Master the PMBOK Guide, Fifth Edition

Everything You Did (and didn't) Want to know about the PMBOK Guide, fifth edition from PMI

PMI’s publication A Guide to the Project Management Body of Knowledge. This is commonly called the PMBOK Guide. If you've ever tried to read the PMBOK Guide you've probably discovered that while it's informative, it's not an easy read. The PMBOK is more of a point of reference than a good read on project management.
In this course I'll walk you through the entire PMBOK - chapter-by-chapter, process-by-process. Rather than suffering through the PMBOK, let me coach you through the work. In this course we'll cover the entire PMBOK from start-to-finish.
Throughout this course I include the exact PMBOK reference of what's being discussed, so you can hop over to the PMBOK Guide for more detail, or just keep cruising along in the content. This course covers the entire PMBOK Guide, fifth edition:

• Purpose of the PMBOK Guide
• Organizational Influences and Project Life Cycle
• Project Management Processes
• Project Integration Management
• Project Scope Management
• Project Time Management
• Project Cost Management
• Project Quality Management
• Project Human Resource Management
• Project Communications Management
• Project Risk Management
• Project Procurement Management
• Project Stakeholder Management

This course is ideal if you're preparing for the PMP or the CAPM exam and you don't want to slog through the PMBOK Guide. Or if you're a project manager seeking a quick review on the PMBOK and want to claim five PDUs for your PMI certification.
This course is registered with PMI and is worth five Professional Development Units (PDUs).

What are the requirements?

• A copy of the PMBOK Guide, fifth edition would make a good reference to use throughout this course, but isn't necessarily required.

What am I going to get from this course?

• Over 95 lectures and 6 hours of content!
• Explain the purpose of the PMBOK Guide, fifth edition
• Define what a project is - and is not
• Implement the 47 project management processes
• Discuss the project life cycle and the project management life cycle
• Compare and contrast the ten project management knowledge areas
• Claim five Professional Development Units
• Discuss the structure of the PMBOK Guide, fith edition

What is the target audience?

• PMI certification holders seeking five PDUs
• PMP and CAPM applicants seeking a review of the PMBOK Guide, fifth edition
• Project managers wanting to explore the entire PMBOK Guide, fifth edition

Curriculum
Section 1: Foundations of the PMBOK Guide, fifth edition
Lecture 1 Introduction 01:21
This section address the fundamentals of the PMBOK Guide, fifth edition. We'll discuss:

• Purpose of the PMBOK® Guide
• What is a Project?
• What is Project Management?
• Relationships among Portfolio Management, Program Management, Project Management, and Organizational Project Management
• Relationship Between Project Management, Operations Management, and Organizational Strategy
• Business Value
• Role of the Project Manager
• Project Management Body of Knowledge

Lecture 2 Purpose of PMBOK 02:24
A Guide to the Project Management Body of Knowledge, commonly called the PMBOK Guide, addresses the 47 project management processes and the ten knowledge areas. The PMBOK Guide is a guide to generally accepted practices for project management.

Lecture 3 What is a Project? 02:47
A project is a temporary endeavor undertaken to create a unique product, service or result.
A project is temporary in that it has a defined beginning and end in time, and therefore defined scope and resources. And a project is unique in that it is not a routine operation, but a specific set of operations designed to accomplish a singular goal. So a project team often includes people who don’t usually work together – sometimes from different organizations and across multiple geographies.

Lecture 4 What is Project Management? 02:16
Project management is the application of knowledge, skills, tools, and techniques to project activities to meet the project requirements.
It has always been practiced informally, but began to emerge as a distinct profession in the mid-20th century. PMI’s A Guide to the Project Management Body of Knowledge (PMBOK® Guide) identifies its recurring elements:
Project management processes fall into five groups:

• Initiating
• Planning
• Executing
• Monitoring and Controlling
• Closing

Lecture 5 Relationships among Portfolio Management, Program Management, Project Management 07:23
Portfolio management refers to the centralized management of one or more portfolios, which includes identifying, prioritizing, authorizing, managing, and controlling projects, programs, and other related work, to achieve specific strategic business objectives. Portfolio management focuses on ensuring that projects and programs are reviewed to prioritize resource allocation, and that the management of the portfolio is consistent with and aligned to organizational strategies.

Lecture 6 Relationship Between Project Management, Operations Management, and Organization 04:26
The PMBOK Guide tells us that projects, within programs or portfolios, are a means of achieving organizational goals and objectives, often in the context of a strategic plan. Although a group of projects within a program can have discrete benefits, they can also contribute to the benefits of the program, to the objectives of the portfolio, and to the strategic plan of the organization.

Lecture 7 Business Value 01:23
Business value is the worth of the organization. It can include the total equity and assets of an entity, but in the realm of project management more likely addresses how the project will contribute to the overall value of the organization. Business value of a project addresses the business needs, opportunities, goals, and objectives that the project supports.

Lecture 8 Role of the Project Manager 04:01
The project manager is the person assigned by the performing organization to achieve the project objectives. The role of a project manager is distinct from a functional manager or operations manager. Typically the functional manager is focused on providing management oversight for an administrative area, and operations managers are responsible for a facet of the core business.

Lecture 9 PMBOK Guide, Chapter Wrap 00:53
Great job finishing this module on the Introduction of the PMBOK Guide. In this section we discussed:

• Purpose of the PMBOK® Guide
• What is a Project?
• What is Project Management?
• Relationships among Portfolio Management, Program Management, Project Management, and Organizational Project Management
• Relationship Between Project Management, Operations Management, and Organizational Strategy
• Business Value
• Role of the Project Manager
• Project Management Body of Knowledge

Lecture 10 Section One PowerPoint Slides 42 pages
This lecture includes all of the slides used in this section for your reference. For your convenience, these are distributed in PDF format. You can print these slides for your personal usage, but please don't distribute these to others. Thanks!

