Project-Management-Professional PMP Updated Exam

In project management, performing tasks in parallel, also known as fast-tracking, is a schedule compression technique used to shorten the project schedule without changing the project scope. It involves performing more activities concurrently or overlapping activities that were originally planned to be done in sequence. This approach can help meet time-to-market needs by accelerating the project schedule. However, it may increase project risk and requires careful management.

PMBOK® Guide – Sixth Edition, Section 6.6.2, “Schedule Compression”

When a phase of a project takes longer than initially anticipated, it’s important for the project manager to understand why this happened in order to prevent similar issues in the future1. Organizing a root cause analysis (RCA) workshop allows the project team to identify the underlying cause of the delay1. This understanding can then be used to implement corrective actions to prevent similar delays in the future1. This approach not only addresses the immediate concern of the stakeholders but also contributes to the continuous improvement of the project management process1. References: PMI

The Cost Performance Index (CPI) of 0.9 indicates that the project is over budget. This means that for every dollar invested, only 90 cents of value is being earned. The Schedule Performance Index (SPI) of 1.0 indicates that the project is on schedule. Therefore, to avoid a budget shortfall, the project manager should look for cost-saving opportunities. This could involve identifying and eliminating unnecessary costs, negotiating better deals with suppliers, or finding more efficient ways to complete tasks. References: PMBOK Guide, 6th Edition, Section 7.4.2.3, “Cost Forecasts” and Section 7.2.2.4, “Cost Management Plan”

When a project manager encounters a situation where a vendor’s rates do not fit into the project budget, it’s important to engage the project stakeholders1. This is because stakeholders have a vested interest in the project and can provide valuable input on how to proceed. They may be able to suggest alternative vendors, provide additional funding, or help negotiate a better rate with the vendor. Engaging stakeholders in this decision also ensures transparency and buy-in, which are key to successful project management2. References: