What is Organizational Process Assets In PMBOK 5th Edition

You will find Enterprise Environmental Factors (EEFs) and Organizational Process Assets(OPAs) very frequently while going through the PMBOK5th edition and therefore firm understanding of the topics is required. Here we will discuss the Organizational Process Assets.

Asset: Any tangible or intangible thing that can be owned or controlled to produce value for us is called an Asset for us. For example my house which I use to live is an asset for me, and so my car is which I use to commute etc.

Similarly an organization has assets in terms of process policies and knowledge base which becomes mature with the time. Organization invests in creating all these process, policies and knowledge bases so that it can help the organization wherever it is needed and thus called Organizational Process Assets.

Let me give a real example: One of my friend in my last organization was assigned a finance related project and he had to develop a detailed risk management plan. He was not experienced enough in doing that and therefore he approached me. I asked him to go to our company’s knowledge base and get one template for the same and then develop his own. And after few days I saw his name in one of the best PM of that quarter. See how helpful the knowledgebase can be for anyone who needs it and that’s why we call it Organization Process Assets.

Organizational Process Assets has important role in project’s outcome and with the time it grows and becomes more and more mature.

As per PMBOK the Organizational Process Assets is divided in two categories

1. Processes and procedures
2. Corporate knowledge base

 

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PMP Passing Score For PMP Examination (Myths Vs. Facts)

“Can you please let me know what the passing score for the PMP exam is? How many questions have to be answered correctly, out of 200 to pass the PMP?”

I got this email last week in my inbox. One of our subscribers asked this questions and I decided to provide him a detailed explanation on this. However, there are many myths roundabout the PMP passing score as many people talk about it differently. If you asked me “what is the exact passing score for PMP examination?”, my direct answer is – There is no pre-defined criteria mentioned by PMI® on this. It means – there is NO exact passing score for PMP examination. However, a long ago, there was 61.5 % passing score officially published by PMI®.

 HOW DOES PMI® CALCULATE PASSING SCORE?

Actually, PMI® determines passing score based on the difficulties of the set of PMP exam questions someone has answered. I have analyzed that – the best way to ensure your PMP exam is – to get minimum 75% to 80% in quality PMP Exam Sample Questions (click here to get free one full simulation test – 200Qs).The PMI no longer will officially state a passing score. They do not want us to study just enough to pass, they want us to really know and understand the PMBOK and the processes and why they exist.

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5 PMP Exam Preparation Tips That Really Work in Real PMP Certification Exam

You can start your study for the PMP Credential today! Simply follow our Step-by-Step PMP Study Plan, and prepare for the exam easily, without hassles. We have mentioned some best ways to study for PMP Exam

PMP EXAM STUDY PLAN

Preparing for the PMP exam is quite unlike what you did in school and college. Here the focus is not on memorization, but understanding the concepts, best practices, guidelines, and project management framework, as per PMI’s PMBOK Guide

Most of the people have heard about PMP from their friends or colleagues and are interested to gain the professional certification in Project Management. However, they mostly lack the experience of project management. Most have worked on small projects, and may not have been in a Project Manager position for a significant amount of time.

So, when it comes to preparing for the PMP Exam, you need to have a plan that is specific, practical, time-bound and achievable. Without a good game plan, you may simply be overwhelmed by the sheer amount of work, or just run out of steam mid-way. One good Study Plan for PMP that has been recommend to students here is as follows.

1. ENROLL IN PMP TRAINING WORKSHOP IN YOUR CITY –

You should quickly enroll pmp training program near your city. The length of the program will be either 4 days or 5 days. The main benefit is – it will give you a brief idea about exam pattern, what to study and etc.

In Delhi, you can go with the following pmp training institutes:

• Trainings24x7
• Simplilearn
• Knowledgewoods
• Multisoft

If you are unable to attend classroom session, you can attend via online.

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A New Knowledge Area “Stakeholders” in PMBOK5: Not A Surprise

It is a well known fact that Project manager‘s spend their time on communicating with stakeholders. On an average 90% of the time are spent on communication. For success of any project a lot depends on how information is distributed among right stakeholders on time and necessary change requests are initiated before the situation goes out of hand. In PMBOK 4 , listing and managing stakeholders were part of Communication knowledge area. Since the dynamic nature of stakeholders presence needed a greater emphasis on how to manage stakeholders in an effective way. This may be the reason why PMI though of including “Stakeholders” as an individual knowledge area.

It is very important for a PM to identify the right stakeholders for right information at right time through out the life of a project and distribute information accordingly. There is no point to give information to stakeholder no longer impacting the success of the projectand missing the important stakeholder who was not so active during the planning phase but becomes active in execution phase. Inability to identify the stakeholders can result in failure of project or not meeting the deadline. The importance of this process resulted in addition of a new Knowledge area called “Stakeholders”.

The processes in this knowledge area are apparently following:

1. Identify Stakeholders ( Initiating )
2. Plan Stakeholder Management ( Planning)
3. Manage Stakeholder Engagement ( Executing )
4. Control Stakeholder Management ( Monitoring and Controlling )

It is needless to say as most of the processes these processes are also iterative and PMs should re-asses the validity of stakeholder lists on regular basis.

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UPDATE: PMP® EXAM IS CHANGING IN 2016

PMI has just posted the new PMP® Exam Content Outline (which is the equivalent of the exam syllabus for the PMP® Exam) to be effective from 11 Jan 2016 online. It has included a few changes which will affect PMP® aspirants in their exam preparation if they plan to take the PMP® Exam after 11 Jan 2016.

After an in-depth analysis of the changes, it can be concluded that the changes are considered just “minimal”. If you own current editions of PMP® Exam Prep book or courses, you will also be well prepared for the upcoming changes!

UPDATE: PMP Exam Changes From Jan 11, 2016. What You Need To Know? from Trainings24x7

Is It Necessary To Memorize ITTO To Pass The PMP Exam?

Do I need to memorize ITTO’s to achieve the PMP OR Is It Necessary To Memorize ITTO To Pass The PMP Exam? This question is frequently asked by most PMP aspirants due to unpredictable and toughness of the exam questions. No doubt you need to be faster than others because whatever you do either give exam or take rest in the exam hall, clock will not stop. So, some aspirants memorize ITTO (‘Inputs, Tools and Techniques, and Outputs) concept to answer PMP exam questions faster.

ITTO’s exist for each of the 47 Processes, based on the PMBOK Guide, Fifth Edition. These processes are spread in the TEN knowledge Areas and the FIVE Process Groups.

You will find many blogs and articles related to this question. Some experts say it is vital to remember ITTO’s but personally I would recommend NOT to learn the ITTOs by heart. But ye, It is really true that you need to have a solid understating on the ITTOs concept to answer at least 40 percent of the PMP exam questions (80 out of 200). This is how people are trained at Trainings24x7.

Why I would not recommend memorizing?

To pass the PMP exam needs an extensive preparation. The first and foremost reason is – even if you have memorized in a good manner but you may make mistakes. Sometimes, you will not be able to answer the PMP exam questions if you don’t have a solid understanding on the relation between the different processes and their interactions.

Second reason is – however people do remember but just think for a while that memorizing ITTO’s for Forty Seven processes is not easy, and is not really needed. Yes, you have to remember for a few processes but not all.

Still you are confused, then join any PMP Training, or purchase any standard PMP exam preparation book so that you can understand how the different processes in ITTO’s interact with each other.

Last but not least “Tip” – Test your knowledge of Inputs, Tools and Techniques, and Outputs processes and interactions for PMP exam

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