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Are you preparing to pass the PMP certification exam? If yes, some noteworthy domains must be considered. The formulas of PMP are quite necessary on account to clear the P-M-P certification examination. On the other side, there isn’t any particular plan on the series of questions reliant on formulas of PMP you would not allow to pay any attention to such kind of formulas - while you are preparing. You might get so many direct questions that are relying on the formulas of PMP in the examination - which are asked to assess the knowledge of those formulas. Therefore, it turns out to be very important to have a detailed understanding regarding such kinds of P-M-P formulas.
One of the main aspects to recall in the course of this procedure is; attaining the certificates of PMP demonstrates your obligation towards the project - management - profession. Moreover, it also shows the reliability allowing for high incomes along with enhancing your CV above those who didn’t have PMP certification training. Consequently do not get disheartened for the period of this entire practice.
A Few Suggestions to Get You Started for PMP Exam Preparation
Being the fastest developing certifications all over the world (now there are 763,550 plus owners), the number of the examination of PMP players is also increased. This enormous increase refers to the fact that there is more challenge for you! But then, again, do not take stress; you would still get hands-on the whole PMP course outline along with the relevant combination of strength, commitment, and supervision. Intending to assist you in this manner, we have provided an organized approach to deal with the P-M-P certification examination.
As soon as you begin your learning session, you should review the material which you are going to cover. Survey the entire headings, graphs, and charts in A Guideline to the Project - Management - Body - of - Knowledge (P-M-B-O-K Guide) as well as your preparation book.
Getting knowledge with those topics - which you want to cover, would offer you the best knowledge from where to get specific topics in your book, for your preliminary learning and to brush up. Take an initiative with the survey also turn it out easier for you to place the info in an organized and functional way.
Catch your motivation. As soon as you begin your work of the day, understand what you desire to study from that particular material. In case your prepared material possesses specific goals of the study or repeat questions then, you should initially learn them. In such a way, you would be aware of where you are standing, and also know what you require to get done once the day ends.
Once you start learning in a day, make a brief listing of the questions to which you are interested to be responded. It would makeover you from an inactive reader into a lively researcher that might be quite beneficial while you are studying the P-M-B-O-K Guide.
As per the research of cognitive psychology, an individual tends to best recall the initial and latter components of a learning session. Make use of this trend to your benefit and splitting up your learning sessions into smaller portions. Let suppose, in case - your entire learning session would be around 3 hours, split it down into six thirty-minute sessions, and include shorter breaks between them too.
Topmost PMP Exam Tips to Pass - In Your First Attempt
It is the most surprising part which we all are dreaming of it. However, if you consider the general stats, two out of every five hopeful candidates got to fail to clear in their initial try. And yet, many of the individuals claim that - undoubtedly it is difficult, but it’s not that much difficult - like it is portrayed. Once you start looking at the causes why so many people failed, you would come to know that there’re few common patterns.
Consequently, to get accomplishment in the test of P-M-P in your initial attempt you should learn from those silly mistakes and wouldn’t repeat them in your examination. Here, I’d suggest some of the essential points - which decide either you, truly crack the examination or not.
Take a Deep Dive in the P-M-B-O-K Guide
I would suggest that getting expertise with this P-M-B-O-K guide is alone the most essential phase to pass the PMP examination. There’re so many books available in the market but still, not any single thing can recompense the certified guide. You may claim that I do not see several questions from this guide. That’s true, but it offers you abstract transparency without which it’s not possible to pass the examination. In the meanwhile, there is not good news that this guide is prolonged and unexciting to read.
From this time, many individuals opt for different market versions that don’t look so unattractive. But if you ignore the guide, it would be coming with a weighty price. In case you meet with other individuals who complain to not pass the examination even in numerous attempts then there are chances that they have pretty sure skipped the P-M-B-O-K guide.
Have a Plan or Schedule
I always recommend making a study plan or schedule as they are acting as a roadmap to your training. Once you start plan to study, you are required to elaborate your goals, as well as plan the ways to attain these goals. Let’s deal with it; the examination would be overwhelming for many people. In case a person doesn’t have a clear-cut prepared roadmap, it’s easier to get their mind absent while preparing without any idea from where they’re going. There’re a few of the most essential aspects to be considered when you prepared your plan. Out of them, one of the topmost crucial ones is to manage time. How much time do you possess to get yourself prepared? Would you be able to study in the early mornings as soon as you leave for your office, or else are you flexible in the evenings for study?
