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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Best Cloud Computing Certifications – A Complete List

Most IT professionals in the world work on different areas but might be there some who well aware of the power of cloud which can be seen in the coming years where all the business industries will transfer data on cloud and will maximum projects will be worked on cloud environment.

It is needless to say that Cloud Computing will rock in coming days and almost all organization will need their professionals to be cloud certified. Suppose, you are working as a Project Manager having more than 10+ experience then you must know how a project is handled on cloud services. It will be very necessary to be cloud certified on different levels. For this certification, you will need to know that best cloud computing certifications.

Here I’m sharing with you a list of top cloud certifications from different vendors.

Amazon AWS:

  1. AWS Certified Solutions Architect – Associate Level
  2. AWS Certified Solutions Architect – Professional Level
  3. AWS Certified Developer – Associate Level
  4. AWS Certified SysOps Administrator – Associate Level
  5. AWS Certified DevOps Engineer – Professional

EXIN

  1. EXIN Cloud Computing Foundation
  2. EXIN Cloud Technologies Advanced

Arcitura Education

  1. Certified Cloud Professional (CCP)
  2. Certified Cloud Technology Professional
  3. Certified Cloud Architect
  4. Certified Cloud Security Specialist
  5. Certified Cloud Governance Specialist
  6. Certified Cloud Storage Specialist
  7. Certified Cloud Virtualization Specialist
  8. Certified Cloud Capacity Specialist
  9. Certified Cloud Trainer

CA Technologies

  1. CA AppLogic Certified Cloud Operator
  2. CA AppLogic Certified Cloud Architect

Cloud Credential Council

  1. Cloud Technology Associate
  2. Cloud Business Associate
  3. Professional Cloud Administrator
  4. Professional Cloud Developer
  5. Professional Cloud Security Manager
  6. Professional Cloud Service Manager
  7. Professional Cloud Solutions Architect

Cloud Genius

  1. Certificate on Cloud Technologies
  2. Certificate on Cloud/DevOps: Automating Cloud Infrastructure
  3. Certificate on Cloud Architecture/Design
  4. Cloud Genius Certification

Cloud Institute

  1. Certified Cloud Architect (CCA)
  2. Certified Cloud Professional (CCP)

CompTIA

  1. CompTIA Cloud Essentials
  2. CompTIA Cloud+

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How to Fill PMP Application Form Online

Many PMP (Project Management Professional) exam aspirants ask questions – how to fill PMP application form online? Is it complex process? etc. So dear aspirants, don’t need to be fear because the process of filling PMP application online. Actually, the online application form for PMP Certification is very straight forward and the only part that you need to pay special attention is – Project Management Experiences that will consume most of your time to figure the information out.

This short article has been designed to let you know the process of filling online PMP Certification exam application.

Filling the PMP Online Application Form:

When filling your project management experiences, you will need to:

  1. Give a title to each project
  2. Specify your role in the project (which is usually different from your job title, e.g. Project Leader, Project Coordinator, Project Expeditor, etc.)
  3. Add name and contact methods of your supervisor
  4. Fill in the number of hours used on each process groups:
  •         Initiating the Project
  •         Planning the Project
  •         Executing the Project
  •         Controlling and Monitoring the Project
  •         Closing the Project

Compose the project description of around 500 characters which should include: a brief description of the project, objectives, key deliverables, project outcome, as well as your personal role.

After filling all the personal details in Contact Address, Contact E-mail, Phone, Attained Education field you need to go to Requirements.

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The Future Of Cloud Service – Prediction by Industry Expert

“Cloud Computing” is being listened by many of the professionals these days. Most of the working professionals and industry experts are questioning as what the future of cloud is and what will be the impact in their current job prospects.

“Cloud computing is a general term for the delivery of hosted services over the Internet”, definition from WhatIs.com. Most of the industry experts who belong to cloud service are predicting that 47% of marketing departments will have 60% or more of their application on a cloud platform in the next two years. Cloud will have several attractive benefits for business and end users. Three of the main benefits of the cloud hosting service are –

  • Self-service provisioning: End users can spin up resources for almost any kind of workload on-demand.
  • Elasticity: Companies can scale up as computing needs increase and then scale down again as demands decrease.
  • Pay per use: Computing resources are measured at a granular level, letting users to pay only for the resources and workloads they use.

To help grow the business for better service, one of the key take-aways include are to avail improved quality technology service on platforms and applications.

Within 2 years, more than 30% of enterprises and 40% marketing departments will have 60% or more of their applications on a cloud platform. These are not the least factors as there are other insights that clarify the future percent of application in cloud by department.

