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PMI Professional in Business Analysis
http://killexams.com/pass4sure/exam-detail/PMI-PBA Question: 188
A stakeholder wants to modify an existing feature. Which of the following would be used to determine the scope of the change on the
product?
A. Sequence diagram
B. Requirements traceability matrix
C. Requirements attributes table
D. Project schedule and cost baseline Answer: B
Reference: https://opentextbc.ca/projectmanagement/chapter/chapter-9-scope-planning-project-management/ Question: 189
A company’s management team has decided to deploy a new product. However, there is concern that users may not accept a new product that
forces them to change existing practices.
The business analyst should:
A. adhere to the project plan to achieve project objectives.
B. clearly communicate project objectives and attempt to defuse tensions.
C. delay the application’s deployment until the conflicts have been resolved.
D. voice user concerns to management and recommend that the project be closed. Answer: B Question: 190
A company is developing a new e-commerce platform to enter a new market segment. Development is well under way when the government
issues a new set of regulations.
Which course of action should the business analyst take?
A. Check the traceability matrix to identify affected use cases.
B. Evaluate if the new set of regulations is aligned with the business case.
C. Evaluate the impact of the change on the project schedule.
D. Obtain management sign-off on the new set of regulations. Answer: C Question: 191
Requirements elicitation for a project is occurring. The marketing, acquisition, and production departments want to include specific
requirements. The CEO has a requirement to deploy in three months.
Which of the following actions will have a greater influence on the project success?
A. Estimate the effort required for each requirement and develop as many functionalities as possible.
B. Prioritize and develop the requirements of the marketing department since the project will impact a greater number of people.
C. Conduct a stakeholder analysis and balance requirements by understanding the relative power associated with each stakeholder
group.
D. Explain the situation to the CEO and try to obtain an extension of the contract for the genuine time necessary to develop the system. Answer: C Question: 192
A business analyst is reviewing a discrepancy report after a test session. The discrepancy report has revealed a defect that the business analyst
must address.
Which of the following criteria should the business analyst use to identify the appropriate response to the defective test result?
A. Perform an impact analysis and open a change request to include the revised requirement in the next baseline.
B. Inspect the requirements traceability matrix to verify if the requirement is connected to a use case.
C. Determine if the defect is in the solution developed, in the original requirement or in the test case.
D. Verify that the corresponding requirement was appropriately signed off by the requesting stakeholder. Answer: C
Reference: https://www.wisdomjobs.com/e-university/business-analyst-tutorial-3/validate-solution-12447.html Question: 193
During validation of a project solution, the business analyst discovers that a requirement has been altered. Instead of placing the company logo
in the upper-left corner of the window, it is displayed in the upper-right corner. When the business analyst asks the developer about the
change, the developer says that one of the stakeholders asked directly for the change.
Which correct action should the business analyst take?
A. Confront the stakeholder that requested the change.
B. Follow the change control process as defined in the business analysis plan.
C. Discuss the change in the next stakeholder meeting.
D. Ask the developer to correct the logo as stated in the requirement. Answer: C Question: 194
A business analyst is conducting a cost-benefit analysis of potential solution options. The stakeholders have indicated that the estimated
growth rate is very important to them.
Which technique will allow the business analyst to determine this information?
A. Net present value (NPV)
B. Payback period
C. Return on investment (ROI)
D. Internal rate of return Answer: A Question: 195
During user acceptance testing, a defect is logged by a user from a department that did not participate in the requirements analysis. To avoid
this situation and minimize impact on the project, the user should have been:
A. interviewed to understand how the user’s work would be impacted.
B. involved in the development and sign-off of the business requirements.
C. given the opportunity to review the user acceptance test scripts.
D. identified as a stakeholder as part of the stakeholder analysis. Answer: D Question: 196
A business analyst is leading a project to implement automated order entry software at a local pizza restaurant. The business analyst has very
little information about the project: the ordering process takes too long and often ends in incorrect orders.
What step should the business analyst take next?
A. Identify testing resources to support the implementation.
B. Request information on the current ordering process and compare it with other companies.
C. Select the software to implement and start working with the technical resources.
D. Schedule a requirements gathering sessions with the manager of the ordering department. Answer: D Question: 197
After a project was delivered, the business analyst learns of a project objective with no associated requirement. What would have helped
determine this issue before delivery?
A. Context diagram
B. Use cases
C. Tracing requirements
D. Process flow Answer: C
Reference: https://www.pmi.org/learning/library/top-five-causes-scope-creep-6675 Question: 198
A business analyst has been asked to investigate a problem. This investigation will provide input towards developing a business case. The
business analyst wants to first understand the company’s current business processes.
Which technique should the business analyst use?
A. MoSCoW
B. RACI matrix
C. Observation
D. User stories Answer: C
Reference: https://kissflow.com/bpm/business-process-analysis/ Question: 199
The customer and the business analyst are collaborating in the development of a solution scope. It is important for the customer to:
A. spend the time required to provide, clarify, and elaborate requirements.
B. communicate changes to requirements only when they are completely defined.
C. perform an alternatives analysis for requirements implementation.
D. challenge assessments of the cost and feasibility of requirements. Answer: A Question: 200
A business analyst is developing a traceability matrix to determine whether or not any gaps exist and to identify any discrepancies.
Which critical field is needed to ensure that the traceability matrix is usable?
