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The Complete Project Management Body of Knowledge in One Video (PMBOK 7th Edition)

David McLachlan・2 minutes read

The text covers the 12 principles of project management, with a focus on stakeholder engagement, team performance, leadership skills, and project planning performance, among others. It emphasizes the importance of adapting plans, managing resources effectively, measuring project progress with key metrics, and ensuring project outcomes align with business objectives to achieve success.

Insights

  • The guide outlines 12 key principles of project management, emphasizing the importance of stakeholder engagement, team performance, leadership skills, and effective development approaches.
  • Project planning performance involves detailed estimation, simulation tools for uncertain projects, incorporating reserves, and understanding the differences between deterministic and probabilistic estimating.
  • Effective project management requires balancing competing constraints, maintaining effective communication, monitoring physical resources, adapting to changing project scopes, and delivering outcomes that align with business objectives and stakeholder satisfaction.

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Recent questions

  • What are the key principles of project management?

    The 12 principles of project management include being a diligent steward, creating a collaborative team environment, engaging with stakeholders, focusing on delivering value, recognizing system interactions, demonstrating leadership behaviors, tailoring projects, building quality, navigating complexity, optimizing risk responses, embracing adaptability, and enabling change.

  • How is stakeholder engagement defined in project management?

    Stakeholder engagement involves identifying, understanding, analyzing, prioritizing, engaging, and communicating with stakeholders through various methods like push and pull communication and quick feedback loops.

  • What are the leadership skills required for project success?

    Leadership skills required for project success involve establishing a vision, critical thinking, motivation, emotional intelligence, decision-making, and conflict management.

  • What is the importance of project planning performance in project management?

    Project planning performance ensures organized progress, adapting plans based on emerging needs, and key terms like estimates, accuracy, precision, schedule crashing, fast tracking, and budget considerations.

  • How can project teams effectively manage project communications?

    Project teams can manage project communications effectively through formal and informal channels, ensuring alignment of project activities and artifacts throughout the project for efficient and effective project performance, communication, resource management, and continuous learning.

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Summary

00:00

Essential Principles and Domains of Project Management

  • The guide covers the 12 principles of project management, including being a diligent steward, creating a collaborative team environment, engaging with stakeholders, focusing on delivering value, recognizing system interactions, demonstrating leadership behaviors, tailoring projects, building quality, navigating complexity, optimizing risk responses, embracing adaptability, and enabling change.
  • The project management body of knowledge is divided into three sections: project performance domains, tailoring project performance domains, and models, methods, and artifacts used by project managers.
  • The stakeholder performance domain focuses on productive relationships, stakeholder agreement, and stakeholder beneficiaries, with key terms like stakeholders, project manager, governing bodies, and more.
  • Stakeholder engagement involves identifying, understanding, analyzing, prioritizing, engaging, and communicating with stakeholders through various methods like push and pull communication and quick feedback loops.
  • Team performance aims for shared ownership, high performance, and leadership displayed by all members, with key terms like project manager, project management team, and project team.
  • Team development includes establishing a safe environment, promoting psychological safety, transparency, integrity, respect, support, and celebrating success.
  • Leadership skills required for project success involve establishing a vision, critical thinking, motivation, emotional intelligence, decision-making, and conflict management.
  • Development approach and life cycle outcomes focus on consistency in deliverables, connecting value delivery with stakeholders, and key terms like deliverables, development approach, cadence, project phase, and project life cycle.
  • Development approaches include predictive, adaptive, and hybrid approaches, with considerations like product innovation, scope stability, ease of change, and risk factors.
  • Project planning performance ensures organized progress, adapting plans based on emerging needs, and key terms like estimates, accuracy, precision, schedule crashing, fast tracking, and budget considerations.

