Predictive vs Agile Project Management -Managing Schedules & Budgets: Get Free Mindset tool PMP2023

Welcome back to our PMP Mindset series, designed to help you prepare for PMP situational questions, this is my 12th video in the PMP mindset tool series!

In this video, we delve into the differences between managing schedules and budgets in traditional and agile project management mindsets. Understanding these distinctions is crucial for effectively answering PMP situational questions and becoming a more versatile project manager.

Traditional PM Mindset:
 Budget planning based on established scope
 Budget is usually set in stone for projects using the waterfall process
 Less possibility of altering budget mid-project
 Change management process required for any budget or schedule adjustments

Agile PM Mindset:
 Flexible and adaptive approach
 Encourages experimentation and changes even in later stages of a project
 Budget is more adaptable and open to revisions
 Adjustments are made based on input from each increment

Comparing Traditional and Agile PM Mindsets:
 Traditional PM: Rigid budgets and schedules, less adaptable to change
 Agile PM: Dynamic budgets and schedules, welcoming changes for continuous improvement
Tips for PMP Situational Questions:
 Recognize the differences between Traditional and Agile PM approaches while managing budget and schedule.
 Consider the specific project scenario in the question.
 Apply the appropriate project management mindset based on the scenario.

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