Exam Code: PgMP Practice test 2023 by Killexams.com team

I. Strategic Program Management (11 tasks) 15%
II. Program Life Cycle (35 tasks) 44%
- Initiating (6 tasks) 6%
- Planning (9 tasks) 11%
- Executing (9 tasks) 14%
- Controlling (6 tasks) 10%
- Closing (5 tasks) 3%
III. Benefits Management (8 tasks) 11%
IV. Stakeholder Management (7 tasks) 16%
V. Governance (11 tasks) 14%

Task 1
Perform an initial program assessment by defining the program objectives, requirements, and risks in order to ensure program alignment with the organizations strategic plan, objectives, priorities, vision, and mission statement.
Task 2
Establish a high-level road map with milestones and preliminary estimates in order to obtain initial validation and approval from the executive sponsor.

Task 3
Define the high-level road map/framework in order to set a baseline for program definition, planning, and execution. Task 4 Define the program mission statement by evaluating the stakeholders concerns and expectations in order to establish program direction.

Task 5
Evaluate the organizations capability by consulting with organizational leaders in order to develop, validate, and assess the program objectives, priority, feasibility, readiness, and alignment to the organizations strategic plan.

Task 6
Identify organizational benefits for the potential program using research methods such as market analysis and high-level cost-benefit analysis in order to develop the preliminary program scope and define benefits realization plan.

Task 7
Estimate the high level financial and nonfinancial benefits of the program in order to obtain/maintain funding authorization and drive prioritization of projects within the program.

Task 8
Evaluate program objectives relative to regulatory and legal constraints, social impacts, sustainability, cultural considerations, political climate, and ethical concerns in order to ensure stakeholder alignment and program deliverability.

Task 9
Obtain organizational leadership approval for the program by presenting the program charter with its high-level costs, milestone schedule and benefits in order to receive authorization to initiate the program.

Task 10
Identify and evaluate integration opportunities and needs (for example, human capital and human resource requirements and skill sets, facilities, finance, assets, processes, and systems) within program activities and operational activities in order to align and integrate benefits within or across the organization.

Knowledge specific to Domain 1
(*Indicates knowledge is found in one other domain, shown in parentheses)
 Business strategy
 Business/organization objectives* (V)
 Economic forecasting
 Feasibility analysis
 Financial measurement and management techniques
 Funding models
 Funding processes
 Intellectual property laws and guidelines
 Legal and regulatory requirements
 Marketing
 Portfolio management
 Program and constituent project charter development* (II)
 Program mission and vision
 Public relations* (IV)
 Requirement analysis techniques
 Scenario analysis
 Strategic planning and analysis* (II)
 System implementation models and methodologies
 Trend analysis

Task 1 Develop program charter using input from all stakeholders, including sponsors, in order to initiate and design program and benefits.

Task 2 Translate strategic objectives into high-level program scope statements by negotiating with stakeholders, including sponsors, in order to create a program scope description.

Task 3 Develop a high-level milestone plan using the goals and objectives of the program, applicable historical information, and other available resources (for example, work breakdown structure (WBS), scope statements, benefits realization plan) in order to align the program with the expectations of stakeholders, including sponsors.

Task 4 Develop an accountability matrix by identifying and assigning program roles and responsibilities in order to build the core team and to differentiate between the program and project resources.

Task 5 Define standard measurement criteria for success for all constituent projects by analyzing stakeholder expectations and requirements across the constituent projects in order to monitor and control the program.

Task 6 Conduct program kick-off with key stakeholders by holding meetings in order to familiarize the organization with the program and obtain stakeholder buy-in.

Task 7 Develop a detailed program scope statement by incorporating program vision and all internal and external objectives, goals, influences, and variables in order to facilitate overall planning.

Task 8 Develop program WBS in order to determine, plan, and assign the program tasks and deliverables.

Task 9 Establish the program management plan and schedule by integrating plans for constituent projects and creating plans for supporting program functions (for example, quality, risk, communication, resources) in order to effectively forecast, monitor, and identify variances during program execution.

Task 10 Optimize the program management plan by identifying, reviewing, and leveling resource requirements (for example, human resources, materials, equipment, facilities, finance) in order to gain efficiencies and maximize productivity/synergies among constituent projects.

Task 11 Define project management information system (PMIS) by selecting tools and processes to share knowledge, intellectual property, and documentation across constituent projects in order to maximize synergies and savings in accordance with the governance model.

Task 12 Identify and manage unresolved project-level issues by establishing a monitoring and escalation mechanism and selecting a course of action consistent with program constraints and objectives in order to achieve program benefits.

Task 13 Develop the transition/integration/closure plan by defining exit criteria in order to ensure all administrative, commercial, and contractual obligations are met upon program completion.

Task 14 Develop key performance indicators (KPIs) by using decomposition/ mapping/ balanced score card (BSC) in order to implement scope and quality management system within program.

Task 15 Monitor key human resources for program and project roles, including subcontractors, and identify opportunities to Strengthen team motivation (for example, develop compensation, incentive, and career alignment plans) and negotiate contracts in order to meet and/or exceed benefits realization objectives.

Task 16 Charter and initiate constituent projects by assigning project managers and allocating appropriate resources in order to achieve program objectives.

Task 17 Establish consistency by deploying uniform standards, resources, infrastructure, tools, and processes in order to enable informed program decision making.

Task 18 Establish a communication feedback process in order to capture lessons learned and the teams experiences throughout the program.

Task 19 Lead human resource functions by training, coaching, mentoring, and recognizing the team in order to Strengthen team engagement and achieve commitment to the programs goals.

Task 20 Review project managers performance in executing the project in accordance with the project plan in order to maximize their contribution to achieving program goals.

Task 21 Execute the appropriate program management plans (for example, quality, risk, communication, resourcing) using the tools identified in the planning phase and by auditing the results in order to ensure the program outcomes meet stakeholder expectations and standards.

Task 22 Consolidate project and program data using predefined program plan reporting tools and methods in order to monitor and control the program performance and communicate to stakeholders.

Task 23 Evaluate the programs status in order to monitor and control the program while maintaining current program information.

Task 24 Approve closure of constituent projects upon completion of defined deliverables in order to ensure scope is compliant with the functional overview.

Task 25 Analyze variances and trends in costs, schedule, quality, and risks by comparing actual and forecast to planned values in order to identify corrective actions or opportunities.

Task 26 Update program plans by incorporating corrective actions to ensure program resources are employed effectively in order to meet program objectives.

Task 27 Manage program level issues (for example, human resource management, financial, technology, scheduling) by identifying and selecting a course of action consistent with program scope, constraints, and objectives in order to achieve program benefits.

Task 28 Manage changes in accordance with the change management plan in order to control scope, quality, schedule, cost, contracts, risks, and rewards.

Task 29 Conduct impact assessments for program changes and recommend decisions in order to obtain approval in accordance with the governance model.

Task 30 Manage risk in accordance with the risk management plan in order to ensure benefits realization.

Task 31 Complete a program performance analysis report by comparing final values to planned values for scope, quality, cost, schedule, and resource data in order to determine program performance.

Task 32 Obtain stakeholder approval for program closure in order to initiate close-out activities.

Task 33 Execute the transition and/or close-out of all program and constituent project plans (for example, perform administrative and PMIS program closure, archive program documents and lessons learned, and transfer ongoing activities to functional organization) in order to meet program objectives and/or ongoing operational sustainability.

Task 34 Conduct the post-review meeting by presenting the program performance report in order to obtain feedback and capture lessons learned.

Task 35 Report lessons learned and best practices observed and archive to the knowledge repository in order to support future programs and organizational improvement

Knowledge Specific to Domain 2 (*Indicates knowledge is found in one other domain, shown in parentheses)
 Benchmarking
 Closeout plans, procedures, techniques and policies* (5)
 Decomposition techniques (for example, work breakdown structure (WBS))
 Financial closure processes* (V)
 Logistics management
 Performance and quality metrics* (III)
 Phase gate reviews* (V)
 Procurement management
 Product/service development phases
 Program and constituent project charter development* (I)
 Program and project change requests* (V)
 Program initiation plan
 Program management plans
 Quality control and management tools and techniques
 Resource estimation (human and material)
 Resource leveling techniques
 Root cause analysis
 Schedule management, techniques, and tools
 Scope management
 Service level agreements
 Statistical analysis* (V)
 Strategic planning and analysis* (I)
 SWOT analysis
 Talent evaluation
 Team competency assessment techniques
 Training methodologies* (IV)

Task 1 Develop the benefits realization plan and its measurement criteria in order to set the baseline for the program and communicate to stakeholders, including sponsors.

