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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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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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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PMP QUESTIONS: TOP 15 FREE RESOURCES FOR PRACTICE UPDATED

1. You are in the process of performing Develop Schedule process to determine planned start and finish dates for project activities. Which of the following inputs will be helpful in this process?

a) Activity attributes, project scope statement, and activity list

b) Activity list, activity attributes, and schedule data

c) Project calendar, requested changes, and schedule data

d) Work performance information, schedule baseline, and performance reports

 

2. You are managing a project to develop an emergency brake to an upcoming new model of RV. In your project, you have to complete building a prototype before testing can begin. This is an example of:

a) Mandatory dependency

b) Discretionary dependency

c) External dependency

d) Preferred logic

 

3. Your company has decided to outsource one of its IT product developments to ABC IT Services through a contract. You clarify the structure and requirements of the contract so that mutual agreement can be reached prior to signing the contract. Which of the following statements on procurement negotiations are correct?

a) You have to discuss technical and business management approaches, proprietary rights, overall schedule, payments, and price.

b) At the end of the procurement negotiations, you will have a contract document executed by both buyer and seller.

c) The project manager is the lead negotiator on the procurements.

d) Final contract language will reflect all agreements reached.

 

4. Your project, you need to verify whether deliverables meet requirements and product acceptance criteria. For this purpose, which of the following would you rely on?

a) Inspection

b) Expert judgment

c) Observations

d) Focus groups

 

5. The Scope Management Plan is an important component of the Project Management Plan since it provides direction on how the project scope will be managed throughout the project life cycle. The Scope Management Plan documents:

a) Which product requirements will be incorporated

b) How project scope will be defined, developed, controlled, and verified

c) Which stakeholders are most critical for defining the project scope

d) High-level project scope deliverables

 

6. You would like to obtain information, quotations, bids, offers, or proposals from sellers as part of the Conduct Procurements process. In this process, which of the following is the most critical?

a) Determine whether a product should be purchased or manufactured in-house.

b) Ensure that prospective sellers clearly understand the technical and contract requirements.

c) Clarify the structure and requirements of the contract.

d) Prepare an independent estimate to verify the proposed price structures of the sellers.

 

7. Which of the following statements about Control Quality is accurate?

a) Prevention refers to keeping errors out of the process, whereas inspection refers to keeping errors out of the hands of the customer.

b) Attribute sampling determines whether the result conforms or not, and variables sampling determines the degree of conformity.

c) Tolerances refer to a specified range of accepted results and control limits refer to thresholds, which can indicate whether the process is out of control.

d) Control Quality is only performed during the Monitoring and Controlling phase of a project.

 

8. You are the project manager of a project which involves off-shore oil exploration. Since you cannot plan for all eventualities, you establish a contingency reserve, including amounts of time, money, or resources to handle the risks. This is an example of:

a) Risk avoidance

b) Risk transfer

c) Active risk acceptance

d) Improper risk planning since all risks should be identified and accounted

 

9. You are a project manager. You have received a request from the stakeholders to provide more features to the product. Which tools and techniques do you use to process the request through “Perform Integrated Change Control” process?

a) Expert judgment and risk identification

b) Change control tools and project document updates

c) Expert judgment, meetings, and change control tools

d) Expert judgment, meetings, and stakeholder analysis

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PMP Exam Training Alternatives

Have you set your mind to prepare for PMP Exam? If yes, then you will want to make sure your pmp exam training alternatives are bursting with things to help you on the journey to becoming a PMP.  There are several options to consider when looking at the project management study materials as well as training options on the market. Sometimes, it can be difficult to know where to start.

Project Management Professional certificate is a highly sought after career demarcations in both prosperous and challenging economic times. Experts say – PMP certified means it is the recognition of “demonstrated knowledge and skill in leading and directing project teams and in delivering project results within the constraints of schedule, budget and resources. There are more than 1,400 registered training providers. When you settle on a PMP exam preparation choice, I urge you to set a deadline to take the exam, pay the exam expense, and make an arrangement for arriving at your objective. It’s additionally paramount to variable in your plan and your learning mode when arranging your preparation technique.

PMP exam prepare and preparing tips

The following are training options for the PMP exam due to having lots of advantages related to Project management certification. You may decide to run with one of these alternatives or join more than one of these recommendations into your preparation plan. I likewise found that planning time for mulling over was a paramount some piece of my PMP prep work.

Alternative 1: Attend a PMP classroom training

On the off chance that you take in best in a classroom setting, think about heading off to a 3-4 day PMP planning course. You can take part in activities that fortify the course taking in destinations and ask the educator inquiries vis-à-vis. These training camps give quickened realizing, which additionally takes on at a high cost. (Tip: I don’t propose finishing a 4-day training camp and after that taking the PMP exam the one day from now.)

