All You Need To Know About PDUs Under PMI Talent Triangle™
10328- by KnowledgeHut
- 18th Mar, 2019
- Last updated on 22nd May, 2019
Earning a PMP® certification is a big step in your professional growth. But that’s not the end of your PMP® certification journey. You need to renew your credentials every three years in order to continue being PMP® certified by meeting the PDU requirements under PMI’s Continuing Certification Requirements (CCR).
The increasingly competitive and complex global market demands more than technical skills from you. Companies seek added skills in business intelligence and leadership to meet long-term strategic objectives. The PMI Talent Triangle™ involves the ideal skill set and is a combination of technical, leadership, and strategic and business management expertise. You must develop these employer-demanded skills to stay relevant and competitive in the current market scenario.
This blog will discuss how you can maintain the required PDUs under the CCR program by acquiring all the competencies mentioned under the PMI Talent Triangle™.
PMI Talent Triangle™ and PDUs
PMI continuously tries to keep its project management certifications relevant to the industry and organisation needs. And in order to do so, it takes inputs from industry veterans to keep updating the content and pattern of exams. The Project Management Institute (PMI) developed and announced its Talent Triangle™ in the year 2015. PMI clearly declared the areas of competence that a current-day project manager needs to consider.
The combination of skills valued by employers as highlighted by the PMI Talent Triangle™ are technical, leadership, and strategic and business management. This framework plays a pivotal role in your ongoing professional development.
The competencies can be defined as follows:
1. Technical: This competency comprises of knowledge, skills, and behaviours related to the specific domains of program, project, and portfolio management. It involves the technical aspects of performing your job or role.
2. Leadership: This competency comprises of the knowledge, behaviours, and skills involved in the ability to motivate, guide, and direct others to achieve a goal.
3. Strategic and Business Management: This competency comprises of the knowledge and expertise within the organisation which helps you to align your team in a way that enhances performance and ensures better delivery of business outcomes.
You must renew your PMP® certification after a period of every 3 years. Project Management Institute (PMI) simplifies this process by awarding Professional Development Units (PDUs) which you need to claim by continuing education and giving back to the profession.
The Professional Development Units (PDUs) are one-hour blocks of time which you need to claim by learning, teaching others or volunteering. You can maintain your certification status with PMI by accumulating these PDUs over a period of 3 years.
You can claim the PDUs for renewing your credentials in two ways, namely, education and giving back to the profession. The PDUs under these categories are as follows:
| Category | PDUs |
|---|---|
| Education | 35 |
| Giving back to the profession | 25 |
The activities and courses included under the three components of the PMI Talent Triangle™ are as follows:
| Technical | Leadership | Business & Strategic Management |
|---|---|---|
| Life Cycle Management | Coaching & Mentoring | Customer relationship & satisfaction |
| Time, Scope, Risk Management | Problem Solving | Benefits Realisation |
| Estimation | Team Building | Legal & Regulatory compliance |
| Agile Practices | Emotional Intelligence | Strategic planning & analysis |
| Governance | Conflict Management | Operational Functions |
| Data gathering and modeling | Brainstorming | Business acumen |
| Earned value management | Influencing | Competitive analysis |
| Performance Management | Listening | Market awareness |
| Interpersonal skills | Business models and structures |
There are numerous options available under education and giving back to the profession which allows you to earn the required PDUs to meet the CCR program confirmed by PMI:
| CCR Claim Category | Activity Details |
|---|---|
| Education | Attend Course or Training (Physical Classroom/online) |
| Education | Organisation Meetings (Max 2 PDUs) |
| Education | Online or Digital Media |
| Education | Online or Digital Media Self-Read - Reading Project Management |
| Education | Informal learning |
| Giving Back | Work as a Practitioner - Working in your certified role (Max 8 PDUs) |
| Giving Back | Create content - Creating new knowledge resources |
| Giving Back | Giving presentations |
| Giving Back | Share Knowledge - Mentoring, Teaching, Allying Knowledge |
| Giving Back | Volunteer - At PMI or other not for profit organisation |
The educational activities are aligned with the areas under the PMI Talent Triangle™ by spending at least 8 hours of effort or claim 8 PDUs for each one of Technical, leadership, and strategic areas. Do you need more clarification on the PDUs distributed across all the three areas?