Section 2: Organizational Influences and the Project Life Cycle
Lecture 11 Organizational Influences on the Project Overview 02:20
This lecture is an overview of this section on how organizational influences can affect the project success. We will discuss:

• Organizational Influences on Project Management
• Project Stakeholders and Governance
• Project Team
• Project Life Cycle

Lecture 12 Organizational Influences on Project Management 09:18
Organizational Influences on Project Management describes the factors in the performing organization that can affect the success of the project. This section addresses:

• Project Stakeholders and Governance
• Project Team
• Project Life Cycle

Lecture 13 Project Stakeholders and Governance 04:59
Based on the PMBOK Guide, we know that stakeholders are persons or organizations (e.g., customers, sponsors, the performing organization, or the public), who are actively involved in the project or whose interests may be positively or negatively affected by the performance or completion of the project. Stakeholders may also exert influence over the project, its deliverables, and the project team members. The project management team must identify both internal and external stakeholders in order to determine the project requirements and expectations of all parties involved.

Lecture 14 Project Team 03:10
The project team is the collection of resources that will do the work to achieve the project objectives. A project team is comprised of the project manager, project management team, and other team members who carry out the work but who are not necessarily involved with management of the project. This team is comprised of individuals from different groups with knowledge of a specific subject matter or with a specific skill set who carry out the work of the project.

Lecture 15 Project Life Cycle 07:12
A project life cycle is a collection of generally sequential and sometimes overlapping project phases whose name and number are determined by the management and control needs of the organization or organizations involved in the project, the nature of the project itself, and its area of application. A life cycle can be documented with a methodology. The project life cycle can be determined or shaped by the unique aspects of the organization, industry or technology employed. While every project has a definite start and a definite end, the deliverables and activities that take place in between will vary widely with the project.

Lecture 16 Organizational Influences and the Project Life Cycle Wrap 02:28
Great job finishing this section on the organizational influences and the project life cycle. In this section we discussed:

• Organizational Influences on Project Management
• Project Stakeholders and Governance
• Project Team
• Project Life Cycle

Section 3: Project Management Processes
Lecture 17 Project Management Processes Overview 01:24
In Chapter Three of the PMBOK Guide, we’re introduced to process groups and the 47 processes. In this section we’ll explore:

• Common Project Management Process Interactions
• Project Management Process Groups
• Initiating Process Group
• Planning Process Group
• Executing Process Group
• Monitoring and Controlling Process Group
• Closing Process Group
• Project Information
• Role of the Knowledge Areas

Lecture 18 Common Project Management Process Interactions 02:36
The are 47 processes that a project manager can use. The processes interact with one another as the proejct moves forward; this lecture address the common project management process interactions of:

• Project Management Process Groups
• Initiating Process Group
• Planning Process Group
• Executing Process Group
• Monitoring and Controlling Process Group
• Closing Process Group

Lecture 19 Project Management Process Groups 02:34
The PMBOK Guide describes the 47 project management processes that a project manager and the project team use to move a project along. The goal of these processes is to have a successful project, but a project’s success is based on more than just leveraging these processes. A successful project depends on five things:

• Using the appropriate processes at the appropriate times
• Following a defined project management approach for execution and project control
• Developing and implementing a solid project management plan that addresses all areas of the project
• Conforming the project and the project management approach to the customer requirements
• Balancing the project time, cost, scope, quality, resources, and risks while meeting the project objectives

Lecture 20 Initiating Process Group 01:46
The project manager is assigned during initiation, and the inputs from the original project initiator and/or the project sponsor are considered throughout the initiation processes. Project initiation is, of course, the first process that kicks off the project. This is exam-essential information includes:

• Getting the project initiated
• Developing the project charter
• Identifying the project stakeholders

Lecture 21 Planning Process Group 02:07
All projects - all successful projects - require project planning. Planning is an iterative process and the project manager and the project team will return to the planning phase as needed to allow the project to move forward. Planning is key to project success and includes these planning activities:

• Developing the project management plan
• Planning the project scope
• Collecting project requirements
• Defining the project scope
• Creating the Work Breakdown Structure
• Planning for schedule management
• Defining the project activities
• Sequencing the project activities
• Estimating the activity resources
• Estimating the activity duration
• Developing the project schedule
• Planning project cost management
• Estimating the project costs
• Planning the project budget
• Planning for quality
• Completing human resources planning
• Planning for project communications
• Planning the project risks
• Identifying the project risks
• Performing qualitative risk analysis
• Performing quantitative risk analysis
• Planning for risk responses
• Planning procurement management
• Planning stakeholder management

Lecture 22 Executing Process Group 01:38
The executing processes allow the project work to be performed. They include the execution of the project plan, the execution of vendor management, and the management of the project implementation. The project manager works closely with the project team in this process group to ensure that the work is being completed and that the work results are of quality. The project manager also works with vendors to ensure that their procured work is complete, of quality, and meets the obligations of the contracts. The executing processes are all about getting the project work done. This lecture covers:

• Directing and managing project execution
• Performing quality assurance
• Acquiring the project team
• Developing the project team
• Managing the project team
• Managing project communications
• Conducting project procurements
• Managing stakeholder engagement

Lecture 23 Monitoring and Controlling Process Group 01:48
This process group focuses on monitoring the project work for variances, changes, and discrepancies so that corrective action can be used to ensure that the project continues to move toward its successful completion. This means lots of measuring, inspecting, and communicating with the project team to ensure that the project plan is followed, variances to the plan are reported, and responses can be expedited. While the project team does the work the project manager monitors and controls the work. This lecture details:

• Monitoring and controlling the project work
• Managing integrated change control
• Validating the project scope
• Controlling the project scope
• Controlling the project schedule
• Controlling the project costs
• Performing quality control
• Controlling communications
• Monitoring and controlling project risk
• Controlling project procurements
• Controlling stakeholder engagements

Lecture 24 Closing Process Group 03:14
This process group focuses on monitoring the project work for variances, changes, and discrepancies so that corrective action can be used to ensure that the project continues to move toward its successful completion. This means lots of measuring, inspecting, and communicating with the project team to ensure that the project plan is followed, variances to the plan are reported, and responses can be expedited. Closing process include:

• Closing the project
• Closing procurement

Lecture 25 Project Information 02:29
Project information describes the analyzed project data that project processes and outcomes create. Project data is the raw data that shows the facts and info about project work. Project information is then analyzed into useful project information.

