APM Project Management Training

2.1 Critically Evaluate Tools, Techniques, and Leadership Behaviours Tools and Techniques: The podcast discusses utilizing the Tuckman model (forming, storming, norming, performing) as a framework to understand team development stages. It emphasizes the importance of trust and confidence through practical approaches like kick-off meetings, social events, and fulfilling commitments. Leadership Behaviours: Effective leadership in project management is highlighted through the necessity of establishing trust and confidence. Leaders are advised to under-promise and over-deliver, ensure clear communication of expectations, and actively maintain commitments to build credibility within the team. 2.2 Critically Analyse Response to Changes in Project’s Environment The dialogue explores the adaptation to changes in a project's environment, emphasizing the need for flexibility in leadership styles. It discusses the situational application of leadership models like Hersey and Blanchard, and Max Landsberg's skill-will model to cater to evolving team needs and environmental contexts, ensuring that team requirements and interests are continuously supported. 2.3 Critically Analyse Tools and Techniques for Effective Team Development For maintaining an effective team, the session underscores the importance of clarity in roles and responsibilities through tools like RACI matrices and comprehensive project plans. It also suggests regular updates and adaptations to the project environment, advocating for proactive management of team dynamics and ensuring alignment with project goals through continuous development and training. 2.4 Critically Evaluate the Role of Monitoring and Feedback Monitoring and feedback are framed as crucial for recognizing individual contributions and guiding team progress. The discussion points out that both project-oriented and personal feedback are necessary. The former ensures that the project stays on track, while the latter supports individual development, addressing personal challenges and aligning them with project goals. 2.5 Critically Evaluate Relationship Between Performance Management and Motivation Performance management is linked directly to motivating team members by aligning individual professional growth with project goals. The conversation highlights how performance appraisals, development opportunities, and potentially even financial incentives like bonuses can enhance motivation, leading to successful project outcomes. 2.6 Critically Evaluate the Use of Conflict to Improve Performance The podcast illustrates the concept of 'positive conflict', suggesting that controlled, constructive conflict can be beneficial. It can stimulate innovation, challenge ideas to improve project outcomes, and enhance performance through healthy competition. Moreover, resolving conflicts respectfully can strengthen team cohesiveness and trust among members.

1.1 Critically Evaluate Ethical, Flexible, Inspirational, and Collaborative Approaches to the Leadership of Others in Evolving Situations The discussion emphasises the multifaceted nature of leadership within the context of project management, highlighting the need for leaders to exhibit ethical, flexible, inspirational, and collaborative behaviors. Ethical leadership involves openness, honesty, and integrity, ensuring transparency and trust within the team. Flexibility in leadership styles is crucial to adapt to varying team and stakeholder needs, fostering an environment where the project manager's approach evolves based on situational demands. Inspirational leadership focuses on motivating and encouraging team members towards achieving project goals, cultivating a sense of purpose and commitment. Collaborative leadership underlines the importance of engaging with the team in problem-solving and decision-making processes, promoting inclusivity and collective ownership of project outcomes. 1.2 Critically Analyse Ways in Which to Engage with a Diverse Range of Individuals and Teams to Agree Aims and Objectives Which Are Aligned to a Project’s Strategic Goals Effective engagement with a diverse team is central to aligning individual tasks and broader project objectives. This involves utilizing tools like RACI charts to clarify roles and responsibilities, ensuring everyone understands their contribution to the project’s success. The approach requires analysing different methods of engagement, identifying the pros and cons to tailor communication and leadership strategies that resonate with varied team dynamics. This segment also stresses the significance of establishing clear, tangible goals that are communicated effectively, fostering an environment where every team member is bought into the vision and motivated to contribute to the strategic objectives. 1.3 Critically Evaluate Environments Which Encourage and Sustain Empowered and High-Performance Teams Creating an environment conducive to high performance and empowerment involves considering both the physical and cultural aspects of the workplace. This includes decisions on co-location versus virtual collaboration, which hinges on the nature of the team and project requirements. The importance of daily or regular check-ins, such as agile stand-ups, is highlighted as a means to foster communication and accountability. The discussion also touches on the significance of the project manager's role in setting up structures that facilitate performance, including the strategic use of work package descriptions and ensuring alignment with the project's objectives. Lastly, it mentions the need for a supportive culture that encourages innovation, responsibility, and collaborative problem-solving, enabling teams to thrive regardless of their geographical distribution

