PROCESS 2: CONDUCT PROCUREMENTS Hello and welcome to the second process of the Procurement Management Knowledge area. Conduct Procurements as a part of the executing process group. So it’s the process of obtaining the seller responses, selecting the appropriate seller and awarding a contract. So from this sentence, the primary output of the conduct procurement process is the contract, the agreements. This is what we are going to do in this process. The key benefit of the conduct procurement process is that it selects a qualified seller and implements the…

HIGHLIGHT: CONTRACT TYPES Hi and welcome back again. So in this lecture we are going to talk about the contract types. If an organization decides to buy or outsource or procure from one or more companies outside the project, it must select the proper type of contract it needs. This topic is very important for sure for the exam and for your practical life as a project manager, you need to be aware of all the contract types. This is why it’s explained in a dedicated lecture. In selecting what…

INTRODUCTION Hi and welcome back again to a new knowledge area, one of the most critical and important ones. Knowledge. A number nine. The project. Procurement? Management. So it includes all the processes necessary to purchase or acquire products, services or results needed externally from from outside the project team. It includes the management and control processes required to develop agreements such as contracts, purchase orders, memorandum agreements, or even SLA or service level agreements. So whenever you want to purchase or acquire a good or service from outside your…

PROCESS 2: MANAGE COMMUNICATIONS Hi and we’ll come back again to the second process of the communications management knowledge area. Managed Communications as a part of the Executing process group. It’s the process of ensuring timely and appropriate collection, creation, distribution, storage, retrieval, management, monitoring and the ultimate disposition of the project information. The key benefit of this process managed communications is that it enables an efficient and effective information flow between the project team members and the project key stakeholders. And this process is usually performed throughout the project….

INTRODUCTION Hi and welcome back again to a new topic, to a new knowledge area the project communications management. For me and for the majority of the students preparing for the exam, the project communications management and the project stakeholder management are the easiest knowledge areas. Now for your practical life, project communications management is the most important one. At the end of the day, if you are working as a project manager or as a risk manager or even as a project team member, you will find out that…

INTRODUCTION Hi and welcome to a short section where we are going to talk about the Project Management Institute Code of FX. As practitioners of Project Management, we are committed to doing what’s high and honorable. We set for ourselves high standards and we aspire to meet these standards in all aspects of our our lives at work, at home and in service to our profession as practitioners. Whenever I’m using the practitioners word in this section, it means Practitioners of Project Management profession. This Code of Effects and Professional…

RESOURCES MANAGEMENT Hi and welcome back again to a new knowledge area, the project resources management. As you are preparing for the PMI Rmp exam, you will not be asked directly about the project resources management, but you might face few terms related to the resources management and the exam questions. This is why I’m going to walk through the six processes of the project resources management. So the project resources management includes the processes to identify, acquire and manage resources needed for the successful completion of the project. These…

QUALITY MANAGEMENT Hi and welcome to a new knowledge area, the project Quality Management. As we are preparing for the Risk Management Professional exam, there are no highlights for the quality management. You will not be asked directly about the project Quality Management or any of the quality topics in the PMI Rmp exam. So I’m just going to walk through the three processes of the quality management will be a short lecture. So the project Quality Management includes the processes for incorporating the organization’s quality policy regarding planning, managing…

COST MANAGEMENT Hi and welcome to a new knowledge area, the project cost management. So in this lecture, as we are preparing for the Risk Management professional exam, I’m walking through the four processes of this knowledge area. I’m going to focus on the end value analysis techniques used in the control costs process. This topic is very, very important for the Risk Management professional exam and you might expect like three to four questions about the math formulas related to the control costs process. So the project cost management…

Now what’s the relation of the standard deviation to the rest? The greater the range created by the standard deviation calculation, the greater is the risk associated with this activity. How to find out the beta standard deviation? The formula is simple. It’s p minus O divided by six and the range of estimate equals expected activity duration plus minus the standard deviation. That means that the range of the estimate will start from the expected activity duration minus the standard deviation. It will end with the expected activity duration…