Task 2 Identify and capture synergies and efficiencies identified throughout the program life cycle in order to update and communicate the benefits realization plan to stakeholders, including sponsors.

Task 3 Develop a sustainment plan that identifies the processes, measures, metrics, and tools necessary for management of benefits beyond the completion of the program in order to ensure the continued realization of intended benefits.

Task 4 Monitor the metrics (for example, by forecasting, analyzing variances, developing “what if” scenarios and simulations, and utilizing causal analysis) in order to take corrective actions in the program and maintain and/or potentially Strengthen benefits realization.

Task 5 Verify that the close, transition, and integration of constituent projects and the program meet or exceed the benefit realization criteria in order to achieve programs strategic objectives.

Task 6 Maintain a benefit register and record program progress in order to report the benefit to stakeholders via the communications plan.

Task 7 Analyze and update the benefits realization and sustainment plans for uncertainty, risk identification, risk mitigation, and risk opportunity in order to determine if corrective actions are necessary and communicate to stakeholders.

Task 8 Develop a transition plan to operations in order to guarantee sustainment of products and benefits delivered by the program.

Knowledge Specific to Domain III (*Indicates knowledge is found in one other domain, shown in parentheses)
 Benefit optimization
 Business value measurement
 Decision tree analysis
 Maintenance and sustainment of program benefits post delivery
 Performance and quality metrics* (II)
 Program transition strategies

Task 1 Identify stakeholders, including sponsors, and create the stakeholder matrix in order to document their position relative to the program.

Task 2 Perform stakeholder analysis through historical analysis, personal experience, interviews, knowledge base, review of formal agreements (for example, request for proposal (RFP), request for information (RFI), contracts), and input from other sources in order to create the stakeholder management plan.

Task 3 Negotiate the support of stakeholders, including sponsors, for the program while setting clear expectations and acceptance criteria (for example, KPIs) for the program benefits in order to achieve and maintain their alignment to the program objectives.

Task 4 Generate and maintain visibility for the program and confirm stakeholder support in order to achieve the programs strategic objectives.

Task 5 Define and maintain communications adapted to different stakeholders, including sponsors, in order to ensure their support for the program.

Task 6 Evaluate risks identified by stakeholders, including sponsors, and incorporate them in the program risk management plan, as necessary.

Task 7 Develop and foster relationships with stakeholders, including sponsors, in order to Strengthen communication and enhance their support for the program.

Knowledge Specific to Domain IV
(*Indicates knowledge is found in one other domain, shown in parentheses)
 Customer relationship management
 Customer satisfaction measurement
 Expectation management
 Public relations* (I)
 Training methodologies* (II)

Task 1 Develop program and project management standards and structure (governance, tools, finance, and reporting) using industry best practices and organizational standards in order to drive efficiency and consistency among projects and deliver program objectives.

Task 2 Select a governance model structure including policies, procedures, and standards that conforms program practices with the organizations governance structure in order to deliver program objectives consistent with organizational governance requirements.

Task 3 Obtain authorization(s) and approval(s) through stage gate reviews by presenting the program status to governance authorities in order to proceed to the next phase of the program.

Task 4 Evaluate key performance indicators (for example, risks, financials, compliance, quality, safety, stakeholder satisfaction) in order to monitor benefits throughout the program life cycle.

Task 5 Develop and/or utilize the program management information system), and integrate different processes as needed, in order to manage program information and communicate status to stakeholders.

Task 6 Regularly evaluate new and existing risks that impact strategic objectives in order to present an updated risk management plan to the governance board for approval.

Task 7 Establish escalation policies and procedures in order to ensure risks are handled at the appropriate level.

Task 8 Develop and/or contribute to an information repository containing program-related lessons learned, processes, and documentation contributions in order to support organizational best practices.

Task 9 Identify and apply lessons learned in order to support and influence existing and future program or organizational improvement.

Task 10 Monitor the business environment, program functionality requirements, and benefits realization in order to ensure the program remains aligned with strategic objectives.

Task 11 Develop and support the program integration management plan in order to ensure operational alignment with program strategic objectives.

Knowledge Specific to Domain V
(*Indicates knowledge is found in one other domain, shown in parentheses)
 Archiving tools and techniques
 Business/organization objectives* (I)
 Closeout plans, procedures, techniques and policies* (II)
 Composition and responsibilities of the program management office (PMO)
 Financial closure processes* (II)
 Go/no-go decision criteria
 Governance models
 Governance processes and procedures
 Metrics definition and measurement techniques
 Performance analysis and reporting techniques (for example, earned value analysis (EVA))
 Phase gate reviews* (II)
 Program and project change requests* (II)
 Statistical analysis* (II)

Benefits measurement and analysis techniques
 Brainstorming techniques
 Budget processes and procedures
 Business environment
 Business ethics
 Business models, structure, and organization
 Change management
 Coaching and mentoring techniques
 Collaboration tools and techniques
 Communication tools and techniques
 Conflict resolution techniques
 Contingency planning
 Contract negotiation/administration
 Contract types
 Cost-benefit techniques
 Cost management
 Cultural diversity/distinctions
 Data analysis/data mining
 Decision-making techniques
 Emotional intelligence
 Human resource management
 Impact assessment techniques
 Industry and market knowledge
 Information privacy
 Knowledge management
 Leadership theories and techniques
 Management techniques
 Motivational techniques
 Negotiation strategies and techniques
 Organization strategic plan and vision
 Performance management techniques (for example, cost and time, performance against objectives)
Planning theory, techniques, and procedures
 PMI Code of Ethics and Professional Conduct
 Presentation tools and techniques
 Problem-solving tools and techniques
 Project Management Information Systems (PMIS)
 Reporting tools and techniques
 Risk analysis techniques
 Risk management
 Risk mitigation and opportunities strategies
 Safety standards and procedures
 Social responsibility
 Succession planning
 Sustainability and environmental issues
 Team development and dynamics Active listening
 Analytical thinking
 Capacity planning
 Communicating
 Critical thinking
 Customer centricity/client focus
 Distilling and synthesizing requirements
 Employee engagement
 Executive-level presentation
 Facilitation
 Innovative thinking
 Interpersonal interaction and relationship management
 Interviewing
 Leveraging opportunities
 Managing expectations
 Managing virtual/multicultural/remote/global teams
 Maximizing resources/achieving synergies
 Negotiating/persuading/influencing
 Prioritizing
 Problem solving
 Stakeholder analysis and management
 Time management
 Vendor management

PMI PgMP information
Killexams : PMI PgMP information - BingNews https://killexams.com/pass4sure/exam-detail/PgMP Search results Killexams : PMI PgMP information - BingNews https://killexams.com/pass4sure/exam-detail/PgMP https://killexams.com/exam_list/PMI Killexams : Positive Material Identification (PMI) Market Size Global Research Report, 2023 - 2029

The MarketWatch News Department was not involved in the creation of this content.

Feb 19, 2023 (The Expresswire) -- [124 Insights] Top “Positive Material Identification (PMI) Market” Size 2023 Key players Profiled in the Report are [Niton (Thermo Fisher), PTS Group, Element Materials Technology, Sandberg LLP, TUV Nord, Acuren, Intertek, Bureau Veritas, ARMI, TUV Rheinland, SGS, Hitachi, Olympus, Bruker, Applus, TSI Incorporated, TUV SUD, Shimadzu, AMETEK, Malvern Panalytical, Shawkor, ,] most important, influential, or successful companies, brands, or individuals within a Positive Material Identification (PMI) market 2023 to 2029.

Complete Overview of the Global Positive Material Identification (PMI) Market: -Providing a complete overview of the global Positive Material Identification (PMI) market is a complex task, as there are many different markets and industries around the world. However, I can provide a high-level summary of some of the key trends and factors that are currently impacting the global Positive Material Identification (PMI) market. Economic Growth, Technology, E-commerce, Globalization, Sustainability, Demographics, Political and regulatory risks These are just a few of the many factors that are currently shaping the global market. It is a dynamic and ever-changing environment, and businesses that are able to adapt to new trends and challenges are likely to be the most successful.

