Will a PMP Get You Paid More?
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PMC Lounge - An Introduction
6:42
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@0AkashKumar
@0AkashKumar 2 сағат бұрын
Hey Sir, I have done my bachelor's of 4 year and masters of 2 year's while masters I have done 1 year of internship right now doing full-time job 4 months is thi makes me eligible for PMP certification?
@jaiagarwa
@jaiagarwa 11 сағат бұрын
Good explanation 👏
@iamyourdaddy9449
@iamyourdaddy9449 2 күн бұрын
Hi sir I have experience in operations experience of 13 years. Can I take up any capm training
@pmclounge
@pmclounge 8 күн бұрын
Check out more PMP Certification Info and FAQ videos goo.gl/DYxuvX
@amitkhabya1725
@amitkhabya1725 8 күн бұрын
Nice video.... Explain each info in short....
@pmclounge
@pmclounge 5 күн бұрын
Thanks Amit, appreciate your comment. Feel free to share the video with others so that they can benefit too.
@HomayoonNikokar
@HomayoonNikokar 8 күн бұрын
Thanks bro your ❤
@pmclounge
@pmclounge 5 күн бұрын
Welcome 😊
@lawrenceosaigbovo8635
@lawrenceosaigbovo8635 8 күн бұрын
Can you share the link to download this salary report for Germany in this video? Thanks
@pmclounge
@pmclounge 5 күн бұрын
Hi Lawrence, you can look for it on pmi.org. PMI recently introduced a tool that does the same job.
@rajeevreddy797
@rajeevreddy797 8 күн бұрын
Best video of procrument i had never seen like this.
@pmclounge
@pmclounge 5 күн бұрын
Thank you Rajeev, appreciate your comment. Don't forget to subscribe for more helpful content on Procurement and Project Mgmt as a whole 🚀
@sateeshreddy5549
@sateeshreddy5549 9 күн бұрын
Thank you sir for your help I have cleared PMP exam in first attempt today. Your videos helped alot
@pmclounge
@pmclounge 5 күн бұрын
That is so good to hear Sateesh. Wish you the best and feel free to share PMC Lounge resources with others that may benefit 🚀
@sateeshreddy5549
@sateeshreddy5549 11 сағат бұрын
@@pmclounge Done Sir. 2 of my friends will be taking exam next month I strongly recommended our channel to them.
@ahmadalhallak3551
@ahmadalhallak3551 11 күн бұрын
I did the application and i paid as well to make appointment but unfortunately i couldn’t do the exam and 1 year over now and my application closed and my money gone , is there any chance to have appointment with same paid money or i should do the payment again 500$😢
@pmclounge
@pmclounge 5 күн бұрын
Hi Ahmad, unfortunately you will have to make the payment again. All the best and don't forget to subscribe as we have all the content that you need to prepare for the exam 🚀
@KuolDeng-i7i
@KuolDeng-i7i 11 күн бұрын
I like procurement but fail to get logistic job, what shall I do? Need your help 🇸🇸
@meeraraina8404
@meeraraina8404 11 күн бұрын
1) Formal Authority /Positional Power - The ability to gain support because project personnel perceive the project manager as being officially empowered to issue orders. 2) Reward Power - The ability to gain support because project personnel perceive the project manager as capable of directly or indirectly dispensing valued organizational rewards (e.g., salary, promotions, future work assignments, etc.). 3) Penalty Power - The ability to gain support because project personnel perceive the project manager as capable of directly or indirectly dispensing penalties that they wish to avoid. Penalty power usually derives from the same sources as reward power, with one being a necessary condition for the other. 4) Expert Power / Informational Power - The ability to gain support because project personnel perceive the project manager as possessing special knowledge or expertise; that is, he is perceived as possessing functional expertise that they consider important. 5) Referent Power - The ability to gain support because project personnel feel personally attracted to him or to the project.
@twinklepatel7316
@twinklepatel7316 11 күн бұрын
Hey, I have one question the one who are planning to give exam on 2024 or 2025 do we focus on PMBOK 7 and 6 both or just 7th edition.
@pmclounge
@pmclounge 5 күн бұрын
Hi Twinkle, both 6th & 7th edition needs to be considered. Actually PMI has introduced a new book called "Process Groups" that contain all the stuff from PMBOK 6. Check out this page for more clear list of all the books you should use for your PMP prep - www.pmclounge.com/pmp-preparation-resources/ All the best and don't forget to subscribe 🚀
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 12 күн бұрын
To be honest... Most of the Quality tools & techniques are more useful on Operation Management rather than Project Management. They can be more useful for Project Management if the projects are 1 year or more long and contain many many many deliverables.