Lecture 26 Role of the Knowledge Areas 02:07
The PMBOK Guide fifth edition defines the 47 processes and their distribution across the 10 project management knowledge areas. The ten knowledge areas are:

• Project Integration Management
• Project Scope Management
• Project Time Management
• Project Cost Management
• Project Quality Management
• Project Human Resources Management
• Project Communications Management
• Project Risk Management
• Project Procurement Management
• Project Stakeholder Management

Lecture 27 Project Management Processes Wrap 01:13
Great job finishing this section – lots of information covered. As a review, we made our way through Chapter Three of the PMBOK Guide. In this section, we discussed the process groups and the 47 processes. In this section we explored:

• Common Project Management Process Interactions
• Project Management Process Groups
• Initiating Process Group
• Planning Process Group
• Executing Process Group
• Monitoring and Controlling Process Group
• Closing Process Group
• Project Information
• Role of the Knowledge Areas

Section 4: Project Integration Management
Lecture 28 Project Integration Management Overview 01:34
Project integration management is the first of ten project management knowledge areas. This unique knowledge area has six processes we’ll discuss in this section:

• Develop Project Charter
• Develop Project Management Plan
• Direct and Manage Project Work
• Monitor and Control Project Work
• Perform Integrated Change Control
• Close Project or Phase

Lecture 29 Develop Project Charter 04:56
The project charter, as a final reminder for your exam, is endorsed by an entity outside of the project boundaries. This person or entity has the power to authorize the project and grant the project manager the power to assign resources to the project work. The project charter should define the business needs and what the project aims to create in order to solve those business needs. You'll need to know how project charters are written. This includes:

• Project statement of work
• Business cases
• Using expert judgment
• Identifying the contents of the project charter

Lecture 30 Develop Project Management Plan 04:36
It's imperative for the project manager to know why a project management plan, what's included in the project management plan, and how to create the plan. This lecture defines:

• Examining the project management plan
• Creating project management subsidiary plans
• Working with a Configuration Management System
• Comparing the project plan to the project documents

Lecture 31 Direct and Manage Project Work 05:26
The product of the project is created during these execution processes. The largest percentage of the project budget will be spent during project execution. The project manager and the project team must work together to orchestrate the timing and integration of all the project’s moving parts. A flaw in one area of the execution can have ramifications in cost and additional risk, and can cause additional flaws in other areas of the project. Once you have a plan you'll execute it. This lecture covers:

• Executing the project work
• Directing the project team
• Examining the project deliverables
• Applying project actions

Lecture 32 Monitor and Control Project Work 03:18
As soon as a project begins, the project management monitoring and controlling processes also begin. These processes monitor all the other processes within the project to ensure they are being done according to plan, according to the performing organization’s practices, and to ensure that a limited number of defects enters the project.

• Examining project performance
• Tracking and monitoring project risks
• Maintaining product information
• Forecasting the project’s success
• Monitoring approved changes

Lecture 33 Perform Integrated Change Control 06:05
Changes can affect all areas of the project. Consider a change in the project scope and how it could affect the project budget, schedule, quality, human resources, communications, risks, procurement and even other stakeholders.

• Using change control tools
• Examining integrated change control
• Applying configuration management

Lecture 34 Close Project or Phase 02:50
Every project manager that I know loves to close a project. There’s something rewarding about completing a project and then transferring the deliverable to the customer or project user. The closing processes always happen at the end of a project, but can also happen at the end of each phase. This includes:

• Performing administrative closure
• Closing the project contracts
• Closing the project
• Update the organizational process assets

Lecture 35 Project Integration Management Wrap 01:19
This section focused on the first of ten project management knowledge areas, project integration management. This knowledge contains these six processes:

• Develop Project Charter
• Develop Project Management Plan
• Direct and Manage Project Work
• Monitor and Control Project Work
• Perform Integrated Change Control
• Close Project or Phase

Section 5: Project Scope Management
Lecture 36 Project Scope Management Overview 00:58
One of the most important components of project management is scope management. You must plan, define, and control the scope throughout the project. In this section we’ll discuss these scope management processes:

• Plan Scope Management
• Collect Requirements
• Define Scope
• Create WBS
• Validate Scope
• Control Scope

Lecture 37 Plan Scope Management 02:48
One of the first things you’ll have to achieve in your role as the project manager of a new project is to define the project’s scope management plan. Now, your organization may rely on organizational process assets in the form of a template for all projects, but it’s possible that you’ll be creating this scope management plan from scratch. In this section, you’ll learn both approaches that you can apply to your projects and your PMI exam. This lecture includes:

• Relying on project information
• Using templates and forms
• Creating the Project Scope Management Plan
• Performing product analysis
• Using alternative identification
• Interviewing experts and stakeholders

Lecture 38 Collect Requirements 08:59
The second plan that comes out of this process is the requirements management plan. While similar in nature, this plan explains how the project will collect, analyze, record, and manage the requirements throughout the project. Like the scope management plan, this plan doesn’t list the actual requirements, but sets the rules for how the project manager, team, and stakeholders will interact with the project’s requirements. This plan is also a subsidiary plan for the overall project management plan. The project requirements are defined through many tools and techniques to help document the requirements and to create a requirements traceability matrix. This lecture details:

• Working with stakeholders to define requirements
• Requirement gathering techniques
• Documenting and publishing requirements
• Creating a requirements traceability matrix

Lecture 39 Define Scope 03:07
The project scope statement is one of the most important documents in the project. The scope statement process addresses:

• Detailing the project objectives
• Describing the product scope
• Defining the project requirements
• Establishing the project boundaries
• Defining the project acceptance criteria
• Identifying the project constraints
• Listing the project assumptions
• Defining the initial project organization
• Defining the initial project risks
• Determining the schedule milestones
• Setting fund limitations
• Estimating the project costs
• Determining the project configuration management requirements
• Identifying project specification documents
• Documenting the project approval requirements

Lecture 40 Create WBS 05:16
Project need a Work Breakdown Structure (WBS). The WBS is all about the project deliverables. It’s a breakdown of the project scope into hierarchical deliverables. The WBS takes the project scope and breaks it down into smaller, manageable chunks of deliverables. Each layer of the WBS breaks down the layer above it into smaller deliverables, until it arrives at the smallest item in the WBS, the work package. This lecture details:

• Defining the WBS
• Using a WBS template
• Decomposing the project scope
• Creating the WBS
• Creating the WBS dictionary
• Defining the scope baseline

Lecture 41 Validate Scope 03:39
Scope validation is the process of the project customer accepting the project deliverables. It happens either at the end of each project phase or as major deliverables are created. Scope validation ensures that the deliverables the project creates are in alignment with the project scope. It is concerned with the acceptance of the work. A related activity, quality control (QC), is concerned with the correctness of the work. Scope validation and QC can happen in tandem because the quality of the work contributes to scope validation. Poor quality will typically result in scope validation failure. How do you know your scope and deliverables are valid? This lecture will help you to understand:

• Defining scope validation
• Performing scope validation
• Group-decision making techniques
• Gaining project acceptance

Lecture 42 Control Scope 02:55
Scope control is about protecting the project scope from change and, when change does happen, managing those changes. Ideally, all requested changes follow the scope change control system, which means that change requests must be documented. Those changes that sneak into the project scope are lumped into that project poison category of scope creep. Scope creep is, of course, bad, bad news. You must protect the project scope from changes and this lecture will help. You'll learn:

• Establishing a change control system
• Studying variances
• Replanning the project work
• Revisiting the configuration management system

Lecture 43 Project Scope Management Wrap 00:52
In this section we discussed the processes of project scope management. These six processes are used to manage the project scope – including the creation of the project scope management plan and the WBS. In this section we discussed:

• Plan Scope Management
• Collect Requirements
• Define Scope
• Create WBS
• Validate Scope
• Control Scope

Section 6: Project Time Management
Lecture 44 Project Time Management Overview 01:32
Stakeholders always want to know how long the project will take to finish. You’ll have to use these seven time management processes to predict and control the duration of the project:

• Plan Schedule Management
• Define Activities
• Sequence Activities
• Estimate Activity Resources
• Estimate Activity Durations
• Develop Schedule
• Control Schedule

Lecture 45 Plan Schedule Management 03:32
The project management planning processes are iterative, as you know, and will happen over and over throughout the project. You and the project team—and even some key stakeholders—will work together to define the project’s schedule management plan. This will happen early in the project’s planning processes, but chances are good you’ll need to return to schedule management planning to adjust, replan, or focus on the schedule you’ve created for the project. Schedules are created and designed throughout the project. This lecture will help you to understand these concepts:

• Examining policies and procedures
• Working with a deadline
• Creating the schedule based on scope

Lecture 46 Define Activities 07:09
When a project is first initiated, project managers often focus immediately on the labor and activities that will be required to complete the project work. But that focus ignores the scope. In Chapter 5, I discussed the project scope and the work breakdown structure (WBS) as prerequisites to defining the project activities. Before the work actually begins you'll need to work with the project team to define the activities to schedule. This lecture covers:

• Examining the inputs to activity definition
• Decomposing the project work
• Relying on project templates
• Using rolling wave planning
• Planning for more work
• Examining the project activities and their attributes

Lecture 47 Sequence Activities 07:46
Now that the activity list has been created, the activities must be arranged in a logical sequence. This process calls on the project manager and the project team to identify the logical relationships between activities, as well as the preferred relationship between those activities. Once you have the activities defined you'll need to put them in the correct order. That's what this module is all about:

• Defining the activity relationships
• Determining the network structure to use
• Establishing activity dependencies
• Applying leads and lags

Lecture 48 Estimate Activity Resources 03:44
Resources include materials, equipment, and people. After the project manager and the project team have worked together to determine the sequence of the activities, they now have to determine which resources are needed for each activity, as well as how much of each resource. As you can guess, resource estimating goes hand in hand with cost estimating. This lecture will define:

• Considering the project work
• Examining the labor availability
• Estimating the resource need
• Creating a resource calendar

Lecture 49 Estimate Activity Durations 07:24
First, you identify the activities, sequence the activities, define the resources, and then estimate durations. These processes are needed to complete the project schedule and the project duration estimate. These four processes are iterated as more information becomes available. If the proposed schedule is acceptable, the project can move forward. If the proposed schedule takes too long, the scheduler can use a few strategies to compress the project. We’ll discuss the art of scheduling in a few moments.
Activity duration estimates, like the activity list and the WBS, don’t come from the project manager—they come from the people completing the work. The estimates may also undergo progressive elaboration. In this section, we’ll examine the approach to completing activity duration estimates, the basis of these estimates, and allow for activity list updates. In order to predict when the project will end you'll need to examine project activity duration. That's what this module covers:

• Estimating the project duration
• Using analogous estimates
• Using parametric estimates
• Using three-point estimates
• Creating a management reserve

Lecture 50 Develop Schedule 06:13
The project manager, the project team, and possibly even the key stakeholders, will examine the inputs previously described and apply the techniques discussed in this section to create a feasible schedule for the project. The point of the project schedule is to complete the project scope in the shortest possible time without incurring exceptional costs, risks, or a loss of quality.
Creating the project schedule is part of the planning process group. It is calendar-based and relies on both the project network diagram and the accuracy of time estimates. When the project manager creates the project schedule, she’ll also reference the risk register. The identified risks and their associated responses can affect the sequence of the project work and when the project work can take place. In addition, if a risk comes to fruition, the risk event may affect the scheduling of the resources and the project completion date.

