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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- Starting Up a Project (SU) is a pre-project process that produces the Project Brief, which triggers Directing a Project (DP).
- The Project Board uses Directing a Project (DP) to authorize the initiation stage, which formally triggers the Initiating a Project (IP) process.
- The key output of Initiating a Project (IP) is the Project Initiation Documentation (PID), which the board reviews to authorize the project itself.
- During delivery stages, the Project Manager's Controlling a Stage (CS) process runs in parallel with the Team Manager's Managing Product Delivery (MP) process.
- At the end of each stage, the Project Manager uses Managing a Stage Boundary (SB) to prepare reports and plans for the Project Board to authorize the next stage.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The Closing a Project process provides a fixed point to confirm project objectives have been met and products are accepted.
- The Project Manager recommends closure, but only the Project Board has the authority to authorize it, a common exam question.
- Key outputs include the End Project Report, the Lessons Report, Follow-on Action Recommendations, and the updated Benefits Review Plan.
- A frequent exam trap is confusing the update of the Benefits Review Plan during closure with the actual review of benefits, which often happens post-project.
- Remember the core activities with the mnemonic PHEAR: Prepare closure, Hand over products, Evaluate the project, And Recommend closure.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
Saknas det avsnitt?
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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The core purpose of the Managing a Stage Boundary (SB) process as a go/no-go decision point for the Project Board.
- The key activities in the SB process: Plan the next stage, Update the Project Plan and Business Case, and Report stage end.
- The critical difference between creating a Next Stage Plan and an Exception Plan, and what triggers the latter.
- How the exam tests the distinction between the Managing a Stage Boundary process and the Closing a Project process.
- Common exam traps, such as who approves the next stage and the constant need to verify continued business justification. -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The core purpose of the Managing Product Delivery (MP) process as the interface between the Project Manager and Team Manager.
- The three key activities of MP: Accept a Work Package, Execute a Work Package, and Deliver a Work Package.
- The distinction between the Project Manager's role in authorizing work and the Team Manager's responsibility for creating a Team Plan.
- How to differentiate between Checkpoint Reports (from Team Manager to Project Manager) and Highlight Reports (from Project Manager to Project Board).
- Why completing quality and configuration records is a mandatory part of formally delivering a Work Package.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The purpose of Controlling a Stage (CS) as the Project Manager's day-to-day management activity.
- How Work Packages are used to formally authorize work for Team Managers.
- The critical difference between a Checkpoint Report (from Team Manager to PM) and a Highlight Report (from PM to Project Board).
- When a Project Manager can take corrective action versus when they MUST escalate an exception to the Project Board.
- The distinction between a risk (a potential future event) and an issue (an event that has already occurred).
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The primary purpose of the Initiating a Project (IP) process is to create the detailed foundation, the Project Initiation Documentation (PID), before committing to major project resources.
- IP refines the outline business case from the pre-project stage into a detailed business case, justifying the project's continuation.
- A core activity is creating the four key management approaches: Risk, Quality, Change Control, and Communication.
- The PID is the key output of this process, which is baselined and requires Project Board approval before the first delivery stage can begin.
- A common exam trap is confusing the detailed planning in IP with the high-level viability check in the Starting Up a Project (SU) process.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- That the Directing a Project (DP) process is exclusively for the Project Board and runs for the entire project lifecycle.
- How the principle of 'Management by Exception' allows the board to govern without micromanaging.
- The five key activities of the DP process: authorizing initiation, the project, stages or exception plans, giving ad-hoc direction, and authorizing closure.
- How to avoid the common exam trap of confusing the board's 'directing' activities (DP) with the Project Manager's 'controlling' activities (CS).
- A simple mnemonic to remember the five activities: "Go, Go, Go, Help, Stop."
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The purpose of the Starting Up a Project (SU) process is to verify project viability before any detailed planning begins.
- The key trigger for the SU process is the Project Mandate, and its main output is the Project Brief.
- Core activities include appointing the Executive and PM, capturing lessons, designing the team, and preparing an OUTLINE Business Case.
- A common exam trap is confusing the pre-project SU process with the more detailed Initiating a Project (IP) process.
- The SU process produces an outline Business Case and an Initiation Stage Plan, not the full Business Case or the complete Project Initiation Documentation (PID).
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- An Exception Report is triggered by a forecast that tolerances will be breached, not after the breach has already happened.
- The Project Manager's primary role is to produce the Exception Report, detailing the cause, impact, options, and a clear recommendation.
- Once an exception is reported, the Project Manager's authority to act stops, and the Project Board takes over decision-making.
- The Project Board's options include approving a change, requesting an Exception Plan, or prematurely closing the project.
- An approved Exception Plan replaces the current Stage Plan for the remainder of that stage, not the entire Project Plan.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The distinct audiences and purposes of Checkpoint, Highlight, and End Stage reports in PRINCE2.
- That Checkpoint Reports flow from Team Managers to the Project Manager, detailing Work Package progress.
- That Highlight Reports are regular, time-driven summaries from the Project Manager to the Project Board, used when the stage is within tolerance.
- That the End Stage Report is a retrospective review of a completed stage, used by the Project Board to authorize the next stage.