After that, keep researching the sources which you require to talk about. Divide syllabus into other kinds of tasks and offer yourselves outlines to do them. Furthermore, take some time to practice your tests. On the other side, think that owing a prepared plan does not spontaneously guarantee that you pass the examination. Therefore, if you are interested to turn out to be a shining individual among the crowd - as well as clear your examination with no trouble in your initial attempt. However, always make sure that you make a plan of study and also stick to it.
Refer To another Study Guide
Even though it’s crucial to learn the P-M-B-O-K guide, but still it’s not sufficient to clear the PMP examination. The core cause behind this is; P-M-B-O-K isn’t examination-oriented. This guide offers the facts or theory behind the procedures. On the other side, it does not tell you the ways - those procedures are associated with each other, and the ways to implement them in actual life. A quick analysis of these P-M-P questions would make you recognize that many of those questions within the examination are based on scenarios.
Therefore, just study the P-M-B-O-K guide - it would enhance your basics on project management, however, not essentially assist you in passing the examination. Furthermore, several topics aren’t included in the P-M-B-O-K guide - which is appearing on the P-M-P examination regularly. Thus, you are required to select more guides that will be covering those topics.
Solve a Lot of Practice Questions
The questions of PMP examination are generally based on scenarios. Such kinds of scenarios would be quite varied. Consequently, only reading the theory does not spontaneously ensure that you would implement this information in the circumstances. That is the point where the role of practice questions occurs. Furthermore, since you’re resolving so many questions, you would notice that questions would be allocated in specific categories. Few of the questions are direct and summarized - while other questions are extended.
On the other side, other questions are based on scenarios. Moreover, you also possess the I-T-T-O questions that might inquire you regarding the tools and methods in the PM. So, it would assist you to classify other types of questions because you are reading them, as well as the list of expertise you require to generate to grab them. On the day of the test, once you read a question on the examination paper, you must be capable to remember the tactic to resolve it. There’re several sources to make a practice of questions within the market. Always ensure that you should be done with your research on the status of the resource, as well as the material’s quality once you select one.
Write Practice Tests
Writing of practice test is an addition to the above-mentioned trick which I stated, where you are writing the whole simulated test separately from resolving the practice questions. In case you assume the PMP examination is only based on a knowledge test, you would be failed. Of course, it contains an enormous course outline, and also questions are much difficult too. However, don’t undervalue the resistance which is needed to sit for four-hours and give the answer of two hundred questions of unpredictable difficult stages along with equal productivity. As a result, you have to set down the mock tests - as a way to garb yourself in the area - which is mandatory to carry out successfully in exam. Furthermore, practicing tests assist you to observe your growth and grow your strategy to take the exam.
Am I capable to do the entire test in the time of four-hours? Which kinds of queries are getting me into trouble? Is my productivity would be down once the test begins? Am I capable of recalling the whole concepts which I learned previously? Am I overseeing any kind of info that causes me to do mistakes? All of such kinds of questions are crucial. Moreover, the only mode where you would get an answer to these questions is to attempt the mock tests. In case you see that you’re achieving more than eighty percent consistently in your simulated tests, you would be guaranteed to pass the real exam. Make use of mock tests like a feedback tool to alter your approach to shine on the day of examination.
Use the 35-Hours of Project Management Training Efficiently
As soon as you apply for an examination, the PMI demands you to must spend thirty-five straight hours on any of the formal PM studies; this is what I have learned. Many of the individuals assume it like a task which they have to get completed. Instead of that, they manage it - as a way to learn new experiences that would take them towards the goal to pass the PMP examination.
Those thirty-five hours must be used to create a strong base for the ideas. If there are any precise areas where you’re not much strong then those hours of training would assist you clear up them. Make sure that you select the training offered by Registered - Education - Provider (R-E-Ps). Such kinds of trainers are assessed and accepted by the P-M-I.
Develop a Strategy That Works For You
Whenever I started reading the achievement stories of those who cleared the P-M-P test in their most initial attempt, it inspires me a lot that so many people delivered a different level approach to convey. Then exactly what’s a great approach for the examination? There’s not anything like 1-size that fits the entire strategy - which can be worked for every other person. All individuals are different. However, some tips work wonders for me, but on the other hand, would not good for you.
Let suppose, few of us would learn in a great manner by making use of flashcards, while some people opt for a visual way to learn something. However, some would give their input best in group study. Thus, the great method to crack this examination is to make yourself aware of your strong points and inaccuracies along with your way of study. Keep trying different techniques in your simulated P-M-P tests so that you get accomplishment.