A. Hierarchy
B. Requirements description
C. Status
D. Owner Answer: B
Reference: https://www.softwaretestinghelp.com/requirements-traceability-matrix/
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PMI Professional information hunger - BingNews
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https://killexams.com/exam_list/PMIA Career with a Project Management Certificate Creates Value
Skilled project management professionals are proving to be a tangible asset to organizations, and employers are acknowledging their contribution directly to the bottom line. The Project Management Institute (PMI) reports that companies worldwide experienced an 11.4% loss of investment in 2020 due to poor project performance. The project manager role is predicted to continue increasing in significance and certified Project Management Professionals (PMP)® are uniquely positioned for the ride. The value created by PMPs doesn’t just extend to their organizations. It’s also personal. Professionals who strengthen their careers with a project management certificate earn a 32% higher salary on average in the United States, according to recent findings by the PMI. That’s an added bonus for those with PMP certification, as over half of those surveyed by PMI for its biennial report saw an increase in their total compensation for the year.
PMI is now projecting a 13.6% growth rate for the PM labor force between 2019 and 2030. In response to a global shortage of project talent, 2.3 million people will be required to enter the field every year to meet demand.
This exponential growth period will bring millions of Project Management Professionals worldwide to the following key industries:
Manufacturing and Construction
Information Services and Publishing
Finance and Insurance
Management and Professional Services
PMI estimates that by 2030, 25 million project management employees will be needed to meet global talent demands. Bolstering a career with a project management certificate is one of the best ways to meet this rising demand and ensure a higher salary.
Employers worldwide consider PMP certification to be the industry standard because the knowledge, skills and experience required for the certificate are transferable across trades around the world. Project management certification is often listed as a job requirement for PM-related careers. At Purdue, the online Project Management Essentials and PMP test Preparation courses are led by instructors who are experts in the subject matter they teach, and can help students pursue a valuable PMP credential.
Professionals in careers with a project management certificate are ideally positioned to succeed in the following roles*:
Job Title: Director of Project Management/Project Management Office (PMO)
Average Salary (US): $145,000
Job Description: The Director of PM/PMO leads, manages and supports all PM functions of an organization, including supervisory responsibilities of PM team members and administrative staff. This role requires the consistent execution and integration of current and proper PM practices as they relate to the strategic goals of an organization.
Related Skills:
15+ years of experience in project management-related roles
An in-depth understanding of PM functions and processes
Demonstrated experience leading a team
Goal-oriented with strong organizational and analytical skills
Job Title: Portfolio Manager
Average Salary (US): $140,000
Job Description: Depending on the size of an organization and the particular scope of its program(s), a portfolio manager may be responsible for analyzing investments related to one or more projects. Portfolio managers must also stay well-informed of current market conditions that have the potential to impact the fiscal health of a program, project, company or client. This role may require strategy development alongside other portfolio managers and executives.
Related Skills:
Proven ability to analyze the fiscal scope of a project
Extensive economic research experience
Exceptional understanding of compliance regulations
Proficiency in problem solving and time management
Job Title: Program Manager
Average Salary (US): $127,100
Job Description: The Program Manager is responsible for managing multiple programs or multiple projects within a program. This person may perform the supervisory duties of one or more project managers and their teams. Program Managers aid in the strategic development of an organizations program(s) and projects, and are thus largely responsible for program(s) results and ROI.
Related Skills:
Goal-oriented with a proven track record of fiscal responsibility
Excellent communication skills with a demonstrated strategic approach to program planning
Exceptional organizational abilities
Strong ability to multitask
Job Title: Project Manager I-III (0-10 years of experience)
Average Salary Range (US): $83,000 – $115,000
Job Description: The Project Manager is responsible for handling the scope, timeline and available resources of a particular project. The Project Manager supervises a project team and is accountable for the team’s performance. Meeting the fiscal goals of a project in an allotted time is crucial to a Project Manager’s success.
Related Skills:
Goal-oriented with demonstrated time management skills
Exceptional organizational abilities and communication skills
Strong ability to multitask
Proven ability to lead a team
Job Title: Project Management Specialist
Average Salary (US): $84,500
Job Description: The Project Management Specialist is responsible for a specific role of a project, like risk management or ensuring timeline accuracy. This person reports to the Project Manager and as such, is responsible for keeping their supervisor up-to-date on all progress and changes related to the project.
Related Skills:
Fundamental understanding of the project management process
Strong communication skills
Task-oriented with a demonstrated ability to adequately manage time.
Extremely detail-oriented
Job Title: Project Management Consultant
Average Salary (US): $120,000
Job Description: The Project Management Consultant is responsible for providing industry expertise as it relates to the objectives and profitability of an organization. This person consults with project management teams regarding the development and execution of a project’s budget and timeline. Maintaining current market knowledge is a critical aspect of this role, as the Project Management Consultant is often called upon to provide direction and advice to senior level staff.
Excellent communication and relationship-building skills
Proficiency in problem solving and time management
*Salary ranges are provided by PMI’s Earning Power: Project Management Salary Survey, Twelfth Edition report and do not include self-employed averages.
Purdue University’s Online Project Management Series
Professionals who participate in Purdue University’s online project management series can gain a wealth of field knowledge, solid foundational skills, and exceedingly effective preparation for the PMP test in order to obtain a project management certificate. Course materials and activities align closely with A Guide to the Project Management Body of Knowledge (PMBOK® Guide) to help students retain project management knowledge and apply it to their current projects.
Project Management Essentials This 100% online, instructor-led course runs for eight weeks and allows working professionals to gain familiarity with basic project management concepts and terms. Students are empowered to begin effectively applying their newly acquired knowledge and skills to current projects and earn project management hours that can help qualify them to take the PMP exam. Experienced PME instructors engage students in a stimulating range of learning activities including directed study of the PMBOK® Guide; participation in online threaded discussion forums; viewing recorded lecture videos; taking quizzes and self-tests; and completing written assignments. They also participate in online discussions and welcome the opportunity to coach interested students on an individual basis via email or scheduled phone appointment.