In this podcast, Paul Naybour and Tom O'Shea explore the complexities of benefits management within project governance, with a specific focus on the APM's PPQ qualification. They highlight the critical nature of ensuring that benefits are measurable, meaningful to stakeholders, and align with an organisation's strategic objectives. The conversation delves into developing a benefits management strategy, emphasising the importance of setting priorities, assigning responsibilities, and defining timescales. The significance of prioritising benefits based on their contribution to strategic objectives is a key point of discussion. Naybour and O'Shea also address the creation of a benefits realisation plan, considering factors such as funding, tracking, monitoring, and scheduling. They explore strategies to maximise the achievement of planned benefits, including integrating benefit considerations into project design and management. Throughout the podcast, the importance of project managers' understanding and active involvement in benefits management is underscored despite it not being a routine task. The speakers recommend consulting the APM's guidance on benefits management and suggest embedding benefits planning into various project stages to ensure effective project outcomes and value for the organisation. The podcast concludes with a discussion on the role of benefits management in programmes, emphasising its importance regardless of project scale or complexity.

In this podcast, Paul Naybour and Tom O'Shea discuss change control in project management, focusing on four key areas: the benefits and features of effective change control processes, methods for capturing, recording, and reviewing change options, implementing and managing approved changes, and the use of trend analysis. They emphasise the importance of understanding change control's rationale, the need for structured management approaches, and the role of trend analysis in project improvement. The discussion also highlights the challenges in adapting change control processes in dynamic project environments, underscoring the necessity of clear communication and documentation updates.

In the podcast, Tom and Paul explore the APM PPQ assessment criteria related to project reviews and management. They underscore the vital importance of critically evaluating reliable and valid information to assess various project factors across its lifecycle. They also emphasise the significance of aligning reviews with organisational, legal, and regulatory requirements. Furthermore, they analyse scenarios where deviations from the project plan may arise and discuss strategies for resolving them. The podcast underscores the need for accurately documenting deviations and highlights the advantages of doing so. Additionally, they discuss change control processes and protocols, including a critical assessment of their benefits and features. Throughout the conversation, they provide valuable insights into effective project management practices.

In this podcast episode, Paul Naybour and Tom O'Shea discuss the PPQ assessment criteria, specifically focusing on 1.1, which relates to governance in project management. They highlight the importance of aligning project structures and hierarchies with the organisation's structure and the chosen project lifecycle. They also discuss the possibility of proposing a different approach to project management if it aligns better with the project's nature. They emphasise the need to evaluate appropriate structures and hierarchies, considering factors like organisation structure and team setup, especially when taking over an ongoing project. They mention the relevance of the seventh edition of the Body of Knowledge as a reference and provide insights into creating governance structures, such as project boards or steering groups. The conversation continues with a discussion on establishing roles and responsibilities within a project team, ensuring formal documentation and individual acceptance. They suggest methods like mapping roles to skill sets and conducting workshops to gain team buy-in. Lastly, they touch on maintaining reporting hierarchies and structures throughout the project's lifecycle, stressing the importance of adapting to changing needs and circumstances. They mention that regular progress reporting can help reinforce accountabilities. Overall, this podcast episode delves into the complexities of governance, roles, responsibilities, and reporting structures in project management, offering insights and guidance for project managers.

In this Parallel Project Training podcast, Paul Naybour welcomes Tom O'Shea, the new leader of their PPQ programs. Tom shares his extensive involvement with the PPQ, including his role in its initial development and evolution from the previous PQ version. He highlights the PPQ's transition to a more efficient half-day assessment format and discusses his work in guiding and coaching candidates through the PPQ assessment process. The podcast delves into the PPQ's purpose, positioning it as a crucial bridge between foundational project management knowledge, as covered in the PMQ, and the advanced technical skills required for achieving chartered status. Unlike the PMQ, which focuses on theoretical knowledge, the PPQ emphasises practical application. It requires candidates to demonstrate their project management capabilities in real-world scenarios, particularly through case study assessments. Thomas explains that these case studies often involve turnaround situations, challenging candidates to apply their knowledge and experience to poorly managed projects. He underscores the importance of practical application in the PPQ, as it assesses the candidates’ ability to bring tangible improvements to real-life project scenarios. The podcast aims to provide insights and tips for candidates preparing for the PPQ, emphasizing the value of practical experience over theoretical knowledge in achieving success in the assessment.