Join the PMI and connect with other Project Managers
Above all, I would suggest you become a member of PMI as soon as you write the examination that contains numerous benefits. One of them is that the fee of the exam is budget-friendly, in case you’re a member of PMI. Another one is that P-M-I offers so many openings to network along with several project management experts. Because the nature of the exam of PMP is dynamic, it’s essential to keep tracking the most innovative developments within the industry.
The great mode to do it - is to keep associated with different project managers. In the meanwhile, doing the study in a group also contains a great number of advantages. If you’re struggling with a specific concept, you would get it explained by some other members within the group. At last, making a group study would encourage you to remain on the course which you are preparing for.
Manage Your Time Well
A lot of individuals who write the exam of PMP tend to work as a professional. As a result, you must be able to manage your time while performing your professional duties, as well as the time for studying for your exam. Because the exam demands comprehensive study time, solving practicing questions along with the practicing of mock tests, manage your time seems to be your top priority. In the duration when you are preparing for your exam, you have to attempt only high priority tasks. A day-off for relaxation may seem a better idea. On the other side, in case you’re planning it in just a mid of your learning time, you may drop the track of your advancement.
Furthermore, there are still a few individuals who are complaining that they could not do with this test. Although, the main problem is that there is a lack to manage the time on the day of examination. Always note that if a person leaves out 1/5th plus (around forty) of their exam questions, it’s exceptionally doubtful that they would clear this PMP exam. You possess around 62 seconds to answer every question within the examination. In case you are required to take a gap in the period of examination, then it’s becoming less than that. When you’re taking to consider the time for relooking at a few of the queries then you would unevenly have around fifty to sixty seconds for every question to solve it in the exam.
Suggested PMP Exam Preparation Approach
Here we are considering the tips to determining the examination of Project Management Professional. Now we are combining and developing an examination preparation strategy. On the other side, we have assumed that a person has to keep following a 2-step technique when preparing for the examination. An individual must take an initiative with totally free-of-cost tests and afterward going towards those tests that are charging a fee.
Step I - Start With Free Tests
Once you start your learning process, you must be attempting free-of-cost tests. Depends on your level of flexibility, always keep trying to resolve five hundred to one thousand questions from those sources - which are free of cost. On the other side of the coin, getting a better grade in free-of-cost tests will authenticate your study. While ending your learning process, you are supposed to attain a score of 78.5 percent in your free-of-cost tests.
However, in case - you are getting fewer scores in your tough tests, then do not get discouraged. However, in case you’re constantly attaining not more than 78.5 percent in each of your tests, you have to rush towards your studying table. And relook your content of the study, and afterward, attempt some more tests that are free of cost. As soon as you are competent on those free tests - then you’re allowed to move towards those tests which are charging some volume.
Step II – Practice Using a Paid Simulator Just Before the Exam
In case you have been completed your studies in a great manner and you have also achieved a high grade in your free of cost tests, you’re almost all set for the last difficulty. At the time of this phase, when you are feeling much assured as well as getting the final confirmation, you must invest your time and money in paid tests. As we have recommended previously, you are required to keep investing in some of the best, renowned, online testing facilities respectively. In the meanwhile, you would become enough capable to measure your strong points as well as flaws while you’re practicing from the tests that are being paid. As soon as you start achieving high scores in your paid tests, then you will be prepared for your final examination.
Expected Questions to Be Asked
Once you have completed the PMBOK lesson, your next most important task will be deep research into the practical issues. PMP practices will help you understand how to answer each question correctly. Situational questions test your ability to identify relevant topics and ignore what doesn’t matter. They are usually long, so it is crucial to read each question several times. So, that you can properly identify the relevant information and omit trivial information before answering.
Formula-based questions are not limited to calculating median or earned value. You need to know about 50 PMP formulas, from simple averages to probabilities. Your formulas and calculations must be accurate to get the required grades. Sometimes you may be wondering where information processes or inputs, technology, tools, or manufacturing are involved. Interpreting the questions - will test your ability to recognize situations. You also need to answer certain technical questions.
We have assembled the listing of PMP formulas - which you must be aware of. Here we are moving towards the learning process of the topmost and common P-M-P formulas. Let’s put a quick look at the P-M-P formulas. The below-mentioned P-M-P formula is representing a total list of twenty-five PMP formulas that are used in the preparation of the PMP certificate examination. So, start preparing for the certification examination.