PMP test Preparation This 100% online, instructor-led course is for project managers with a minimum of three years’ experience and assumes prior knowledge of the PMBOK® Guide. PMI’s 180-question, multiple-choice PMP test is demanding, and students must engage in independent study following the course to pass the PMP exam.
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Information
To learn more about Purdue University’s online Project Management courses and , fill out this form. You can also email us at PMonline@purdue.edu or call us at (888) 390-0499 to speak to one of our program advisors.
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Purdue University respects your right to privacy. By submitting this form, you consent to receive emails and calls from a representative of Purdue University, which may include the use of automated technology. Consent is needed to contact you, but is not a requirement to register or enroll.
Tue, 09 May 2023 12:00:00 -0500entext/htmlhttps://www.purdue.edu/projectmanagementcertification/news/careers-with-a-project-management-certificate/Project Management
No matter your industry, skilled project management professionals are in high-demand. Learn how to effectively plan and execute projects and efficiently lead a team. Drexel University is a Registered Education Provider with the Project Management Institute ®, the world’s largest project management member association. Within this track, you can prepare for PMI ®’s certifications: the Project Management Professional (PMP®) for experienced individuals and the Certified Associate in Project Management (CAPM®) for beginner practitioners.Â
Technical Skills courses are offered in-person, or in some cases, a hybrid of in-person and online. Essential Skills courses are self-paced and offered entirely online. The Continuing Professional Education team is available to help you select the courses and tracks that best fit your professional development goals.
In response to COVID-19, all Continuing Professional Education face-to-face courses and certifications will be offered online via live remote delivery for the fall term (September - December). Winter course delivery will be determined on the recommendations of the Centers for Disease Control and Prevention (CDC), Pennsylvania Department of Health and Philadelphia Department of Public Health. If you have any questions or concerns about your course enrollment, please e-mail goodwin.ce@drexel.edu.
The PMP® provides a significant advantage when it comes to salary and earning potential. Those with a PMP® certification garner a higher salary (20 percent higher on average) than those without a PMP® certification.
Mon, 28 Mar 2022 01:53:00 -0500entext/htmlhttps://drexel.edu/goodwin/academics/continuing-professional-education/skills-hub/professional-skill-tracks/project-management/5 Agile Certifications For Project Management Professionals
Best for: Existing Scrum Masters and business leaders looking to advance
Recommended provider: Scaled Agile, Inc.
Expect to spend: Around $600
Learn the fundamentals of the scaled Agile framework, which helps develop organization and workflow patterns. Learn how to scale lean and build processes that help one team complete a task efficiently.
In this certification, managers will learn to boost productivity, Strengthen product quality, shorten the time to release and increase employee engagement. Of the skills mastered in this certification, developing clear and common objectives is a top priority. It helps managers keep the customer top of mind to be able to provide solutions that add to the company’s bottom line.
The average base salary for a SAFe Agilist is $106,000, but this is dependent on the role of the team member. As a SAFe Agilist Scrum Master, the average salary is $96,465, with a senior project manager averaging $124,928.
Who should use it:
Managers or top-level executives seeking to build better teams with Agile frameworks.
Featured Partners
Free version available
Yes
Starting price
From $8 monthly per user
Integrations available
Zoom, LinkedIn, Adobe, Salesforce and more
Free version available
Yes, for unlimited members
Starting price
From $5 monthly per user
Integrations
Slack, Microsoft Outlook, HubSpot, Salesforce, Timely, Google Drive and more
Mon, 22 May 2023 09:49:00 -0500Kimberlee Leonarden-UStext/htmlhttps://www.forbes.com/advisor/business/best-agile-certifications/Your Guide To A Project Management Master’s Degree
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Worldwide, there is a growing need for skilled project management professionals to lead in the field, according to the Project Management Institute’s 2021 Ten-Year Employment Trends Report. A master’s degree in project management prepares graduates to enter this high-demand field with a reliable educational background.
This page offers an overview of project management master’s degrees, comparative programs and common careers in the field.
What Is a Project Management Master’s Degree?
A master’s degree in project management equips you with the theoretical knowledge and management skills to thrive in project management roles in the business, construction, engineering and nonprofit sectors.
Master’s degrees in project management require 30 to 45 credits and take one to two years to complete. Many programs emphasize case studies and hands-on, project-based work, mirroring professional environments.
MBA vs. MS in Project Management
Prospective project managers eyeing graduate school can pursue either a master of business administration degree with a concentration in project management or a master of science (MS) degree in project management.
While requirements vary by program, most MBA degrees provide a broad business foundation and can lead to related project management jobs. MS programs offer a more in-depth understanding of project management and a comprehensive toolkit to succeed in the field.
Admission Requirements for a Master’s Degree in Project Management
Bachelor’s Degree
Project management master’s degree programs require applicants to hold an accredited bachelor’s degree to qualify for admission. Candidates may pursue an undergraduate project management degree or a related credential, such as a business administration bachelor’s. Some schools also require a minimum 3.0 GPA.
Personal Statement
Admission requirements for master’s in project management programs often include a personal statement detailing why you want to become a project manager and how the program you’re applying to would help you achieve your career goals.
Master’s degree programs in project management require applicants to submit one to three letters of recommendation from former undergraduate professors. For programs that require work experience, applicants can submit letters from former supervisors and employers.