@pmclounge
@pmclounge 5 күн бұрын
Well let's not discount the benefits of these tools & techniques though. Its true that they'll be more useful on long term projects but more so because you'd have the time to make use of them. In shorter duration projects too, they can be useful but only if the team values using them in the time that they have.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 12 күн бұрын
Is Kanban an example of JIT?
@pmclounge
@pmclounge 5 күн бұрын
Kanban controls the flow of work by limiting work in progress, while JIT ensures that resources or inventory are available exactly when needed, reducing waste. They complement each other well in optimizing processes.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 12 күн бұрын
What about Sprint Review in Scrum as an example for Kaizen?
@pmclounge
@pmclounge 5 күн бұрын
The Sprint Review in Scrum does share a lot of similarities with Kaizen, as both focus on continuous improvement. During the Sprint Review, teams reflect on what’s been accomplished and identify areas for improvement, which aligns perfectly with the Kaizen philosophy of ongoing incremental progress. Great Observation 🌟
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 12 күн бұрын
Some examples of Process Improvement Plan are Kaizen and Sprint review in the Agile Scrum framework.
@pmclounge
@pmclounge 5 күн бұрын
Thanks for sharing 🙌
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 12 күн бұрын
The histogram is not the same as the Pareto Diagram, because simply there are some defects that are rarely happen like a 1% chance to happen but if they happen then the quality will be reduced by 90%. So that's why we should give them attention based on critical effect rather than Incidence rate.
@pmclounge
@pmclounge 5 күн бұрын
You’re right-while both histograms and Pareto diagrams are useful tools, they serve different purposes. A Pareto diagram focuses on the critical impact of defects, even if their occurrence is rare, like your 1% example. It's about addressing the most significant issues that could greatly reduce quality, rather than just focusing on frequency.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 12 күн бұрын
Japanese are project managers by instinct, they invented many concepts like... Ishikawa, Kaizen, Kanban and more!
@pmclounge
@pmclounge 5 күн бұрын
The Japanese have made incredible contributions to project management with concepts like Ishikawa (Fishbone Diagram), Kaizen, Kanban, and Just-in-Time (JIT). They also pioneered 5S (Sort, Set in order, Shine, Standardize, Sustain), which helps keep workplaces efficient and organized. Their focus on continuous improvement, quality, and efficiency is truly inspiring. Thanks for highlighting this! 🙌
@pmclounge
@pmclounge 14 күн бұрын
Check out more PMC Lounge Live sessions here bit.ly/pmcloungelive
@avinashk4346
@avinashk4346 16 күн бұрын
Is salary in USD or AED
@pmclounge
@pmclounge 10 күн бұрын
The salary is in AED
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 16 күн бұрын
We have an Arabic proverb that says, "An ounce of prevention is worth a dinar of cure." So This is one of the examples of (Cost of Conformance and Non-Conformance).
@pmclounge
@pmclounge 10 күн бұрын
Loved that proverb! 🌟
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 16 күн бұрын
One of the Pros of having an external sponsor is that... They only care for output and not the process, so it is much easier to manage rather than an internal sponsor someone who interferes in most matters. But this can be a consequence as well, if things go wrong the sponsor won't care for the reasons or be considerate.
@pmclounge
@pmclounge 10 күн бұрын
Agree. External sponsors often focus more on the final output rather than the process, which can simplify management. However, this focus can also mean they might not be as concerned with the reasons behind issues if things don’t go as planned. It’s all about balancing the benefits of less micromanagement with the potential downsides of limited support. Thanks for sharing your perspective! 🙌
@meeraraina8404
@meeraraina8404 16 күн бұрын
This was my Gray area, I have been studying for PMP exam for quiet some time now, finally understood the contract types and which one to prefer in which situation. thanks
@pmclounge
@pmclounge 11 күн бұрын
Fantastic to hear that the video helped clarify the contract types for you! 🌟 Understanding which contract type to use in different situations is key for PMP exam success and effective project management. Thanks for letting us know, and best of luck with your studies! If you have any more questions, feel free to ask. 🙌
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 16 күн бұрын
Bruh... A lot of equations 😂.
@pmclounge
@pmclounge 11 күн бұрын
LOL yes!! Good thing though, PMP doesn't focus on these as much now as it used to. So that's a respite but only if you are preparing for PMP.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 16 күн бұрын
LifeCycle Costing is very very important when we talk about Incremental delivery as in Agile. Cuz Some of the products will go directly into the operation management field while others are still under development in the project management field so the project hasn't finished yet which means these costs are under the project manger responsibility and that's why as a project manager's you should be aware of that point...