The communication - channel would be described as several approaches due to which info is flowing in an organization. The project manager is acting out as a connection between the customers and shareholders. The track of info is flowing within the communication - channel would be sideway, ascending, or descending depends on the place of a PM. The formula is: Communication Channel = n (n – 1) / 2. Here ‘n’ refers to the no. of shareholders
It’s such a kind of methodology to monitor the plan of a project, its real work, and completed the work on account to check either the project is running properly or not. Earned Value assists you to make aware whether you’re achieving, drawing, or dropping, and if yes then at what rate. The formula is: Earned Value = Budget at Completion (BAC) × % complete
Cost - Variance (CV) seems to be the most essential formula of PM which is utilized to calculate the economic performance of a project. It is comparing the budget that is being decided in the initial stage of a project and truly spent. The formula is: CV = Earned-Value - Actual-Cost.
The Schedule - Variance (S-V) can be stated as the dissimilarity between the planned - value and an earned - value. It’s such a kind of mode to evaluate the performance of a project. The formula is S-V = Earned-Value - Planned-Value.
Cost Performance Index
Cost - Performance - Index (C-P-I) assesses the cost productivity of the current project. It’s another kind of way to check the performance of cost. The formula is CPI = Earned-Value/Actual-Cost.
Schedule Performance Index
However, Schedule - Performance - Index (S-P-I) is utilized to assess either a project is functioning at the anticipated rate or else behind the plan or ahead of plan. The formula is S-P-I = Earned-Value /Planned-Value.
Estimate at Completion
It’s a predicting strategy to predict the performance of the project in the upcoming time. Estimate at Completion (EAC) offers the predicted value of a project once it is completed, and it’s the whole sum amount which a project would cost. The formula is E-A-C = Budget at Completion (B-A-C) / C-P-I.
Variance - at - Completion
Statistically, Variance - at - Completion (V-A-C) would be stated as a variance of Budget - at - Completion (B-A-C), as well as Estimate - at - Completion (E-A-C). The formula is: Variance at Completion (VAC) = BAC - EAC
Estimate to Complete
Estimate to Complete is the 2nd predicting strategy in project - management that demonstrates which amount would be consumed on the leftover part of the project for its completion. Statistically, Estimate to Complete (ETC) is a variance among earned - at - completion, as well as actual cost. It would be calculated in this way: Estimate to Complete (ETC) = EAC – AC
To Complete Performance Index
It’s described as a planned cost performance projection - which will be attained on the leftover work on account to obtain the goal just like EAC or BAC. It provides us more info regarding the performance of a project. These are the 2-formulas for the calculation of T-C-P-I, and it all depends on EAC or BAC. One formula is T-C-P-I = (B-A-C – E-V)/(B-A-C – A-C). And the other one is: T-C-P-I = (B-A-C – E-V)/ (E-A-C – A-C)
Standard Deviation (SD) is measuring how much is there is any difference from the mean. It’s utilized to examine data. SD is characterized by “sigma” (σ). Statistically, sigma is a variance of distribution - values on the end, as well as in the middle. The formula is: σ = (Pessimistic – Optimistic) / 6
PERT - the formula is a difference on 3 point valuation, and such kinds of 3 valuations are optimistic (O), most likely (M), and pessimistic (P). This formula is grounded on Beta dissemination. The formula is: Beta = (O + M + P) / 3
Expected Monetary Value (EMV)
An EMV is representing the estimated money to be completed from a particular decision. On account to analyze the estimated value, it is considering the likelihood of taking place of results, as well as dollars allocated to every outcome. The formula is: EMV= Probability * Impact
Risk Priority Number (RPN)
Risk - Priority - Number (R-P-N) can be defined to assess the risks that are in the Failure - Mode and Effect - Analysis (F-M-E-A) and for that reason assists to sort out the risks. Intending to determine Risk - Priority - Number, detection, occurrence, and severity would be considered, so at first, make aware of these terminologies.
- Detection: It’s all about the ability to detect the failure, and it’s classified from one to ten. Furthermore, detection of low rank is representing the higher ability to detect.
- Occurrence: It’s referred to the potential existence of failure and is classified from one to ten. The occurrence of low rank shows the occurrence of low failure prospective. However, the terminology of occurrence is termed as a ‘time frame’ as well.
- Severity: It’s all about the harshness of a failure type, and it is categorized from one to ten. Higher severed risks offering greater severity. The terminology of “severity” is also familiar as “impact.”
R-P-N can be calculated to multiply these 3-scoring columns, Severity, Occurrence, and Detection. Thus, here is its formula: RPN = Detection * Occurrence * Severity
Cost-plus Percentage of Cost
Cost-plus Percentage of Cost (CPPC) is a precise kind of contract as there is no chance of risk for the vendor, and it’s a purchaser who is accepting it entirely. From the perspective of purchasers, it’s the least expected reimbursement cost agreement since the purchaser is required to make the payment of the entire cost that is faced by the vendor plus an extra fee.
