PMI-RMP: PMI Risk Management Professional Certification Video Training Course
PMI Risk Management Professional Training Course
PMI-RMP: PMI Risk Management Professional Certification Video Training Course
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PMI-RMP: PMI Risk Management Professional Certification Video Training Course Outline

INTRODUCTION

PMI-RMP: PMI Risk Management Professional Certification Video Training Course Info

Gain in-depth knowledge for passing your exam with Exam-Labs PMI-RMP: PMI Risk Management Professional certification video training course. The most trusted and reliable name for studying and passing with VCE files which include PMI PMI-RMP practice test questions and answers, study guide and exam practice test questions. Unlike any other PMI-RMP: PMI Risk Management Professional video training course for your certification exam.

PROJECT MANAGEMENT FUNDAMENTALS

6. PROJECT BUSINESS DOCUMENTS

Hi and welcome back again. So what are the project management business documents? We have two major documents. We have the business case, the profit, and the project benefits management. So the business case and the benefits management plan are the project management business documents. The project manager is accountable for ensuring the project management approach captures the intent of the business documents. So the project manager is not accountable for developing the project management business documents. They are usually created before the start of the project. But the project manager is accountable to ensure that the project management approach he is using—or she is using throughout the project lifecycle—captures the intent mentioned and stated in the project business case and benefits management plan. So, who is responsible for developing and maintaining the project business documents? The project sponsor is generally or specifically accountable for the development and maintenance of the project management business documents. In some organizations, the business case and the benefit management plan are maintained at the programme level. So here is a typical project life cycle. We talk about the project lifecycles in the following section, just for the project management business documents. I wanted to be clear that the business case and benefit management plan are prepared in the pre-project work before the project even begins. Here is the start of the project on the timeline. The business case and the benefits management plan are created before the start of the project, and usually they are the output of the needs assessment activity performed by the business analyst, not the project manager. So you, as a project manager, are accountable to ensure that the management approach you are following will capture the intent mentioned in the project management business. So, what is the business case? It's a documented visibility study. That's simple. The business case will document the visibility study used to establish the validity of the benefits of a selected component and be used as the basis for future project authorization. So the business case is a documented visibility study. It lists all the objectives and reasons for why this project was initiated. So what are the business case components? First of all, we have the business needs, like determination of what's prompting the need for action, identification of the scope of the project, and identification of stakeholders affected. All these are examples of business needs. We have also done an analysis of the current situation. like the identification of organisational strategies. goals and objectives. Identification of the root causes of the problem or the main contributors to an opportunity gap Analysis of capabilities needed for the project versus the existing capabilities of the organization Identification of known risks identification of critical success factors. and the identification of decision criteria by which the various courses of action may be assessed. All these are examples of an analysis of the situation. The third component is the recommendation, which is a statement of the recommended options to pursue the project or pursue the project. The last component is the evaluation. The evaluation is a statement describing the plan for measuring the benefits the project will deliver, and usually this should include any ongoing operational aspects of the recommended option beyond initial implementation of the project. These are the four major components of the project business case. It is a documented visibility study. It provides the basis to measure success and progress throughout the project lifecycle by comparing the results with the objectives and identified success criteria. It's an important document, a very important document, especially at the organisational senior management level. At the end of the project, the business or strategic committee of the company will measure the success of this project by comparing the results of the project with what's mentioned in the business case. The second document we have is the benefits management plan. What is the project's benefit? It's defined as an outcome of actions, behaviors, products, services, or results that provide value to the sponsoring organization. What's the benefits management plan? It's a document that describes how and when the benefits of the project will be delivered and describes the mechanism that should be in place to measure those benefits. What are the components of the benefits management plan? First of all, we have the target benefits, which are the expected tangible and intangible value to be gained by the implementation of the project; usually financial values are expressed with these benefits. The second component is the strategic alignment. How will the project benefits align with the business strategies of the organization? The third one is the timeframe for achieving these benefits. Benefits by phase, or short term, long term, and ongoing benefits The benefits owner is the person accountable to monitor, record, and ripple realised benefits throughout the time frame established in the benefits management plan matrix, which includes the majors to be used to show benefits realized, direct measures and indirect measures, assumptions, factors expected to be in place or to be in evidence, and rests for realisation of the benefits. All these are components of the benefits management plan. Typically, the benefits management plan is created using the data and information documented in the business case, as well as the efforts of the business analysis's needs assessment activity. This is all that you need to know about the project management business documents. You are not accountable for creating or developing the project management business documents. They are developed during the prework before the start of the project. But it's important for you to make sure that you are following a project management approach that captures the intentions mentioned in the business case and the benefits management plan.

