PMI Updated PMP Exam Questions and Answers by drew

 The Project Management Professional (PMP)® certification emphasizes the importance of human resource management and the development of the project team. According to the PMBOK® Guide, project managers should develop the team through training, team-building activities, and creating an environment that promotes high performance. In the scenario provided, where the team lacks experience, the project manager should utilize coaching and mentoring to bridge the experience gap, enhance skills, and improve team performance. This aligns with the PMP’s focus on leadership and the development of human resources within the project team.

References: The references for this answer are drawn from the PMBOK® Guide and the PMP Examination Content Outline, which detail the project manager’s role in team development and the competencies required for effective project management. Additionally, the Professional in Business Analysis (PMI-PBA)® reference materials support the approach of enhancing competencies through coaching and mentoring to ensure project success.

 Earned Value Analysis (EVA) is a project management technique used for monitoring and controlling project performance by integrating scope, schedule, and cost parameters. It is a critical tool for project managers to report the project’s value and is particularly useful for large projects where tracking progress against the budget is essential. EVA provides a set of mathematical metrics that reflect the health of the project and is used to report information for the current reporting period and on a cumulative basis. This method allows project managers to identify variances from the plan and forecast future performance, which is crucial for seeking further funding and demonstrating the project’s value to sponsors.

References: (Earned Value Analysis & Management (EVA/EVM) - Project-Management.info1, Professional in Business Analysis Reference Materials | PMI2)

The Hybrid approach is suitable for projects that require both a structured plan and the flexibility to adapt to changes as the project progresses. This approach combines elements of both traditional (predictive) and Agile (adaptive) methodologies. For the phases that must be completely planned in advance due to strict regulations, the traditional project management practices can be applied. For other phases that allow more flexibility, Agile practices can be incorporated to accommodate new information and changes. This ensures that while the project adheres to necessary regulations, it also remains responsive to evolving project requirements.

References: = The information aligns with the principles outlined by the Project Management Institute (PMI) regarding hybrid project management approaches, which advocate for the integration of both predictive and adaptive project management practices to suit the varying needs of different project phases1234.

The Project Management Professional (PMP) guidelines emphasize the importance of capturing lessons learned as an ongoing effort throughout the life of the project. This process involves engaging key stakeholders to document both positive and negative experiences, which can then be used to improve future projects. It is essential for the project manager to lead this effort to ensure that valuable insights are not lost and that the organization can benefit from past experiences1.

References:

• PMI’s “Lessons Learned Next Level Communicating” article1.
• PMI’s “Lessons (Really) Learned? How To Retain Project Knowledge And Avoid Recurring Nightmares” article2.
• PMI’s “Learning how to learn - Project Management Institute” article3.