Official Transcripts
All accredited master’s in project management programs require applicants to submit official undergraduate transcripts to verify graduation and demonstrate a minimum cumulative GPA, often 3.0.
Common Courses in a Project Management Master’s Program
Impact Analysis and Sustainability in Project Management
In this course, students assess industry-standard sustainability practices in project management and determine which policies are worth implementing. Topics might include long-term environmental assessments, risk analysis and communication with project stakeholders.
Social Psychological Perspectives in Project Management
This course, which blends business theory, sociology and psychology, covers the behavioral ramifications and dynamics of social groups and how they apply to teams working on projects.
Planning and Resource Management
Often using real-world examples and case studies, this course covers techniques for planning a project’s life cycle and allocating resources. Students learn how to secure and manage resources at different stages throughout the project.
Interpersonal and Group Behavior
Understanding interpersonal and group dynamics is a key skill for managing a team throughout a project. Focusing primarily on human relations and resources, this course delves into the challenges of managing individuals within teams.
Careers for a Master’s Degree in Project Management
We sourced the salary data below from the U.S. Bureau of Labor Statistics (BLS).
Construction Manager
Median Annual Salary: $101,480 Projected Job Growth (2021-2031): +8% Job Description: Construction managers apply their project management expertise to the construction industry. They plan, manage and run construction projects through their life cycle. Tasks include creating a budget, allocating resources and leading a team of employees. Many managers spend their time in field offices on their project’s construction sites.
Operations Manager
Median Annual Salary: $98,100 Projected Job Growth (2021-2031): +7% Job Description: Operations managers lead operations, specific departments and locations for businesses and nonprofit organizations. Tasks vary by organization but may include setting and enforcing budgets, managing personnel, running day-to-day operations, creating company policies and training supervisors.
Project Manager
Median Annual Salary: $95,370 Projected Job Growth (2021-2031): +7% Job Description: Project managers oversee individual projects for clients where they manage budgets, secure and allocate resources, schedule workers, manage staffers and workers and create rules and policies for projects. They must have significant interpersonal and time management skills and be detail-oriented to ensure projects run smoothly. For more information, see our guide on how to become a project manager.
Frequently Asked Questions (FAQs) About Project Management Master’s Degrees
Is a master’s degree in project management worth it?
For most graduates, a master’s degree in project management is worth it. Project managers earn a median annual salary exceeding $95,000, according to the BLS. While no degree guarantees a job, a master’s degree in project management is a good investment that can lead to a high-paying, in-demand career.
What master’s degree should I get to be a project manager?
If you pursue graduate school in project management, you can pursue either an MBA with a concentration in project management or a master of science in project management. Both programs equip you with the skills you need to succeed in the industry.
Is a PMP better than a master’s?
A master’s degree and a project management professional (PMP) certification are both assets to professional development. A master’s degree provides a greater depth of knowledge but at a much steeper cost. Like a master’s degree in project management, a PMP certification adds value to your credentials and can lead to better jobs. To learn more, check out our guide on how to get PMP certification.
Wed, 31 May 2023 03:54:00 -0500Mikeie Reilanden-UStext/htmlhttps://www.forbes.com/advisor/education/project-management-masters/A Guide to Private Mortgage Insurance (PMI)
Lenders offer numerous loan programs with lower down payment requirements to fit a variety of budgets and buyer needs. If you put down less than 20% of a home's purchase price, though, expect to pay for private mortgage insurance (PMI).
PMI is an added expense that can increase the cost of your monthly mortgage payments, making your loan more expensive. However, PMI is generally unavoidable unless you have a down payment of 20% or more.
Private Mortgage Insurance (PMI)
What Is PMI?
PMI is a type of mortgage insurance that buyers are typically required to pay for a conventional loan when they make a down payment that is less than 20% of the home’s purchase price.
Many lenders offer low down payment programs, allowing you to put down smaller amounts such as 3%. In return, the you must buy PMI, which protects the lender’s investment in case you fail to repay your mortgage, known as default. In other words, PMI insures the lender, not you.
PMI helps lenders recoup more of their money incase of a default. The reason lenders require the coverage for down payments below 20% of the purchase price is because you own a smaller stake in your home. Mortgagers are lending you more money up front and, so they stand to lose more if you default in the initial years of ownership.
Loans insured by the Federal Housing Administration, or FHA loans, also require mortgage insurance, but the guidelines are different than those for conventional loans.
Upfront fees on Fannie Mae and Freddie Mac home loans changed in May 2023. Fees were increased for homebuyers with higher credit scores, such as 740 or higher, while they were decreased for homebuyers with lower credit scores, such as those below 640. Another change: Your down payment will influence what your fee is. The higher your down payment, the lower your fees, though it will still depend on your credit score. Fannie Mae provides the Loan-Level Price Adjustments on its website.
The Cost of PMI
In general, you’ll pay between $30 and $70 per month for every $100,000 borrowed, according to Freddie Mac, a government-sponsored enterprise that buys and sells mortgages on the secondary mortgage market.
The amount can vary based on your credit score and your loan-to-value ratio—the amount you borrowed on your mortgage compared to the home’s value.
Be aware of mortgage servicers including a private mortgage insurance premium when one is not required. The Consumer Financial Protection Bureau (CFPB) found that these types of junk fees can occur.
Paying for PMI
You have two options to pay for PMI: a one-time, up-front premium paid at closing or monthly. In many cases, lenders roll PMI into your monthly mortgage payment as a monthly premium. When you receive your loan estimate and closing disclosure documents, your PMI amount will be itemized in the Projected Payments section on the first page of each document.
