Do you have any idea what it is? In basic terms, gold plating is when you make alterations to a project that are beyond of your scope. You know that instead of receiving grade B material as negotiated, your stakeholders now want you to receive grade A material. This is a problem because you didn’t account for it in your budget or schedule. As a result, as a project manager, you must avoid scope creep. Keep your scope safe. Your scope is similar to your country’s flag. You defend it against all requests for changes that aren’t essential. You put up a fight. If it’s truly valid, you can assess it and consider it, but don’t just accept it as is and change the execution.
Please pay attention to how change is handled in execution for people taking the PMP. Now it was time for the execution. The Monitoring and Controlling Process Group is the next process group. Monitoring and controlling your project entails comparing its progress to the plan, managing modification requests, and ensuring that your KPIs are met if they were included in the plan.
Monitoring and controlling begins with the execution process group, which is a key feature here. As a result, they run in tandem. So, when you’re already doing it, you monitor and control it. Isn’t that correct? How will you be able to monitor once the execution is completed? It is self-evident. So, what do you keep an eye on and control?” You keep an eye on your scope, making sure there isn’t any scope creep, and you keep an eye on your timeline, forecasting any potential delays. This is especially clear because you already have your project time plan project schedule, which we even plotted on a Gantt chart. After that, you keep track of your expenses, quality, risks, and procurement. Again this is fairly simple, for example you finished a particular work package, you can just always look back and verify if you were within the allowance.
If you weren’t, you’d look for the source of the problem. What happened? Why did we go over budget and schedule? Then, of course, you remedy those issues so they don’t happen again. And you make certain that everything is documented. Please pay special attention to Earned Value Calculations for PMP candidates. It becomes very crucial at this point. I’d want to briefly discuss earned value in this context. Earned value is calculated by multiplying the total project budget by the project’s completion percentage. For example, you’ve set aside $1 million for the entire project. And you’ve already completed 20% of it. As a result, your monetary worth is 200,000 dollars. Now, this is primarily used for construction and software projects, and an important concept by PMI.
However, outside of a few businesses, it has little value in real life. The reason for this is that the value obtained cannot always be assessed as the project progresses. What exactly does this imply? It means that progress isn’t necessarily linear. The true value of a project usually looks like this. It’s not a straight line. It’s a power curve, to be sure. However, in actuality, you develop this power curve in real life. Because most initiatives exhibit exponential growth rather than linear growth. Every month, they get compounding returns. And calculating them is a lot more complicated than y=mx+b. You’ll need the growth/decay formula to figure it out. And no project manager in their right mind would do it every week. It’s very similar to how we calculate compound-interest. Ok, before I bore you to death, let’s move to Closing Process Group.
No, not at all. I’d like to expand on this a little bit. To you, the exponential expansion. Because I believe it will be beneficial to you. Let’s consider the case of a YouTube channel. This project will be known as 100,000subscribers project. That’s what I’d like to accomplish. I currently have around 19,000 subscribers. If I have 20 videos and gain 500 subscribers per week, I will not get 1000 subscribers per week if I have 40 videos and keep the quality. It’ll most likely be 2000 each week, if not much more. It’s because it’s compounded. In the same way that your money in your savings account is safe. If you evaluate your earned value depending on your execution, you’ll notice that I’m still putting out one video every week, but the output has increased exponentially. As a result, it increases faster than a linear curve. That’s how most projects work in practise.
Let’s call it a day on this project. We’ve now completed the product. Is the project complete? I’m referring to the fact that the product has been completed. But what about the project? No, it isn’t. There’s still a lot of work to do. We don’t have much time, yet we still have to get things done. The majority of my time is spent on mundane administrative tasks. So, what are we going to do now? What you do, on the other hand, is very adaptable to the needs and complexity of your project. However, these are good beginning points in general.
1) One; We hand it over to the client if it’s a project you did for a client. You need to basically get a sign-off from the client.
2) Two; Finish procurements. Meaning, you need to make the final payments and complete your cost records.
3) Three; Gather your final lessons learned. This is basically documenting what went wrong and what did we learn from it.
You probably can’t see it on the camera, but this boat isn’t perfect. The bow of the boat is actually not straight. It’s leaning towards the port side, left side. Yeah a few lessons learned here?
4) Four; You release resources, let your team members go back to their own teams.
5) And five; finally… go celebrate…