The following chart will give you more clarity:
| Activities in Giving Back | PDUs to maintain your PMP® certification |
|---|---|
| Create Content - Creating new knowledge resources, giving presentation, and share knowledge | 25 (Maximum) |
| Volunteer - At PMI or other not for profit organisation | 25 (Maximum) |
| Work as a Practitioner - Working in your certified role | 8 (Maximum) |
| Total PDUs for giving back | 25 |
Ways to earn PDUs through Education
You can earn PDUs under the CCR program by choosing from numerous opportunities and ways provided by PMI. They are:
1. Course or training: You can earn PDUs by participating in educational training courses, which is a traditional and effective way to continue your learning. Earn 1 PDU by attending 1 hour of course or training and you need to report each course separately.
2. Organisation meetings: PMI chapters and other third parties host professional meetings throughout the year on a local basis. These meetings include educational components and provide you with the opportunity to learn and network. PDUs which you can earn by participating in the organisational meetings are typically limited to 1 to 2.
3. Online or digital media: There are numerous online educational webinars, videos, and other types of digital content which are available online and on demand. Technology allows you to customise your learning and educational opportunities according to your schedule and needs. Every hour of learning is equivalent to 1 PDU.
4. Read: You can stay informed and support your ongoing professional development by reading books, articles, whitepapers, or blogs. Reading is a valuable component of learning and you can find countless reading materials related to PMP® certification. You earn 1 PDU with every hour of learning.
5. Informal learning: Engage yourself in professional discussions with other PMP® professionals and earn PDUs while getting mentored or participating in a “lunch and learn” session with your organisation. 1 hour of learning is equivalent to 1 PDU.
Ways to earn PDUs by giving back to the profession
In order to meet the required PDUs under the CCR program, you need to choose from one of the following ways or opportunities offered by PMI under the category of giving back to the profession:
1. Work as a Practitioner: You can apply your knowledge and skills in a practical setting and use these competencies actively in order to contribute towards sustaining and growing the profession. You can earn a maximum of 8 PDUs which can be claimed per cycle.
2. Create Content: You can create new content by authoring books, blogs or articles, or creating webinars or presentations to share your knowledge and insight with others and contribute to ongoing learning. You can earn 1 PDU by spending 1 hour creating the content.
3. Give a Presentation: There are numerous occasions which would allow you to give a formal presentation to others, and share knowledge that relates to your PMP® certification. You can earn 1 PDU every hour which you spend giving presentation.
4. Share Knowledge: Were you aware that you can gain 1 PDU with every hour which you spend sharing knowledge? You grow the profession and enhance the practices that are essential to your certified role by sharing your skills with others. You will benefit others with your experience and perspective by choosing to mentor, teaching, or applying your subject matter knowledge towards an activity. With every hour that you spend sharing knowledge, you can earn 1 PDU.
5. Volunteer: You can serve as a volunteer on a PMI committee or team and support the institute and the profession in a wide range of roles. You can also volunteer your domain-related services to other non-profit organisations. With each hour of volunteer service, you can earn 1 PDU.
Report your PDUs using CCRS
The most efficient way to record your PDUs is by using the Continuing Certification Requirement System (CCRS). It is your responsibility to record your PDU activities as they occur. In order to maintain your active certification status, you must record PDUs and complete the renewal process before your CCR cycle ends. Your certification will be suspended if you do not earn and record the required PDUs within your CCR cycle.