PROJECT ENVIRONMENT

1. ORGANIZATIONAL PROJECT MANAGEMENT (OPM)

Hi and welcome back again to a new section of this course. We will be talking about the project environment, and the first lecture we are starting with will be on organisational project management, or OPM. So what the OPM term refers to? It's defined as a framework in which portfolio, program, and project management are integrated with organisational enablers to achieve strategic objectives. So it's a term that will link the portfolio, program, and project management with the organisational strategic objectives. It serves as a guide or driver for project, program, and portfolio management as well as other organisational practices. It provides a direction for how portfolios, programs, projects, and other organisational work should be prioritized, managed, executed, and measured to best achieve strategic goals and benefits. It will help you ensure that all organisational levels understand the strategic vision of the organisation within which the projects are running within.So this is the organization's project management. A key point to understand is that all efforts in the organization, whether they are part of projects, programs, or portfolios, should be guided by an internship organization's strategic goals. So this is the key benefit of using organisational and project management tools. It will make sure that the project,program and portfolio management are all linkedinto the organisation strategic goals. This is all that you need to know about organisational management. organisational project management. Thank you so much. Keep moving. I will see you in the next lecture.

2. PROJECT INFLUENCES

Hi and welcome back again. In this lecture we will talk about the project's influences. Projects exist and operate in environments that may have an influence on them. Usually, these influencers can have a favourable or unfavourable impact on the project. What are the two major categories of influences? First of all, we have the enterprise environmental factors, or the EEF. Enterprise environmental factors: these enterprise environmental factors might be external to the organisation or internal to the organization. The organizationalprocess assets, or internal organizationalprocess assets (processes, policies, and procedures), are the other category. So the two major categories of influences are the enterprise impairment factors and the organisational process assets. Remember these terms very well. We will use them a lot, and usually we will refer to the enterprise environmental factors as the EEF and the organisational process assets as the OPA. Two major categories of influences are organisational process assets and enterprise environmental factors. So what are the enterprise environmental factors referred to as conditions? They are not under the control of the project team that influences, constrains, or directs the project. They can be internal or external to the organization. So any conditions that are not under the control of the project team and that might influence constraints or the project are considered enterprise environmental factors. Now the organisational process assets, or OPA, are the plans, processes, policies, procedures, standard forms, and knowledge bases specific to and used by the performing organization. So the enterprise, environmental factors, and organisational process assets Enterprise environmental factors and organisational process assets are usually inputs to the majority of the project management processes. So you should remember these terms very well. Thank you so much. In the coming lecture we will talk about the enterprise's environmental factors.

3. ORGANIZATION PROCESS ASSETS

The second category of influences are the assets of the organisational process assets.Opas include practise or knowledge from any or all the performing organisations within the project that can be used to execute or govern the project. OPAs also include the lessons learned from previous projects and historical information. So you will have a document, which is the licence register. It will be an output of the managed project knowledge process. This document at the end of the project is updated with the final revision and documented within the organisational process assets. Also, all the historical information about previous products You will also find it in the OPA, or organisational process assets. Now, since the OPAS are internal to the organisation, project team members may be able to update and add to the organisational process assets as necessary throughout the project. Now, the organisational process assets include processes, policies, and procedures usually established by the project management office, or PMO, or another function outside of the project. These documents can be updated only by following the appropriate organisational policies associated with updating processes, policies, and procedures. The second part of the second category would be the organisational knowledge repositories, which are usually updated throughout the project with project information like information on the financial performance of the project or lessons learned or performance metrics and issues. All these are documents or partof the organisational knowledge repositories. So what are the processes, policies, and procedures? First of all, we have the templates like theproject charter or the business case, the risk registeror the report formats, any of these documents. When you are managing your project and you are creating the project, let's say, and you need the project charter template, you should go and search within the organisational process assets to find these templates. We still have the pre-approved suppliers or vendors. We have all the formats for contractual agreements that the organisation uses when dealing with suppliers, subcontractors, designers, or consultants. All these formats are available within the organisational process's assets. How to deal with Changes: What are the standards for dealing with them? Change control procedures, resource availability, control, and Assignment Management: If you want to move a resource from your project to another project, what are the procedures you need to follow? Organizational Communication Requirements Any specific communication technology available or authorised, media record retention policies, or video conferencing All these are parts of the organisational communication requirements, which are part of the organisational process assets. We have the financial control procedures, like the time reporting, the accounting codes, and the standard contract provisions. We have the project closure guidelines or requirements—like the final project audits, the project evaluations, the project deliverable acceptance, the contract closure, and the resource, the assignment. All these requirements are part of the project closure guidelines or requirements. These are examples of processes, policies, and procedures, all of which are part of the organisational process assets. The second category of organisational process assets will be the knowledge repositories. The organisational knowledge repositories for storing and retrieving information include, first of all, the configuration management knowledge repository, which contains the versions of software and hardware components and baselines of all performing authorization, standards, policies, and procedures. We also have financial data repositories containing information such as labour hours, budgets, and any project cost overruns. We have the historical information and lesson-length repositories like the project repository and documents, all project closure information and documentation, and information regarding both the results of previous projects and previous project performance information. We have the issue and defect management data repositories containing issue and effect status control information, issue and effect resolution information, and action item results. We have data repositories for the matrix used to collect and make available measurement data on processes and products. At the end, we have the project files from previous projects, including the scope, cost, schedule, and performance measurement baselines; calendars; rest registers; and other project documents from previous projects. This is all you need to know about the organisational process assets. We have the processes, policies, and procedures. We have the organisation and knowledge repositories; thank you so much. I will see you at the next lecture.

