Session - 6 Everything about PgMP & PfMP Certifications
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The document provides an overview of PGMP® and PFMP® certifications, detailing the author's extensive experience in project management and contributions to global certification successes. It emphasizes the importance of these certifications for career advancement, salary growth, and organizational benefits, while also discussing the impact of artificial intelligence on project management roles. Additionally, it outlines essential preparations for certification exams and highlights recent statistics in the certification landscape.
Session - 6 Everything about PgMP & PfMP Certifications
- 1. Everything You Should Know About PgMP® & PfMP® Certifications www.vcareprojectmanagement.com vCare Project Management Session - 6 Dharam Singh
- 2. I am an accomplished management professional with over 27 years experience in the IT, Telecommunication, Government, Banking and Insurance industries with a successful track record in managing large teams in a strongly customer focused service environment and delivering complex and multiple multi-million dollar projects. As on 31st October 2023, I have contributed to the success of 473 global PgMP®s from 51 countries. In 2022 alone, I have contributed to the success of 74 PgMP®s, which is 12% of global PgMP®s for that year. As on 31st October 2023, I have contributed to the success of 123 global PfMP®s from 26 countries. In 2022 alone, I have contributed to the success of 25 PfMP®s, which is 13% of global PfMP®s for that year. Former Board of Director, Certification Director and Company Secretary with PMI Sydney Chapter. Winner of Global Training & Development Leadership Award, CHRO Asia, 25th World HRD Congress, Mumbai. Delivered more than 100 PMP®, PfMP®, PgMP®, RMP®, ITIL®, PMI - ACP® and PRINCE2 training programs across various locations in USA, Australia, New Zealand, Saudi Arabia, Oman, Dubai, India, Singapore, Canada and Malaysia. Founder of YiPEE Yoga (Yoga in Park for Extreme Energy) and voluntarily provides Yoga services to Communities since 2011. Dharam Singh vCare Project Management Founder & CEO, Leading PgMP® & PfMP® Mentor 2
- 3. SESSION - 6 PgMP® & PfMP® Certifications The Future of Program/Portfolio Managers, Career, Skills,AI, Opportunities 3
- 4. KEY TAKEAWAYS Upcoming Session Roadmap Session - 5 Recap Refresher Future of Program/Portfolio Managers Certifications is the key Differentiator Career Growth and Salary Analysis The Need for New Skills Impact & Benefits of Artificial Intelligence Opportunities and Scope after PgMP® & PfMP® Certifications PgMP® & PfMP® Exam Outcomes & Sample Reports Sample Exam Like Questions Frequently Asked Questions 4
- 5. SESSION - 1 PgMP® & PfMP® Certifications Know How, Why PMI Certifications, Eligibility, Organizational Benefits, Stats Analysis 5 https://youtu.be/H3ABhU512yU RECAP
- 6. 6 SESSION - 2 PgMP® & PfMP® Certifications Roles, Application Process, Panel Review, Global-Country Wise Stats Analysis RECAP https://youtu.be/TT58gY1XZ_I
- 7. 7 SESSION - 3 PgMP® & PfMP® Certifications Exam Fees, Syllabus Analysis, Exam Format, Books & Supporting Materials RECAP https://youtu.be/M4yU4gdiEXw
- 8. 8 SESSION - 4 PgMP® & PfMP® Certifications Skills, Examination Content Outline, PMI - SPM Books, Mock Questions RECAP https://youtu.be/41UCiXk7NzM
- 9. 9 SESSION - 5 PgMP® & PfMP® Certifications Important of PMBOK 7th Edition Exam Format Exam Readiness Exam Type Questions Time Management RECAP https://youtu.be/41UCiXk7NzM
- 10. PgMP® Test Format Type of Questions 10 Many questions can be based on lengthy scenarios and can span between half to three quarters of the screen. You can expect 2-5 questions with very long scenario (up to 30 lines). You can expect 20-30 very lengthy questions with 5-8 lines. You will see 30-40 question as one-liner. 30% Questions will be based on sequencing – what come first, next , last. You will be asked questions based on artifacts – purpose, content and sequencing. Sequence of phase, domain, activities are very important. About 5 questions based on EVM, e.g. CV, SV, CPI, SPI, EAC. Questions calculating number of communication channels.