Lecture 51 Control Schedule 02:56
Like most things in a project, the project manager will need to work to control the schedule from slipping off its baseline. A schedule control system is a formal approach to managing changes to the project schedule. It considers the conditions, reasons, requests, costs, and risks of making changes. It includes methods of tracking changes, approval levels based on thresholds, and the documentation of approved or declined changes. The schedule control system process is part of integrated change management. This lecture will help you to understand:

• Examining the project schedule characteristics
• Examining the schedule baseline
• Reporting the project progress
• Using a schedule change control system
• Examining schedule variances
• Using schedule comparison bar charts

Lecture 52 Project Time Management Wrap 01:15
Time management is a key component of successful project management. Projects are temporary and cannot go on forever – though they can feel that way sometimes. In this section we discussed:

• Plan Schedule Management
• Define Activities
• Sequence Activities
• Estimate Activity Resources
• Estimate Activity Durations
• Develop Schedule
• Control Schedule

Section 7: Project Cost Management
Lecture 53 Project Cost Management Overview 00:59
Most projects have a limited amount of funds available to reach their conclusions. It’s up to the project manager to plan, estimate, and control the project costs. That’s what we’ll be discussing in this section. Specifically, we’ll discuss these four project management processes:

• Plan Cost Management
• Estimate Costs
• Determine Budget
• Control Costs

Lecture 54 Plan Cost Management 01:39
You need a plan just for project costs. You need a plan that will help you define what policies you and the project team have to adhere to in regard to costs, a plan that documents how you get to spend project money, and a plan for how cost management will happen throughout your entire project. This lecture covers:

• Creating the cost management plan
• Adhering to organizational policies and procedures
• Relying on organizational process assets and enterprise environmental factors

Lecture 55 Estimate Costs 07:30
Assuming that the project manager and the project team are working together to create the cost estimates, there are many inputs to the cost-estimating process. For your PMI exam, it would behoove you to be familiar with these inputs because these are often the supporting details for the cost estimate the project management team creates. Cost estimating uses several tools and techniques. You'll learn in this module:

• Following the organizational process assets
• Building a cost management plan
• Creating an analogous estimate
• Determining resource cost rates
• Create a bottom-up estimate
• Building a parametric estimate
• Using the PMIS
• Analyzing vendor bids
• Considering the contingency reserve
• Presenting the cost estimate

Lecture 56 Determine Budget 02:51
Now that the project estimate has been created, it’s time to create the official cost budget. Cost budgeting is really cost aggregation, which means the project manager will be assigning specific dollar amounts for each of the scheduled activities or, more likely, for each of the work packages in the WBS. The aggregation of the work package cost equates to the summary budget for the entire project. There is a difference between what was estimated and what's actually being spent on the project. This lecture defines:

• Aggregating the project costs
• Completing project cost reconciliation
• Creating the project cost baseline
• Examining the project cash flow

Lecture 57 Control Costs 08:52
Once a project has been funded, it’s up to the project manager and the project team to work effectively and efficiently to control costs. This means doing the work right the first time. It also means, and this is tricky, avoiding scope creep and undocumented changes, as well as getting rid of any non-value-added activities. Basically, if the project team is adding components or features that aren’t called for in the project, they’re wasting time and money.
Cost control focuses on controlling the ability of costs to change and on how the project management team may allow or prevent cost changes from happening. When a change does occur, the project manager must document the change and the reason why it occurred and, if necessary, create a variance report. Cost control is concerned with understanding why the cost variances, both good and bad, have occurred. The “why” behind the variances allows the project manager to make appropriate decisions on future project actions. Managing cost control is an ongoing activity within a project. This lecture defines cost control, including earned value management. You'll learn:

• Working with a cost change control system
• Measuring project performance
• Earned Value Management fundamentals
• Finding project variances
• Calculating the project performance
• Forecasting the project performance
• Earned Value Management formula review

Lecture 58 Project Cost Management Wrap 00:36
It’s usually easier to get more time than to get more money. In project management, however, time is often directly linked to money as it’s one of the constraints for projects. In this section we discussed these four processes:

• Plan Cost Management
• Estimate Costs
• Determine Budget
• Control Costs

Section 8: Project Quality Management
Lecture 59 Project Quality Management Overview 01:16
Quality is a conformance to requirements and a fitness for use. In this section we’ll discuss how quality is planned into a project – and not inspected into a project. We’ll be reviewing these three project quality management processes:

• Plan Quality Management
• Perform Quality Assurance
• Control Quality

Lecture 60 Plan Quality Management 03:29
Quality planning is the process of first determining which quality standards are relevant to your project and then finding the best methods of adhering to those quality standards. This is a great example of project integration management, which was referred to earlier. Quality planning is core to the planning process group because each knowledge area has relevant standards that affect quality, and quality planning is integrated into each planning process. Quality can be an esoteric topic, but this lecture will help. You'll learn:

• Defining project quality
• Completing a cost-benefits analysis
• Benchmarking the project
• Performing a design of experiments
• Determining the cost of quality
• Creating the Quality Management Plan
• Establishing quality metrics
• Using quality checklists
• Creating a Process Improvement Plan
• Establishing a quality baseline

Lecture 61 Perform Quality Assurance 03:10
Quality assurance (QA) is the sum of the creation and implementation of the plans by the project manager, the project team, and management to ensure that the project meets the demands of quality. QA is not something that is done only at the end of the project, but is done before and during the project as well. Quality management is prevention-driven; you want to do the work correctly the first time. Quality Assurance is a prevention-driven activity. This lecture will explore that concept through these topics:

• Defining QA
• Performing a quality audit
• Examining the project processes
• Recommending corrective actions

Lecture 62 Control Quality 03:16
This is the section of the project where the project manager and the project team have control and influence. Quality assurance (QA), for the most part, is specific to your organization, and the project manager doesn’t have much control over the QA processes—he just has to do them. Quality control (QC), on the other hand, is specific to the project manager, so the project manager has lots of activities. Quality control is an inspection-driven activity and you'll learn that concept through this lecture.