- How the Communication Management Approach document defines the timing and format for all project reports.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- That PRINCE2 tolerances apply to six specific aspects: Cost, Time, Quality, Scope, Benefits, and Risk.
- The hierarchy of tolerance setting, from Corporate to the Project Board, the Project Board to the Project Manager, and the Project Manager to the Team Manager.
- The critical concept that an exception is triggered by a *forecasted* breach of tolerance, not an actual one, which is central to the 'Manage by Exception' principle.
- How to spot common exam traps, such as overlooking non-financial tolerances like scope and quality or confusing stage-level and project-level authority.
- The mnemonic "Can The Queen See Big Rabbits?" to quickly recall the six tolerance aspects during your exam.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The five core activities of PRINCE2 configuration management are Planning, Identification, Control, Status Accounting, and Verification/Audit.
- The Configuration Management Strategy is the key document created during initiation that defines how all project products will be tracked and controlled.
- A 'baseline' is a formally approved version of a product; any changes to it must go through a formal change control procedure to prevent scope creep.
- Each product is tracked using a Configuration Item Record, which details its unique identifier, version, status, owner, and relationships to other items.
- Verification and audit are crucial for ensuring the configuration records accurately reflect the actual state of the products, which is distinct from quality control.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The five steps of the PRINCE2 change control procedure: Capture, Examine, Propose, Decide, and Implement.
- How the Issue Register is used to formally log and track requests for change, off-specifications, and other project issues.
- The distinct roles and decision-making power of the Project Manager, Change Authority, and Project Board based on project tolerances.
- Why a separate change budget is essential for funding approved changes and how it differs from cost tolerance.
- The critical link between implementing a change and updating the corresponding Configuration Item Records.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The three official PRINCE2 issue types: Request for Change, Off-Specification, and Problem/Concern.
- The critical difference between recording informal issues in the Daily Log versus formal issues in the Issue Register.
- The purpose of an Issue Report as the formal document for analyzing and presenting an issue for decision.
- The four possible decisions that can be made on an issue: approve, reject, defer, or request more information.
- A common exam trap of confusing the Daily Log with the Issue Register and when to use each.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The six appropriate PRINCE2 risk responses for threats: Avoid, Reduce, Fallback, Transfer, Accept, and Share.
- The four appropriate PRINCE2 risk responses for opportunities: Exploit, Enhance, Share, and Reject.
- How to select a risk response that is proportionate to the severity of the risk, a key exam concept.
- The critical difference between the Risk Owner (accountable) and the Risk Actionee (responsible for execution).
- A mnemonic to help you remember the six threat responses for your exam: AS RAFT (Avoid, Share, Reduce, Accept, Fallback, Transfer).
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The nine essential components of a PRINCE2 Risk Register, from identifier to actionee.
- The critical difference between a Risk Owner (accountable for the risk) and a Risk Actionee (responsible for the response), a common exam trap.
- Four key risk identification techniques tested on the exam: brainstorming, lessons learned, Risk Breakdown Structure, and prompt lists.
- Why risk identification is a continuous and iterative activity throughout the project lifecycle, not a one-off task.
- A mnemonic to easily remember the columns of the Risk Register: 'I Describe Problems In Proximity, Responding So Owners Act.'
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The Risk Management Approach defines the 'how-to' for project risk, while the Risk Register lists the specific 'what' of each risk.
- The Project Manager creates the Risk Management Approach during initiation, but it must align with corporate policies and be approved by the Project Board.
- This document establishes the specific procedures, tools, techniques, and reporting standards for managing risk throughout the project.
- It contains the risk budget, a separate fund exclusively for financing responses to threats and opportunities, which cannot be used for scope changes.
- The Risk Management Approach is a dynamic document that is reviewed and potentially updated at the boundary of each management stage.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The three distinct roles in a PRINCE2 Quality Review are the Chair, Presenter, and Reviewer.
- A Quality Review follows a strict three-step process: Preparation, Review Meeting, and Follow-up.
- Product sign-off occurs only after all follow-up actions are completed and verified, not at the conclusion of the review meeting.
- The Quality Review technique is a specific product-focused check, distinct from the broader, ongoing Project Assurance function.
- The PRINCE2 Quality Method encompasses various techniques beyond reviews, including inspection, testing, and demonstration.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- A Product Description defines measurable quality criteria and tolerances for a specific product.
- The Quality Register acts as a comprehensive log, or diary, for all planned and completed quality activities, not just failures.
- A common PRINCE2 exam trap is confusing the individual Product Description with the overall Project Product Description.
- The relationship between the two documents: Product Descriptions set quality standards, and the Quality Register tracks the results of checking against those standards.
- How to use the mnemonic "Purple Cars Drive Quietly To Meet Residents" to recall the essential components of a Product Description.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep -
This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.
In this episode you will learn:
- The seven sequential steps of the PRINCE2 planning approach, from designing the plan to documenting it.
- Why PRINCE2's product-based planning is a critical concept and differs from activity-based approaches.
- A common exam trap involving the incorrect sequencing of the 'estimate' and 'schedule' steps.
- The key components that make up a formal PRINCE2 Plan, including tolerances, prerequisites, and monitoring approaches.
- The mnemonic "Don't Panic At Exam Stress, Remember Details" to recall the seven planning steps in order for exam day.
For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep - Visa fler