4. ENTERPRISE ENVIRONMENTAL FACTORS

Hi and welcome back again. So the first category of influences on the project are enterprise environmental factors. Usually, the EEF, or enterprise environmental factors, originate from the environment outside the project, and often, factors outside the enterprise may have an impact on the organisational portfolio, program, or project level. These factors may enhance or constrain the project management options and may have a positive or negative influence on the outcome of the project. So the enterprise's environmental factors might be internal to the organisation or external. Let's look at a few examples of internal enterprise environmental factors. First of all, we have the organisation or the organization's culture, structure, and government. Examples like the vision, mission, and value of the organization's geographic distribution of facilities and resources like the factory locations or the virtual teams For example, a project I'm managing now is a construction project where I'm dealing with the designer. The designer is located about 3000 km away from the project in another country. So dealing with this design will affect my project and constrain my options while I'm managing the project because I'm dealing with a virtual team. This is something outside the control of the project team, but still, it will influence the project and the architectural and infrastructure of the organization. Examples include existing facilities, equipment, organisational resources, telecommunications channels, and information technology hardware. We have all the information technology software like the Tip duelling software, the conferencing software, and the modelling tools. We have the resource policies and the resource availability policies and procedures. We have employee capability within the organization, such as the expertise and skills of the existing human resources. Now we have the external enterprise environmental factors for the organization. First of all, we have the marketplace conditions—like the competitors, market share, and trademarks. We have the social and cultural influences and issues like the organizational, political, and ethical code of conduct. We have legal and contractual restrictions like country law, industry-specific laws, and procurement. We have the commercial databases, like the benchmarking results, and the risk databases. We have the academic research, like the studies, applications, and benchmarking results. We have government or industry standards and regulations. Currency rates and interest rates are examples of financial considerations. At the end, we have the physical-environmental elements, working conditions, and weather. All these are factors external to the organisation where the project is running within.But still, they will have an influence on your project. This influence might be positive or negative. This is all you need to know about the enterprise environmental practice. We will use this term frequently in the coming lectures. Keep moving. Thank you. I will see you at the next lecture. Bye.

5. ORGANIZATION SYSTEMS

Hi, welcome back again. the organisational system. So what's the system? It's a collection of various components that together can produce results not achievable by the individual components alone. This is a system. So what is the component? It's the identifiable element within the organisation that provides a particular function or a group of related functions. So this is the system, and this is the component. A group of components can produce a system. Projects operate within the constraints imposed by the organisation through their structure and governance framework. And the interaction of multiple factors within the organisation creates a unique system that impacts the operating project within that system. So what are the systemic factors? We have the governance-free modes, we have the management elements, and we have the types of organisational structure types.We will talk about each in the coming three lectures. You need to know that systems are typically the responsibility of the organization's management, and the organization's management usually examines the optimization trade-offs between the components and the system in order to take the appropriate action to achieve the best outcomes for the organization. So systems are not the responsibility of project management. It's the ultimate responsibility of the organization's management. In the next lecture, we will talk about the governance frameworks. Keep moving. I'll see you at the next lecture.

6. GOVERNANCE FRAMEWORKS

So the first factor of the organisational system will be the governance framework. So what's the governance framework? It refers to organisational or structural arrangements at all the levels of the organisation designed to determine and influence the behaviour of the organization's members. So this is the exact definition of the Governance Framework. It's within it that authority is exercised in organizations. And it includes rules, policies, procedures, norms, relationships, and processes of the organization. It's usually applied to the portfolio, programs, and projects. It refers to the framework functions and processeswhich will guide the project management activities forall the projects running within this organisationinorder to create a unique product service levelto meet organizational, strategic and operational goals. This is the definition of the governance framework in regards to project management, and it's the first factor of the organisational system. In the next lecture, we will talk about the management elements. Thank you. I will see you at the next lecture.

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