In that type of contract, there’s not any single thing -which can be lost by the vendor. Because the extra profit margin is a % of cost-reimbursement, few of the unprincipled or dishonest vendors may not emphasize control of the cost. The only reason is that once the cost increases - then their cost of profit is also increasing. The formula is Contract = Cost + Ratio of the fee cost.
Cost-plus Fixed Fee
In that precise kind of contract, it’s the purchaser who is accepting the whole risk but nothing like C-P-P-C; here the cost of profit of a vendor does not upsurge if the project’s cost increases. At this point, the profit isn’t depending upon the working effectiveness as well as the performance of the vendor. At the start of the project, their profit is categorical; usually, a substantial % of the predictable cost and rests the same if the necessities or scope changes. The formula is: Contract = Cost plus a fee of a fixed amount
Cost-plus Award Fee
There’s not any specific amount of extra fee. The purchaser repays the real cost towards the vendor with a small number of extra charges that are reliant on the purchaser’s satisfaction according to the performance standards stated within the contract. The formula is Contract = Cost + An award fee.
Cost-plus Incentive Fee
It’s a specialized kind of reimbursement cost contract as purchasers are paying the project’s cost along with specific incentives towards the vendor. This incentive offers the intention to make the vendor improve their enactment as well as make the project’s cost least expected. The formula is: Contract= Cost Plus Incentive Fee
Return on Investment
As it is suggested by the name, it’s to measure the loss or profit attained with the help of an investment reliant on the invested amount. Return on Investment is intended in the context of % and assists in making financial decisions. It’s utilized to evaluate the productivity of an organization or a business or else to comparing the competence and success of other kinds of investments. The formula is: Return on Investment = (Net-Profit/Cost-of-Investment) x100.
This is a time where you are required to recover or else receive back the money that you have invested in any of the organizations. Typically, businesses that are coming with a small payback time seem to be better. Intending to analyze the Payback - Period, an investment’s cost will be divided by the newest flow of cash. The formula is: Payback Period = Initial Investment / Periodic Cash Flow
It’s a percentage which is telling regarding the profit that would be attained from the investment. It’s the ratio of a net current value of an investment to the first or definite cost of investment. Since this ratio is telling regarding the project’s effectiveness, it’s also recognized as “profitability index.” If the value of the Ratio is higher than one, it shows the possibility and success of a project. The formula is: Cost-Benefit Ratio = Net-Present-Investment-Value/Initial-Cost.
Present Value (PV)
It’s the value which is defining the current cost of an upcoming lump sum. However, it is supposed to measure with the help of the respective formula: PV = FV / (1 + I) ^n. Here PV stands for Present Value, FV stands for Future Value, and I refer to interest rate, and n equals a time
Future Value (FV)
It’s a value of asset or cash at a specific date and based on the future at the expected growth rate. The formula is: FV = PV (1+i) ^n.
Target price seems to be a totality of target fee and target cost. It’s utilized as a point of reference by both the purchasers and the vendor. In case the cost of the final project is not higher than the cost of the target price then profit would be divided among the vendor and purchaser reliant on profit-sharing contract. However, if the price is higher than the target price, in that case, the cost would be divided among the vendor and purchaser reliant on a cost-sharing doc. The formula is: Target Price = Target fee + Target Cost
Point of Total Assumption (PTA)
This idea is linked with fixed cost incentive - fee agreements. It’s a cost above which the entire losses of additional cost are acknowledged by the vendor. The formula is: PTA = [(Maximum Price – Target Price) / Buyer’s Share Ratio] + Target Cost
You Are a Project Management Star in the Making
Clearing the examination of PMP is no easy task; however, with the help of appropriate efforts, study guidelines, and encouragement, you would achieve the victory. Make use of tried and true topmost practices - which developed in the period of college and in your high school too. Take along your study contents everywhere you’re going, so in that case, you would read them whenever you get the opportunity. Moreover, keep joining the study group of the PMP examination, so you would be motivated to study tough.
More focus on your lacking points, keep spending time on them, as well as ensure to restudying your study plan at a minimum of 5 to 6 times. Once you clear your certification examination, you are going to get prepared yourself for interviews too. Since every job interview is different, for the ones who have a PMP certificate, there’re a few of the major questions which would be expected to inquire in your interview. You should be noted that as soon as you have cleared the examination and also get your PMP certificate, the certificate would be required to renew every so often.