Positive Material Identification (PMI) Market Provides High-class Data: - It is true that the global Positive Material Identification (PMI) market provides a wealth of high-quality data for businesses and investors to analyse and make informed decisions. There are many different sources of market data, including government statistics, industry reports, financial news, and market research firms. Some of the key types of data that are available from the global Positive Material Identification (PMI) market include, Economic data, Financial data, Industry data, Consumer data However, it is important to carefully evaluate the quality and reliability of data sources and to use multiple sources of data to gain a more complete understanding of the Positive Material Identification (PMI) market.

Get a demo Copy of the Positive Material Identification (PMI) Report 2023

Top Country Data and Analysis: - for United States, Canada, Mexico, Germany, France, United Kingdom, Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil and Saudi Arabia, etc. It also throws light on the progress of key regional Positive Material Identification (PMI) Markets such as North America, Europe, Asia-Pacific, South America and Middle East and Africa

Description and Analysis of Positive Material Identification (PMI) market: - Positive Material Identification (PMI) Market analysis is the process of evaluating market conditions and trends in order to make informed business decisions. A market can refer to a specific geographic location, particular industry or sector, develop strategies for entering or expanding in a particular Positive Material Identification (PMI) market.

Positive Material Identification (PMI) Market analysis can also involve forecasting future market trends and conditions, based on factors like technological change, regulatory developments, or demographic shifts. This can be used to develop long-term strategic plans and to identify potential risks and opportunities for growth.

Overall, market analysis is an important tool for businesses looking to enter or expand in a particular Positive Material Identification (PMI) market. By carefully evaluating Positive Material Identification (PMI) market conditions and trends, businesses can make more informed decisions and develop strategies that are better aligned with customer needs and Positive Material Identification (PMI) market opportunities.

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Positive Material Identification (PMI) is an analysis of a metal alloy that determines the composition by studying the percentage of its constituent elements.
The Positive Material Identification (PMI) market has witnessed a growth from USD million to USD million from 2017 to 2022. With a CAGR, this market is estimated to reach USD million in 2029.

The report focuses on the Positive Material Identification (PMI) market size, segment size (mainly covering product type, application, and geography), competitor landscape, exact status, and development trends. Furthermore, the report provides strategies for companies to overcome threats posed by COVID-19.

Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market. Moreover, customer preference analysis, market dynamics (drivers, restraints, opportunities), new product release, impact of COVID-19, regional conflicts and carbon neutrality provide crucial information for us to take a deep dive into the Positive Material Identification (PMI) market.

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Market segment by Region/Country including: -

● North America (United States, Canada, and Mexico) ● Europe (Germany, UK, France, Italy, Russia and Spain, etc.) ● Asia-Pacific (China, Japan, Korea, India, Australia, Southeast Asia, etc.) ● South America (Brazil, Argentina, Colombia, etc.) ● Middle East and Africa (South Africa, UAE, Saudi Arabia, etc.)

User center of Positive Material Identification (PMI) market 2023

    Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, and we elaborate at full length on the impact of the pandemic and the war on the Precious Metals Industry.

    Final Report will add the analysis of the impact of COVID-19 on this industry.


    The Global Positive Material Identification (PMI) market is anticipated to rise at a considerable rate during the forecast period. the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

    Positive Material Identification (PMI) Market -SegmentationAnalysis:

    Report further studies the market development status and future Positive Material Identification (PMI) Market trend across the world. Also, it splits Positive Material Identification (PMI) market Segmentation by Type and by Applications to fully and deeply research and reveal market profile and prospects.

    Segment by Type

    ● X-Ray Fluorescence (XRF) ● Optical Emission Spectrometry (OES)

    Which growth factors drives the Positive Material Identification (PMI) market growth?

    Increasing use of is expected to drive the growth of the Positive Material Identification (PMI) Market.

    Segment by Application

    ● Oil and Gas ● Metals and Heavy Machinery ● Aerospace and Defense ● Automotive ● Chemicals ● Infrastructure ● Pharmaceutical ● Power Generation ● Scrap Recycling

    Which market dynamics affect the business?

    The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.

    It also provides accurate information and cutting-edge analysis that is necessary to formulate an ideal business plan, and to define the right path for rapid growth for all involved industry players. With this information, stakeholders will be more capable of developing new strategies, which focus on market opportunities that will benefit them, making their business endeavors profitable in the process.

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    Positive Material Identification (PMI) Market - Competitive Analysis:

      With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.
      Please find the key player list in Summary.

      Positive Material Identification (PMI) Industry leading players are the ones that have the biggest impact, the most market shares 2023, the best reputation, or the highest revenue within their field they are

      Who are the Leading Players in Positive Material Identification (PMI) Market?

      ● Niton (Thermo Fisher) ● PTS Group ● Element Materials Technology ● Sandberg LLP ● TUV Nord ● Acuren ● Intertek ● Bureau Veritas ● ARMI ● TUV Rheinland ● SGS ● Hitachi ● Olympus ● Bruker ● Applus ● TSI Incorporated ● TUV SUD ● Shimadzu ● AMETEK ● Malvern Panalytical ● Shawkor

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        Both Primary and Secondary data sources are being used while compiling the report.
        Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users.
        Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.

        Please find a more complete list of data sources in Chapters:

        1.To study and analyze the global Positive Material Identification (PMI) consumption (value) by key regions/countries, product type and application

        2.To understand the structure of Positive Material Identification (PMI) Market by identifying its various sub segments.

        3.Focuses on the key global Positive Material Identification (PMI) manufacturers, to define, describe and analyze the value, market share, market competition landscape, Porter's five forces analysis, SWOT analysis and development plans in next few years.

        4.To analyze the Positive Material Identification (PMI) with respect to individual growth trends, future prospects, and their contribution to the total market.

        5.To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

        6.To project the consumption of Positive Material Identification (PMI) submarkets, with respect to key regions (along with their respective key countries).

        7.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

        8.To strategically profile the key players and comprehensively analyze their growth strategies.

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        Major Points from Table of Contents

        1 Market Overview

        1.1 Positive Material Identification (PMI) Introduction

        1.2 Market Analysis by Type

        1.3 Market Analysis by Applications

        1.4 Market Analysis by Regions

        1.5 Market Dynamics

        2 Manufacturers Profiles

        3 Global Positive Material Identification (PMI) Market Competition, by Manufacturer

        4 Global Positive Material Identification (PMI) Market Analysis by Regions

        5 North America Positive Material Identification (PMI) by Countries

        6 Europe Positive Material Identification (PMI) by Countries

        7 Asia-Pacific Positive Material Identification (PMI) by Countries

        8 Latin America, Middle and Africa Positive Material Identification (PMI) by Countries

        9 Positive Material Identification (PMI) Market Segment by Type

        10 Positive Material Identification (PMI) Market Segment by Application

        11 Positive Material Identification (PMI) Market Forecast (2016-2021)

        12 Sales Channel, Distributors, Traders and Dealers

        13 Appendix

        13.1 Methodology

        13.2 Data Source

        And more…

        Key Reasons to Purchase

        ● To gain insightful analyses of the market and have comprehensive understanding of the global Positive Material Identification (PMI) Market and its commercial landscape. ● Assess the production processes, major issues, and solutions to mitigate the development risk. ● To understand the most affecting driving and restraining forces in the Positive Material Identification (PMI) Market and its impact in the global market. ● Learn about the Positive Material Identification (PMI) Market strategies that are being adopted by leading respective organizations. ● To understand the future outlook and prospects for the Positive Material Identification (PMI) Market. ● Besides the standard structure reports, we also provide custom research according to specific requirements

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Killexams : Best Project Management Certifications

Project management certifications have claimed a place in every top IT certification list for years. That’s because project managers are important to IT operations of all kinds. Whether you are interested in becoming an IT project manager or just want to add project management to your list of soft skills, these five leading certifications will help you add to or boost those skills and, in turn, increase your value.

If there’s a single set of soft skills that’s been fixed on the IT radar for the past decade or so, to the point where it’s become almost as sought after and every bit as valuable as top-level credentials, it must be project management. Thanks in large part to the immensely popular and widely pursued Project Management Professional (PMP) certification from the Project Management Institute (PMI), this area has become an incredibly valuable merit badge for IT professionals of all stripes. That’s because it enhances and expands on the value of just about any other kind of technical credential.

Project management has everything to do with planning, scheduling, budgeting for, and then executing and reporting on projects of all shapes and sizes. In fact, anything and everything that IT does can be understood or handled as a project of some kind. It applies to one-of-a-kind activities that happen only once or very seldom (think hardware or OS upgrades or migrating from older to newer platforms or infrastructures). Ditto for a recurring series of activities that repeat regularly (think security patches, software updates or other regular maintenance tasks). Thus, project management is incredibly important and valuable to IT operations across the board.