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7 Benefits of PMI Membership for PMP Certification Exam

The Project Management Institute (PMI), USA is one of the leading worldwide associations for the project management profession. PMI’s fundamental aim is to advance the practice, science and profession of project management throughout the world in a meticulous and practical manner so that companies can embrace, value and utilize project management and then attribute their success to it.

Individuals regularly address the estimation of Project Management Institute (PMI) participation and ask whether it’s truly worth the charge, which is $129 for every year. I believe that most individuals aren’t mindful of the profits that PMI participation offers. Subsequently, I chose to address this matter focused around my experience. Here’s an autonomous undertake the benefits of PMI membership.

1. SAVE YOU CERTIFICATION EXAM COST:

The most important benefit to become PMI’s member is – you save you PMP certification exam cost.  Do you know that PMI Membership + PMP Certification exam cost for members are less than just PMP exam cost or fee for non-members.

Let’s See How:

PMI Membership = $139 (including $10 Application Fees)

PMP Exam Fee for members = $405

Total cost of Membership and Exam = $544 (Member cost)

PMP Certification Exam Cost of Nonmembers = $555 (non-member cost)

Refer to the PMP Handbook for more details.

2. YOU WILL GET A FREE COPY OF ALL PMI STANDARDS (INCLUDING PMBOK®)

As a PMI member, you are entitled to a free copy of all the standards that PMI publishes. Members can download a free copy (PDF) from the Library of PMI Global standards. Most importantly, PMP and CAPM aspirants can download a free copy of the PMBOK® Guide, Fifth Edition and can save about $40 right there!

WHAT THE STANDARDS INCLUDE?

Foundational Standards

  •  PMBOK® Guide – Fifth Edition
  • The standard for Program Management – 3rd Edition
  • The Standard for Portfolio Management – 3rd Edition
  • Organizational Project Management Maturity Model (OPM3®) – 3rd Edition

Practice Standards and Frameworks

  • Practice standard for Project risk Management
  • Practice standard for Earned Value Management – 2nd edition
  • Practice Standard for Project Configuration Management
  • Few More

PMI standard Extension

  • Software Extension to the PMBOK® Guide 5th Edition
  • Construction Extension to the PMBOK® Guide 3rd Edition
  • Government Extension to the PMBOK® Guide, 3rd Edition

3. FREE ONLINE ACCESS TO PROJECT MANAGEMENT BOOKS

As a PMI Member, you get a free online access of project management books to over 200 project management books from Books24x7. You can find that some of the books will be very useful for your PMP Certification exam preparation.

If you’re preparing for the PMP or CAPM Exam, here are some links to useful resources on Books24x7 that may help you prepare for the exam.

4. ACCESS PMP SPECIFIC INTEREST GROUPS (SIGS)

Another benefit of becoming a PMI Member is that, you can join PMI Specific Interest Groups (SIGs) depending on the area of your expertise and interest. Many of these SIGs conduct free webinars for their members that can be used to earn PDUs for PMP re-certification.

5. GET BENEFITED FROM LOCAL PROJECT MANAGEMENT (PM) COMMUNITY

Once you become a PMI Member, you can be able to sign-up for your local PMI chapter. Local PMI chapters can provide you a decent platform for learning from experts. Local chapters conduct PMP exam preparation training workshops for PMP aspirants. Sometimes, they offer discounts on these workshops.

6. FREE PM NEWSLETTERS, JOURNALS, MAGAZINES, AND MORE

You get free subscription the following once you become a PMI Member:

  • PMBOK® Guide CD-ROM
  • PM Network – Monthly (hard copy)
  • Journals, Newsletters, Magazines, and few more.

7. DISCOUNT ON BOOKS, SOFTWARE, AND OTHER MATERIALS

You can get discount on all published books, software, articles, research papers, and other merchandise. Apart from these, you also get discounts on PMI’s Global congresses, Research conferences, eSeminarWorld (virtual seminars), which can also help you earn PDU’s

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ITIL Certification Why should project managers be ITIL Certified?

Running an IT department in an organization is only about the business instead of about the technology. IT needs to take much more proactive view to managing the technology while driving business in focused projects with bottom line advantages. In today’s world of technology and fast technical environment, most of the project managers don’t know the difference between a framework and a methodology that are being used in current ITSM. Today’s IT framework demands the leader who has the capability to mix both the management skills with technical knowledge before taking any decision. In this case, when the demand of management skill and technical knowledge are compulsory, project management experience with ITIL Certification can be one of the best career prospects.