Another option is to pay for PMI as one of your closing costs. On the loan estimate and closing disclosure forms, you’ll find this premium on page 2, section B. The drawback of this option, though, is you likely won’t be refunded this amount if you move or refinance your mortgage. In some cases, you may pay both up-front and monthly premiums.
In years past, you were allowed to deduct the cost of PMI from your federal taxes, but you may no longer deduct this expense.
Canceling PMI Coverage
With many loans, you won’t pay PMI for the entire duration of the loan. The federal Homeowners Protection Act eliminates PMI for many mortgages in certain circumstances in one of three ways:
borrower-initiated PMI cancellation
automatic PMI termination
final PMI termination
Borrower-initiated PMI cancellation
You can request PMI cancellation once your loan-to-value ratio—the amount of your loan balance divided by the home’s market value—falls below 80% of the home’s original appraised value (or sooner, if your home’s value appreciates before then). Lenders list this scheduled date on the PMI disclosure form, which you likely received as part of your closing documents.
To cancel PMI, you’ll need to:
Make your request in writing.
Be current on your monthly mortgage payments.
Have a positive payment history (no more than one payment that was 30 days late in a 12-month period or no more than one payment that was 60 days late in a 24-month period, according to Fannie Mae and Freddie Mac).
Satisfy any requirement of the holder of the mortgage, which can include that the value of your property hasn’t declined below the original value of the home and you have no junior liens (such as a second mortgage)
With some loans, you cannot cancel PMI. These include FHA loans made after June 3, 2013. To remove PMI, you will need to fully pay off the loan or refinance it into another loan with more than 20% down.
Automatic PMI termination
Another way to end PMI is known as automatic PMI termination, which kicks in on the expected date that your remaining mortgage balance hits 78%Â LTV. By law, lenders are required to cancel PMI on certain mortgages automatically by this date.
The same conditions for borrower-initiated PMI cancellation (on-time payment history and no liens) also apply here. If you’ve had late payments, your lender will not cancel PMI until your payments become current.
Final PMI termination
The final PMI termination is when a lender must automatically end PMI the month after your loan term hits its midpoint on a repayment schedule—even if you haven’t reached 78% LTV.
For example, if you have a 30-year fixed loan, the midpoint would be after the 15-year mark. Again, you must be current on your payments to qualify. This type of PMI cancellation usually applies to loans with special features, such as balloon payments, an interest-only period, or principal forbearance.
Home Value and PMI
Your eligibility to cancel PMI is also influenced by whether your home’s value has appreciated or depreciated over time. If it increases, you can cancel PMI sooner than expected; if it decreases, you will wait longer than expected to cancel PMI.
Before canceling PMI, a lender will determine your home’s current market value by a Broker Price Opinion (performed by a real estate agent who values your home based on the value of comparable homes in your neighborhood), a certification of value, or another type of property appraisal.
If your home’s value has fallen due to a market downturn, your lender will likely deny your PMI cancellation request unless your home’s value is based on a new appraisal and you pay down the remaining loan balance to the 80% LTV of the new appraised value.
On the other hand, your home’s value might increase faster than anticipated, either due to market conditions or because you’ve remodeled it, meaning you might reach the 80% LTV threshold early. In that case, you can request PMI cancellation ahead of time, and your lender will order an appraisal to confirm the home’s current value.
You’re responsible for paying for the property appraisal, which can cost anywhere from $300 to $400. This amount may vary depending on the home’s size and location.
Conventional Loans Without PMI
Some lenders offer their own conventional loan products without required PMI; however, they tend to charge higher interest rates to protect themselves if you default on your loan.
In the long run, paying more in interest can potentially be more expensive than paying PMI, depending on how long you stay in your home or how long you keep the same mortgage.
Comparison shopping for a mortgage can help. Look at the interest rates offered for non-PMI loans versus those with PMI. Calculate the difference between the two to see how much more you’ll pay for a loan without PMI. Is that amount less than PMI payments you’ll make until you reach the 80% LTV ratio for cancellation?
Remember, home values could rise or fall, affecting the length of time you might pay PMI. A mortgage calculator can show you the impact of different rates on your monthly payment.
Down Payment Requirements
Putting down 20% of a home’s purchase price eliminates the need for PMI, which is ideal if you can afford it. In addition to saving regularly for a down payment, consider buying a less expensive home.
A more conservative house-hunting budget will lower the amount needed to make a 20%Â down payment.
This can help lower initial mortgage costs rather than paying for PMI. It works like this: You take out a first mortgage for most of the home’s purchase price (minus your down payment amount). Then you take out a second, much smaller mortgage for the remainder of the home’s purchase price, less the first mortgage and down payment amounts.
As a result, you avoid PMI and have combined payments less than the cost of the first mortgage with PMI.
However, a second mortgage generally carries a higher interest rate than a first mortgage. The only way to get rid of a second mortgage is to pay off the loan entirely or refinance it (along with the first mortgage) into a new standalone mortgage, presumably when the LTV reaches 80%Â (to avoid PMI).
Piggyback mortgages can be costly, particularly if interest rates increase from the time you take out the initial loan and when you’d refinance both loans into one mortgage. Don’t forget you’ll have to pay closing costs again to refinance both loans into one loan.Â
FHA Mortgage Insurance Premium
If you can’t qualify for a conventional loan product, you might consider an FHA loan. Like some conventional loan products, FHA loans have a low-down payment option—as little as 3.5% down—and more relaxed credit requirements.
Lenders require mortgage insurance for all FHA loans, which are paid in two parts: an up-front mortgage insurance premium, or UFMIP, and an annual mortgage insurance premium, or annual MIP. Both costs are listed on the first page of your loan estimate and closing disclosure.