According to PMI’s Earning Power: Project Management Salary Survey, 10th Edition [pdf], IT professionals who hold a PMP report median base annual salaries in the U.S. of almost $116,000. The top 25 percent of survey respondents report base salaries of at least $139,000. Depending on such factors as complexity and size of projects, location, fields of expertise (e.g., IT, construction or healthcare), and experience, salaries for some PMP credential holders can be much higher still.

Robert Half’s Technology & IT 2019 Salary Guide lists project management as a hot certification, with salaries varying slightly by technology area. It cites a salary range of $93,000 to $157,500 for project managers in application development environments. Project managers engaged in consulting and system integration roles can expect to earn $96,250 to $163,500 nationwide. This explains nicely why PMP appears in nearly every top 10 list of popular, targeted or most desirable certifications since the early 2000s. It’s no surprise that Robert Half also lists the PMP credential, along with Agile and Scrum certifications, as “highly valued technology certifications” trending up in the IT industry.

To supply you an idea of which project management credentials employers look for in prospective candidates, we conducted a quick survey on some popular job boards. Clearly, the PMP is the overall favorite and remains our No. 1 pick for must-have project management certifications. PMI’s entry-level project management credential, the CAPM, also made our top five. The CSM from Scrum Alliance, along with ASQ’s Certified Six Sigma Black Belt and Green Belt credentials, round out those picks. It’s also worth noting that job postings for project managers increased by 20 percent from 2018 across all project management certifications.

Job board survey results (in alphabetical order, by certification)

Certification SimplyHired Indeed LinkedIn Jobs LinkUp.com Total
CAPM (Project Management Institute) 593 718 1,187 381 2,879
CSM (Scrum Alliance) 3,550 4,916 9,286 3,052 20,804
CSSBB (ASQ) 998 1,231 1,817 848 4,864
CSSGB (ASQ) 1,205 1,457 1,966 842 5,470
PMP (Project Management Institute) 13,683 18,311 28,064 9,096 69,154

CAPM: Certified Associate in Project Management

CAPM: Certified Associate in Project Management

The same organization behind the more senior Project Management Professional (PMP) credential also backs the Certified Associate in Project Management (CAPM). In fact, the CAPM is properly considered a steppingstone credential for those who wish to attain PMP status by stages, rather than in a single giant leap. That’s why PMI describes the CAPM as a “valuable entry-level certification for project practitioners” that is “designed for those with little or no project experience.”

The PMP requires three to five years of documented on-the-job project management experience, depending on the educational background of each applicant. On the other hand, the CAPM requires only a high school diploma and either 1,500 hours of documented on-the-job experience (about nine months of full-time work) or 23 hours of project management classroom training prior to taking the exam. The education prerequisite can be met by completing PMI’s Project Management Basics online course which costs $350 for PMI members and $400 for non-members.

Nor does the CAPM require continuing education (which PMI calls PDUs, or professional development units) as does the PMP (60 PDUs every three years) to maintain this credential. To recertify, CAPM holders must retake the test once every five years.

The CAPM is one of a small set of entry-level project management certifications (including the CompTIA Project+) that IT professionals interested in project management might choose to pursue. Remember, though, that it is just a steppingstone to the PMP.

Unless you work in a large organization where a project management team is in place that includes junior as well as senior positions, the CAPM by itself is unlikely to provide a ticket to a project management job. However, it’s ideal for IT professionals for whom project management is a part-time job role or who want to grow into full-time project management.

CAPM facts and figures

Certification name Certified Associate in Project Management (CAPM)
Prerequisites/required courses High school diploma, associate’s degree or global equivalent, plus 1,500 hours of project management experience or 23 hours of project management education

Certification valid for five years; candidates must retake test to maintain credential.

Number of exams One (150 questions; 15 questions are unscored; three hours to complete)
Cost per exam Computer- or paper-based exams:

PMI member: $225 (retake $150)

Nonmember: $300 (retake $200)

Exam available in online proctored or center-based test (CBT) formats.

Exam administered by Pearson VUE.

URL www.pmi.org/Certification/Certified-Associate-in-Project-Management-CAPM.aspx
Self-study materials PMI maintains a list of self-study materials on its exam guidance webpage, including the Exam Content Outline [pdf], demo exam questions [pdf] and the CAPM Handbook [pdf].

Numerous books are available, including:

A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Sixth Edition; Sept. 22, 2017; Project Management Institute; ISBN-10: 1628251840; ISBN-13: 978-1628251845 (available for free download to PMI members)

CAPM test Prep, Third Edition, by Rita Mulcahy, Sept. 2013, RMC Publications, ISBN-10: 1932735720, ISBN-13: 978-1932735727

CAPM/PMP Project Management Certification All-in-One test Guide, Fourth Edition, by Joseph Phillips; April 23, 2018; McGraw-Hill Education; ISBN-10: 1259861627; ISBN-13: 978-1259861628

CSM: Certified ScrumMaster

As companies seek to deliver more for less, many adopt Agile methodologies to streamline processes, build quality into products and ensure that final builds meet customer requirements. As Agile methodologies have become more popular, it’s no surprise that we see increased demand for IT practitioners qualified to manage projects in Agile environments.

While different Scrum master certifications are available, our pick is the Certified ScrumMaster (CSM) from the Scrum Alliance. This nonprofit encourages adoption of Scrum and Agile practices, promotes user groups and learning events, and provides resources for professional development. The organization boasts more than 500,000 certified practitioners worldwide.

The Scrum Alliance provides a support system for Scrum practitioners, including Scrum Gatherings, user groups, virtual communications, coaching, online training and much more. In addition to community and advocacy activities, the Scrum Alliance offers numerous Scrum-related certifications at the foundation, advanced, professional, elevated (guide) and leadership levels. Scrum Alliance certifications are designed for team members engaged in Scrum master, product owners and developer roles. The Scrum master and product owner tracks offer credentials at the foundation, advanced and professional levels which the developer track only offers a foundation and professional level cert.

  • Scrum Master Track: Certified ScrumMaster (CSM), Advanced Certified ScrumMaster (A-CSM), and Certified Scrum Professional – Scrum Master (CSP-SM)
  • Product Owner Track: Certified Scrum Product Owner (CSPO) Advanced Certified Scrum Product Owner (A-CSPO) and Certified Scrum Professional – Product Owner (CSP-PO)
  • Developer Track: Certified Scrum Developer (CSD) and Certified Scrum Professional (CSP)
  • Elevated or guide credentials: Certified Scrum Trainer (CST), Certified Team Coach (CTC) and Certified Enterprise Coach (CEC)
  • Agile Leadership: The Scrum Alliance also offers the Certified Agile Leadership (CAL) program, a credential based on a combination of education and validated practice. There are two credentials – the Certified Agile Leadership I and Certified Agile Leadership II.

For project managers getting started as Scrum practitioners, the CSM makes an excellent entry-level credential. Not only must candidates demonstrate an understanding of Scrum principles and values, but they’ll learn how to implement and apply Scrum in practice. The Scrum Alliance provides CSMs with multiple resources, plus checklists and information about the servant-leader role of the Scrum master.

Certified ScrumMaster facts and figures

CSSBB: Certified Six Sigma Black Belt

Globally recognized, ASQ certifications attest to candidate expertise, mastery of industry and regulation standards, and mastery of the ASQ Body of Knowledge. Currently, ASQ offers 18 credentials, three of which specifically target project management: the Certified Six Sigma Black Belt (CSSBB) (expert level), the Six Sigma Green Belt (CSSGB) (professional level) and the Six Sigma Yellow Belt (CSSYB) (entry level).

The Certified Six Sigma Black Belt is ASQ’s highest Six Sigma credential. The CSSBB aims at experienced practitioners who understand Six Sigma methodologies (including the DMAIC model), tools, systems and philosophies. CSSBBs can lead teams or manage team dynamics, roles and responsibilities.

The path to CSSBB certification is rigorous. In addition to passing a comprehensive exam, candidates must complete two projects that employ Six Sigma tools and processes, resulting in project improvement and a positive financial project impact. An affidavit is also required to attest to the veracity of the project. Alternatively, candidates with at least three years of experience in one or more of the Six Sigma Body of Knowledge areas need only complete one Black Belt project.