- 11. PfMP® Test Format Type of Questions 11 Many questions can be based on lengthy scenarios and can span between half to three quarters of the screen. You can expect 2-5 questions with very long scenario (up to 30 lines). You can expect 20-30 very lengthy questions with 5-8 lines. You will see 30-40 question as one-liner. 30% Questions will be based on sequencing – what come first, next , last. Many Questions (15-20) are based on ITTO. You will be asked questions based on artifacts – purpose, content and sequencing. Sequence of Knowledge Areas, domain, activities, processes and tasks are very important. About 5 questions based on EVM, e.g. CV, SV, CPI, SPI, EAC.
- 12. What should you do to prepare for your PgMP® exam? 12 Read the PgMP® handbook, PMI Code of Ethics & Professional Conduct, PMBOK(v7) once, SPMv4 thrice and make study notes. PgMP® Reference guide, PgMP® Challenger and PgMP® Pathfinder written by Dharam Singh - vCare Project Management, Dr. Ginger – read them repeatedly until you are able to correlate standards to their interpretation. Summarize all of the above again as key words and concepts Create tables, relationship diagrams, sequencing, list of math formulas so you can visualize the information for long-term memory Take the self-assessment tests with a strict 4-hour timer.
- 13. What should you do to prepare for your PfMP® exam? 13 Read the PfMP® handbook, PMI Code of Ethics & Professional Conduct, PMBOK(v7) once, SPMv3 thrice and make study notes. PfMP® Reference guide, PfMP® Challenger and PfMP® Pathfinder written by Dharam Singh - vCare Project Management, PfMP® Practice Test and Study guide from Dr. Ginger Levin, read them repeatedly until you are able to correlate standards to their interpretation. Summarize all of the above again as key words and concepts Create tables, relationship diagrams, sequencing, list of math formulas so you can visualize the information for long-term memory Take the self-assessment tests with a strict 4-hour timer.
- 14. Turning Ambition into Action - "Future Roadmap" SMART ( Specific, Measurable, Achievable, Realistic, & Timely) goals to track milestones. Approach the milestones with the context of how value gets delivered to the organization rather than a mere ceremony Building a well-defined roadmap 14
- 15. Driving & influencing change Managing critical relationships Building effective teams Leading without authority FUTURE PROGRAM/PORTFOLIO LEADER'S NEED TO 15
- 16. 16 Certifications is the key Differentiator
- 17. Why to be certified ? 17 Change labels from being named an Experienced/Senior professional to become an Expert/Master of the art Change levels to elevate yourself to higher levels in organizational hierarchy. Earn the birds eye view. From “Doing the work right”, move to a phase where you start “Doing the right work” to ensure your organizations mission and vision are accomplished through your actions. Go from Tactical to Strategic. Opens doors that were earlier closed in your career and also creates new doors for you to venture. Gain global recognition. SKIP THE QUEUE IN PROFESSIONAL EVALUATIONS. When all is Equal, the certified gets hired Stand out from the crowd, Be that Differentiator Eliminate career shocks such as retrenchments
- 18. According to a "Pulse of the Profession" report from PMI, High performing organizations are using project management techniques, methods, and practices such as Program Management and Project Portfolio Management significantly more than low performers and have achieved higher levels of project management maturity. With adaptation to Program Management and Portfolio Management their payoff is huge. High- performing organizations achieve an average project success rate of 90 percent, and risk 14 times fewer dollars than low performers. Successful projects have met their intended goals and business objectives through mature benefits realization processes and mature portfolio management practices as their top 2 aspects. With program and portfolio management maturity, an organization’s projects are far more successful than without it - 76 percent compared to 54 and 56 percent according to another “Pulse of the Profession" report from PMI. Organizations that are effective in portfolio management had 62 percent of products meet or exceed expected ROI according to another Pulse of the Profession® research. 18