The Upfront Insurance Premium
The upfront mortgage insurance premium (UFMIP) is 1.75%Â of the loan amount. You can pay it up-front at closing or it can be rolled into your mortgage. If you opt to include UFMIP in your mortgage, your monthly payments will be higher and your total loan costs will go up.
The Annual Premium
In addition to the UFMIP, you’ll pay an annual MIP, which is divided into equal monthly installments and rolled into your mortgage payments. Depending on your loan term and size, you’ll pay 0.45% to 1.05% of the loan amount.
Canceling FHA MIP
If you put 10%Â or more down, annual MIP can be canceled after the first 11 years of your loan. However, unlike conventional loans, FHA loans with a down payment below 10%Â require you to pay annual MIP for the life of the loan.
If you fall into the latter camp, the only way to eliminate MIP payments is to refinance into a conventional loan, once your LTV ratio is low enough to qualify for a conventional mortgage without PMI.
What Does Private Mortgage Insurance Do?
Private mortgage insurance (PMI) protects the lender in case you default on your mortgage. When you have a down payment of less than 20% of the home price, you will likely be required to pay PMI.
How Long Do You Have To Pay PMI?
You typically need to pay PMI until you have built up 20% equity in your home. PMI should end automatically when you have 22% equity in your home. In some cases, you can stop paying PMI at the midpoint of the mortgage, regardless of the equity amount. Some mortgages, such as FHA loans, have permanent PMI which you can only remove by refinancing or paying in full.
Is it Better to Put 20% down or Pay PMI?
It is typically better to put 20% down if you have the funds to make that amount of down payment. By avoiding PMI with a larger down payment, you can save more money in the long-term, including on PMI premiums and interest expenses.
The Bottom Line
These days, most homebuyers are making down payments below 20%. In 2021, the median down payment on a home was 17% for repeat buyers and 7% for first-time buyers, according to a survey by the National Association of Realtors.
As you apply for mortgages, look carefully at loan estimates to compare how much you’ll pay for a loan with PMI. A loan that might not require PMI could come with a higher interest rate. With few exceptions, PMI is difficult to avoid if you need a loan with a low down payment.
Wed, 23 Jan 2013 04:18:00 -0600entext/htmlhttps://www.investopedia.com/mortgage/mortgage-guide/mortgage-insurance/Online Project Management Bachelor's DegreeNo result found, try new keyword!computer information systems and networking are often required. Many project management curricula are based on globally accepted professional standards developed by PMI. Some programs are ...Sun, 09 Apr 2023 21:00:00 -0500text/htmlhttps://www.usnews.com/education/online-education/project-management-bachelors-degreeMBA in Project Management Online
Register By: July 01Classes Start: July 03
MBA in Project Management Program Overview
Meet the growing demand for project leaders and couple your MBA with a project management concentration with the Master of Business Administration in Project Management from Southern New Hampshire University. Learn what it takes to plan, monitor, measure and adapt a project from start to finish, and enroll in a rigorous MBA program that fits right into your life.
A project manager's job is to keep projects and people on track, and the field of project management is growing as more companies move to project team-based business models. Our MBA is all about understanding and optimizing the functions of a business. The project management MBA builds a strong foundation of management skills, and you can apply these skills to leadership roles across a variety of industries, including construction, healthcare, IT development, manufacturing and more.
Students in this program have the opportunity to take QSO-645: Project Management for PMP® Certification, which upon successful completion awards them the 35 hours of project management education required to sit for the Project Management Professional® (PMP) certification exam. It's important to note that instructors of this course have completed the PMI® Authorized Training Partner Train the Trainer – PMP's test prep program. This program equips SNHU faculty with the authority to deliver PMP test prep and training content to PMI’s quality standards.
SNHU’s MBA in Project Management is one of the most affordable MBAs in the nation and can be completed in just over a year.
Career Outlook
With an MBA in Project Management online from SNHU, you can develop the skills and experience you need to capitalize on the growing demand for qualified project managers.
PMI® expects the number of project management jobs to skyrocket: It cites that the global economy will need 25 million new project professionals by 2030.1 Earning potential for project management workers is also strong – particularly for workers with the PMP certification. A 2021 PMI survey found that PMP-certified workers earned 32% more than those without certification.1
However, job growth and earning potential for project management careers will vary depending on the career you pursue with your project management MBA.
The project management MBA offers a unique mix of project management skills and broad-based business knowledge that can help you stand out in this growing field.
“This degree will not only prepare you to carry a project management certification but it provides you the business acumen to put those project skills to work with any industry and any project model environment,” said Gina Cravedi '18, SNHU’s director of student experience operations, an MBA graduate and certified Project Management Professional (PMP).
Not sure you want to work as a project manager? The skills gained in a project management MBA can help you develop key leadership and career skills that enhance any business management position.
Earning an MBA in Project Management gave Dara Edge '15 new tools to support her career. During her time as a social media community manager, Edge managed engagement on her employer's social media channels and worked with teams from across the organization to analyze community engagement data.
Edge said her MBA program helped develop the strong critical analysis and communication skills needed for this role.
What SNHU Students Are Saying
Dara Edge '15
“You have the ability to use the degree in so many different ways — whether you want to work in the project management field, work in management, or if you want to learn how to manage projects in general. You’ll always be able to use the skills and knowledge that you’ll learn in the program.”
Courses & Curriculum
The MBA in Project Management online combines theory with practical application. You can graduate with a set of tools that complement today's tech-intensive workplace.