In this episode, we discuss competence 7. stakeholder management and communication management. The professional practice criteria are PP1.1 Determined stakeholder interests, and levels of influence for a project. PP1.2 Produced a communication plan and undertaken effective stakeholder engagement based upon it. PP1.3 Monitored effectiveness of the communication plans and stakeholder engagement activities. PP1.4 Adjusted the communication plan and responded to any changing stakeholder engagement needs. PP1.5 Employed relevant communication methods and media to meet stakeholder requirements and expectations. PP1.6 Disseminated clear, timely and relevant information to stakeholders. PP1.7 Obtained, and responded to, feedback from stakeholders which may have an impact on a project. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030

In this episode, we discuss competence 6. Risk and issue management. the professional practice criteria are PP1.1 Continually identified risks within a project. PP1.2 Created a risk register including potential impact and suitable responses. PP1.3 Assessed the probabilities and impacts of risks and planned their responses. PP1.4 Capture and recorded issues, how they were resolved, and their implications to inform planning for future projects. PP1.5 Reacted, assessed, and planned responses to issues. PP1.6 Implemented responses to risks and issues including escalation, recording lessons learned. PP1.7 Transferred and/or formally closed unresolved risks at the end of a project or phase. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, we discuss competencies 5a. Leadership and 5b. Team management The professional practice criteria for 5A. Leadership PP1.1 Maintained a team’s understanding of, and commitment to the vision, values, and objectives of a project. PP1.2 Selected an appropriate leadership style based on the situation and/or context. PP1.3 Collaborated with others to maintain the momentum of a project. PP1.4 Encouraged others to adopt behaviours which built trust, confidence, and collaboration either within or between teams. PP1.5 Established environments which presented opportunities for empowered and autonomous working. PP1.6 Established leadership approaches to work with remote teams, colleagues and stakeholders. PP1.7 Identified and addressed difficulties and challenges through facilitating open discussions in a timely manner. The professional practice criteria for 5B. Team management are PP1.1 Agreed team objectives and ways of working to achieve the vision and goals of a project. PP1.2 Evaluated the maturity level of the team. PP1.3 Adopted a proactive approach to communication to establish networks of support and facilitate effective ownership of delegated tasks. PP1.4 Built a relationship of trust and support, taking into consideration the possible complexities of collaboration, virtual working, time zones and cultures. PP1.5 Met the demands of a project through balancing individual and team needs. PP1.6 Provided opportunities for coaching and/or mentoring to members of a team, creating an environment of learning and trust thus promoting continual professional development. PP1.7 Addressed performance issues likely to negatively impact on the success of a project whilst remaining alert to any signs of stress within the team. PP1.8 Acknowledged levels of performance through constructive feedback to individuals and teams and celebrated success when evident. PP1.9 Established a learning culture and promoted continued professional development. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, we discuss competencies 4a. Integrated planning and 4b. Schedule management The professional practice criteria for 4A. Integrated planning PP1.1 Considered constraints and assumptions when creating an integrated plan. PP1.2 Considered dependencies and governance arrangements, when creating an integrated plan. PP1.3 Demonstrated compliance with organisational practice when establishing the size, structure, and contents of an integrated plan. PP1.4 Included other relevant components, plans and documentation to support a comprehensive integrated plan, and ensured formal acceptance of it. PP1.5 Completed formal sign off and acceptance of an integrated plan. PP1.6 Continually monitored the progress of a project against the integrated plan. PP1.7 Adjusted the integrated plan utilising a change control process PP1.8 Applied configuration management to a plan once it had been formally accepted. The professional practice criteria for 4B. Schedule management are PP1.1 Defined tools and techniques for creating and updating a schedule. PP1.2 Established units of measure to accurately define activities and events to be completed during a project. PP1.3 Developed duration estimates and critical dates for each activity and event. PP1.4 Determined relationships and dependencies between activities and events, when constructing a schedule. PP1.5 Documented a schedule of phases, milestones, and reviews to support project monitoring and progress reporting. PP1.6 Agreed a schedule baseline, exceptions, and tolerance thresholds. PP1.7 Communicated regular schedule updates to internal or external stakeholders. PP1.8 Refined a schedule of activities based on effective monitoring, implementing the change control process when required. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, we discuss competencies 3a. governance and 3b. reviews. The professional practice criteria for 3A. Governance are PP1.1 Defined reporting, decision-making hierarchies, and levels of authority for a project. PP1.2 Established the relationship between a project’s governance and the organisation’s governance structures. PP1.3 Designed the project governance structure taking into account context, complexity, and potential impact. PP1.4 Adapted or adjusted the governance structure as required PP1.5 Ensured clarity of ownership and levels of authority by agreeing the responsibilities and accountabilities with relevant individuals. PP1.6 Ensured effective decision making through maintained governance structures. PP1.7 Ensured effective reporting through maintained governance structures for appropriate staffing and maintenance The professional practice criteria for 3B. Reviews are PP1.1 Considered factors which need to be evaluated during a review. PP1.2 Established and implemented a schedule of reviews incorporating key milestones. PP1.3 Obtained appropriate information from valid sources to inform the reviews. PP1.4 Maintained records of any deviations from plans to include reasons for and responses to, the deviations. PP1.5 Communicated the outcomes of reviews to relevant stakeholders. PP1.6 Confirmed stakeholder understanding and acceptance of proposed actions. PP1.7 Implemented agreed actions and updated lessons learned. PP1.8 Conducted and documented a close out review. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, we discuss competencies, 2a. Change control and 2b. Conflict management. The professional practice criteria for 2A. Change control; PP1.1 Established a suitable change control process. PP1.2 Implemented and maintained a suitable change control process. PP1.3 Captured and recorded proposed changes to the agreed project scope. PP1.4 Determined the high-level impact of proposed changes to the project scope including reference to relevant sources. PP1.5 Determined the detailed impact on time and cost estimates of options relating to a proposed change. PP1.6 Reached justified recommendations on the approval, rejection, or deferral of proposed changes to a project and updated stakeholders as necessary. PP1.7 Updated plans and schedules reflecting the approved changes to a project demonstrating configuration management. PP1.8 Used trend analysis to help determine the performance of the current and future projects. The professional practice criteria for 2b. Conflict management; PP1.1 Taken a proactive approach to identifying and addressing potential conflict situations which may have impacted on the project. PP1.2 Taken an impartial approach to investigating the cause of conflict. PP1.3 Evaluated and implemented conflict resolution measures, seeking assistance from others when necessary. PP1.4 Responded appropriately and promptly to conflict situations where intervention was required. PP1.5 Monitored the extent to which conflict resolution measures have been successful. PP1.6 Sought to resolve conflict respecting the views, opinions, and concerns of all parties. PP1.7 Supported others to resolve conflict. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, we discuss the first two competencies, 1a. budgetting and cost control, and 1b. financial management. The professional practice criteria for 1A. Budgetting and cost control are; PP1.1 Established estimates for different project costs. PP1.2 Established and gained agreement to a project budget. PP1.3 Set up funding drawdown arrangements based on cash flow forecasts. PP1.4 Applied metrics to establish cost trends within a project. PP1.5 Refined budget allocations based on cost analysis, applying change control processes as required. PP1.6 Produced financial reports for stakeholders based on financial performance monitoring. PP1.7 Upon project closure, produced final financial reports and distributed them to relevant stakeholders. The professional practice criteria for 1B. Financial management are; PP1.1 Established estimates for different project costs. PP1.2 Established and gained agreement to a project budget. PP1.3 Set up funding drawdown arrangements based on cash flow forecasts. PP1.4 Applied metrics to establish cost trends within a project. PP1.5 Refined budget allocations based on cost analysis, applying change control processes as required. PP1.6 Produced financial reports for stakeholders based on financial performance monitoring. PP1.7 Upon project closure, produced final financial reports and distributed them to relevant stakeholders. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, Parallel Project Training discuss some further details around the application process for ChPP. We also start to look deeper into the Technical Knowledge and Professional Practice statements. These statements are written on a number of mandatory and elective competencies, and we set the scene for the upcoming podcasts on each competence. For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this episode, Parallel Project Training offer an introduction to some APM ChPP topics. We cover; For more guidance on the Association for Project Management Chartered Project Professional (ChPP), or any other project management training, please visit www.parallelprojecttraining.com or call 0118 321 5030.

