Memorizing The Formulas For Tracking Costs – Tips & Tricks

Are you having trouble memorizing the formulas for tracking costs? Are you searching for the tips and tricks? If your answer is YES – then this article will be helping you in a great way as you are expecting.

First of all, I would like to mention one thing is that – “Understanding the concept is much better than memorizing the formulas.” No doubt, formulas are the important and easiest way. I’m using the word Easiest but how? Of course, formulas are easy to memorize if you Practice – Practice- and only – Practice questions.

Tips and Tricks to handle questions related to Costs Formulas in the PMP Exam: 

  1. Try to write many time them until they are in your memory – It is just for clicking your mind when you practice questions. It will help you a little bit to accelerate your speed.
  2. Understanding the purpose of each formula and the message related to the calculations will have you ready to handle any formula math problem. Most students build a robust brain dump sheet. Do you need help creating one? Try Trainings24x7’s Sheet which has been created to leave a lasting impression on your brain. It explains concepts so clear that it never fades away from your mind.
  3. Use a complementary text like Rita, Crowe, Heldman, or Sohel Akhter and answer the formula questions for that process. Answer all the formula questions correctly for cost, and then memorizing them should be easier.
  4. The entire point of studying PMBOK is learn skills to enable you to do your job as a Project Manager as best as you can. Do not worry about learning the formulas. Concentrate on the fact that they are tools that you can use.
  5. Forget the Exam – the formulas are for your working life. Learn and understand what the formulas are for.

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Difference between Progressive Elaboration and Rolling Wave Planning

Progressive elaboration is trait OR characteristics of a project. On many projects initially when you sit to plan for the whole project then you find that you don’t have sufficient detail to plan in greater detail for many section of the project. With the time more and more details are available related to the same section of the project which enables you to plan in greater detail. In other words with each successive iteration of the planning process, the project plan becomes more elaborate and more complete and this approach of planning is called Progressive Elaboration.

 

Rolling Wave planning is a form of Progressive elaboration planning.  In this technique project team plans for the near future as detailed as possible, while the work far in the future remains planned on a high level.

For example:

  • You decided to take the PMP certification. The ultimate goal.
  • You don’t know much about it but you have goal to pass it. You planned only for the training and exam date.

Later you attended the training and got all the information about your PMP project and then you planned your study, like which book you will use as reference and when you will study and when not etc.

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What is the difference between PMP and CAPM?

What is the difference between PMP and CAPM?

CAPM stands for Certified Associate in Project Management.

PMP Stands for Project Management Professional.

PMP certification is recommended for aspiring/project managers who has experience in the project management. Three years+ of non overlapping experience in leading & managing projects is required for PMP certification.

CAPM is for people who are starting out in their career as Project Managers and have either no experience or less experience in managing projects, or for people who are team members in a project, and want to demonstrate their project management knowledge.

Minimum Qualifications for PMP & CAPM:

CAPM: For doing CAPM, you need to have Secondary Diploma ( or High School Diploma) and 1,500 hours of experience on a Project Team.

If you do not have any experience in projects at all, but you have the Diploma, you can also attend a formal training in Project Management and collect 23 PMI contact hours to qualify to sit for the CAPM exam.

PMP: For Doing PMP, you need to have atleast a Bachelor’s Degree, and 4500 hours of non-overlapping experience in leading and managing projects. You also need to attend formal project management training to get 35 PMI contact hours. This can be classroom training, or Liveonline training (like the one Trainings24x7 provides).

If you do not have a degree, but you have a High School Diploma, you can still sit for PMP certification, but your work experience requirements will be increased to 7,500 hours hours of non-overlapping experience in leading and managing projects. You still need the 35 PMI contact hours of formal project management Training.

Exam Fees for PMP & CAPM:

PMP: Exam fees for PMP is US$555 for Non Members, and US$405 for Members. One Year Membership fee is US$139.

CAPM: Exam fees for CAPM is US$300 for Non Members, and US$225 for Members. One Year Membership fee is US$139.

PMP and CAPM Certification Validity

PMP: Once you pass the PMP exam, it is valid for the next 3 years. During these three years, you must collect 60 PDUs to renew your PMP Certification.1 PDU is considered and equivalent to 1 hour of professional training.

CAPM: Once you pass the CAPM exam, it is valid for 5 years. After this, you can upgrade to the PMP Certification.The certification cycle for the CAPM credential is five years. During the fifth year of the cycle, candidate moves into a renewal period of one year. During this period, candidate must re-take and pass the exam (before the credential expires).

What about PMP and CAPM Exam?

PMP: The Exam is 4 hours long with 200 multiple choice questions. 25 of these are pre-test questions, which will not be marked but you have to answer them. To pass you need to score 106+25= 131

CAPM: The Exam is 3 hours long with 150 questions. 15 of which are pre-test questions, which will not be marked but you have to answer them. To pass you need to score 92+15= 107 (We are unable to find the passing score anywhere in CAPM handbook)

PMP and CAPM Exam Study Material:

The study material for both the exam is the same – The Project Management Body of Knowledge (PMBOK Guide), Fifth Edition.

You can also attend the same Training for CAPM or PMP. Attending a PMP Exam Preparation Training is good for both the exams. The PMP Exam Prep training is more holistic, and people aspiring for the CAPM certification can still learn a lot more about the entire project management life cycle.

Both the exams are held at selected Prometric testingCentres around the world. Most people opt for Computer Based Tests.

How long after the training should I plan to sit for the exam

We recommend you should sit for the exam within 45 days from the training.

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