- 19. Career Growth and Salary Analysis According to PMI Earning Power Project Management Salary Survey Eleventh Edition, The annualized salary for various project management positions in the United States. The salary ranges are as follows: Portfolio Manager Program Manager Project Manager III Project Manager II Project Manager I Project Management Specialist Project Management Consultant $140,000 $127,000 $115,000 $96,063 $,83,000 $84,500 $120,000 19
- 20. Organizational Benefits Continuous Learning Greater Productivity Employee Engagement Cost Effective Happier Customers 20
- 21. Professional Benefits Career Outlook Career Growth High Salary Acquiring New Skill Recognition Job Prospects Continuous Learning Dynamic Leader Multi-Tasking 21
- 22. 22 TopFourPowerSkills Every Project/Program/Portfolio Professional Needs 1 2 3 4 Communication Problem-Solving Collaborative Leadership Strategic Thinking Source: PMI Pulse of the Profession® 2023, 14th Edition
- 23. Implications of Artificial Intelligence Organizations and project/program/portfolio managers see an imminent impact from AI. AI-powered tools will take over administrative tasks for project/program/portfolio managers. AI systems can help keep projects on schedule and on budget. Project managers will increasingly be called upon to implement AI-focused projects. AI tools can analyze data from current and previous projects to provide insights. 23 Source: 5 Implications of Artificial Intelligence for Project Management (2021).
- 24. Benefits of Artificial Intelligence Reduce the element of surprise Become a bias buster Create more time to flex power skills Accelerate decision making 1 2 3 4 24 Source: PMI, Need to Know: Artificial Intelligence (2023).
- 25. PMI identifies three reasons for the persistence of the Talent Gap 23 Source: Global Project Management Job Trends 2023 An increase in the number of jobs requiring project management-oriented skills Higher demand for project professionals in emerging and developing countries due to economic growth The rate of retirement from the workforce
- 26. 26 Why Project Talent Is Still in Demand Despite disruption and uncertainty, project/program/portfolio professionals continue to have strong opportunities to advance their careers. The global economy needs 25 million new project professionals by 2030. 2.3 million people will need to enter PMOE every year. Potential Job Opportunities for project managers and all changemakers.
- 27. How Young Professionals Can Stand Out in Today’s Job Market 43% 43% 39% 38% 35% Higher earning potential An improved resume Professional credibility Acquiring knowledge and skills Competitive advantage during job searches 27 Source: PMI’s Job Prospect Survey, March 2023
- 28. CERTIFICATIONS ARE A VALUABLE COMMODITY A globally recognized certification demonstrates to employers that certificate holders have the knowledge, experience, and education to effectively contribute to project teams' success. It gives credibility as an individual, reflecting your domain and professional expertise. Helps to stay ahead of the competition. Shows your dedication to the profession and your knowledge of the discipline. Having a certification helps to have ubiquitous language for communicating across. 28
- 29. Year Wise 29 PgMP® & PfMP® Stats Analysis PgMP® - 4879 | PfMP® - 1565 Source: PMI, As on 30th September 2023 vCare PgMP® - 473 | vCare PfMP® - 123
- 30. 30 Global PgMP®PfMP® Year Wise Stats Analysis 2020 to 2023 Source: PMI, As on 30th September 2023 2020 2021 2022 2023 0 200 400 600 800 334 432 616 154 215 12% Global PgMP®s from vCare, 2022 13% Global PfMP®s from vCare, 2022 Year - 2020 To 2023 No. of Certified Professioals PfMP®s PgMP®s 769* 1565 4879 219* Global PgMP®s Global PgMP®s 186
- 31. Sample Exam Like Questions a. b. c. d. 31
- 32. Certificate of program completion and project archives Closure report and contract completion certificate Lessons learned report and input to organizational archives Lessons learned and contract termination documents a. b. c. d. 32 You have successfully completed your Program and now you are busy with Program information Archiving and Transition formalities. Once when these formalities are completed what are those specific deliverables you are most likely to have:
