Project Management Workbook and PMP / CAPM Exam Study Guide

The Project Management Workbook and PMP/CAPM Exam Study Guide is a two-in-one resource for mastering the Project Management Body of Knowledge (PMBOK®). As the companion to Project Management: A Systems Approach to Planning, Scheduling, and Controlling, this book provides the opportunity to strengthen your understanding of project management in real-world application, with questions, problems, and cases designed to enhance your critical thinking skills. Functioning as a stand-alone study guide to the Project Management Professional (PMP) Certification Exam, this book helps you develop the critical skills of a successful project manager with questions that show you what to expect on exam day. Interesting, enjoyable, and thought-provoking, this workbook and study guide helps you dig into the PMBOK and gain the professional insights that come only from applying what you've learned.

Reading the PMBOK doesn't fully prepare you to pass the PMP exam, let alone function as a project manager in the real world. Understanding how to apply the various methodologies is vital to your success, and this book gives you a wealth of guided practice to hone your skills in advance.

• Practice applying project management concepts
• Test your grasp of the PMBOK methodology
• Preview the PMP with simulated exam questions
• Enhance your critical thinking and project management skills

The project manager's role is broad in scope and detailed in function. Don't try to memorize the PMBOK, internalize it; this approach gives you a ready body of knowledge available for recall as needed, and helps you become a more efficient, more effective project manager. Instinctive knowledge comes from copious practice, and the Project Management Workbook and PMP/CAPM Exam Study Guide is your ideal resource for developing your skills.

(PMI, PMBOK, CAPM, PMP, and Project Management Professional are registered marks of the Project Management Institute, Inc.)

HAROLD KERZNER, PHD, is Senior Executive Director for Project Management at the International Institute for Learning, Inc. (IIL), a global learning solutions company offering professional training and consulting services worldwide. Dr. Kerzner's profound effect on the project management industry inspired IIL to establish, in coordination with the Project Management Institute (PMI), the Kerzner International Project Manager of the Year Award, which is presented to a distinguished PMP^® credential holder or global equivalent each year.

FRANK P. SALADIS, PMP, is a consultant, instructor, motivational speaker and author. He holds a Masters Certificate in Commercial Project Management from the George Washington University and has been providing training to aspiring and experienced project managers for more than 20 years. He is a Project Management Professional and has presented at many Project Management Institute^® World Congresses and other international project management events. Mr. Saladis is a graduate of the PMI Leadership Institute Masters Class and has held several positions within The Project Management Institute including President of the NYC Chapter and President of The Assembly of Chapter Presidents. He is the originator of International Project Management Day and was recognized as PMI Person of the Year for 2006. Mr. Saladis was awarded the prestigious title of PMI Fellow in 2013 and received the PMI Distinguished Contribution Award in 2015.