CSSBB candidates are expected to demonstrate mastery of the ASQ Black Belt Body of Knowledge, called standards:

  • Organization-wide Planning and Deployment (organization-wide considerations, leadership)
  • Organization Process Management and Measures (impact on stakeholders, benchmarking, business measures)
  • Team Management (team formation, facilitation, dynamics, training)
  • Define (voice of the customer, business case and project charter, project management tools, analytical tools)
  • Measure (process characteristics, data collection, measurement systems, basic statistics, probability, process capability)
  • Analyze (measuring and modeling relationships between variables, hypothesis testing, failure mode and effects analysis, other analysis methods)
  • Improve (design of experiments, lean methods, implementation)
  • Control (statistical process control and other controls, maintain controls, sustain improvements)
  • Design for Six Sigma (DFSS) Framework and Methodologies (common DFSS methodologies, design for DVX, robust designs)

The CSSBB is valid for three years. To recertify, candidates must earn 18 recertification units or retake the exam.

CSSBB facts and figures

Certification name Certified Six Sigma Black Belt (CSSBB)
Prerequisites/required courses Two completed projects with signed project affidavit, or one completed project with signed affidavit plus three years of experience in one or more areas of the Six Sigma Body of Knowledge
Number of exams One: computer-based (165 questions, 4.5 hours) or paper-based (150 questions, 4 hours)
Cost per exam $438 members, $538 nonmembers (retakes $338)

Exams administered by Prometric.

URL https://asq.org/cert/six-sigma-black-belt
Self-study materials ASQ maintains a comprehensive list of test prep materials, including training opportunities, question banks, interactive demo exams, books and other recommended references.

CSSGB: Certified Six Sigma Green Belt

The Certified Six Sigma Green Belt (CSSGB) by ASQ is a professional-level credential targeting experienced Six Sigma practitioners. Often, a CSSGB works under the direction of the more senior CSSBB or as an assistant. CSSGBs identify issues and drive quality and process improvements in projects.

To earn the credential, candidates should have at least three years of experience working with Six Sigma processes, systems and tools. The work experience must have been full time and compensated; an unpaid internship, for example, doesn’t count. In addition, work performed must have been in at least one of the Six Sigma Green Belt Body of Knowledge competency areas.

In addition to work experience, candidates must pass an test that tests their knowledge of the Six Sigma Green Belt Body of Knowledge. Currently, the Green Belt Body of Knowledge includes six competency areas:

  • Overview: Six Sigma and the Organization (organizational goals, lean principles, design methodologies)
  • Define Phase (project identification, customer voice, project management basics, management and planning tools, project business results, team dynamics and performance)
  • Measurement Phase (process analysis and documentation, probability and statistics, statistical distributions, data collection, measurement system analysis, process and performance capability)
  • Analyze Phase (exploratory data analysis, hypothesis testing)
  • Improve Phase (design of experiments, root cause analysis, lean tools)
  • Control Phase (statistical process control, control plan, lean tools for process control)

Overall, this is an excellent credential for those who have some experience but are not quite ready to take on the roles and responsibilities of a Black Belt.

CSSGB facts and figures

Certification name Certified Six Sigma Green Belt (CSSGB)
Prerequisites/required courses Three years of experience in one or more of the Six Sigma Green Belt Body of Knowledge areas

Experience must be a full-time paid position (internships do not meet the experience requirement)

Number of exams One: computer-based (110 questions, 4.5 hours) or paper-based (100 questions, 4 hours)
Cost per exam $338 members, $438 nonmembers; retakes cost $238

Exams administered by Prometric.

URL https://asq.org/cert/six-sigma-green-belt
Self-study materials ASQ maintains a comprehensive list of test prep materials, including training opportunities, question banks, interactive demo exams, books and other recommended references.

PMP: Project Management Professional

The Project Management Institute (PMI) not only stands behind its Project Management Professional certification, it works with academia and training companies to ensure proper coverage and currency in the various curricula that support this and other PMI credentials. Boasting more than 500,000 global members and 750,000 PMP certified professionals around the world, PMI’s PMP remains one of the most prestigious project management credentials available. (Note: The PMP’s precursor, the CAPM, is covered in an earlier section of this article.)

That’s why you can obtain college- and university-based PMP training from so many institutions. It’s also why you may sometimes find PMP coverage integrated into certain degree programs (often at the master’s degree level).

The PMP credential is coveted by employers seeking the most highly skilled project management professionals. Developed by project managers, the PMP certification is the highest level offered in PMI certifications. It is designed to ensure that credential-holders possess the skills and qualifications necessary to successfully manage all phases of a project, including initiating, planning, scheduling, controlling and monitoring, and closing out the project.

PMP certified projects managers are also well versed and skilled in managing all aspects of the triple constraints – time, cost and scope. Employers depend on the skills of PMP professionals to manage budgets, track costs, manage scope creep, identify how changes to the triple constraints may introduce risk into the project, and minimize such risk to protect the project investment.

The standards for PMP certification are rigorous. Beyond passing a comprehensive exam, credential holders must first demonstrate and certify that they have the skills and education necessary to succeed in the project management field. Credential seekers should be ready to provide documentation for items such as education, projects worked on and hours spent in each of the five project management stages – initiating, planning, executing, monitoring and controlling, and closing out the project.

While it’s difficult to achieve, the rewards for PMP credential holders can be significant. According to PMI’s Earning Power: Project Management Salary Survey, 10th Edition, PMPs in the U.S. earn an average of 23 percent more than their non-credentialed counterparts. The survey reports median salaries of PMPs in the United States at $115,000, as opposed to $92,000 for non-PMP certified project managers.

For those interested in program management or wishing to specialize in a project management area, PMI offers several interesting additional credentials:

The PMP remains a nonpareil certification for IT and other professionals whose responsibilities encompass project management. It is the standard against which all other project management credentials are judged.

It should be noted that, after meeting the prerequisites, candidates are also required to pass a rigorous exam. Candidates must obtain an eligibility ID from PMI before they can register for the exam.

PMP facts and figures

Certification name Project Management Professional (PMP)
Prerequisites/required Courses Required courses: None

Prerequisite skills: Four-year degree, 4,500 hours in leading and directing projects, and 35 hours of project management education


Secondary degree (high school diploma, associate’s degree or equivalent), 7,500 hours leading and directing projects, and 35 hours of project management education

Note: Credential holders must earn 60 professional development units (PDUs) per each three-year cycle to maintain certification.

Number of exams One (200 questions, 4 hours)
Cost per exam Paper* and computer-based exams:

PMI member: $405 (retake $275)

Nonmember: $555 (retake $375)

*Paper-based test only available if candidates lives more than 150 miles from testing center or if testing center is not available in the country of residence and travel would provide an undue burden.

Exam administered by Prometric. Eligibility ID from PMI required to register.

URL www.pmi.org/Certification/Project-Management-Professional-PMP.aspx
Self-study materials PMI maintains a list of training resources on the PMP test guidance webpage, including links to demo questions, the PMP test Content Outline [pdf] and the PMP Handbook [pdf]. Additional training materials (quizzes, publications, books, practice guides and more) are available from the PMI Store.

Numerous books are available, including:

Guide to the Project Management Body of Knowledge (PMBOK Guide) – Sixth Edition; Sept. 22, 2017; Project Management Institute; ISBN-10: 1628251840; ISBN-13: 978-1628251845 (available for free download to PMI members)

PMP test Prep: Accelerated Learning to Pass the Project Management Professional (PMP) Exam, Ninth Edition, by Rita Mulcahy; Feb. 1, 2018; RMC Publications Inc.; ISBN-10: 1943704040; ISBN-13: 978-143704040

CAPM/PMP Project Management Certification All-in-One test Guide, Fourth Edition, by Joseph Phillips; April 23, 2018; McGraw-Hill Education; ISBN-10: 1259861627; ISBN-13: 978-1259861628

Practice exams: PMP test practice test and Study Guide, Ninth Edition, by J. LeRoy Ward and Ginger Levin; June 28, 2018; Auerbach Publications, ISBN-10: 1138440299; ISBN-13: 978-1138440299

Beyond the top 5: More project management certifications

Project management is truly a white-hot area for both certification seekers and employers. Several other project management certifications are available, for general IT project management as well as software development project management.

Honorable mention goes to the Global Association for Quality Management (GAQM) project management certifications, such as the Professional in Project Management, Associate in Project Management and Certified Project Director. The Prince2 Foundation and Practitioner qualifications (featured in the 2017 top-five list) are also excellent credentials and worth honorable mention.