14:40

Effective Project Management: Estimating, Planning, and Delivering

  • Adjust estimates for uncertainty, allowing leeway for accuracy and precision.
  • Use simulation tools like mock-ups, storyboards, or prototypes for uncertain projects.
  • Incorporate reserves for extra funds needed if the project goes off track.
  • Understand accuracy as correctness and precision as repeatability.
  • Confidence in estimates increases with experience.
  • Differentiate between deterministic estimating (a single number) and probabilistic estimating (a range with probabilities).
  • Absolute estimates are specific numbers, while relativist estimates compare to others.
  • Flow-based estimates use cycle time and throughput to determine project duration.
  • Decompose project scope into specific activities using a work breakdown structure.
  • Sequence activities, estimate effort, duration, and resources, and adjust until the schedule is agreed upon.
  • Utilize schedule crashing and fast tracking to manage schedules effectively.
  • Understand leads and lags in project dependencies.
  • Differentiate between mandatory, discretionary, external, and internal dependencies.
  • Implement rolling wave planning for high-level and detailed planning as the project progresses.
  • Estimate project work costs, add contingency and management reserves, and create the project budget.
  • Consider internal and external team composition based on cost, expertise, and location.
  • Plan effective communication strategies for stakeholder engagement.
  • Estimate, manage, and strategically plan physical resources for the project.
  • Plan procurement by analyzing make or buy decisions and considering upfront and ongoing costs.
  • Prepare for change by adapting plans, prioritizing, and managing project scope.
  • Implement metrics for measuring project progress and success.
  • Ensure alignment of project activities and artifacts throughout the project.
  • Aim for efficient and effective project performance, communication, resource management, and continuous learning.
  • Review project processes periodically and tailor them to the current environment.
  • Use lean production methods, retrospectives, and lessons learned for process improvement.
  • Balance competing constraints like scope, quality, cost, and time throughout the project.
  • Maintain project team focus by projecting progress, balancing workloads, and assessing team satisfaction.
  • Manage project communications effectively through formal and informal channels.
  • Monitor and manage physical resources efficiently, considering logistics and lean principles.
  • Work with procurements by developing contracts, selecting vendors, and updating project plans accordingly.
  • Monitor new work and changes in project scope, adapting as necessary for adaptive or predictive projects.
  • Capture lessons learned throughout the project for future use.
  • Deliver project outcomes that contribute to business objectives and strategy.
  • Realize intended project outcomes and benefits within the specified time frame.
  • Ensure stakeholder acceptance and satisfaction with project deliverables.
  • Manage requirements effectively through elicitation, documentation, and traceability.
  • Use prototypes, storyboards, and mock-ups for evolving and discovering requirements.
  • Prevent ineffective requirements to avoid rework, scope creep, and project failure.
  • Decompose scope using work breakdown structures or other methods.
  • Define completion with acceptance criteria, technical performance measures, and definition of done.
  • Address moving targets of completion in uncertain or changing projects.
  • Uphold quality requirements in completion criteria, definition of done, and requirements documentation.
  • Understand the cost of quality, including prevention, appraisal, internal failure, and external failure costs.

30:04

"Effective Project Management: Metrics and Evaluation"

  • External failure is the most costly type, occurring when a product fails in the customer's hands, emphasizing the importance of building in quality to prevent defects from reaching the end customer.
  • Projects are complex environments with uncertain factors like changing markets or competition, necessitating effective project management to mitigate risks.
  • Measurement and performance evaluation in projects aim to provide actionable data for decision-making, ensuring timely actions to maintain project progress and achieve targets.
  • Key terms in project measurement include metrics, baselines, and dashboards, essential for evaluating performance, tracking resources, and facilitating project trade-offs.
  • Effective measures in projects involve using key performance indicators (KPIs) and objectives to establish metrics that are specific, measurable, achievable, relevant, and timely.
  • Project metrics encompass deliverable metrics for product quality, delivery metrics for work progress, and project efficiency metrics for baseline versus actual performance comparisons.
  • Business value metrics in projects include cost-to-benefit ratios, return on investment (ROI), and net present value (NPV) to assess the project's financial outcomes.
  • Stakeholder metrics involve measuring engagement through net promoter scores, team morale, and turnover rates, crucial for understanding and managing project dynamics.
  • Troubleshooting project performance involves avoiding measurement pitfalls like the Hawthorne effect, vanity metrics, and confirmation bias to ensure accurate and meaningful data interpretation.
  • Uncertainty in project performance requires awareness of environmental factors, interdependencies, and the need to anticipate threats and opportunities to adapt and meet project objectives effectively.

45:09

Essential Elements of Effective Project Management

  • Project management involves handling lessons learned, knowledge management, and formal/informal requirements management systems.
  • Quality policies, tools, techniques, templates, and industry standards are essential considerations.
  • Managing unstable requirements and uncertainty involves assessing risk appetite, identifying threats/opportunities, and understanding project complexity.
  • Measurement aspects include value assessment, financial vs. non-financial value, data capture, and project status reporting requirements.
  • Models, methods, and artifacts play a crucial role in project management, aiding in understanding processes and managing teams effectively.
  • Various models like situational leadership, communication, motivation, and change management are valuable tools for project success.
  • Complexity models like the Cynefin framework and the Stacy matrix help in navigating uncertain project environments.
  • Team development models like Tuckman's ladder and the Drexler Sibbet model guide teams through forming, storming, norming, performing, and adjourning stages.
  • Methods for data gathering and analysis, estimating, meetings/events, and prioritization schemas are vital for project planning and execution.
  • Commonly used artifacts like business cases, project plans, logs/registrars, baselines, hierarchy charts, and reports aid in project documentation and management.

01:00:01

Types of Contracts and Artifacts in Project Management

  • Different types of contracts in project management include fixed price contracts, cost reimbursable contracts, time and materials contracts, and indefinite delivery indefinite quality contracts, along with other agreements like memorandum of understanding, service level agreement, and basic ordering agreement. Various artifacts in project management include activity lists, bid documents, metrics, project calendars, requirements documentation, and user stories, all covered in the Project Management Body of Knowledge seventh edition.
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