• Performing quality control measurements
• Creating a cause and effect diagram
• Creating a control chart
• Completing project flowcharting
• Creating a histogram
• Examining a Pareto chart
• Creating a run chart
• Examining a scatter diagram
• Completing a statistical sampling
• Inspecting the project work
• Review defect repair
• Quality control and lessons learned

Lecture 63 Project Quality Management Wrap 01:16
Quality is a conformance to requirements and it is a fitness for use of what the project deliverables. In this section we discussed that concept and we discussed quality assurance, which is prevention-driven. Finally, we discussed quality control – an inspection-driven process. Here are the three processes in this knowledge area:

• Plan Quality Management
• Perform Quality Assurance
• Control Quality

Section 9: Project Human Resources Management
Lecture 64 Project Human Resource Management Overview 01:07
Project Human Resource Management includes the processes that organize, manage, and lead the project team. The project team is comprised of the people with assigned roles and responsibilities for completing the project. The type and number of project team members can change frequently as the project progresses. Project team members may also be referred to as the project’s staff. In this section we’ll discuss these four project human resources processes:
Plan Human Resource Management
Acquire Project Team
Develop Project Team
Manage Project Team

Lecture 65 Plan Human Resource Management 04:11
Have you noticed that every knowledge starts with a planning process? Planning is an iterative process that begins early in the project and continues through the project management life cycle. Planning for project human resources is vital to a successful project. After all, you’ve got to plan how the project work will be completed and which resources will complete that work.
When it comes to planning human resources, the project manager is aiming to plan for several facets of the project. This lecture defines the planning for HR management:

• Defining human resource planning
• Examining the project interfaces
• Considering the project constraints
• Charting the organizational structure
• Defining the project roles and responsibilities
• Creating the Staffing Management Plan

Lecture 66 Acquire Project Team 03:18
You need people to complete your project. But have you ever managed a project where the resources you wanted on the project were not available? Or have you managed a project where the resources you were assigned weren’t the best resources to complete the project work? Staff acquisition is the process of getting the needed resources on the project team to complete the project work. It focuses on working within the policies and procedures of the performing organization to obtain the needed resources to complete the project work. Negotiation, communication, and political savvy are the keys to getting the desired resources on the project team. Acquiring the project team includes:

• Working with your organization
• Managing a pre-assigned project team
• Negotiating for project resources
• Acquiring project resources
• Relying on virtual project teams

Lecture 67 Develop Project Team 04:20
The project team is developed by enhancing the competencies of the individual project team members and promoting the interaction of all the project team members. Throughout the project, the project manager will have to work to develop the project team. The project manager may have to develop an individual team member’s skills so that she can complete her assignments. The project manager will also have to work to develop the project team as a whole so that the team can work together to complete the project. The project manager can use certain tools, techniques, and approaches to develop the project team. That's what this module details:

• Using general management skills
• Training the project team
• Using team building activities
• Establishing ground rules for the project team
• Working with non-collocated teams
• Establishing a rewards and recognition system
• Assessing the team performance

Lecture 68 Manage Project Team 03:26
Now that the project manager has planned for the human resources and developed the project team, he can focus on managing the project team. This process involves tracking each team member’s performance, offering feedback, taking care of project issues, and managing those pesky change requests that can affect the project team and its work. The staffing management plan may be updated based on lessons learned and changes within the team management process. The project manager will have to manage the project team. This includes:

• Observing and conversing with project team members
• Completing project team appraisals
• Resolving and managing team conflict
• Creating an issue log

Lecture 69 Project Human Resource Management Wrap 01:06
Great job finishing this section on project human resources management. This section explored the processes that a project manager must do throughout the project. Of course, enterprise environmental factors and organizational process assets may influence how the project team is acquired and managed. Here are the four processes we discussed in this section:

• Plan Human Resource Management
• Acquire Project Team
• Develop Project Team
• Manage Project Team

Section 10: Project Communications Management
Lecture 70 Project Communications Management Overview 05:34
Project Communications Management includes the processes required to ensure timely and appropriate generation, collection, distribution, storage, retrieval, and ultimate disposition of project information. Project managers spend the majority of their time communicating with team members and other project stakeholders, whether they are internal or external to the organization. This section addresses these three crucial project management processes:

• Plan Communications Management
• Manage Communications
• Control Communications

Lecture 71 Plan Communications Management 04:49
Communication planning is actually done very early in the project planning processes. It’s essential to answer the previous questions as early as possible because their outcomes can affect the remainder of the project planning. Throughout the project, updates to communications planning are expected. Even the responses to the five project management communication questions can change as stakeholders, project team members, vendors, and other project interfaces change.. Communication is key to most of project management. This lecture defines:

• Examining the communications model
• Analyzing communication requirements
• Determining the communications technology
• Creating the Communications Management Plan

Lecture 72 Manage Communications 03:18
Now that the project’s communications management plan has been created, it’s time to execute it. Managing project communications is the process of ensuring that the proper stakeholders get the appropriate information when and how they need it. Essentially, it’s the implementation of the communications management plan. This plan details how the information is to be created and dispersed, and also how the dispersed information is archived. Managing project communications ensures that the right people, get the right message, at the right time, in the right modality.