As ITIL is the industry standards for service management, it is highly recommend methodology while managing a project. Of late, every modification of a service may be termed as a project in organizations. Normally, a project has both start date and deadline date. Being ITIL certification can give you advantage over those who are non-ITIL certified project managers as a project manager on making strategies of formulating, designing, and improving service that has to undergo during a project and for successful completion of the project. It helps project managers to make sure that a working system is already in place at the end of the project.

So the question is – why should  project managers be ITIL certified? Let’s understand with an example. Consider at the launch of an item; if an issue emerges with that item then an administration is required to alter it. An effectively oversaw project will have considered this along these lines the administration is as of now accessible and prepared to go. This is the most attractive conclusion for the customer and ponders well the project manager as a method for proceeding backing after the project has finished. Obviously, there is the alternative to get masters to do this for you however at the end of the project all obligation lies with the project manager, so any choices left to others will at present return to bite. An ITIL trained project manager can settle on the choices themselves or at any rate recognize what they are consenting to when utilizing an ITIL master for guidance.

Your project management job prospects can only improve with ITIL training as more and more organizations implement ITIL (Information Technology Infrastructure Library) methodology. Organizations believe project managers with ITIL certification can take up positions which are centered in project management. Suppose, if a key person as Transition manager is absent in a meeting, ITIL certified professional can compensate for his / her absence.

The most important factors that ITIL can provide are:

  • Importance of Change Management
  • Ability to handle problems, events and incidents
  • Define levels of Service
  • Maintain a catalogue of all services in terms of the business
  • Preparation or modification of an IT infrastructure which will be adept during changes or in times of problems
  • Emphasize on proper establishment and management of processes for preventing unauthorized access and maintenance of strict discipline.

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WHEN WILL THE PMBOK 6TH EDITION RELEASE?

It’s that time again for PMI® to update the PMBOK® Guide and release the next edition. You may or may not be aware about it, but since the PMBOK® Guide is recognized as a standard by the American National Standards Institute (ANSI) as an American National Standard, with the current 5th edition. As a result, the PMBOK® Guide must be updated about every four years to reflect the latest in industry best practices.

Currently the most current PMBOK® Guide 5 update was done on December 2012. PMI has announced that the PMBOK® Guide 6th edition will be released towards the end of 2017.

What revision state is PMI currently on?

In March 2016, PMI released the first draft of the PMBOK 6th Edition to obtain feedback and comments from the project management community. You can submit your feedback if you are a PMI member.
The PMBOK 6th Edition will be finalized and published by third quarter of 2017

Changes in PMBOK 6th edition.

Big change is that the 5th edition had 13 chapters and 415 pages. The 6th edition has 10 chapters and may only contain 84 pages.
Much of the page reduction is expected with the upcoming version of PMI because the 6th edition does not go into detail on all of the inputs, tools and techniques, and outputs

3 new processes will be added
• Manage Project Knowledge → Executing → Integration Management knowledge area.
• Implement Risk Responses → Executing → Risk Management knowledge area.
• Control Resources → Monitoring and Controlling → Resource Management knowledge area.

What should you do?

With every new version of the PMBOK released, student found the PMP exam became harder. At the time of this writing, it is currently end of 2016, which means you still have approx a year left before the PMBOK changes.
Instead of stressing over the changes to the PMP exam, my recommendation would be to get certified now before PMBOK 6th Edition is released.

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What are the Eligibility Criteria for ITIL Foundation Exam?

To achieve a change in the realm of IT industries and technologies, one needs to be productive in the field of IT developments. In order to well in this specific field, one needs to have ITIL certification. The ITIL certification on advanced ITIL 2011 demonstrates the capacity of a single person to give great IT services to the colossal IT firms of the present advanced world.

Before a candidate opts in to prepare/apply for ITIL® Foundation Level Examination, it is important for him/her to know if they are eligible for ITIL® certification and how ITIL® certification will add value in their respective job profiles in IT industries.

I know you are eager to know what the eligibility criteria for ITIL foundation certification are.

Though, there is no mandatory requirement for ITIL foundation level certification, but those IT professionals who look forward to getting a fundamental understanding of the ITIL frameworks can go for it. Also, those who want to understand how ITIL can assist them to increase in quality of IT service management. Lastly, those candidates who are working with a company which has adopted ITIL and they should be informed about.

ITIL® 2011 Foundation Exam Requirements

– Candidate should be aware of the core principles of ITIL® practices for Service Management

– Candidate should also possess appropriate knowledge of the typical ITIL® terminology and structure at Comprehension and/or Awareness   Levels

Levels of ITIL Exam:

Generally, one has to pass the following levels to get ITIL certification. These are:

•             Certificate for ITIL foundation

•             Certificate for ITIL intermediate

•             Certificate for ITIL expert

•             Certificate for ITIL masters

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