In this APM Project Management Qualification (BoK7) podcast Paul and Jan discuss quality control, quality management and quality assurance. This podcasts aims to address the following APM PMQ assessment criteria; This podcast is just part of the parallel learning system for the APM Project Management Qualification. This approach includes a wide range of learning resources including a printed study guide, on-line e-learning, a tutor lead study group and a wide range of project management courses Here is a summary of the different aspects of quality within a project management environment: Quality Planning A project manager will always need to create a quality plan detailing how the project will produce products of the required quality. Included in the quality plan will be the following: Quality Assurance Quality assurance demonstrates how the necessary quality will be achieved and in doing so instils confidence in stakeholders regarding quality levels of the final outcome. The typical components of quality assurance are: Training Are members of the project team competent and fully trained to complete the work assigned to them. Audit A formal, external audit of processes provides reassurance that the project will be carried out as expected. Supplier Accreditation When goods and materials are supplied to be used in creating the products that will form the project deliverables then those goods or materials must be assessed to be of the required quality. Lessons Learned Lessons should be learned throughout the project and effectively communicated so that any problems are resolved at the point they are being made. This ensures the root of the problem is identified rather than issues recurring again and again. Quality Control Quality control measures will vary widely depending on the type of project and the type of project deliverable. The key similarity, however, will be a comparison of the final deliverable with the original specification. Some of the quality control techniques that might be used in a project management environment include: And here is a transcript of this podcast: Introduction Welcome to a parallel project training APM project management qualification podcast based on the APM body of knowledge seventh edition, you should be using this in conjunction with our elearning podcasts, and potentially a tutor led course. For more information, please visit www.parallelprojecttraining.com Paul Hello, welcome to another Parallel Project Training podcast today we're doing quality podcasts with Jan. Hello, Jan Jan Hi there. Paul Very good. Very good. So this is based on the seventh edition of the body of knowledge with PMQ. So the learning so the assessment criteria in this question section are explained what is meant by quality management and differentiate between quality control and quality assurance? Jan Right? That's a mouthful Paul Explain what is meant by Quality Management, I suspect we have two definition of what quality is first. Jan Okay, so it's going for the body of knowledge. It says qualities assessment of a product's fitness of purpose. While the definition appears to be limited the products that the project will produce. It also implies not only to these products is the process and procedures deployed in managing the project iself. Paul So there's two things, Jan There's two things Yes, because quality to the to the product itself, you can see why it conforms to specification. And of course, the specification is set out when we have to do things like scope management and kind of requirements. So does it meet or does not meet the actual requirements. And of course, that has to be kind of agreed and kind of baseline. And then we talk about change control and all that sort of stuff. But qualities can be very, very subjective as well. So quality to you like a quality car to you may not be To me, that's what I want to use car for. But also, its terms...

