If you’re preparing for your PMP Exam, in this article, we’ll break down the five main Terms you need to know before your test. We’ll explain what a PMP Test is and the five PMP Terms everyone should know before going for their PMP Exam.
Many people are unaware of exactly what the Project Management Professional (PMP) certification is. This Certification can lead to confusion and possibly even stress before taking their exam.
The Project Management Professional (PMP) certification is one of the best-known project management certifications. To become certified, you must complete a series of tests on your knowledge of project management concepts and processes.
Also, if you’re looking to land a new job, then taking the PMP certification is also a great way to get ahead in your career. However, some Terms are used with the PMP which might not be familiar to you, and this article will help you understand what they mean.
Because if you’re going to work in a project management position, you must be well-versed in PMP Terms before your test. So let’s get you started!
What Is PMP Certification Exam?
PMP is a globally recognized certification that demonstrates project management expertise. PMP Certification is provided by the Project Management Institute (PMI). It is the Certification of skills and knowledge required of those who manage projects, undertake projects and ensure the successful completion of projects.
The PMP credential provides the opportunity for professionals to become certified in project management. Certification demonstrates an individual’s competency in project management. It gives them access to various resources available only to those authorized for accreditation.
Software engineers, project managers, and professionals in other technical industries must demonstrate their capabilities by passing a certification examination. The Project Management Professional (PMP) certification is preferred because it emphasizes project managers’ knowledge, skills, and abilities across all projects.
This PMP course teaches you how to meet the needs of your clients and stakeholders, including time management, leadership, communication, team building, and project planning. The exam tests your ability to apply these skills successfully; it is a knowledge-based exam that evaluates what you know and how you use it.
But before going to take the PMP Exam, you must know specific PMP Terms, which we have discussed in the next section.
5 PMP Terms You Need to Know Before having PMP Exam!
The PMP Exam is the certification test for project managers. Each organization, or even each project, has its requirements and regulations. Still, a PMP is generally required to ensure that the project manager effectively manages projects within the scope of their organization.
However, five PMP Terms are must-known if you have a dream to become a project manager. These PMP Terms are mentioned below:
1. Project Stakeholders
Project Stakeholders are those people who are involved in the project and have a vested interest in its success. These include, but are not limited to, the customer/end-user (CP), the development team, and the sponsor. They have a vested interest in seeing this project succeed because they will benefit from it if it does so.
The primary responsibility of a project stakeholder is to make sure that the project is completed successfully with the objectives being met. Project stakeholders can be internal or external to the team. They must be involved from day zero of the project life cycle. It’s good not only for stakeholders but also for other stakeholders such as customers, management, etc.
2. Work Break-down Structure (WBS)
When working with a PMP Certification, if there is no work break-down structure (WBS), it would be almost impossible for your PMP to complete the tasks in time. It is because the break-down of information must take place on a high level, and you can only manage so much detail without getting bogged down. Starting with a WBS will have sub-grids or layers, making it easier to manage the project and feel more comfortable about its progress.
To use WBS: Put down all the work needed in each stage, including tasks and deliverables. Essential items are listed at the top of each column to avoid getting overlooked.
3. Project Lifecycle
The project life cycle (also known as project management life cycle, or PMLC) represents all the steps involved in the project management process. It consists of five phases: initiation, planning, execution, monitoring, and closure. Each stage has a specific objective and contains elements such as risks, requirements, and resources required to complete each step.
- Planning stage – Planning is developing business goals and objectives, defining desired future state, setting up requirements for a new product or service, and managing human resources that are part of the project.
- Initiation stage – This is where you pull all the resources needed to form a project team.
- Execution stage – This is the stage where you get to know your stakeholders and where you’re ready to work on the design phase.
- Monitoring stage – This is the stage when everything works as expected so that you can deploy it in production.
- Control stage – This phase helps to ensure that all tasks are completed within their time frames and budgets.
Ishikawa is a concept used in project management and business analysis to help prioritize projects. The goal is to identify the critical tasks to reduce uncertainty and improve the likelihood of the success of a mission. If a project has more than one leader, the Ishikawa diagram outlines each participant’s optimal path of action.
The primary purpose of the Ishikawa diagram is to help us figure out the most efficient sequence to achieve a specific goal. This approach is that we have many options and can use them in different arrangements. If we face several options, we often focus on the “easy” ones first instead of considering all possible combinations. Sometimes, when faced with several options, we may even waste time pursuing a likely chance that’s not effective.
5. Project Charter
Project Charter is a document that helps the project management plan. It controls all the team members’ objectives, tasks, and responsibilities, including time management, scheduling, resource allocation, quality assurance, etc. Project Charter is an integral part of the Project Management Plan. It guides the team to achieve its goals for a given period within the limitations of resources allocated to it by management. The project charter is supported by documents such as Project Management Plan (PMP), Scope Statement, Schedule, Budget, Staffing Requirements, etc.
A PMP Certification is a necessary qualification for any individual looking to advance their career in project management. Many companies require this certification to secure employment with them, while many other companies are looking to hire individuals who have a PMP certification.
So, suppose you want to work as a project manager. In that case, you should know what your PMP (Project Management Professional) certification is.
A PMP is a Project Management Certification that allows individuals to work in an entry-level position. The person with the PMP Certification will have the knowledge and skills needed to manage a project from beginning to end. And that person demonstrates the ability to create, implement, and control project scope, schedule, cost, risks, and quality.
But before even taking the PMP Exam, There are some reasons about “Why You Have Failed PMP Certification Exam” Which you should know that we have explained in our blog post.
In the words of the Project Management Institute (PMI) the term “project stakeholder” is “an individual, group, or organization, who may affect, be affected by, or perceive itself to be affected by a decision, activity, or outcome of a project.” ISO 21500 uses a similar definition.
The most important stakeholders of the business are its shareholders as well as suppliers, customers and employees. Certain of these stakeholders, like shareholders and employees belong to internal aspects of the company.
Project Stakeholder Management identifies people or organisations that could affect or be affected by your project and devises strategies for managing their expectations. This Knowledge Area comprises four processes to identify stakeholder, plan Stakeholders, Manage Stakeholder Engage and control Stakeholder Engagement.
The work breakdown framework, also known as a WBS is a type of project management tool that follows an organized approach to completing large-scale projects that involve a variety of moving parts. Through breaking the project into components the WBS can combine the scope, cost and deliverables in a single tool.
The majority of work breakdowns contain three levels, which represent the main deliverable of the project Control account, deliverables for the project as well as work plans.
The WBS levels are:
Initial level: Project title of the final deliverable.
Second stage: major deliverables or accounts that are controlled.
Third stage: Work packages which are delivered to the client.
Fourth level: Activities that are assigned to team members for completion of work-related tasks.
The five major processes are initiating, planning, executing, and monitoring and controlling , and finally closing.
Ishikawa believes that increased co-operation and coordination within the company positively impacts the needs of customers and eventually leads to greater efficiency and quality of the products and services. He emphasized the necessity for top management to be supportive of the teams that were under their direct control at all times.
Project charters are the initial step, and one of the most vital elements for the entire Six Sigma project. The document gives an outline of the entire project as well as a formal agreement between the managers and members of Six Sigma team members. Six Sigma team regarding the anticipated project’s outcome.
The project charter an official document that defines the purpose of your venture and when approved, begins the project.