Hey guys, welcome to EduHubSpot PMP Mindset video series. In this video we will talk
about budget and schedule, how budget and schedule is managed on traditional projects,
and the same thing how budget and schedule is managed on the Agile projects. So you have to
understand and differentiate between those. But in order to do that you need this EduHubSpot PMP
mindset tool and I am going to show it to you how you can get it at the end of the video.
But before we do that, let's go right into the topic. Let's first talk about the entire concept
in detail. So when you are on the homepage of the mindset tool, click on budget and schedule.
Okay, now let us read the difference between the two. On traditional predictive projects, planning
for the budget is done using the scope that has been established. For projects that follow the
waterfall process the budget is typically set in stone. Since the project is planned out from the
beginning to the end, it is less possible to alter the budget in the middle of it.
The Change management process must be followed for any changes to the budget or schedule.
So on the traditional projects, typically the project budget is given to you well in advance,
if you ask me, of course the scope is defined and based on the scope, you will determine the
project budget. But before even the project is started, your scope is well defined. You exactly
know what is needed, so your budget is also well defined. And if there are any changes to that,
and if it is determined at the later stages of the project, then your project budget will increase.
Okay, so let's see on the Agile side, Agile is flexible and invites adaption,
experimentation and changes in course, even in the project's latest stages, the budget is typically
more adaptable as a result. Consequently, is revised in light of input from each increment.
So same thing, if you ask me, on agile side is a little different. So budget is much more flexible.
You don't really have a fixed budget as such, like the way you have in the traditional mindset
in the traditional project management, it really depends upon if you're adding more and more scope,
the budget will also change. So it's much more flexible on the Agile project.
Same thing is related to schedule also. On the traditional projects, your schedule is much more,
I would say fixed. You want to make sure that you want to complete it under a well-defined schedule.
On the agile side, it really depends upon the scope of the project and you really don't go
with the fixed schedule as such as compared to traditional projects. So let's do one question.
Devin is a project manager who is managing an yearlong project. After Eight months,
Devin analyzed the project status and came to the conclusion that they were on budget and on
scheduled. Okay. However, the customers are not happy. Which of the following
option would have prevented this situation? So basically Devin completed the project on budget
and on schedule, but still the customers are not happy. So what could be the problem? Let's see.
A: While defining the project scope, Devin should have considered getting customer approval.
This looks like a good choice because we are talking about budget and schedule,
which we completed. So definitely the problem is with something else, it could
be scope. So option A maybe a correct choice. B: Devin should have monitored the risk throughout
the project. See, the question is not talking about risk anywhere, so I don't think so. B
is the correct choice. I am double clicking on that. And it shows that it's the wrong choice.
Option C, Devin should have made sure that all the project work is completed on time.
The question stated that you completed the project on schedule. So C is not a correct
statement. Which is the wrong answer as well. Let's see D: Devin should have made sure that the
root cause of the quality problem are defined. Once again, yes, the customers are not happy,
but it is not necessary that the customers are not happy because of the quality. Nowhere in
the question are they talking about the quality. So I cannot determine that it was because of the
quality. So option D is out as well, which is the wrong choice. So the only option which is left is
option A, which is basically the project scope. So the customers are not happy and it could be
because of any reason. It could be quality, it could be scope, it could be any X, Y, Z reason.
But if you are getting the customer's approval throughout or at the early stages,
they would have been much more happier. They would have made sure that their requirements are taken
care of. So option A is the correct answer choice. If I click here to see the answer explanation,
you will see the explanation why it is correct. You can also watch the video explanation for this
question by clicking on this video, and it's going to take you to a new video where you can watch it.
There is another question which you can practice, but once again, I am not going to practice it for
you. I want you guys to practice and how you can do it. First, go to the homepage.
How to get this tool for free of cost. Just go on my website, www.eduhubspot.com. When you
go on my website, you will see two options over there, either bottom right hand side,
you will see an option of chat, like click on that chat option, talk to one of my team member,
or you request a demo, book a demo and you will directly, based on the timeline,
you can connect directly with one of my team member and they're going to set up a 30-minute
zoom call with you. Now, what is the purpose of this zoom call? They are going to explain you how
to use this tool. They are going to understand your background, what you are doing, how you are
doing in your studies, and they will give you some pointers. After the end of that zoom call,
they are going to email this mindset tool for you free of cost. If you are my student or if
you are not my student, you will irrespective of that, you will get this tool free of cost.
Only thing I ask from you is go on my website and talk to them. Give us those 30 minutes,
because ultimately I want to make sure that I am impacting your life, not just by
helping you pass the PMP exam, but you know touching your hearts. That is my end goal.
And please don't forget to like and subscribe to my YouTube channel because I am going to explain
this entire 15 concepts, everything. Like before the real PMP, you have to watch these 15 sections,
wear your PMI hat in order to pass this exam successfully and don't forget to send
me an email when you pass this exam because these emails helped me a lot. It motivates
me a lot to make something as beautiful, like something like PMI mindset tool, which I did.
Hey guys, I hope you liked my agile mindset video on budget and schedule.
The next video I am going to talk about is project management plan,
how project management plan is done on predictive projects and how project management plan is done
on agile projects. So stay tuned for that. On the other hand, you will see
my most favorite video. If you want to watch it, please go and click on that. Thank you.