In this APM Project Management Qualification (BoK7) podcast, Paul and John discuss procurement. This podcast is ideal for anyone doing one of the APM PMQ project management courses and aims to address the following assessment criteria: A procurement process is used by companies in the acquisition of goods and services. This will usually have a defined procurement strategy document and include details on selecting suppliers, setting up contracts and management of those contracts. Because the procurement strategy document is a standard project document it needs to be in place at the start of a project as it is an important factor at the same time as considering the business case of a project. Typical parts of the procurement strategy documentation are: Make or buy decision: Would it be better to produce the required goods within the organisation or would it be more efficient or cost-effective to use an external producer/suppler. This decision can only be made when the specification of the product is fully understood. Contractual relationship: There is a wide choice of contractual agreement types fro the single contract between the client and supplier to more complex agreements between the client and a main contractor and between main contractor and sub-contractors. Reimbursement methods: These are the payment terms and the way in which the goods or services will be paid for. This could be as simple as a fixed-price method for a clearly specified product through to much more flexible arrangements where an innovative new product is being developed by the supplier for the client. Supplier selection: Large organisations will usually have an established process to help in the selection of the right suppliers, most usually through a competitive tender process where several suppliers provide costs for the required product/service. The aim being for the organisation to acquire the product or service at the most competitive price. Contract administration: This should be a regular, ongoing process throughout the term of the contract to confirm that both supplier(s) and client are complying with the terms of the contract which they have agreed. Feedback and review: This is important in any type of strategy in order to learn lessons about what went well and what did not; in order to improve the process for future projects. This podcast is just part of the Parallel Learning System for the APM Project Management Qualification. This approach includes a wide range of learning resources including a printed study guide, on-line e-learning, a tutor lead study group and a wide range of project management courses. SEE THE TRANSCRIPT BELOW: Introduction: Welcome to a Parallel Project Training APM Project Management Qualification podcast based on the APM body of knowledge seventh edition. You should be using this in conjunction with our e-learning, podcasts and potentially a tutor-led course. For more information please visit www.parallelprojecttraining.com Paul Naybour: Hello welcome to another parallel project training podcast we're on to procurement for the APM PMQ with Paul Naybour and John Bolton. Hello, John John Bolton: Hello everybody. Paul: Last chapter. By now the guys are hurray. Guys and girls. John: If this takes two minutes it’s because we've had a long day. Yeah, well. It's quite a big topic, though so let’s crack on Paul: By completing this subsection you will be able to understand the learning objectives: So, let's talk about procurement strategy first. What is a procurement strategy I think this is the thing that I see causing the most blanks. Also called procurement plans. So basically, John: I don't think they do I think if you could say procurement plans, a lot of people they think about supplier selection. Paul: Yes, and they get confused. Because strategy is a is a document written early in the project, about how you're going to procure those goods and...

In this APM Project Management Qualification (BoK7) podcast, Paul and John discuss risk and issue management. This podcasts aims to address the following APM PMQ assessment criteria; This podcast is just part of the parallel learning system for the APM Project Management Qualification. This approach includes a wide range of learning resources including a printed study guide, on-line e-learning, a tutor lead study group and a wide range of project management courses Below is a transcript of this podcast: Introduction Welcome to a parallel project training APM project management qualification podcast based on the APM body of knowledge seventh edition. You should be using this in conjunction with our elearning podcasts, and potentially a tutor led course. For more information, please visit www.parallelprojecttraining.com Paul Hello, welcome to another Parallel Project Training podcast with John Bolton. Hello, John. Hello and Paul Naybour. Oh, we're doing the PMQ and we're doing risk and issue management today. Deep joy. So we've got quite a big section here. Quite a lot of assessment criteria. John This was the longest podcast in the box. So this lasts 47 minutes Paul So explain the stage in the risk management process such as identify analyse, plan, response and closure, explain proactive responses to avoid reduced transfer and accept exploiting enhance, share and reject, explain the benefits of exposure and explain the key aspects of issue management and contingency. So as we start with this definition, a risk event is John well, yeah, a risk event is an uncertain event or set of circumstances that should occur or they occur would have an effect on the achievement of one or more of the project's objectives. That's the prime guide definition. Okay. There is a slightly different glossary definition. Okay, what's the glossary? Say it doesn't talk about risk events as much it talks about just it says something more generic. The risk is the potential of an action or event to impact on the achievement of objectives, Paul potential action or event. Yeah. Okay. So they're all events that might have an impact on achievement. John Yeah, I mean, I think people talk about the word event as if it's meaningful, I think it's just just a noun, Paul or an adjective, whatever it is, to the key thing that can be opposite. They can be opportunities or threats, right. So you're looking at both, which confuses some people sometimes because generically, we talk about risks being bad things, but we don't tend to write down on opportunities are very rarely academic, John which is, but then, you know, interest rates could go up as well as down. I have a blog about that fuel prices forgot as well as down. They want to talk about that or not really. Okay. No, I mean, well, we need to mention it, because it could be part of, but it's not ostensibly part of the syllabus. Yeah. You know, they don't talk about risks. Positive risks in here are explicitly Yeah, although they do talk about the responses as being exploiting heartshare or reject, which in the pram guide on opportunity on so we talk about those as well. Paul So risks can have causes background facts, it make them happen. So that's called change or political uncertainty, economic uncertainty, or technology or something. And that cause introduces an uncertain event, which has an impact on time, cost and quality usually, or achievement of the overall objectives for the period. John So I mean, how is our problem with going down the cause? root, you know, so you can they might rain tomorrow? Because of global warming? That's a fact. Yeah. But I mean, it could cause a global warming is more likely Pratt was the rain. Warning. Yes, exactly. So what's the cause? So close to this, because I've got diesel, Paul diesel, and go back and back and back back, but you just try to identify a manageable root cause? So Ben, well, it's John a specificity of,...

