unique code identifier called "Code of Accounts" is assigned to all of the above components be it predictive / agile
3)A "Control Account" can be assigned to more than one Work Package , but each Work Package has only 1 Control Account .
(Control account , used to baseline the cost, scope and schedule for EV performance measurement )
4) Planning packages also called Epics are progressively elaborated for which Scope is not known,
5) Work Package with vague scope the Cost is of (Aanalogous/ parametric/ ROM + contingency reserve )
6) For work packages where detailed scope that will be addressed in an iteration, the Cost is (Estimated cost + Activity Contingency reserve )
7) are we again estimating by activity also ? where are the user story estimations fitting here ?
sorry I'm confused on the overall picture
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Sat Jun 19, 2021 5:39 am

In general I recommend not to consider / think too much about code of account or Control Account, it is just for mapping the budgets to the accounting system of company, say you have many work packages related to traveling, but you want all to have same code for travel since in your accounting system that budget goes under travel.
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Sun Jun 20, 2021 1:43 am

For Agile(Scrum) we use
Epics > features > User story > Tasks

1) please help me correlate the above two.
Its good not to correlate it. In Predictive lifecycle

Requirement -> Scope -> WBS -> Tasks

In Adaptive
We just stop at Requirements, we just keep creating better and smaller requirements and we keep storing it at Product Backlog. In Sprint Planning the selected requirement get converted in Tasks / Activities. So we do not look and scope level WBS, since the work is not know.

Epic, Features , Stories all are requirements, and usage of these terms are specific to Agile method, so say scrum does not recognize feature as term and understanding of Epic is very different between scrum and SAFe. so better not to get into in since for PMP exam we can not make one rule relate to these terms.

So what is simply understood, we have large requirements and small requirements all stored in product backlog and during backlog refinements we break the upcoming large requirement into small requirements.
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Sun Jun 20, 2021 1:46 am

Anything which must be followed is EEF and something which is recommended but you can ignore is OPA. So if an organization asks you to follow a particular PMIS then you are limited by the features and limitation of that tool and it works as EEF. if some part of PMIS is only come as recommendation say Knowledge management part than can be considered as OPA.

vandu80K wrote:
Fri Jun 18, 2021 9:10 pm
Why are tools such as PMIS considered EEF and not an OPA ?

ref :"Review the EEFs such as organizational culture and structure, resource availability and skills, use of project management software, published commercial information, and organizational work authorization systems"

from the lesson 2, Topic D, page 86 | PMI® Authorized PMP® Exam Prep
bipin.36330
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Sun Jun 20, 2021 2:55 am

Hi Saket.

During project execution, a Procurement software implementation process gets impacted due to a sudden change of the middleware technology version. The team implemented a risk response plan involving a costlier alternative solution. The project team determines that by applying this approach, contingency reserves, and management reserves, the project can come back to track without increasing the project budget.

What should you do next?

a. submit the change request to update the cost baseline.
b. Restart project with new project team
c,. submit a change request to access the management and contingency reserve
d. Ask the project sponsor to change the implementation strategy for the project.

My answer-C, correct answer-A., my argument is management reserve is not part of cost baseline. so to access the management reserve as specified in the question we need to submit a change request .

Your opinion please
bipin.36330
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Sun Jun 20, 2021 3:06 am

During a risk review meeting, the project manager learns that a new company policy has been implemented, which prohibits overtime. This restriction in hours for the development team represents a unique constraint for the project.

Where should this newly identified constraint be documented?

a. constrained control register.
b. risk register
c. Assumption log
d. issue log.

Correct answer- assumption log. can you explain why, i think it should be registered in an issue log.
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Sun Jun 20, 2021 5:17 am

What is the source of the question, since it needs fixing. It does not have the right option. This is a change in EEF and has to be identified as EEF only. If we have to select from these options only, than Issue Log is the closest
bipin.36330 wrote:
Sun Jun 20, 2021 3:06 am
During a risk review meeting, the project manager learns that a new company policy has been implemented, which prohibits overtime. This restriction in hours for the development team represents a unique constraint for the project.

Where should this newly identified constraint be documented?

a. constrained control register.
b. risk register
c. Assumption log
d. issue log.

Correct answer- assumption log. can you explain why, i think it should be registered in an issue log.
bipin.36330
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Mon Jun 21, 2021 11:14 am

Hi Saket,

The recent sprint review meeting has detected lot of Quality problems in the project. The Project team is currently involved in the evaluation of the causes of poor quality. What process is getting performed here?

a. control quality,
b. direct and manage project work
c. manage quality
d. monitor risks

my answer-A, Correct answer-C, the team is in retrospective, right? the root cause of the problems are discussed there.
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Tue Jun 22, 2021 6:46 am

This is a glossary question, which mean definition question, the control is dealing with the correctness of product output where manage takes care of other quality issues

8.2 Manage Quality—The process of translating the quality management plan into executable quality activities that incorporate the organization’s quality policies into the project.