CCR Process
Do you want to know, how the CCR process works? There are a few key steps that encompass the process of participation in the CCR program. They are:
| Step 1 | Earn a PMI certification Your CCR cycle begins on the day you pass your PMP® exam and lasts for 3 years. |
| Step 2 | Participate in professional development activities You need to take part in professional development activities in order to earn PDUs. |
| Step 3 | Record and report PDUs You need to submit your PDU claims for your certification through the CCR system (CCRS). |
| Step 4 | Fulfill CCR requirements You need to earn enough PDUs in order to meet the CCR requirements for your certification. |
| Step 5 | Complete CCR application and pay renewal fee You’ll receive information from PMI for renewal and provide payment |
| Step 6 | CCR Renewal Complete You need to follow guidelines in order to continue maintaining your certification. |
To wrap it up
As a PMP® certified professional, you must understand that PMI wants to ensure that PMP® exam is an accurate reflection of the knowledge, tasks, and skills that project management professionals actually need to perform on a daily basis. Further, 20 to 25% of the 200 questions are driven from the new outline changes that come into the picture through the PMI Talent Triangle™. It focuses on aligning the exam questions with the latest project management practices in the market.
The Continuing Certification Requirement (CCR) program allows you to maintain your PMP® certification by earning a specific number of PDUs fixed by PMI. You need to fulfill the requirements by undergoing activities and courses under the two categories, namely, education and giving back to the profession. Moreover, you need to align your 35 PDU requirements with the three skill areas under the PMI Talent Triangle™, namely, technical, leadership, and business and strategic management.
KnowledgeHut
KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com
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By Abhinav Gupta
If you have arrived at this blog and are actually inclined to read it then it is a clear sign that you know what PMP and Prince 2 actually means. And no, it does not refer to the new version of the popular video Game of your college days [Prince]; it is actually the name of the project management certification that has huge followers and fans across the world. And that’s where the trouble starts. For its competitor too, boasts of a huge fan following of its own. The PMP certification, I am talking about. Almost all project management professionals, at least once in their career are in a dilemma about which certification to choose from PMP, Prince2 or ITIL. I, too, was faced with this confusion and finally, I was able to make an informed decision, thanks to the guidance of my experienced mentors and friends. A few days ago, one of my audience at a seminar asked me which certification to choose between PMP and Prince 2 and it reminded me of my days. 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PMP stands for Project Management Professional and PMI stands for Project Management Institute PMP is governed by a framework known as PMBoK [Project Management Book Of Knowledge] This PMBoK is like a holy grail for PMI members and PMP certified members It gives tools and techniques for different situations and phases of project and it gives freedom to the project manager to decide which one to use in a particular situation depending upon the circumstances, history and future aspects PMP places onus on Integrity, Professionalism, Ethics, Communication, and transparency. PMI guides the project manager on the kind of role he/she should play in the success of projects and this lays down multiple guidance for them to be followed in spirit; the actual implementation may not be a textbook version. Brief Summary about Prince 2 – So that you know what we are comparing against: Prince2 stands for “Projects in Controlled Environment” version2 It also can be utilized for any type of project in the world It clearly lays out the roles and responsibilities of the team members in the project members The project is clearly divided into smaller manageable groups and has well laid out processes to be followed by the project manager It has 3 levels of certification: Foundation, Practitioner, and Professional Practical, to-do format, clear-cut items to be assigned, tracked and delivered are laid out in this AXELOS owned world famous certification. 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- by Abhinav Gupta
- 08 Dec 2017
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By KnowledgeHut