- 33. Certificate of program completion and project archives Closure report and contract completion certificate Lessons learned report and input to organizational archives Lessons learned and contract termination documents a. b. c. d. 33 You have successfully completed your Program and now you are busy with Program information Archiving and Transition formalities. Once when these formalities are completed what are those specific deliverables you are most likely to have:
- 34. You are appointed as a Closing Manager for the Program ZYX. Your Program sponsor requested you to provide a list of activities which are expected to be performed as a part of Program closure. What is the last activity will be there in your list? Approve closure of component projects Complete Program Performance report Obtain stakeholder approval for program closure Report lessons learnt a. b. c. d. 34
- 35. You are appointed as a Closing Manager for the Program ZYX. Your Program sponsor requested you to provide a list of activities which are expected to be performed as a part of Program closure. What is the last activity will be there in your list? Approve closure of component projects Complete Program Performance report Obtain stakeholder approval for program closure Report lessons learnt a. b. c. d. 35
- 36. Risk You have 2 projects in your portfolio (Projects A & B). You have only 1 Subject Matter Expert (SME) available.Project Manager for the Project A wants the SME to work in his project for next 2 weeks based on the planned schedule.Unfortunately, Project Manager B also booked SME's time in his Project schedule for the same duration. This is an example of: Constraint Dependency Assumption a. b. c. d. 36
- 37. Risk You have 2 projects in your portfolio (Projects A & B). You have only 1 Subject Matter Expert (SME) available.Project Manager for the Project A wants the SME to work in his project for next 2 weeks based on the planned schedule.Unfortunately, Project Manager B also booked SME's time in his Project schedule for the same duration. This is an example of: Constraint Dependency Assumption a. b. c. d. 37
- 38. A Portfolio manager has access to tremendous amount of historical information on the program and various charts. Which of the following is the Portfolio Manager MOST likely to use to identify the Program Performance data with respect to specific acceptable ranges over a period of time? Benchmarking Trend Analysis Variance Analysis Decision Trees a. b. c. d. 38
- 39. A Portfolio manager has access to tremendous amount of historical information on the program and various charts. Which of the following is the Portfolio Manager MOST likely to use to identify the Program Performance data with respect to specific acceptable ranges over a period of time? Benchmarking Trend Analysis Variance Analysis Decision Trees a. b. c. d. 39
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- 41. Tell me about the biggest challenge you’ve faced while managing a team of project managers. 41
- 42. Have you ever faced a communication problem while managing a program? Who with and how did you resolve it? 42
- 43. How can I determine the number of project managers needed for a project portfolio? 43
- 44. SESSION - 7 PgMP® & PfMP® Certifications Exam Prep - Q&A Session & Explanation 44
- 45. SESSION - 7 AGENDA PfMP Exam Like Questions Frequently Asked Questions Upcoming Session Roadmap Session - 6 Recap Refresher PgMP Exam Like Questions 08 Dec’23 th 45
- 46. UPCOMING SESSIONS Session 7: 08 December'23 Session 8: 05 January'24 th th 05:00 PM - 06:00 PM (PDT) / 06:00 PM - 07:00 PM (MDT) 07:00 PM - 08:00 PM (CDT) / 08:00 PM - 09:00 PM (EDT) 09:00 PM - 10:00 PM (BRT) 08:00 AM - 09:00 AM (SGT/MYT) / 09:00 AM - 10:00 AM (JST/KST) 09:30 AM - 10:30 AM (ACST) / 10:00 AM - 11:00 AM (AEST) 12:00 PM - 01:00 PM (NZST) North American Time Zones Asia Pacific / Oceania Time Zones 46
- 47. dharam@vcareprojectmanagement.com +1 6502830123 Registered Address: 325 N.Saint Paul St. Suite 3100, Dallas, TX 75201, USA www.vcareprojectmanagement.com EIN: 35-2657414 C vCare Project Management 47 Disclaimer: PMP, PMI, PMBOK, CAPM, PgMP, PfMP, PBA, RMP, ACP, SP, DA, DASM, DASSM, ATP and OPM3 are registered marks of the Project Management Institute, Inc.