8.3 Control Quality—The process of monitoring and recording the results of executing the quality management activities to assess performance and ensure the project outputs are complete, correct, and meet customer expectations.

Even this is done in Retrospective, we do not perform Quality Control in Retrospective, we do manage quality-related discussions only in retrospective.


bipin.36330 wrote:
> Hi Saket,
>
> The recent sprint review meeting has detected lot of Quality problems in
> the project. The Project team is currently involved in the evaluation of
> the causes of poor quality. What process is getting performed here?
>
> a. control quality,
> b. direct and manage project work
> c. manage quality
> d. monitor risks
>
> my answer-A, Correct answer-C, the team is in retrospective, right? the
> root cause of the problems are discussed there.
vandu80K
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 1:41 am

Hello Saket,
why is the management reserve information entered into the Risk Management plan ?
Is it to have a bigger picture of Funds ? to help plan the PM that in case if they take a riskier approach , they can make sure that they have funds outside of the scope of project(contingency reserve ) to be used ? I feel that it could be misused , just my thoughts around this.
also who allocates Management reserve ? is it the costing / finance department for a functional organization and how about a projected organization ?
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 6:27 am

I agree that Risk Management Plan does not have information related to management reserve, in general by when you prepare Risk Management Plan you do not have information related to Management Reserves. In my understanding, none of the project documents has details related to Management Reserve.

What is the confusion? In PMBOK also I can not find mention of management reserve in the Risk Management Plan.


vandu80K wrote:
> Hello Saket,
> why is the management reserve information entered into the Risk
> Management plan ?
> Is it to have a bigger picture of Funds ? to help plan the PM that in case
> if they take a riskier approach , they can make sure that they have funds
> outside of the scope of project(contingency reserve ) to be used ? I feel
> that it could be misused , just my thoughts around this.
> also who allocates Management reserve ? is it the costing / finance
> department for a functional organization and how about a projected
> organization ?
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 9:06 am

Hi Saket,

Do we have fixed price contracts for agile/adaptive lifecyle projects, since the scope is not fixed and requirements are dynamic. if yes how do we manage such topics.
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 9:12 am

Hi Saket,

Few confusion around contingency reserves, trying to club all in the below points:
-if in a project contingency reserves are added at activity level, would the project have a separate contingency fund at the project budget level too?
-Suppose a known risk does not occur so the contingency funds set aside for the same can be reused for another known/unknown risk for the project?
-From exam standpoint, when a PM sets the contingency fund do they do it risk by risk or a specific amount in general in predictive/adaptive life cycles.
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 9:16 am

Hi Saket,

How do we do budget estimation in the beginning for an adaptive project since the requirements are dynamic in nature.
Last edited by KritiRai on Wed Jun 23, 2021 9:23 am, edited 1 time in total.
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 9:22 am

Hi Saket,

Could you please guide what would be the right answer here and why:

A project manager is analyzing the project to find ways to decrease costs. It would be best if the project manager looks at:
A-Variable costs & fixed costs
B-Fixed costs & indirect costs
C-Direct costs & variable costs
D-Indirect costs & direct costs
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 9:33 am

Hi Saket,

Please help me with the correct answer for the below and logic behind :)

You've managed to get the key stakeholders for your upcoming agile project together for a visioning session to reach agreement on what the project needs to accomplish. The participants might not have another chance to meet in person. How will you recommend they spend this time?

A- Write an elevator statment
B- Develop personas for key users
C- Explain their requirements & needs
D- Decide who will make the key directions for the project
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 11:19 am

Hi Saket,

Please help me in understanding the below question:

Risk thresholds are determined to help:

A-The team rank the project risks
B-The project manager estimate the project
C-The team schedule the project
D- Management know how other managers will act on the project
KritiRai
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Wed Jun 23, 2021 11:32 am

Hello Saket,

Please guide on the below question:

During Identify Risk process, a project manager and stakeholders used various methods to identify risks and created a long risks list. The project manager then made sure all the risks were understood and that triggers had been identified. later, in the Plan risk responses process, he took all the risks identified by the stakeholders and determined ways to mitigate them. What has he done wrong

A- The PM should have waited until the perform qualitative risk analysis process to get the stakeholders involved
B- More people should have been involved in Plan risk responses process
C- The PM should have created workarounds
D- Triggers should not be identified until the Implement Risk responses process
vandu80K
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Thu Jun 24, 2021 12:04 am

here is the reference , copied directly from the .pdf file
PMI® Authorized PMP® Exam Prep | 149

Risk Management Plan
Plan Component : Description
Funding : Includes budgeting information that estimates and identifies risk funds that will need to be included in the cost baseline and how the contingency and management reserves will be estimated.