@pmclounge
@pmclounge 11 күн бұрын
Absolutely, you’ve nailed it! 🌟 LifeCycle Costing is crucial, especially with Incremental Delivery in Agile. It’s important because some products may transition directly to operations while others remain in development. As a project manager, understanding these costs helps you manage responsibilities and budgeting effectively throughout the project’s lifecycle. Thanks for bringing this up-great insight! 🙌
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 16 күн бұрын
Are these ranges including the Reserve Analysis?
@pmclounge
@pmclounge 11 күн бұрын
Check this out to understand how the cost adds up for a project kzbin.info/www/bejne/hX6uooyZob1sprMsi=7BLvyL1YPO4BYwl_&t=384
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 16 күн бұрын
So basically the salary of the person who is responsible for confirming the quality checklist will be classified as "Cost of Quality" and any other resources like time, effort, or assets and tools.
@pmclounge
@pmclounge 11 күн бұрын
This would totally depend on the organization. As an example, a startup with 10 people may not even have a different cost head named "Cost of Quality". But in principle, yes, this category does encompass all costs related to ensuring that quality standards are met so it should include the salary of someone responsible for conformance.
@pmclounge
@pmclounge 17 күн бұрын
Check out more Lounge Access videos here bit.ly/3MiA5lR
@meeraraina8404
@meeraraina8404 17 күн бұрын
there should be a questionnaire that can show which manager has which belief, so next time I am in an interview that survey is what I am going to ask them to fill in for me.
@pmclounge
@pmclounge 11 күн бұрын
All the best with that 😊
@storiesofmylife727
@storiesofmylife727 18 күн бұрын
Thank you so much this was very helpful
@pmclounge
@pmclounge 11 күн бұрын
Glad it was helpful!
@astha77
@astha77 18 күн бұрын
PMI is itself certifying such course…
@pmclounge
@pmclounge 11 күн бұрын
PMI would never certify any such course.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
Honestly... I can see no difference between the Return on Investment and the Payback Period. Cuz... If the ROI was 20% then the Payback period will be 5 years. it is the same equation.
@pmclounge
@pmclounge 11 күн бұрын
Thanks for bringing this up, it's a common point of confusion! While ROI and Payback Period may seem similar, they measure different things as you can see in your example too. ROI gives you the percentage return on your investment over a set time, while the Payback Period tells you how long it will take to recover your initial investment. Note that an ROI of 20% doesn’t always mean a Payback Period of 5 years-it depends on the investment structure and time frame.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
Sometimes PV could be negative, economic inflation is a good example. or maybe it would be positive but if you didn't add the economic inflation to the equation then you just screw up. For example... Project A in Japan cost 1000$ while r = 20%, and the economic inflation there is 5%. Project B in India costs 1000$ while r = 25%, and the economic inflation there is 15%. If you aren't aware of economic inflation, you may think Project B is better because the PV will be 1250$ because it is higher than Project A PV which is 1200$. But No! If you add the economic inflation value to the equation then the Project A PV will be 1150$, while the Project B PV will be 1100$. So the right answer is Project A.
@pmclounge
@pmclounge 11 күн бұрын
It’s crucial to include inflation in the equation to get an accurate comparison between projects. Your example perfectly highlights how ignoring inflation can make Project B seem better on the surface, but when you factor it in, Project A actually comes out ahead.
@meeraraina8404
@meeraraina8404 18 күн бұрын
Job Satisfaction and Feeling Valued
@pmclounge
@pmclounge 11 күн бұрын
Thanks for sharing 🙌
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
I'm using the Agile lifecycle and specifically the Scrum framework.
@pmclounge
@pmclounge 11 күн бұрын
Thanks for sharing 🙌
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
The article link doesn't work.
@pmclounge
@pmclounge 11 күн бұрын
Thanks for the callout, the link is fixed 👍
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
Can I write some conditional funding in the charter instead of Reserve Analysis? For example, as you mentioned if we hit big rocks that would cost 50k$, but if we didn't that money would be an extra profit for the Project Manager. Which will be questionable to the Project sponsor and unwelcome. So can we just write conditional funding in the charter that says (If we hit big rocks 50$K will be funded otherwise, the project manager won't be responsible).