The CompTIA Project+ credential (featured in the 2017 top-five list and honorable mention in 2018) remains a well-known entry-level project management certification for those starting their project management careers. ASQ’s Certified Six Sigma Yellow Belt (CSSYB) is another entry-level credential worth exploring, particularly if you’re interested in eventually moving up to the more senior Green and Black Belt credentials.

Most graduate business, management and management information systems (MIS) programs offer project management training to students, and some offer certificate programs outside the project management organizations as well.

You’ll also find training and occasional certification around various project management tool sets. For example, some Microsoft Learning Partners offer courses on Microsoft Project, and you can find a dizzying array of project management packages on Wikipedia’s comparison of project management software page.

The CAPM and Project+ remain the best-known entry-level project management certifications, with the PMP as the primary professional target and capstone for would-be professional IT project managers. Don’t forget to consider PMI’s related certifications as well. For project managers seeking entry into the realm of Scrum, the CSM is the best entry-level cert for Scrum practitioners.

Sun, 22 Jan 2023 10:00:00 -0600 en text/html https://www.businessnewsdaily.com/10762-best-project-management-certifications.html
Killexams : Project Management Software Buying Guide
  • Businesses use project management software to help manage their workflows.
  • Project management software helps projects stay on track and on budget.
  • These platforms are available with a wide array of features, benefits, and pricing structures, so you can choose the best fit for your business and scale up when the time is right.
  • This article is for small business owners and project managers who are considering buying project management software.

Whether you’re working on the construction of a building or building a website for a client, you need a way to manage the steps or tasks within a project and collaborate with your team. Project management software helps unify that process by consolidating communication tools, file sharing, task and deadline monitoring, and reporting into one software application that you can use across multiple teams and departments.

Regardless of your business’s size or industry, your company can probably benefit from project management services. Use the advice below to guide your decision-making process when you’re ready to buy project management software.

What is project management software?

Project management software is a tool businesses use to keep assignments on track, meet deadlines and remain on budget. These platforms allow company leaders to assign roles, set deadlines and mark major milestones – all in an intuitive interface. With project management software, all employees can access a central portal to obtain information and check the status of assignments.

Project management software works as a real-time virtual workspace that helps keep team members focused on larger goals while effectively managing day-to-day tasks. The best project management software platforms automatically reschedule work when a deadline is missed; some even reschedule work dependent on the completion of the late task.

What are the top project management software features?

Although the features of project management software differ among platforms, you can expect to find the following tools and functions in most project management packages.

  • Dashboard: Each employee’s dashboard spells out any assigned tasks and when those projects are due.
  • Scheduling and deadline management: At a glance, a project manager can use the dashboard to assess the work assigned to a team member and properly incorporate new tasks into their daily schedule without overloading them or distracting them from other tasks.
  • Ability to assign roles: You can add a team member to each task so that everyone knows who is responsible for each portion of the project.
  • Collaboration: Project management software has tools to enable remote collaboration and communication among employees.
  • File upload: Most platforms include secure file sharing so that team members can easily and safely share key documents, information and assets.
  • Project templates: Many project management programs come with templates you can customize to fit your business’s needs.

Did you know?Did you know?: You or your employees can get a certification in project management to become even more adept at using project management software and keeping projects on track.

How much does project management software cost?

The price of project management software varies greatly. There are multiple pricing structures and tiers, ranging from free, entry-level services to premium options that cost hundreds of dollars per month. When evaluating your financial investment, you also may need to consider the costs of training staff on the software and the expense of transferring platforms. The following factors may affect the price of project management software.

  • Number of users: Some project management vendors charge on a monthly per-user basis, while others allow different numbers of users for each subscription tier.
  • Features: Some software offers more functionality for a lower price.
  • Billing frequency: Project management providers may offer discounts and incentives for paying for a year of service upfront rather than monthly.

Because so many factors influence the final price of project management software, it’s critical to know your needs before obtaining price quotes from vendors.

Do I need project management software?

It’s important to recognize that project management software is designed for full projects that take time and teamwork to complete; they are likely too comprehensive to be worthwhile for routine work. For example, it would be quite helpful to use project management software to set up and configure a computer network, but it would be clunky and confusing to try to use project management software to maintain that computer network.

Ask yourself the following questions to determine whether project management software is appropriate for a project:

  • Do I have a definitive start date?
  • Do I have a definitive deadline?
  • Do I have a clear understanding of my goals between now and then?
  • Is my project recurring, with similar tasks or components every month or quarter?
  • Who will be working on the project?

“A company needs project management software when they’re coordinating between several individuals or business units, both internally or externally, to complete tasks that involve a variety of deliverables or creatives,” said Conrad Magalis, a marketing advisor with Minnesota MarComm. “It’s a best practice so that all of the information and conversations related to a specific project or task can be documented and delegated to each stakeholder involved.”

TipTip: Learn about the different project management styles to figure out which one fits your team and project.

How do I determine if I need project management software?

Here are some telltale signs your business needs project management software:

  • Projects are delayed due to poor email etiquette, and work gets buried in team members’ inboxes.
  • There is confusion surrounding overly busy and non-user-friendly spreadsheets.
  • Employees miss deadlines, either with individual tasks or complete projects, because of a lack of accountability and transparency in the process.
  • There is poor communication and conflict among team members and managers resulting from a failure to report on the status of a project or individual tasks.
  • There is overlapping or redundant work due to confusion surrounding each employee’s specific role.

Leveraging a project management solution in the right situation can streamline the entire workflow process, thus enabling your team to deliver higher-quality work in a shorter time. The best software allows you to save and track multiple projects simultaneously, making it easy to monitor deadlines and individual team members’ progress. Essentially, your workload can be saved on a single platform, where each employee has access to all of the information they require to fulfill their own role.

Key TakeawayKey takeaway: While it may not be practical for day-to-day assignments, project management software may be necessary if your team struggles to meet deadlines or is overwhelmed by the amount of work.

What does project management software look like?

Project management software often starts with an online dashboard that serves as a home base and provides access to the platform’s major features. From the dashboard, users can typically create new projects and manage and organize old ones. In many project management solutions, the dashboard is also home to an overview of active and completed projects, which users can access at any time. Reporting dashboards can usually be shared across entire teams, giving everyone easy access to relevant projects and tasks.

“Project management software allows users to consolidate work activities onto one central platform, allowing employees to save time by housing all task tools on one interface,” said John Furneaux, CEO of project management company Hive. “The range of software varies from startups – such as Hive – to veteran players like SharePoint. All project management software ranges in their capabilities, and it’s important to assess what the business needs are and how processes could be improved.”

Projects and tasks can typically be created (or requested if a supervisor must approve the project before it begins) directly in a project management dashboard. Once you create a project, you have access to a variety of tools for organizing and coordinating specific aspects of the project and ensuring accountability for the timeliness and quality of assigned tasks.

Team members can also schedule and track tasks and project timelines with the software’s more sophisticated tools, such as Gantt charts. These tools help keep employees on the same page, even if they don’t work in the same physical location, and ease the burden of meeting tight deadlines. Team members can see which tasks are assigned to which person, thus making it easier to coordinate aspects of the project. Some software programs also have built-in chat applications that make collaboration instantaneous and direct.

Project management platforms supply managers full control over the direction of a project. For example, they can reassign work or shuffle around tasks to delegate assignments more equitably among team members and more effectively manage resources on the fly. With the detailed overviews and reports available in project management software, managers can more easily stay abreast of new developments. Any complex project has a lot of moving parts, so it’s essential to keep your decision-makers informed, and that’s what project management software does for your management team.

What are the pros and cons of project management software?

Project management software provides some big benefits for a business.

  • Centrally located and organized tasks and files: Your whole team can see any tasks you add to your project management platform. The employees to whom you assign tasks will see these tasks in their dashboards. The result is a team that always knows who’s working on what.
  • Real-time team collaboration: Once you upload a deliverable or mark a project as complete, your whole team receives the notification. That means no more making sure everyone has gotten your work and manually alerting everyone that a project is done.
  • Easier remote work: Project management software is basically your office space if you shift to a remote workforce. It’s where your employees go to receive their assignments, file deliverables and ask questions. It’s also where team members update you on their progress – almost like you’re sitting in an office with them.
  • Automated reporting: Certain project management tools can automatically generate reports that supply you a high-level view of how a project is progressing. You can use this information to plan meaningful next steps that get you closer to the finish line. Without project management software, gleaning this data might be tedious and time-consuming.