kindly clear my confusion,



saket wrote:
> I agree that Risk Management Plan does not have information related to management
> reserve, in general by when you prepare Risk Management Plan you do not have
> information related to Management Reserves. In my understanding, none of the project
> documents has details related to Management Reserve.
>
> What is the confusion? In PMBOK also I can not find mention of management reserve in
> the Risk Management Plan.
>
>
> vandu80K wrote:
> > Hello Saket,
> > why is the management reserve information entered into the Risk
> > Management plan ?
> > Is it to have a bigger picture of Funds ? to help plan the PM that in case
> > if they take a riskier approach , they can make sure that they have funds
> > outside of the scope of project(contingency reserve ) to be used ? I feel
> > that it could be misused , just my thoughts around this.
> > also who allocates Management reserve ? is it the costing / finance
> > department for a functional organization and how about a projected
> > organization ?
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Thu Jun 24, 2021 12:24 am

It is saying that it includes the process of identification and estimation (How) of Management Reserve not management reserve itself.

vandu80K wrote:
> here is the reference , copied directly from the .pdf file
> PMI® Authorized PMP® Exam Prep | 149
>
> Risk Management Plan
> Plan Component : Description
> Funding : Includes budgeting information that estimates and identifies
> risk funds that will need to be included in the cost baseline and how the contingency
> and management reserves will be estimated.
>
> kindly clear my confusion,
>
>
>
> saket wrote:
> > I agree that Risk Management Plan does not have information related to
> management
> > reserve, in general by when you prepare Risk Management Plan you do not have
> > information related to Management Reserves. In my understanding, none of the
> project
> > documents has details related to Management Reserve.
> >
> > What is the confusion? In PMBOK also I can not find mention of management
> reserve in
> > the Risk Management Plan.
> >
> >
> > vandu80K wrote:
> > > Hello Saket,
> > > why is the management reserve information entered into the Risk
> > > Management plan ?
> > > Is it to have a bigger picture of Funds ? to help plan the PM that in case
> > > if they take a riskier approach , they can make sure that they have funds
> > > outside of the scope of project(contingency reserve ) to be used ? I feel
> > > that it could be misused , just my thoughts around this.
> > > also who allocates Management reserve ? is it the costing / finance
> > > department for a functional organization and how about a projected
> > > organization ?
vandu80K
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Thu Jun 24, 2021 3:46 pm

still unclear Saket
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 25, 2021 2:43 am

Risk Management Plan should help in identifying
What is the process of identifying the area where management reserve is needed like which factors may lead to the identification of management reserve?
Say Political Stability, Exchange rate fluctuations can be the area where we need to think of management reserve.
It's like a project team assessment of uncertain areas.


Later based on this, after budget estimation, management may consider all this and PUT the money number to to , so based on cost , schedule , scope , risk variability and guidance from risk management plan help in identifying the number. This MONEY number is not part of any project management plan.



Risk Management Plan Plan Component : Description
Funding: Includes budgeting information that "estimates and identifies risk funds" that will need to be included in the cost baseline and "how " the contingency and management reserves will be estimated.

==> So it is telling how to do an estimate rather than estimate itself.

In general I can say your understanding is right and you can easily say that Risk Management Plan does not contain information related to Management Reserve or even the contingency reserve or any money estimated for the project.
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 25, 2021 2:45 am

Videos based on this week interactions :

WBS Vs User Story
https://youtu.be/7oqdYgnPMSQ

Change Management / Change Request and Agile
https://youtu.be/3wzZ88jOTlI
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 25, 2021 11:05 am

Raised new thread for next week, closing this one.
New one : viewtopic.php?f=10&t=19743
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 25, 2021 11:27 am

In general we do not go for fix price contract in agile. if done it is liked fixed price and duration and keeps the scope open, so its like I give you 10 people for six months in fix amount.

KritiRai wrote:
> Hi Saket,
>
> Do we have fixed price contracts for agile/adaptive lifecyle projects,
> since the scope is not fixed and requirements are dynamic. if yes how do we
> manage such topics.
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Re: Questions for Me (Saket), till 25th June 7 PM IST +5.5 GMT

Fri Jun 25, 2021 11:33 am

Contingency Reserves can be added at activity level , WBS level and also at project level. So if activity is uncertain you add some reserve, all get summed up at WBS level, the WBS level also you may see some need so you add at WBS level and later if you see you have many risks at project level , you add at project level.

How you identify contingency reserve , this is done by doing Reserve Analysis , irrespective of life cycle approach.


"Reserve Analysis. An analytical technique to determine the essential features and relationships of components in the project management plan to establish a reserve for the schedule duration, budget, estimated cost, or funds for a project. "

You will find mentioning of reserve analysis in schedule and cost management knowledge area, so no fix rule of percentage, it might be based on risks , uncertainty of requirement , environmental factors

KritiRai wrote:
> Hi Saket,
>
> Few confusion around contingency reserves, trying to club all in the below
> points:
> -if in a project contingency reserves are added at activity level, would
> the project have a separate contingency fund at the project budget level
> too?
> -Suppose a known risk does not occur so the contingency funds set aside for
> the same can be reused for another known/unknown risk for the project?
> -From exam standpoint, when a PM sets the contingency fund do they do it
> risk by risk or a specific amount in general in predictive/adaptive life
> cycles.

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