In this APM Project Management Qualification (BoK7) podcast, Paul and John discuss earned value. This podcasts aims to address the following APM PMQ assessment criteria; This podcast is just part of the parallel learning system for the APM Project Management Qualification. This approach includes a wide range of learning resources including a printed study guide, on-line e-learning, a tutor lead study group and a wide range of project management courses Below is a transcript of this APM PMQ podcast: Introduction Welcome to a parallel project training APM project management qualification podcast based on the APM body of knowledge seventh edition. You should be using this in conjunction with our elearning podcasts, and potentially a tutor led course. For more information, please visit www.parallelprojecttraining.com Paul Hello, welcome to this Parallel Project Training podcast. Today we're looking at our favourite topic earned value. John Yes, hello, Paul – love earned value. Paul This is quite a big change in earned value for this syllabus. But anyway, let's go through the assessment criteria. Explain why project managers should use earned value, interpret and value data including variances and performance indices, expand the benefits of interpreting and value and expand the role of contingency planning and projects. So we're not doing any, we don't have to do the sums of calculating Earned Value anymore. John No, no. I mean, basically there is this new form of torture called interpret interpret. Yeah, so they give you a diagram and go or give you some numbers and you have to figure out what's going on. Yeah. You have to sort of synthesise, and you have to you have to look at those numbers and kind of read into them what could be going wrong on a particular project? Paul What you do quite often in a project environment Anyway, you go to a progress meeting. And someone hands a report to you as you go in the door. John Yeah, but I mean, if you got it if you've got a CPI of point eight, yes. I mean, interpret that. What does that mean? Well, that means that we're overspending on costs, we're really efficient. But that could be the result of billions of different reasons, you know, so I'm not, you know, we can go through few of them. But there might be many reasons why that's happening. Yeah. So there's not a definitive kind of List of these. But the essence of it is, is that you're working out some sort of, if you figure out your own value, right, that's what Paul Explain why a project manager should use earned value. Let's do that first John Okay, well, the principle is that you can't tell how well your project is doing simply by comparing what you've spent with what you thought you were going to spend. So you need another measure. So you need a third axis on your graph. So the curve on your graph, which is progress, progress is calculated. So the third the third act, the third curve is earned value. And that's calculated by taking the budget completion, multiply it by the percentage complete. Yes. So if you've got a war that's worth three grand, and you're two thirds of the way through, you've got 2000 pounds worth of earned value, putting it very crudely. So you plot those figures, you plot how much you spent, how much Earned Value you've got, and you compare the actual span of the plan costs with your own value, and that gives you indices and indexes and variances. It works on the basis that the only really good answer is your own budget, and you've delivered stuff according to the budget. So if there are no variances on earned value or actual costs, so that's the principle. So the consequence of that is that any deviation is bad. Yeah, even if it's positive, yes. Paul Is that we're not necessarily good. John It's difference is a deviation. Yes, so that a deviation positive or negative is not in itself a good thing. However, I thought would be finishing early is probably...