• Examining communication skills
• Creating an Information Gathering and Retrieval System
• Dispersing project information
• Documenting the project’s Lessons Learned
• Updating the organizational process assets

Lecture 73 Control Communications 02:25
Throughout the project, customers and other stakeholders are going to need updates on the project performance, work status, and project information. The work performance information—the status of what’s been completed and what’s left to do—is always at the heart of performance reporting. Stakeholders want to be kept abreast of how the project is performing, but also what issues, risks, and conditions in the project have evolved.
Controlling communication is the process of following the communications management plan, distributing information, and sharing how the project is performing. Performance reporting is the process of collecting, organizing, and disseminating information on how project resources are being used to complete the project objectives. In other words, the people footing the bill and who are affected by the outcome of the project need some confirmation that things are going the way the project manager has promised. This lecture details:

• Determining the communication method
• Dispersing project information
• Creating an Issue Log

Lecture 74 Project Communications Management Wrap 01:25
Effective communication creates a bridge between diverse stakeholders involved in a project, connecting various cultural and organizational backgrounds, different levels of expertise, and various perspectives and interests in the project execution or outcome. This section discussed these three project management processes on communications:

• Plan Communications Management
• Manage Communications
• Control Communications

Section 11: Project Risk Management
Lecture 75 Project Risk Management Overview 01:31
Risk is an uncertain event or condition that can have a negative or positive effect on the project. In this section I’ll discuss these six risk management processes:

• Plan Risk Management
• Identify Risks
• Perform Qualitative Risk Analysis
• Perform Quantitative Risk Analysis
• Plan Risk Responses
• Control Risks

Lecture 76 Plan Risk Management 03:30
Risk management planning is not the identification of risks or even the response to known risks within a project. Risk management planning is how the project management team will complete the risk management activities within the project. These activities really set up the project to effectively manage the five other risk management activities. Risk management planning creates the risk management plan.
By deciding the approach to each of the risk management activities before moving into them, the project management team can more effectively identify risks, complete risk analysis, and then plan risk responses. In addition, planning for risk management also allows the project management team to create a strategy for the ongoing identification and monitoring of existing risks within the project. This lecture will define all of risk management planning:

• Defining project risk
• Hosting a risk planning meeting
• Creating a Risk Management Plan

Lecture 77 Identify Risks 06:13
Risk identification is the systematic process of combing through the project, the project plan, the work breakdown structure (WBS), and all supporting documentation to identify as many of the risks that may affect the project as possible. Remember, a risk is an uncertain event or condition that may affect the project outcome. Risks can be positive or negative. This lecture includes:

• Reviewing project documentation
• Identifying the project risks
• Analyzing the project assumptions
• Diagramming project risks

Lecture 78 Perform Qualitative Risk Analysis 04:37
The first, and somewhat shallow, risk analysis is qualitative analysis. Qualitative risk analysis “qualifies” the risks that have been identified in the project. Specifically, qualitative risk analysis examines and prioritizes the risks based on their probability of occurring and the impact on the project if the risks do occur. Qualitative risk analysis is a broad approach to ranking risks by priority, which then guides the risk reaction process. The end result of qualitative risk analysis (once risks have been identified and prioritized) can either lead to more in-depth quantitative risk analysis or move directly into risk response planning. Qualitative risk analysis is a high-level, fast method of qualifying the risk for more analysis. This lecture will define:

• Using a risk register
• Creating a risk probability and impact matrix
• Examining the data quality
• Categorizing risks
• Updating the risk register

Lecture 79 Perform Quantitative Risk Analysis 02:52
Quantitative risk analysis attempts to numerically assess the probability and impact of the identified risks. It also creates an overall risk score for the project. This method is more in-depth than qualitative risk analysis and relies on several different tools to accomplish its goal.
Qualitative risk analysis typically precedes quantitative risk analysis. I like to say that qualitative analysis qualifies risks, while quantitative analysis quantifies risks. All or a portion of the identified risks in qualitative risk analysis can be examined in the quantitative analysis. The performing organization may have policies on the risk scores in qualitative analysis that require the risks to advance to the quantitative analysis. The availability of time and budget may also be a factor in determining which risks should pass through quantitative analysis. Quantitative analysis is a more time-consuming process, and is, therefore, also more expensive. This lecture will cover:

• Gathering risk data
• Creating a risk probability distribution
• Modeling risk data
• Creating a contingency reserve
• Updating the risk register

Lecture 80 Plan Risk Responses 04:28
Risk response planning is all about options and actions. It focuses on how to decrease the possibility of risks adversely affecting the project’s objectives and also on how to increase the likelihood of positive risks that can aid the project. Risk response planning assigns responsibilities to people and groups close to the risk event. Risks will increase or decrease based on the effectiveness of risk response planning. This lecture includes:

• Determining the risk tolerance
• Considering negative risks
• Planning for positive risks
• Accepting risk response
• Creating a contingent response strategy

Lecture 81 Control Risks 04:12
Risks must be actively monitored, and new risks must be responded to as they are discovered. Risk monitoring and control is the process of monitoring identified risks for signs that they may be occurring, controlling identified risks with the agreed-upon responses, and looking for new risks that may creep into the project. Risk monitoring and control also is concerned with the documentation of the success or failure of risk response plans and keeping records of metrics that signal risks are occurring or disappearing from the project. This lecture will help you to:

• Reassessing the project for risks
• Completing a risk audit
• Examining the project trends and technical performance
• Hosting a project status meeting
• Recommending corrective and preventive actions

Lecture 82 Project Risk Management Wrap 01:52
Project Risk Management includes the processes of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project. The objectives are to increase the probability and impact of positive events, and decrease the probability and impact of negative events in the project. We discussed these six processes in this section:

• Plan Risk Management
• Identify Risks
• Perform Qualitative Risk Analysis
• Perform Quantitative Risk Analysis
• Plan Risk Responses
• Control Risks

Section 12: Project Procurement Management
Lecture 83 Project Procurement Management Overview 01:34
Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. The organization can be either the buyer or seller of the products, services, or results of a project. In this section we’ll review these four procurement management processes:

• Plan Procurement Management
• Conduct Procurements
• Control Procurements
• Close Procurements

Lecture 84 Plan Procurement Management 09:19
Procurement planning is the process of identifying which part of the project should be procured from resources outside of the organization. Generally, procurement decisions are made early on in the planning processes. Procurement planning centers on four elements:

• Whether procurement is needed
• What to procure
• How much to procure
• When to procure