In the updated curriculum, you'll engage in scenario-based learning opportunities, allowing you to complete activities and individually graded group work based on solving real-world business problems. This type of learning offers hands-on learning experience in your online classroom that mimics real-world work settings and challenges.
Taught by professors with many years of business experience, your courses will focus on how to lead a project from start to finish – smoothly. You’ll learn how to define the scope of a project, develop a project timeline, and identify costs and resources.
Project management learning will be supported by the MBA core curriculum, which focuses on all aspects of business leadership, including:
Building Business Leaders
Applied Business Statistics
Leading People and Organizations
Optimizing Brands
Leading Organizational Change
And more
Your project management degree courses will focus on the tools, processes and strategies used to successfully hit the goals of any big project.
You’ll learn how factors like scope, time, cost, quality, risk, resources and communication impact a project. You can apply this learning to real-world case studies to gain key decision-making experience. And you’ll get hands-on practice using manual and technology-based tools to start, plan and control projects.
In SNHU's MBA program, you can take advantage of benefits like:
Embedded credentials from external partners, which provide you the option to enhance your learnings and overall marketability in the field. These include learning tools such as Power BI, MS Excel and Tableau, as well as enhancement of soft skills such as human intelligence and strategy implementation.
Fluid learning paths, which offer more flexibility in due dates as well as learning across modules with interconnected themes to draw relationships between business principles.
Group work, featuring collaborative work and discussions with classmates – with individual contributions and grades.
Multimedia, including animations for complex topics, videos featuring industry leaders sharing business insights and video communication tools.
Scenario-based learning, where you'll practice and problem-solve within real-world business scenarios – and your instructors act as mentors.
Timely resources, featuring relevant resource material from leading professional organizations and publications.
If you’re interested in seeking the PMP certification, you have the option to take QSO-645: Project Management for PMP Certification as part of your MBA program. In this course, you'll explore the professional and social responsibilities of project management. You can also get a deeper understanding of the tools and techniques you can use to plan and manage projects.
This course satisfies the education requirement of 35 hours needed to take the PMP exam. It does not certain certification or passage of the certification exam, but does get you closer to earning this key credential. You must meet all other PMP requirements, including work experience hours, in order to sit for the exam.
No matter what your goals are, an MBA in Project Management offers key leadership and career skills you can use to be successful as a project manager or business leader. These skills include:
Communication. Communicate effectively between internal team members, clients and vendors.
Critical thinking. Know how to ask questions, solve problems and make decisions.
Leadership. Be an active leader and coach for members of your project team to keep projects running smoothly.
Organization. Plan and monitor project timelines to keep projects on track.
As an add-on to your degree with minimal additional courses required, MBA students can also pursue a graduate certificate beyond the standard degree program, including a project management graduate certificate. This allows you to list another significant credential on your resume with minimal additional coursework.
Don't have a business background? No problem. Our MBA is accessible to everyone. Interested students must have a conferred undergraduate degree for acceptance, but it can be in any field. Those without an undergraduate degree in business or a related field may be asked to complete up to 2 foundation courses to get started. These foundations cover essential business skill sets and can be used to satisfy elective requirements for the general-track MBA. With foundations, the maximum length of your online MBA would be 36 credits.
Attend full time or part time. Students in the MBA have the option to enroll full time (at 2 classes per term) or part time (with 1 class per term). Full-time students should be able to complete the program in about 1 year, while part-time students could finish in about 2 years. Our SNHU students are busy, often juggling jobs, family and other obligations, so you may want to work with your academic advisor to identify the course plan that works for you. The good news is, you can switch from full time to part time and back again as often as you want.
Tuition & Fees
Tuition rates for SNHU's online degree programs are among the lowest in the nation. We offer a 25% tuition discount for U.S. service members, both full and part time, and the spouses of those on active duty.
Online Graduate Programs
Per Course
Per Credit Hour
Annual Cost for 15 creditsÂ
Degree/Certificates
$1,881
$627
$9,405Â
Degree/Certificates (U.S. service members, both full and part time, and the spouses of those on active duty)*
$1,410
$470
$7,050Â
Tuition rates are subject to change and are reviewed annually. *Note: students receiving this rate are not eligible for additional discounts.
SNHU has provided additional information for programs that educationally prepare students for professional licensure or certification. Learn more about what that means for your program on our licensure and certification disclosure page.
The Project Management Professional (PMP) is a registered mark of the Project Management Institute, Inc.
The PMI Authorized Training Partner seal is a mark of the Project Management Institute, Inc.
Thu, 13 Aug 2020 19:12:00 -0500entext/htmlhttps://www.snhu.edu/online-degrees/masters/mba-online/mba-in-project-managementWant To Become A Project Management Professional? Top Institutes Every Enthusiast Must Check Out
Obtaining a project management professional certification has become essential, regardless of whether you are an experienced manager or someone who plans to enter the field. The certification offers genuine value in the form of enhanced earning potential, professional credibility, and in-depth knowledge.Â
Modern companies today are eager to recruit qualified project managers who would prove an asset to their business. Thus, taking up a project management professional course will not only provide your abilities more credibility and expand your networking options, but it will also enhance your chances of getting the job you want. As a result, earning a certification from a prestigious institute is unquestionably crucial because it will enhance your knowledge of current project management trends and provide you access to a global network of specialists.