While nothing can replace industry work experience, there is no doubt that a credible certification can open up new opportunities and elevate your current profile. This is true for any area of work and more so in the project management field.With projects getting more complex, pan global and resource intensive, organizations look to hire project managers who come with solid expertise and a recognised certification to back their knowledge and skill.With so many project management credentials to choose from, which one would suit you best in terms of the knowledge and opportunities you will gain? Here is a ready compilation of the best Project Management Certifications for 2021, to help you to make an informed decision.PMP® Certification TrainingCAPM® Certification TrainingPMI-RMP® Certification TrainingPRINCE2® Foundation and Practitioner Certification TrainingProgram Management Professional (PgMP)® Certification TrainingPMI-ACP® Certification Training1. Project Management Professional (PMP)®Arguably the most well-known credential in the Project Management space, the PMP is globally recognized as the gold standard in project management. Offered by the Project Management Institute (PMI)®, the PMP gives you the bandwidth to work in any industry, using any methodology and working on a variety of situations.This certification is a litmus test of your project management knowledge and skills in managing the project "triple constraints", that is time, cost, and scope. And with its new rollout, the PMP helps holders grow and develop diverse project management skills to suit the fast-changing markets of today and beyond.PMP DemandThe reason why PMP is so well received is because the skills one learns during the PMP certification journey can be applied across sectors, geographies and industries including IT, government sectors, telecommunications, manufacturing, banking and more.It allows certified professionals to maximise value, enhance bottom line margins and prove that they can drive business results.PMP continues to remain one among the best Project Management Certifications for 2021.Benefits of getting PMP certifiedValidate your commitment to continued excellence and qualityDemonstrate your proficiency in project managementGrow your career in project management with confidenceManage projects across sectors and industriesGet yourself hired by the bestEarn salaries that are up to 58% higher than those who do not hold the certificationEarn salaries up to $145,000Top companies that hire PMP professionalsExxon MobileAppleSAICEXELONWhere to take training for certification: Aspirants must undertake the training from an Authorized Training Provider of PMI®.Who should take the training for certification:Mid-Level, Senior Project ManagersProject CoordinatorsProject AnalystsProject LeadersProduct ManagersProgram ManagersProject SponsorsTeam LeadersAnyone interesting in building project management skillsEligibility for PMP examTo be eligible for the PMP® exam, you must fulfill the following criteriaEDUCATIONAL BACKGROUNDSecondary Degree (high school diploma, associate’s degree or global equivalent), ORFour-year Degree (bachelor’s degree or global equivalent), ORBachelor's or Post-Graduate degree from a GAC accredited program (bachelor’s degree or master's or global equivalent).PROJECT MANAGEMENT EXPERIENCEMinimum five years/60 months unique non-overlapping professional project management experience, ORMinimum three years/36 months unique non-overlapping professional project management experience, ORMinimum two years/24 months unique non-overlapping professional project management experience.PROJECT MANAGEMENT EDUCATION35 contact hours of formal education, unless you are an active CAPM holder.Exam FormatThe latest (2021) PMP® certification exam pattern is as follows:No of questions: 180 multiple-choice, multiple responses, matching, hotspot and limited fill-in-the-blank.Time: 230 minutesDifficulty level: The questions are populated as per the difficulty level. The questions are randomized so that no two candidates will get similar questions. The easier the question, the higher the passing score determinant and the higher or tougher the question, the easier the passing score. Duration to get certified: After completing your 35 hours of PMP workshop training, you need to rigorously prepare for the exam. Experts suggest dedicating several weeks to studying for the exam to ensure thorough preparation. Your web-based exam results will be visible to you immediately upon completion of the exam.Course fee for certification: In India: INR 14999, America: USD 999, Canada: CAD 1399Application fee: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certification:In IndiaMember: ₹23,459.00 Non-member: ₹42,863.00In US Member: $405Non-member: $555Retake fee for certificationMember: $275Non-member:$3752. CAPM®: Certified