Preface xi

Chapter 1 Project Management Overview 1

Glossary of Terms 2

Activities, Questions, and Exercises 3

Answers to Questions and Exercises 17

Chapter 2 Project Management Growth: Concepts and Definitions 21

Glossary of Terms 21

Activities, Questions, and Exercises 22

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 30

Answers to Questions and Exercises 32

Chapter 3 Organizational Structures 37

Glossary of Terms 37

Activities, Questions, and Exercises 39

The Project Management Center of Excellence: A Review 45

Kerzner “Quick Tips” for the Project Management Institute PMP^® Exam 46

Answers to Questions and Exercises 47

Chapter 4 Organizing and Staffing the Project Office and Team 53

Glossary of Terms 53

Activities, Questions, and Exercises 55

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 64

Answers to Questions and Exercises 64

Chapter 5 Management Functions 73

Glossary of Terms 73

Activities, Questions, and Exercises 75

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 88

Answers to Questions and Exercises 90

Chapter 6 Communications Management 97

Glossary of Terms 98

Activities, Questions, and Exercises 99

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 104

Answers to Questions and Exercises 105

Chapter 7 Conflicts 109

Glossary of Terms 110

Activities, Questions, and Exercises 111

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 120

Answers to Questions and Exercises 121

Chapter 8 Special Topics 125

Glossary of Terms 126

Activities, Questions, and Exercises 127

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 136

Answers to Questions and Exercises 138

Chapter 9 The Variables for Success 143

Glossary of Terms 145

Activities, Questions, and Exercises 146

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 155

Answers to Questions and Exercises 156

Chapter 10 Working with Executives 161

Glossary of Terms 162

Activities, Questions, and Exercises 163

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 170

Answers to Questions and Exercises 171

Chapter 11 Planning 175

Glossary of Terms 178

Activities, Questions, and Exercises 180

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 200

Answers to Questions and Exercises 200

Chapter 12 Network Scheduling Techniques 207

Glossary of Terms 208

Time Management Processes: A Brief Review 211

Activities, Questions, and Exercises 215

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 226

Answers to Questions and Exercises 227

Chapter 13 Pricing and Estimating 233

Glossary of Terms 234

Activities, Questions, and Exercises 237

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 246

Answers to Questions and Exercises 247

Chapter 14 Cost Control 251

Glossary of Terms 252

Activities, Questions, and Exercises 257

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 264

Answers to Questions and Exercises 265

Chapter 15 Metrics 269

The Value of Metrics 270

The Ground Rules for Metrics 271

Glossary of Terms 271

Activities, Questions, and Exercises 272

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 277

Answers to Questions and Exercises 279

Chapter 16 Trade-Off Analysis in a Project Environment 281

Glossary of Terms 282

Activities, Questions, and Exercises 283

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 288

Answers to Questions and Exercises 289

Chapter 17 Risk Management 293

Glossary of Terms 294

Activities, Questions, and Exercises 296

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 312

Answers to Questions and Exercises 313

Chapter 18 Learning Curves 317

Glossary of Terms 318

Project Estimating Using Learning Curves 318

Activities, Questions, and Exercises 323

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 325

Answers to Questions and Exercises 326

Chapter 19 Contract Management 329

Major Contract Elements 330

Procurement Strategies 330

Glossary of Terms 331

Activities, Questions, and Exercises 333

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 351

Answers to Questions and Exercises 353

Chapter 20 Quality Management 359

Glossary of Terms 360

Activities, Questions, and Exercises 362

Kerzner “Quick Tips” for the Project Management Institute PMP^® and CAPM^® Exams 371

Answers to Questions and Exercises 373

Chapter 21 Modern Developments in Project Management 377

The Project Management Maturity Model (PMMM)—A Closer Look 379

Other Developments in Project Management 379

Activities, Questions, and Exercises 384

Answers to Questions and Exercises 386

Chapter 22 PMP^® and CAPM^® Exam Review 389

Eligibility for the PMP^® Exam 390

Eligibility for the CAPM^® Exam 391

General Information about the Exams 391

Working the Workbook 392

Preparing for the PMP^® Exam 393

Improving Your Project Management Competency 395

Project Management Knowledge Review: Key Topics, Learning Points, and Exam Tips 395

Glossary 396

Project Scope Management Processes 407

Project Schedule Management Processes 410

Project Cost Management Processes 416

Project Quality Management Processes 423

Project Resource Management Processes 431

Project Communications Management Processes 438

Project Risk Management Processes 442

Procurement Management Processes 449

Stakeholder Management Processes 455

General Note about Outputs to PMBOK^® Guide Processes 458

Professional Responsibility 458

Project Management Formulas 459

Practice Questions for the Project Management Professional (PMP)^® Exam 462

Chapter 23 Challenging and Engaging Questions and Exercises 495

How to Solve Logic Problems 495

Logic Problem #1: Types of Contracts 499

Logic Problem #2: The Mysterious Network Diagram 500

Logic Problem #3: The Incomplete Status Report 501

Logic Problem #4: Another Mysterious Network Diagram 501

Logic Problem #5: Another Mysterious Network Diagram 502

Answers 504

Logic Problem #5 505

Challenging Questions and Scenarios 506

Answers to Challenging Questions 509

Matching (Memory Jogger) Exercises 510

Matching Memory Jogger Answer key: 513

Crashing the Schedule Exercises 514

Crashing the Schedule (Part 2) 515

Analyzing the Schedule 516

Analyzing Yet Another Schedule 517

Answers 518

Earned Value Problems 521

Estimating the Budget at Completion Questions 523

Estimating the Budget at Completion Answers 524

Decision Trees 525

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