Despite the many advantages project management software can provide your team, it can also hold you back in some ways.

  • Overcomplicated for smaller tasks: Creating a task, adding information to it and taking other little steps can be as time-consuming as simply doing a small day-to-day task. If you have to send the same short email every Monday morning, creating and completing a task for it in your project management dashboard can double your time spent. Just put a recurring notification in your calendar instead.
  • Learning curve: Not all project management platforms are intuitive to navigate and use. Even if you choose a platform known to be user-friendly, some employees who are less comfortable with technology might still struggle with it. But that’s really the only potential problem with choosing user-friendly software – such platforms mostly eliminate this disadvantage.

Did you know?Did you know?: Reputable project management apps include Asana Together and Oracle NetSuite.

How do I choose project management software?

While most high-quality project management applications offer similar features, no two platforms are precisely the same. Here are the most important points you should consider when choosing project management software.

Size of your organization

A large enterprise has different needs from a small startup. It’s important to examine each application and ask vendors the right questions.

“Companies should take the time to demo several options before moving forward, as well as factor in the adoption time for the team and clients to get used to using the application,” Magalis said. “If you’re working in a highly technical field – such as IT – it may be more common than in other industries to have experience with project management applications.”


As your project management needs evolve, you need to know your chosen software can keep up. Perhaps its file storage capacity doesn’t grow as your company does. Or maybe the pricing becomes untenable if your team reaches a certain size. Consider long-term growth factors when choosing your project management software – even if significant growth is years down the line. You want the platform to be able to scale alongside your business.

Pain points

It can be helpful to identify your current project management challenges. For example, maybe you have trouble sharing timely updates with a client or communicating with your team. By understanding your weaknesses, you can find the software that best addresses your needs.

Ease of use

If you don’t choose a system that’s easy for your team to implement and use, you’ll end up magnifying the challenges you already face.

“Successfully implementing an enterprise project management system is difficult,” said Alan Zucker, founding principal of Project Management Essentials. “This is a cultural [issue], not a tool issue. Most organizations do not have consistent and standard practices for managing projects and reporting on portfolio performance. Something as seemingly simple as having a standard day for reporting status across the enterprise can send shockwaves, as people are used to reporting status on a specific day, usually because of their executive status cadence.”

Key TakeawayKey takeaway: Evaluate each project management software platform based on how well it addresses your organization’s biggest pain points. Consider your company’s size as well as the software’s scalability and ease of use.

Is project management software worthwhile?

While companies need to consider financial constraints when buying any new software, they should also take into account the monetary implications of not buying it. Without project management software, your business could be hampered by miscommunication, redundancy and inefficiency – costing you time and money. The services provided by project management platforms are designed to take a company’s workflow to the next level. The investment will likely be worth it when you consider all you stand to gain.

Max Freedman and Stella Morrison contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.

Sun, 22 Jan 2023 10:00:00 -0600 en text/html https://www.businessnewsdaily.com/9976-project-management-software-buyers-guide.html
Killexams : How Can I Avoid Paying Private Mortgage Insurance—PMI?

Private mortgage insurance (PMI) is an insurance policy that protects lenders from the risk of default and foreclosure. Generally, if you need financing to buy a home and make a down payment of less than 20% of its cost, your lender will probably require you to buy insurance from a PMI company prior to signing off on the loan. Although it costs extra, PMI allows buyers who cannot make a significant down payment (or those who choose not to) to obtain financing at affordable rates.

6 Reasons To Avoid Private Mortgage Insurance

How Not to Pay PMI

One way to avoid paying PMI is to make a down payment that is equal to at least one-fifth of the purchase price of the home; in mortgage-speak, the mortgage's loan-to-value (LTV) ratio is 80%. If your new home costs $180,000, for example, you would need to put down at least $36,000 to avoid paying PMI. While that's the simplest way to avoid PMI, a down payment that size may not be feasible.

In addition, if the value of your home has appreciated to an amount that drops your LTV below 80%, some banks will allow you to submit a request to cancel PMI. However, in this scenario it is likely that the bank would require a professional appraisal to accompany the request, the cost of which is assumed by the borrower.

Another option for qualified borrowers is a piggyback mortgage. In this situation, a second mortgage or home equity loan is taken out at the same time as the first mortgage. With an "80-10-10" piggyback mortgage, for example, 80% of the purchase price is covered by the first mortgage, 10% is covered by the second loan, and the final 10% is covered by your down payment. This lowers the loan-to-value (LTV) of the first mortgage to under 80%, eliminating the need for PMI. For example, if your new home costs $180,000, your first mortgage would be $144,000, the second mortgage would be $18,000, and your down payment would be $18,000.

A final option is lender-paid mortgage insurance (LMPI) where the cost of the PMI is included in the mortgage interest rate for the life of the loan. Therefore, you may end up paying more in interest over the life of the loan.

Key Takeaways

  • Private mortgage insurance (PMI) is incurred if you need to finance more than 80% of the purchase price of a home.
  • You can avoid PMI by simultaneously taking out a first and second mortgage on the home so that no one loan constitutes more than 80% of its cost.
  • You can opt for lender-paid mortgage insurance (LMPI), though this often increases the interest rate on your mortgage.
  • You can request the cancellation of PMI payments once you have built up at least a 20% equity stake in the home.

Ending PMI Early

Once you've had your mortgage for a few years, you may be able to get rid of PMI by refinancing—that is, replacing your current loan with a new one—though you’ll have to weigh the cost of refinancing against the costs of continuing to pay mortgage insurance premiums. You may also be able to ditch it early by prepaying your mortgage principal so that you have at least 20% equity (ownership) in your home. Once you have that amount of equity built up, you can request the lender cancel your PMI.

Assuming you stay current with your mortgage payments, PMI does eventually end in most cases. Once the mortgage's LTV ratio drops to 78%—meaning your down payment, plus the loan principal you’ve paid off, equals 22% of the home’s purchase price—the federal Homeowners Protection Act requires the lender to automatically cancel the insurance.

Advisor Insight

Scott Gaynor, CFP®, AIF®
KCS Wealth Advisory, LLC, Los Angeles, CA

Several ways exist to avoid PMI:

  • Put 20% down on your home purchase
  • Lender-paid mortgage insurance (LPMI)
  • VA loan (for eligible military veterans)
  • Some credit unions can waive PMI for qualified applicants
  • Piggyback mortgages
  • Physician loans

There are a few things to note about the above options.

With LPMI, the lender pays the PMI cost, but will most likely provide you with a higher mortgage rate. Also, LPMI does not get eliminated like PMI eventually does.

With a piggyback mortgage, buyers can use two loans instead of one (piggyback) to purchase a home. The first is a traditional mortgage loan. The second includes either a home equity line of credit or a standard home equity loan. The second loan covers the remaining amount to obtain the 20% down payment and usually has a higher rate.

Thu, 16 Feb 2023 21:06:00 -0600 en text/html https://www.investopedia.com/ask/answers/071514/how-can-i-avoid-paying-private-mortgage-insurance-pmi.asp
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Killexams : January PMI data beats expectations, highest level since November Tue, 24 Jan 2023 01:04:00 -0600 en text/html https://www.cnbc.com/video/2023/01/24/january-pmi-data-beats-expectations-highest-level-since-november.html Killexams : PMI Reports Show Inflation Remains A Serious Problem No result found, try new keyword!On January 24, U.S. released Flash Manufacturing PMI and Services PMI reports. Manufacturing PMI increased from 46.2 in December to 46.8 in January, compared to analyst consensus of 46. Tue, 24 Jan 2023 08:28:00 -0600 text/html https://www.nasdaq.com/articles/pmi-reports-show-inflation-remains-a-serious-problem Killexams : How Much Does Private Mortgage Insurance (PMI) Cost?

By clicking "See Rates", you'll be directed to our ultimate parent company, LendingTree. Based on your creditworthiness, you may be matched with up to five different lenders.

The cost of private mortgage insurance (PMI) is based on the loan amount, the borrowers' creditworthiness and the percentage of a home’s value that would be paid out for a claim. Generally, all companies that sell mortgage insurance price their policies this way. Regardless of the value of a home, most mortgage insurance premiums cost between 0.5% and as much as 5% of the original amount of a mortgage loan per year. That means if $150,000 was borrowed and the annual premiums cost 1%, the borrower would have to pay $1,500 each year ($125 per month) to insurance their mortgage.