Lecture 85 Conduct Procurements 06:25
Conducting project procurement means that your determining which vendor to hire for your project. Once the plan-contracting process has been completed, the actual process of asking the sellers to participate can begin. Fortunately, the sellers, not the buyers, perform most of the activity in this process—usually at no additional cost to the project.
This lecture will help you to understand these topics:

• Hosting a bidder conference
• Advertising for bidders
• Developing a qualified sellers list
• Creating a Procurement Document Package
• Using a weighting system
• Working with independent estimates
• Creating a screening system
• Negotiating for the best deal
• Relying on seller rating systems

Lecture 86 Control Procurements 05:21
Controlling procurements is the process of ensuring that both the buyer and the seller live up to the agreements in the contract. The project manager and the contract administrator must work together to make certain the seller meets its obligations, just as the vendor will ensure that the buyer lives up to its agreements as well. If either party does not fulfill its contractual requirements, legal remedies may ultimately be pursued.
A deal is a deal and this lecture will the project manager ensure that both parties, the buyer and the seller, live up to the terms of the contract.

• Creating a contract change control system
• Completing a performance review
• Paying the vendor
• Managing claims
• Creating a records management system

Lecture 87 Close Procurements 03:12
Contract closure is analogous to administrative closure. Its purpose is to confirm that the obligations of the contract were met as expected. The project manager, the customer, key stakeholders, and, in some instances, the seller, may finalize product verification together to confirm that the contract has been completed.
Once the vendor has completed their obligations to the contract the contract and procurement process can be closed. This lecture covers:

• Auditing the procurement process
• Closing the contract
• Updating the organizational assets

Lecture 88 Project Procurement Management Wrap 01:24
Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. In this section we reviewed the four procurement management processes from the PMBOK Guide:

• Plan Procurement Management
• Conduct Procurements
• Control Procurements
• Close Procurements

Section 13: Project Stakeholder Management
Lecture 89 Project Stakeholder Management Overview 01:16
Chapter 13 in the PMBOK Guide, fifth edition, covers the new knowledge area introduced by PMI. Stakeholder management had previously been covered through communications management, but is important enough to warrant its chapter and four specific processes:

• Identify Stakeholders
• Plan Stakeholder Management
• Manage Stakeholder Engagement
• Control Stakeholder Engagement

Lecture 90 Identify Stakeholders 03:53
Stakeholder identification should happen as early as possible in the project. If you wait too long to properly identify the stakeholders, you may end up missing decisions and requirements that will only cause the project to stall, you could possibly create bad relationships with the stakeholders, and perhaps cause turmoil within the project. Stakeholder identification is a project initiating activity and requires the project manager, the project team, and other stakeholders to help identify who should be involved in the project. As you identify stakeholders, you’ll classify them according to their power, influence, interests, and other characteristics so as to help you better manage the project and control stakeholder engagement. Stakeholder identification should happen as early as possible in the project. This lecture will help you determine how to best to:

• Performing stakeholder analysis
• Relying on expert judgment
• Creating the stakeholder register

Lecture 91 Plan Stakeholder Management 03:18
Planning stakeholder management is the process of determining how stakeholders will be affected and how you’ll manage the project in consideration of the stakeholders. This means you’ll be working to engage the stakeholders—to get them involved in the project, to maintain their interest, calm their fears and threats the project may be causing—and working with the stakeholder to create relationships among the project team, the customers, vendors, and all stakeholders in the project. You, the project manager, are at the center of stakeholder management, but you also want your project team to work proactively to engage stakeholders support the project objectives.
Stakeholder management planning helps the project manager develop a strategy to best manage the project stakeholders. This lecture defines:

• Hosting a stakeholder meeting
• Determining stakeholder influence
• Identifying stakeholder types
• Creating the Stakeholder Management Plan

Lecture 92 Manage Stakeholder Engagement 01:57
As a project manager, you’ll constantly work to engage the project stakeholders. This means communication, fostering relationships, facilitating meetings, negotiating, settling disputes, and managing all of the questions, demands, and inputs from the project stakeholders. Managing stakeholder engagement is a constant, ongoing activity—it’s what’s expected of you as the project manager. You’ll have to be available to the project stakeholders, but it also means you must go seek out stakeholders when conditions and situations call for you to get stakeholders more (or less) involved in the project.
You want to keep stakeholders involved and excited about the project. That's what this lecture is all about:

• Communicating with project stakeholders
• Relying on interpersonal skills
• Utilizing management skills for engagement
• Updating the project documents

Lecture 93 Control Stakeholder Engagement 01:43
Stakeholder management is a new knowledge area in the PMBOK Guide, Fifth Edition. Controlling stakeholder engagement doesn’t mean you’re controlling what stakeholders do, but rather you’re controlling the stakeholder engagement process. Think of it as a check-up for the project management team and key stakeholders to ensure that all of the stakeholder management work is being done properly, effectively, and according to the stakeholder management plan. As the project moves deeper into its project life cycle, you and the project team will work through stakeholder engagement. There can become a lovely rhythm or a dreadful rut in the relationships created in stakeholder engagement. This process ensures that you’re following the stakeholder management plan and meeting stakeholder expectations and includes:

• Implementing a reporting system
• Maintaining stakeholder involvement
• Resolving stakeholder issues

Lecture 94 Project Stakeholder Management Wrap 00:57
Great job completing this final section from the PMBOK Guide covering the details of the new knowledge area, stakeholder management. In this section we discussed these four processes:

• Identify Stakeholders
• Plan Stakeholder Management
• Manage Stakeholder Engagement
• Control Stakeholder Engagement

Lecture 95 Course Wrap: Review and Conclusion 04:27
Welcome to the very end of this course on Mastering the PMBOK Guide, fifth edition! In this final lecture we'll take a quick review of the five project management process groups. the ten project management knowledge areas, and the project management context. In this final lecture I'll also share information on how you can claim your PMI Professional Development Units (PDUs).







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