Associate in Project Management Yet another offering from the PMI, the CAPM is a foundational credential that reflects the holder’s expertise in defining and managing new age project management tools and techniques. Based on the PMBOK® Guide-Sixth Edition, the CAPM will help you stand out among non-certified project managers and showcase your proficiency in implementing global project management best practices. CAPM Demand: The CAPM certifies the holder as being adept in project management practices. An organization having a pool of CAPM qualified professionals has a good reputation and standing in the market. Owing to the benefits that they bring in, CAPM practitioners are much in demand.Benefits of getting CAPM certifiedLearn the right skills in project managementGain insights into project executing, monitoring, controlling and managementBe thorough in estimating project activity costsAchieve quality management and quality assurance at every stageMaster global project management best practicesOpen yourself to new opportunities and lucrative job offersEnhance your market credibility Gain 23 contact hours/PDUsBe part of the PMI network and gain several benefitsEarn average salaries from $93,500 to $111,500Top companies that hire CAPM professionalsKaiser PermanateAecom CorporationSAP AmericaBooz, Allen, HamiltonInternational Business Machines (IBM) CorpWhere to take training for certification: Aspirants must train from an Authorized Training Partner (ATP) of PMI.Who should take the training for certificationAssociate Project ManagersProject ManagersIT Project ManagersProject CoordinatorsProject Analysts, Project LeadersSenior Project ManagersTeam LeadersProduct ManagersProgram ManagersProject SponsorsProject Team MembersEligibilitySecondary degree (high school diploma, associate’s degree or the global equivalent)23 hours of project management education completed by the time you sit for the examExam FormatNo of questions: 150 questions Time: 3 hoursDifficulty level: Moderate but requires thorough knowledge of project management principlesDuration to get certified: After completing your 23 hours of CAPM workshop training, you need to dedicate around 45-60 hours to ensure complete preparation for the exam. Your web-based exam results will be visible to you immediately upon completion of the exam. Course fee for certification: INR 8999, USD 799Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certification:In IndiaMember: ₹17,377.00Non-member: ₹23,169.00In U.S.Member: $435Non-member: $4953. PMI-RMP®: Project Management Institute-Risk Management ProfessionalThe pandemic exposed many vulnerabilities that organizations had not been prepared for. When faced with unprecedented risks, organizations need specialists who can identify and assess project risks, mitigate threats and take advantage of opportunities. The PMI-RMP course and certification prepares professionals to perform this role and successfully steer projects in complex environments.PMI-RMP Demand: According to the 2015 Pulse of the Profession® by PMI, “Eighty-three percent of organizations that are high performers in project management practice risk management frequently while just 49 percent of low performers do so”. This shows the importance of risk management and the emphasis organizations place on qualified risk managers.Benefits of getting PMI-RMP certifiedApply risk management practices for greater competitive advantageIdentify and measure risks in project development and implementationQuantify and create risk response strategies to deliver products that meet stakeholder expectationsUse a proactive and focused approach to preventing problems, rather than dealing with them once they occurIncrease your visibility within the companyAim for greater career growthEarn salaries upto $115,931Top companies that hire PMI-RMP professionalsWhere to take training for certification: Aspirants must train from an Authorized Training Partner (ATP) of PMI.Who should take the training for certificationRisk ManagersRisk Management ProfessionalsProject ManagersProject SponsorsProgram ManagersProject EngineersProject CoordinatorsPlanning ManagersPlanning EngineersProject Cost Control EngineersQuantity SurveyorsCivil EngineersIT Project ManagersProduct ManagersProject AnalystsBusiness AnalystsProject LeadersProject Co-ordinatorsTeam LeadersTeam MembersEligibilityTo apply for the PMI-RMP® Credential, you need to possess a:Secondary degree (high school diploma, associate’s degree, or the global equivalent)4,500 hours of project risk management experience40 hours of project risk management educationORFour-year degree (bachelor’s degree or the global equivalent)3,000 hours of project risk management experience30 hours of project risk management educationExam