Guide to Planning and Monitoring Iterations for PMI-ACP Agile EVM

Planning and Monitoring Iterations is a crucial part of the Agile Earned Value Management (EVM) within the PMI-ACP (Project Management Institute-Agile Certified Practitioner) framework.

What it is:
This involves defining and controlling what should be done within each iteration or Agile sprint. The process includes planning, scheduling, monitoring, and making necessary adjustments to ensure the delivery of high-quality, valuable software in each iteration.

Why it is important:
This provides a structured approach to managing the Agile projects and reduces risks of exceeding cost and time. It helps to maintain the pace, control the scope, and manage the stakeholders' expectations.

How it works:
Initially, the scope of the iteration is defined using the product backlog. The backlog items are then scheduled for iterations based on priority. Each iteration is time-boxed, generally set for 2-4 weeks. During this iteration, the team develops, tests, and delivers a potentially shippable product increment. Monitoring is done on a daily basis in daily standup meetings and adjustments are made as required. At the end of each iteration, a review is performed to verify the completion and fitness of the product increment.

Exam Tips:
In the PMI-ACP exam, understanding Planning and Monitoring Iterations is critical. Remember that it's all about controlling the iteration to maximize value and minimize risks. Questions may focus on the process, roles, and artifacts involved as well as how changes are handled within an iteration. A deep understanding and application of Agile principles and practices are key to correctly answer the questions. It is also helpful to memorize key terms and concepts.

Remember: Always take note of the keywords in the questions, anticipate the reasons for changes within an iteration, and how to handle them within the Agile framework.