How Credit Scores Affect the Cost of PMI

Credit scores don't just affect mortgage and homeowners insurance rates, they also affect PMIS. Here is an example of how factors such as creditworthiness impact the cost of mortgage insurance: Consider two individuals who each want to buy a home valued $100,000 and can each put down $10,000 or 10% of the value of the home. Although they can make the same down payment, their credit scores are major determinants when it comes to the cost of their mortgage insurance policies. To show this, we graphed the price difference across credit score silos for a mortgage insurance policy offered by Radian. The policy is for a borrower-paid mortgage insurance policy that covers a fixed rate loan with a term longer than 20 years. You can see that if Borrower A has a FICO credit score of 760 or higher and Borrower B has a score lower than 639, Borrower B’s mortgage insurance premiums would cost 4x Borrower A’s.

How Loan-to-Value (LTV) and Claim Payout Ratios Affect PMI Costs

In addition to FICO credit scores, companies price PMI premiums according to the loan-to-value (LTV) ratio of a mortgage and what percent of the loan is recovered if a claim is filed. It might sound complicated, but calculating these factors for a policy is easy.

Most mortgages must be insured if they have a loan-to-value ratio (LTV ratio) of 80% to 97%. In other words, if a borrower can only make a down payment between 20% and 3% of the value of a home, they will likely need a mortgage insurance policy. But not all LTV ratios are treated the same. In the table below of a mortgage insurance policy offered by Genoworth Mortgage Insurance Corporation, the difference between LTV ratio and the cost of the policy are clear. The rates are for borrower-paid annual premiums for non fixed rate mortgages and based on LTV ratios, the coverages offered within each ratio, and the cost of the premiums for each PMI policy given the risk pool (the FICO score of the borrower).

The annual premiums are the percentages of the original amount of the mortgage loan in each FICO score column. For example, say a homeowner with a FICO credit score higher than 760 borrowed $100,000 that equated to 92% of the value of the home they purchased. If their mortgage lender took out a policy to cover 35% of the $100,000 loan amount, the borrower's PMI premium would be 2.56% of that amount or $2,560.

95.01 & Greater

35% 4.50% 6.82%
30% 4.01% 6.04%
25% 3.52% 5.21%
18% 2.60% 4.13%

90.01 to 95%

35% 2.56% 6.33%
30% 2.19% 5.54%
25% 1.94% 4.99%
16% 1.50% 3.64%

85.01 to 90%

30% 1.66% 4.06%
25% 1.59% 3.50%
17% 1.38% 2.81%
12% 1.19% 2.39%

PMI Rate Adjustments

Insurance companies also apply price adjustments to the above base rates. Genworth Mortgage Insurance Corporation, for example, offers mortgage insurance and applies several common adjustments that increase and decrease the cost of premiums. Some of the company’s adjustments cut the cost of premiums, such as those for mortgages with an amortization term of 25 or fewer years and for corporate relocation loans. Other adjustments that increase the cost of premiums are for situations in which any loan amount is greater than $417,000 and for mortgages on secondary homes and investment properties.

Below is an example of the five adjustments that have the biggest impact on the base rate of a mortgage insurance policy. Like Genworth, Radian also has adjustments that decrease the cost of a borrower's premium, however those are not included in the chart.

There can be exceptions within the adjustments that carriers apply to premiums. One common adjustment exception is for mortgage insurance premiums in Hawaii and Alaska. Unlike the continental U.S., adjustments to the cost of premiums based on loan amount begin at $625,000 instead of $417,000 in Alaska and Hawaii.

If you're looking for ways to avoid PMI on your first home purchase, there are a variety of methods out there, but beware that many of these might actually cost you more in the long run.


Mon, 23 Jan 2023 00:39:00 -0600 Chris Moon en text/html https://www.valuepenguin.com/mortgages/how-much-is-pmi
Killexams : European markets close lower even as flash PMI data shows return to growth for euro zone

Defense manufacturer Rheinmetall raises expectations on war demand boost

Germany's Rheinmetall raised its sales expectations for 2025, according to Chief Executive Armin Papperger.

The CEO told Stern magazine he expects sales to grow to between 11 billion euros ($11.9 billion) and 12 billion euros in 2025, up from between 10 billion euros to 11 billion euros in November.

Rheinmetall has supplied Ukraine with the likes of air defense systems and military trucks for use in its fight against Russia, and is also involved in the production of the Leopard tanks currently being requested by Ukraine.

Shares of Rheinmetall hit an all-time high in March 2022 and have remained high since Russia invaded Ukraine. Shares hit a session high of $226.50 around 9:30 a.m. London time Tuesday.

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Flash PMIs: UK suffers sharp January contraction in activity

In contrast to the euro zone's apparent revival in business activity in January, flash PMI (purchasing managers' index) readings from the U.K. Tuesday showed the economy contracted at its sharpest rate in two years.

The S&P Global composite U.K. PMI, which encompasses services and manufacturing, slid to 47.8 in January from 49.0 in December, falling short of a 48.5 consensus forecast in a Wall Street Journal poll of economists.

S&P Global said widespread strike action, staff shortages, export losses, the cost of living crisis and sharp increases in interest rates all combined to squeeze economic activity.

- Elliot Smith

Flash PMIs: Euro zone business activity returns to growth in January

The euro zone economy returned to modest growth in December, according to new flash PMI (purchasing managers' index) readings on Tuesday.

The S&P Global euro zone composite PMI, which encompasses manufacturing and services activity, came in at 50.2 in January, up from 49.3 in December and ahead of a consensus forecast of 49.8.

The index exceeded the 50 mark, which separates expansion from contraction, for the first time since June.

The euro zone's dominant services sector index rose to 50.7 from 49.8 in December, while the manufacturing index improved to 48.8 from 47.8, also surpassing forecasts but remaining in contractionary territory.

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Danish stocks were the biggest movers in both directions at Tuesday's open.

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Inflation has moved from goods to services sector, says Mohamed El-Erian

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Inflation, he said, has shifted from the goods to the services sector, but could very well resurge if energy prices rise as China reopens.

El-Erian expects inflation to plateau around 4%. This, he said, will put the Fed in a difficult position as to whether they should continue crushing the economy to reach 2%, or promise that level in the future and hope investors can tolerate a steady 3% to 4% nearer term.

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Fed likely to discuss next week when to halt hikes, Journal report says

Federal Reserve officials next week are almost certain to approve another deceleration in interest rate hikes while also discussing when to stop the increases altogether, according to a Wall Street Journal report.

The rate-setting Federal Open Market Committee is set to convene Jan. 31-Feb. 1, with markets pricing in almost a 100% chance of a quarter-point increase in the central bank's benchmark rate. Most prominently, Fed Governor Christopher Waller said Friday he sees a 0.25 percentage point increase as the preferred move for the upcoming meeting.

However, Waller said he doesn't think the Fed is done tightening yet, and several other central bankers in exact days have backed up that notion.

The Journal report, citing public statements from policymakers, said slowing the pace of hikes could provide the chance to assess what impact the increases so far are having on the economy. A series of rate hikes begun in March 2022 has resulted in increases of 4.25 percentage points.

Market pricing is currently indicating quarter-point hikes at the next two meetings, a period of no action, and then up to a half-point reduction by the end of 2023, according to CME Group data.

However, several officials, including Governor Lael Brainard and New York Fed President John Williams, have used the expression "stay the course" to describe the future policy path.

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European markets: Here are the opening calls

European markets are heading for a positive open Thursday, with global investors gauging the global economic outlook.

The U.K.'s FTSE 100 index is expected to open 12 points higher at 7,895, Germany's DAX 77 points higher at 15,482, France's CAC up 21 points at 7,148 and Italy's FTSE MIB up 95 points at 27,299, according to data from IG.

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Tue, 24 Jan 2023 02:52:00 -0600 en text/html https://www.cnbc.com/2023/01/24/european-markets-live-updates-stocks-news-flash-pmi-data-earnings.html
Killexams : Japan Composite PMI Data Due On Tuesday No result found, try new keyword!(RTTNews) - Japan will on Tuesday see preliminary January figures for its composite PMI from Jibun Bank, highlighting a light day for Asia-Pacific economic activity. In December, the PMI score was ... Mon, 23 Jan 2023 09:30:00 -0600 text/html https://www.nasdaq.com/articles/japan-composite-pmi-data-due-on-tuesday
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