Below given are the top institutions offering project management professional courses:
Henry Harvin Management Academy: Henry Harvin is a well-known online education hub recognized for its large array of certificates and courses. The institute is highly regarded for its excellent PMP courses, which are required for the certification of project managers. The course covers the fundamental skills required for candidates to be successful, as well as the comprehensive knowledge and competencies that project managers should possess. Also, it seeks to apply learning that is in line with international standards and helps you reach your personal or professional goals utilizing PMP methodologies. Additionally, the institute's learning strategy involves initiating, carrying out, managing, and wrapping up projects to provide students better learning chances and prepare them to handle big, complex projects with ease.
Knowledgehut: Knowledgehut, one of the top learning organizations, offers a wide range of courses, with its project management professional course being one of its best. The institute is home to a wealth of resources that certain the students' continuous learning. Together with a free self-paced PMP certification course taught by a PMP professional, the institute offers PMP training through industry experts with more than ten years of project management expertise across sectors worldwide. Moreover, updated articles, case studies, and practice exams created by industry experts are included in the institute's broad learning materials.
Vinsys: Vinsys is one of the leading project management training institutes offering top-notch PMP courses with numerous credibilities. Students can gain a thorough understanding of the fundamental project management procedures through the course's interactive, hands-on learning opportunities. Also, the institute allows learners to evaluate their level of preparation by completing multiple exams on various subjects, thereby enhancing their communication and procurement skills.
Edureka: Edureka is a well-known online learning institution that provides a vast range of courses for both students and professionals. The institute offers three different training options, including corporate, online classroom, and self-paced learning, for students interested in project management courses. Additionally, the institute employs project management experts who certain students receive hands-on learning experience.
Project management professional course: Route to becoming a successful project manager. Given the evolving nature of businesses as a result of technological advancements, competition has certainly increased, which has posed a challenge for enthusiasts to kickstart their careers in the industry. Taking up a project management professional course will not only increase your professional credibility and in-depth knowledge but will also provide you with a competitive edge, thereby adding to your chances of landing an ideal job.
As project management grows in scope, importance and recognition, so do the related career and credential options available to students. RIT K (A.U.K) Training and Development Institute has successfully rolled out the CAPM (Certified Associate in Project Management) and PMP (Project Management Professional) courses.
International Project Management Preparatory Training Program is based on the Project Management Body of Knowledge. The processes, tools, inputs and outputs of PMBOK will build the fundament of this training. Project Management Processes are grouped in five process groups and nine knowledge areas:
The Project Management Institute (PMI) stands as a global leader in the field of project management. It is well known that PMI certification involves a rigorous, examination-based process that represents the highest quality in professional standards. Therefore, PMI’s professional certification is universally accepted and recognized.
Objectives
During the 6 day intensive program, participants will learn and apply the practices of project management identified by PMI, in order to manage projects successfully.
Development of the general managerial skills;
Development of interpersonal skills;
Understanding and learning of PMI terms, acronyms and definitions;
Getting to know the main activities and their interconnections;
Getting to know the main PMI tools and their applications;
Getting to know the main PMI techniques and their applications;
Getting to know the most efficient methods of project management;
Getting to know the best practices of project management;
Development of fundamental skills for managing a project;
Practicing of developed skills;
Simulation for CAPM and PMP exams
Outline
The course contains these components:
Project Integration Management
Project Scope Management
Project Time Management
Project Cost Management
Project Quality Management
Project Human Resource Management
Project Communications Management
Project Risk Management
Project Procurement Management
Project Stakeholder Management
Learn the concepts and study materials – what you really need to know in order to pass CAPM & PMP Exam
Play games and exercises
Practice exams and questions
Tricks of the trade
Learn reasons why you might fall the exam
Audience
This professional training benefits many individuals who deal with project coordination, project managers and business analysts, and those who wish to enter into this field of study. The developed knowledge from this training will be beneficial to you throughout your whole life.
Schedule
Successful delivery of the training requires 48 training contact hours.
Since most of the candidates are working professionals, we usually deliver all lectures on Saturday’s. This training model has been proposed in order to allow enough time for participants to study, work in groups and read thoroughly official materials.
Lectures are held on Saturday’s 09:00-16:00at the main building of RIT K (A.U.K).
Associated Certifications
To be eligible for PMI certifications, participants must first meet specific education and experience requirements and agree to adhere to a code of professional conduct.
Certified Associate in Project Management – CAPM ® exam
If the participant a less experienced project manager looking to demonstrate their commitment to project management, Strengthen their ability to manage larger projects and earn additional responsibility, and stand out to potential employers, the CAPM certification is right for them.
To apply for the CAPM ® exam, participant needs to have:
A secondary diploma (high school or the global equivalent), AND
At least 1,500 hours experience OR 23 hours of project management education.
Project Management Professional – PMP exam
The PMP recognizes demonstrated competence in leading and directing project teams. If the participant has some experience in project management and is looking to solidify their skills, wants stand out to employers and maximize their earning potential, the PMP credential is the right choice for them.
To apply for the PMP, you need to have either:
A four-year degree (bachelor’s or the global equivalent) and at least three years of project management experience, with 4,500 hours leading and directing projects and 35 hours of project management education, OR
A secondary diploma (high school or the global equivalent) with at least five years of project management experience, with 7,500 hours leading and directing projects and 35 hours of project management education.
For more information on the certifications, please visit www.pmi.org
Mon, 15 Mar 2021 10:29:00 -0500entext/htmlhttps://www.rit.edu/kosovo/project-managementOnline Project Management Master's DegreeNo result found, try new keyword!Project managers can be found in a variety of industries – from construction to health care to information ... these professionals is increasing, it varies by industry. The Project Management ...Sun, 09 Apr 2023 21:00:00 -0500text/htmlhttps://www.usnews.com/education/online-education/project-management-masters-degree
Dara Edge '15