FormatNo of questions: 170 questions Type: Multiple ChoiceTime: 3.5 hoursDuration to get certifiedApplication fee: For PMI membership: USD $ 129 plus USD $10 for application fee.Course fee for certification: INR12999, USD 999Exam fee for certificationIn U.S.Member: $520Non-member: $670Retake fee for certificationMember: $335Non-member: $4354. PRINCE2® Foundation/PRINCE2 PractitionerThe PRINCE2 (PRojects IN Controlled Environments) Foundation and Practitioner credentials are sought-after offerings from AXELOS. There are a number of credentials offered under PRINCE2 that make it suitable for a wider audience. Axelos keeps the PRINCE2 curriculum regularly updated with the latest industry advances, which makes it suitable for new age project management and intensive, demanding projects. PRINCE2 Demand: PRINCE2 extends its applicability across industries and sectors. This makes it very popular in the market as it is a one size fits all model. Although PRINCE2 was founded in the UK, it has now firmly established its presence in industries across the world. According to a report in LinkedIn, PRINCE2 is the most popular project management methodology. A professional adept at PRINCE2 and holding the credential is highly valuable and sought after by organizations implementing PRINCE2 for their projects. Benefits of getting PRINCE2 certifiedGuide projects in their entiretyTailor PRINCE2 to suit the needs of projects and organizationsValidate your commitment to continued excellence and quality Master and demonstrate your proficiency of the PRINCE2® framework Gain project management best practices and grow your career with confidence Work across projects in diverse sectors and industriesShow your ability to work in challenging work environments Command higher salaries (upto $99,012 average) than your non-certified peers Top companies that hire PRINCE2 professionalsShellBPTranspower New ZealandIBMHPAquasoftGetronicsSiemensWhere to take training for certification: Aspirants must undertake training from a Certified Partner of AXELOS and an accredited training organization (ATO) with PeopleCert®.Who should take the training for certification?Project ManagersProject CoordinatorsProject AnalystsProject LeadersProduct ManagersProgram ManagersProject SponsorsTeam LeadersSenior Responsible OwnersProduct Delivery ManagersBusiness Change AnalystsProject and Programme Office PersonnelOperational Line ManagerAnyone who wishes to build up knowledge in project management EligibilityThere are no eligibility requirements for the PRINCE2® Foundation certification exam. To qualify for the PRINCE2 Practitioner exam, you must have at least one of the following certifications: PRINCE2® Foundation or higher (applicable only to certificates obtained after 1 January 2009) Project Management Professional (PMP)® Certified Associate in Project Management (CAPM)® IPMA Level A® (Certified Projects Director) IPMA Level B® (Certified Senior Project Manager) IPMA Level C® (Certified Project Manager) IPMA Level D® (Certified Project Management Associate) Project Management Qualification (PMQ) Project Professional Qualification (PPQ) Exam FormatFoundation ExamDuration: 60 minutes (1 hour) Questions: 60 Multiple choice questions Pass mark: 33 out of 60 available, or 55% Use of textbook: No, it’s a closed book examPractitioner Exam Duration: 150 minutes (2.5 hrs) Questions: 68 Objective type questions Pass mark: 38 out of 68 available, or 55% Use of textbook: Yes, but only the official PRINCE2® manual is permitted. Duration to get certifiedYou will need to attend 32-hours of PRINCE2® Foundation and Practitioner training from an ATO of AXELOS and PeopleCert®, following which you will be required to take the exams to demonstrate your knowledge of PRINCE2 and get certified. The results of your tests are issued within 2 business days from the date of your exam. Course fee for certification: USD 1999Exam fee for certification: Included in course fee5. PgMP®: Program Management Professional (PgMP)® Certification TrainingAnother project management from the PMI, this credential is more advanced than the PMP and certifies the holder’s ability to manage complex projects that cover functions, organizations, cultures and geographies. The credential mandates holders to be proficient in the six prime focus areas: Governance, Prioritization, Escalation, Resource Management, Benefits Realization, and Stakeholder Management.PgMP Demand: Credentials from the PMI are known for their rigorous standards and testing, which is why they are well accepted in industries across sectors. PgMP holders are better able to promote integration and coordination of multiple projects for the overall benefit of the program. According to PMI’s 2015 Pulse of the