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The ultimate PMP exam prep guide, updated for the 2015 exam

PMP Study Guide, 8th Edition is a complete resource for PMP exam preparation, featuring full coverage of all exam objectives, hands-on practice, and plenty of interactive tools. Fully updated to reflect the Project Management Institute´s latest changes to the exam, this new edition includes the revised best practices in alignment with PMBOK 5th edition. You´ll find detailed discussion on a wide range of project management topics, concepts, and key terms, alongside frequent opportunities to gain hands-on practice using these skills in typical workplace scenarios. Each chapter includes comprehensive review questions to help you gauge your understanding, and you also gain access to the Sybex interactive online learning environment that features electronic flash cards, chapter tests, practice exams, and more.
The IT marketplace demands certified project management professionals, and the PMP certification was created specifically to address that demand. Now considered the premier project management credential, the PMP requires candidates to undergo a grueling four-hour exam. This book gives you everything you need to improve your skills and take the exam with confidence.

Get hands-on practice in real-world scenarios
Relate each objective to your current project
Test your understanding with practice tests and more
The PMP Study Guide is your ultimate preparation resource for passing the PMP




Table of Contents

Introduction xxi
Assessment Test xxxii

Chapter 1 What Is a Project? 1

Is It a Project? 2

Projects vs. Operations 3

Stakeholders 5

Project Characteristics 7

What Is Project Management? 7

Programs 8

Portfolios 9

Project Management Offices 10

Skills Every Good Project Manager Needs 12

Communication Skills 13

Organizational and Planning Skills 13

Conflict Management Skills 14

Negotiation and Influencing Skills 14

Leadership Skills 15

Team ]Building and Motivating Skills 15

Role of a Project Manager 16

Understanding Organizational Structures 16

Functional Organizations 17

Projectized Organizations 20

Matrix Organizations 22

Project ]Based Organizations 26

Understanding Project Life Cycles and Project Management Processes 26

Project Phases and Project Life Cycles 26

Project Management Process Groups 29

Understanding How This Applies to Your Next Project 36

Summary 36

Exam Essentials 37

Review Questions 39

Chapter 2 Creating the Project Charter 45

Exploring the Project Management Knowledge Areas 47

Project Integration Management 49

Project Scope Management 50

Project Time Management 51

Project Cost Management 51

Project Quality Management 52

Project Human Resource Management 53

Project Communications Management 54

Project Risk Management 55

Project Procurement Management 55

Project Stakeholder Management 56

Understanding How Projects Come About 56

Needs and Demands 57

Feasibility Studies 59

Performing Project Selection and Assessment 60

Using Project Selection Methods 62

Applying Project Selection Methods 68

Kicking Off the Project Charter 70

Project Statement of Work 70

Business Case 71

Agreements 72

Enterprise Environmental Factors 72

Organizational Process Assets 73

Tools and Techniques 75

Formalizing and Publishing the Project Charter 75

Pulling the Project Charter Together 76

Key Stakeholders 76

Project Charter Sign ]Off 79

Identifying Stakeholders 79

Identify Stakeholders Inputs 79

Stakeholder Analysis 80

Stakeholder Register and Strategy 83

Introducing the Kitchen Heaven Project Case Study 83

Understanding How This Applies to Your Next Project 87

Summary 88

Exam Essentials 89

Review Questions 91

Chapter 3 Developing the Project Scope Statement 97

Developing the Project Management Plan 99

Developing Inputs 100

Documenting the Project Management Plan 102

Plan Scope Management 104

Understanding the Plan Scope Management Inputs 105

Using Plan Scope Management Tools and Techniques 106

Documenting the Scope Management Plan 107

Documenting the Requirements Management Plan 107

Collecting Requirements 108

Using the Tools and Techniques of the Collect Requirements Process 110

Documenting Requirements 112

Defining Scope 115

Product Analysis 116

Alternatives Generation 117

Writing the Project Scope Statement 118

Understanding the Scope Statement Components 118

Approving and Publishing the Project Scope Statement 125

Updating the Project Documents 125

Creating the Work Breakdown Structure 126

Gathering the WBS Inputs 127

Decomposing the Deliverables 128

Constructing the WBS 129

Creating WBS Process Outputs 137

Understanding How This Applies to Your Next Project 141

Summary 142

Exam Essentials 143

Review Questions 145

Chapter 4 Creating the Project Schedule 151

Creating the Schedule Management Plan 152

Defining Activities 154

Define Activities Process Inputs 154

Tools and Techniques for Defining Activities 154

Define Activities Outputs 155

Understanding the Sequence Activities Process 156

Sequence Activities Tools and Techniques 157

Sequence Activities Outputs 162

Estimating Activity Resources 162

Estimate Activity Resources Inputs 163

Estimate Activity Resources Tools and Techniques 164

Estimate Activity Resources Outputs 165

Estimating Activity Durations 165

Estimate Activity Durations Inputs 166

Estimate Activity Durations Tools and Techniques 166

Estimate Activity Durations Outputs 170

Developing the Project Schedule 171

Develop Schedule Inputs 172

Develop Schedule Tools and Techniques 173

Scheduling Process Outputs 185

Understanding How This Applies to Your Next Project 194

Summary 195

Exam Essentials 196

Review Questions 198

Chapter 5 Developing the Project Budget and Communicating the Plan 205

Creating the Project Cost Management Plan 206

Performing Plan Cost Management 207

Creating the Cost Management Plan 207

Estimating Costs 209

Estimate Costs Inputs 210

Tools and Techniques to Estimate Costs 212

Estimate Costs Process Outputs 214

Establishing the Cost Baseline 215

Determine Budget Inputs 216

Determine Budget Tools and Techniques 217

Determine Budget Process Outputs 218

Understanding Stakeholders 221

Analyzing Stakeholders 222

Stakeholder Management Plan 223

Communicating the Plan 224

Plan Communications Management Inputs 224

Tools and Techniques for Plan Communications Management 225

Plan Communications Management Outputs 229

Understanding How This Applies to Your Next Project 233

Summary 234

Exam Essentials 235

Review Questions 236

Chapter 6 Risk Planning 241

Planning for Risks 242

Planning Your Risk Management 243

Plan Risk Management Inputs 244

Tools an