@pmclounge
@pmclounge 11 күн бұрын
While it might seem tempting to add conditional funding directly into the charter, it’s generally not recommended. Reserve Analysis exists specifically for those 'big rocks' or unexpected risks, and needs to be planned for. Writing conditional funding into the charter could raise concerns with the project sponsor. Instead, it's better to handle such risks through well-defined reserves. Thanks for bringing up a good discussion point though! 👍
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
The fun starts when numbers and equations show up...🔥
@pmclounge
@pmclounge 11 күн бұрын
Totally 😂
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 18 күн бұрын
Oh boy, I was talking about what you call "Published Information" in the pre-video.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 19 күн бұрын
If you are about to start a new project that you have never done something similar before... Then you can't really implement Analogous Estimation, but... If and only if you got access to external projects using your relationships cuz this kind of data will be mostly private, or maybe you can get general project data on the internet for free just to let people know the most common and main estimates or work package on (App development ) for example then you can implement the Analogous Estimation.
@pmclounge
@pmclounge 11 күн бұрын
Analogous Estimation works best when you have access to reliable data from past, similar projects. If you’re venturing into something completely new, it’s definitely harder to apply unless, like you said, you can tap into external data through relationships or find general estimates online. While it may not be as precise, having a ballpark from industry benchmarks can still give you a starting point. Note that there are some project management consultants out there too that may provide this data and insights. 🙌
@drdavidfgululi7877
@drdavidfgululi7877 20 күн бұрын
Incredibly nice
@pmclounge
@pmclounge 19 күн бұрын
Thank you! Don't forget to subscribe for more 🚀
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 24 күн бұрын
Exactly, you are just setting the protocols of how will you track, report, and control the schedule, cost, etc... Also, the "Perform Integrated Change Control" that falls in the (Integration Area X Monitoring & Controlling Group) is basically a plan that contains many protocols about how to control Scope, Cost, Quality, etc... And actually, Not control them cuz they didn't even happen yet.
@pmclounge
@pmclounge 19 күн бұрын
You're spot on. With the Perform Integrated Change Control-it’s essentially a set of protocols for managing changes across different areas like scope, cost, and quality, EVEN BEFORE they occur.
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 24 күн бұрын
Oh, man... Nothing more enjoyable than learning Project Management while you are planning for your personal project. You learn PM to pass a PMP Exam. I learn PM to directly implement it on my project. We are not the same. You know the "We are not the same." meme, right?💀
@pmclounge
@pmclounge 19 күн бұрын
Haha, love the meme reference! 💀 Glad the content is helping you along your journey! 🚀 Keep crushing it, and thanks for sharing! 🙌
@Eng.Ibrahim_Khalid
@Eng.Ibrahim_Khalid 24 күн бұрын
So we can say... Acceptance Criteria is simply the expected output in the "Operation Stage". While the Project Deliverables are simply the expected output in the "Project Stage". For Example... If the project was "Making a Laptop", then the expected output in the "Project Stage" will be (Black color - FHD Monitor - 3Ghz CPU - 16Gb Ram) Which is the "Project Deliverables". The expected output in the "Operation Stage" will be (Booting should be less than 30 seconds - CPU Temperature should not exceed 90C - Laptop weight should be less than 1.5KG) Which are "Acceptance Criteria". I think a water-proof feature for mobile is considered an Acceptance Criterion right?
@pmclounge
@pmclounge 19 күн бұрын
Great breakdown! 🌟 You’ve got the right idea with the distinction between Project Deliverables and Acceptance Criteria. Project Deliverables refer to the tangible outputs of the project (like the laptop’s specs), while Acceptance Criteria define how the product should perform during operation (like boot time or temperature limits). And yes, you’re spot on! A waterproof feature for a mobile phone would definitely be considered part of the Acceptance Criteria because it’s about how the device performs in real-world conditions. Thanks for the detailed comment-awesome example!
@Mizta_Eadwine
@Mizta_Eadwine 24 күн бұрын
Usain Bolt is one of the famous Sprint runners⚡️
@pmclounge
@pmclounge 19 күн бұрын
Agree 💯
@kritikatiwari1693
@kritikatiwari1693 24 күн бұрын
Hi sir, i got my first job offer as Business Development Associate in 7 semester of college and after wards have 1.9 yrs of Project Manager experience in start up company, in total have 3 yrs of experience am i eligible for PMP
@pmclounge
@pmclounge 19 күн бұрын
Hi Kritika, the requirement is for 3 years in a full time job so there shouldn't be an overlap between studies and job. All the best and don't forget to subscribe as we have all the videos you'd need to prepare for the PMP/CAPM/ACP or other project mgmt certifications 🚀
@pmclounge
@pmclounge 25 күн бұрын
Check out more episodes of The PMC Podcast here bit.ly/ThePMCPodcast