Profession® report, an organization’s projects are far more successful with program management than without it — 76 percent compared to 54 percent. This further compounds the demand for PgMP professionals. Benefits of getting PgMP certifiedGet in-depth knowledge of tools and techniques to handle complex multiple related projectsUnderstand Program Lifecycle and its processes, competencies, tools and techniques with practical sample templatesLearn to implement large-scale programs to align with business strategyOpen yourself to lucrative job opportunities and leadership rolesWork in projects across geographiesEarn high salaries, upto $139,000 on averageTop companies that hire PgMP professionalsAmazonGoogleMicrosoftCognizantCapgeminiDeloitteJP Morgan ChaseErnst & YoungWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI®Who should take the training for certificationTeam LeadsSponsorsProject DirectorsProgram ManagersPortfolio Managers Project Management Office (PMO) HeadsEligibilityA Four-year Degree (Bachelor's or Global equivalent), with at least four years of Project Management experience and four years of Program Management experience.ORA Secondary Diploma (High school or Global equivalent), with at least four years of Project Management experience and seven years of Program Management experience. Exam FormatNo of questions: 170 multiple-choice, of which 20 are considered pretest questions which are not scored.Question type: Most questions are scenario based and test a professional's understanding and clarity of thoughts on different Program Management concepts.Time: 4 hoursDifficulty level: DifficultDuration to get certified: You have to complete your 24 hours of training from an Authorized Training Partner (ATP) of PMI. Make a study plan and stick to it religiously. The PgMP is considered to be more difficult than the PMP and requires a fair bit of preparation. Once you pass the 4-hour exam you will be PgMP certified. Course fee for certification: INR 13,999; USD 1199Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationIn IndiaMember: ₹46,338.00Non-member: ₹77,230.00In U.S.Member: $800Non-member: $1000Retake fee for certificationMember: $600Non-member: $8006. PMI-ACPPMI-ACP Demand: Agile is a fairly new concept in the context of product development. Though organizations reap immense benefits by adopting Agile, the road to transformation can often turn out to be expensive if not well executed. PMI-ACP professionals are therefore in huge demand as they can bring in project management best practices in Agile environments and ensure project success. Benefits of getting PMI-ACP certifiedThe shortage of Project Managers has increased job opportunities in the Agile environmentYou will qualify for Agile jobs with expertise in Agile methods like Scrum, FDD, Kanban, etc. which are in demand in the industryEarn salaries in the range of $108,000 on an averageEquips you with knowledge of various Agile methodsMakes you more marketableTop companies that hire PMI-ACP professionalsStandard CharteredOracleIBMVMWareSource: IndeedWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI® Who should take the training for certification?Project ManagersProject PlannersQuality Assurance StaffDevelopers/ProgrammersDesigners, TestersProject ControllersProduct OwnersScrum MastersScrum Team MembersEligibilityTo apply for the PMI-ACP®, candidates must meet the following requirements:1. General Project Experience2000 hours of working on project teams within the last 5 years or having an active PMP®/PgMP® credential2. Agile Project Experience1500 hours of working on Agile Project Teams or with Agile Methodologies, in addition to “General Project Experience” above;3. Training in Agile Practices21 contact hours earned in Agile PracticesExam FormatNo of questions: 120 MCQ, of which 20 are pre-testDuration: 3 hoursDuration to get certified: Once you complete the course, you need to schedule the exam date. Exam applications have to be submitted and approved by PMI. Online applications m ay take upto five business days to get processed. Once your application is processed, you can schedule your exam date, and on passing receive the PMI-ACP credential.Course fee for certification: INR 10,999, USD 1099Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationFor members: $435Non-members: $495Retake fee for certificationMembers: $150Non-members: $200SummaryProject Management is among the most sought after job roles, not only in the tech industry but any industry that executes and manages projects. By 2027, 88 million individuals will need to be skilled in project management-oriented roles. This makes it among the hottest job trends in the coming years, and a credential will go a long way in helping you capitalise on this trend.
- by KnowledgeHut
- 19 May 2020
- 7 mins read
While nothing can replace industry work experience... Read More
Project Contracts – A Vital Legal Binding
By Rumesh Wijetunge
One of the key knowledge areas discussed in the Project Management Professional (PMP®) certification is Procurements Management. As part of project procurements management a project manager is mainly expected to be able to initiate, execute and manage projects based on the project contracts. This article is an attempt to discuss about project contracts, to discuss the importance of such contracts and to give an introduction to types of contracts as a precursor to subsequent articles. The PMBOK® defines a contract as follows. “Contract represents a mutually binding agreement that obligates the seller to provide the specified products, services or results, and obligates the buyer to provide the monetary or other valuable consideration in return. A contract can also be called an agreement, understanding, undertaking or a purchase order.” (PMBOK® 5.0) Any project involves two or more parties. One main party that is the buyer and the other the seller. In addition to these there can be other 3rd party elements that are not directly involved in the contract but are interested in or are impacted by the same. The contract between the buyer and the seller happens to protect the interests of the two parties entering into the agreement. The seller provides goods or services to the buyer for which the buyer compensates the seller monetarily or through other financial or non-financial means. A contract is a formal agreement between the two parties and it is a legal binding amongst the two entities. A formal contract must be in written format and can be used even in court of law in the case of either party failing to honour their commitment or in the case of an appeal against any misdeeds. Dishonouring contracts may actually lead to settlements even in court but should ideally be settled mutually among the disagreeing parties, most probably through a mediator called an ‘arbitrator’. Normally in large organizations contracts are managed by a separate contract manager or a procurements manager. The management of contracts are done in 2 separate ways namely; centralized contracting and decentralized contracting. In centralized contracting, one contract manager manages all the contract related matters for multiple projects. This requires expertise in contracting, standardization of contracting practices across the organization and more focused management of contracts. In decentralized contracting, separate contract managers are allocated to manage the procurements for individual projects. This results in full time management of contracts and the contract manager must report progress to the project manager. This results in more focused management of project contracts and with time creates specialized expertise in contracting. However, this may result in duplication of contracting expertise and less standardization of contracting practices across multiple projects in the company. There are three main types of contracts. They are Cost Reimbursable OR Cost Plus, Time and Material or Unit Price and Fixed Price or Lump Sum contracts. The applicability and use of these contract types based on the type of project, complexity and the parties involved may decide on variations based on the charges involved in order to ensure that the contract terms are mutually beneficial for the two parties. Hence, these contracts vary based on the cost, time and price. A cost plus or cost reimbursement contract is a contract in which the contractor is reimbursed or paid all the actual expenses they incur when carrying out the work. In addition to this they are also allowed to charge an extra fee allowing them to obtain a profit. For example a contractor taking up building a contract may claim resource costs as well as any miscellaneous expenses incurred for travel, food, purchases as well as charge an additional amount from the customer in order to make a profit from the tasks carried out. A fixed price contract on the other hand does not depend on the resources utilized or time expended. A fixed amount is agreed upon between the contractor and the customer where the amount is paid to the contractor even if the resources expended is lower or higher than the agreed upon amount. Time & material contract is where the contracting party is paid only for the amount of time or resources spent. For example if there is a software development firm which assigns 4 resources for a project on a T&M basis the company will be paid an hourly rate for each resource based on the amount of time they spend on tasks in the project. Each contract type has its own pros and cons for both the contracting and implementation party. For example a fixed price contract is suitable for an organization as they would know the amount due before hand and know that they won’t end up paying extra if the triple project constraints are not met. Similarly, a time and material project may be suitable for both parties, as amount will be charged only based on the amount of work done in the project and for the time spent. Advantages and disadvantages of each contract type depend on the context. Thus, it is important for stakeholders involved in projects to negotiate on contracts wisely.
- by Rumesh Wijetunge
- 23 Jan 2018
One of the key knowledge areas discussed in the Pr... Read More
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