Alternative 2: Online courses are extraordinary for individuals on the go and are typically less unmanageable than classroom based preparing in light of the course supplier’s easier overhead. They are generally much less expensive than educator lead classroom courses. This alternative obliges a medium measure of self train in that you have the adaptability of examining inside your timetable. Online course generally offer a mix of webinars that you watch, site pages that you read, and archives that you download to study.

Some have due dates, and some don’t, so however you have the option to finish segments on your own you’ll require a medium measure of self order to safeguard that you complete inside the time permitted by you or the prerequisites of the course itself. Like the Classroom Based Training, online courses can represent all or a piece of your thirty-five (35) contact hours needed to sit for the PMP exam. In the event that this is essential in your arrangement, be sure to confirm before you sign on the dotted line.

Alternative 3: Join PMP Discussion for study

To join study group will definitely be beneficial at the start.  If you are searching for peer support, you should search for a discussion / study group place where you will have latest information about exam pattern and training materials along with tips on passing the PMP exam.

Conclusion:

So what should be approach to training and studying the PMP? If I were you, I would have taken the following approach:

  1. Purchase live training program with sample practice questions for each knowledge area.
  2. Develop a study plan which includes reviewing the PMBOK (latest edition).
  3. Spend four hours on Saturday and Sunday reviewing the past quizzes and sample exams.
  4. Test skillset by taking two hundred questions.

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Project Management plan is a planning document which captures the complete project lifecycle from initiation till closure of the project.  It is one of the primary documents of any project which you will refer at every stage of your project. Generally the project team who create the project management plan and get it approved by the authorized body.

Planning is very important for success of your project. It is said that the more you take time in planning your project and better you plan the lesser time it will take in completion of your project and still the probability of success is more. So you can see how important the planning is. Therefore we plan our project and we create a plan for every aspect of the project. While planning process we create

  • Change management Plan:
  • Communications management Plan:
  • Configuration management plan
  • Cost baseline
  • Cost management plan
  • Human resource management plan
  • Process improvement plan
  • Procurement management plan
  • Scope baseline
    • Project Scope Statement
    • WBS
    • WBS dictionary
  •  Quality management plan
  • Requirements management plan
  • Risk management plan
  • Schedule baseline
  • Schedule management plan
  • Scope management plan
  • Stakeholder management plan

And a project management plan is integrated whole of above subsidiary plans. In addition the project management plan guides you about how your project will be executed, monitored and controlled and then how it will be closed.

The approach of creating project management plan generally depends on the project’s size and context and different people do it differently.

Few document the entire project, with all the underlying planning details within the same master plan.Few writes separate subsidiary planning documents and then linked or referenced it in the master plan and few do it in other way. The approach depends and varies for different people but the project management plan serves the same purpose as mentioned above.

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Jobs after ITIL® Certification?

ITIL® is not a standard, importance it is not an order on what you have to do. Rather, it focuses you in the right bearing, with the goal that you can use the best practices of ITIL® and redo it for your needs.

The most recent ITIL® version is called ITIL® 2011, which is an overhauled form of the past one, ITIL® V3.

This is a typical inquiry by learners. Really, it relies on upon professional background, experience, encounter, the velocity at which you comprehend ITIL® and the investment you have in IT processes. The following are the job prospective in the wake of getting ITIL Certification.

If you are entry-level or have a couple of years of IT experience, you can expect to be hired as a process coordinator. A process coordinator ensures that the administrative activities in a process are carried out as designed. Incident coordinator, change coordinator and configuration analyst are some of the coordinator roles available in ITIL®-based IT service management.

At a mid-management level, with a minimum of eight years of experience, you may be asked to manage processes end to end. You will have coordinators reporting to you, and you would be accountable for ensuring that activities in service management are compliant to the processes. Problem manager, release manager and service desk manager are some of the managerial roles.

If you want to get into an ITIL® consulting role, you need to be wired a different way. You should be someone who automatically notices inconsistencies in processes and thinks about optimization. Process consultants typically have an excess of 10 years of experience and love to dig their hands deep into all activities, inside ITIL® and out. It is a highly respectable job in the industry, but you have to love documenting processes and creating flow charts.

Keep going yet not the minimum; you could be an ITIL® trainer. With ITIL® in tremendous request by executives, numerous employment seekers are going the ITIL® way. In the event that you need to be a trainer, examine each ITIL® prepare in subtle element. An ITIL® trainer will need to put on the cap of a scholarly to better prepare learners on the art of ITIL®.

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Become a Successful Project Manager

How to Become a Successful Project Manager?” It is the most frequently asked question by those who want be a project manager or PMP certified project manager. First, there is no easy formula to becoming a project manager.  However, there are various actions you can take that will help you in your pursuit of a career in project management.

Here, we are going to tell 3 crucial skills needed on the path to Project Management Career:

EXPERIENCE

The problem most yearning project chiefs have is their absence of experience, and obviously, who is going to utilize some person to run their task who has next to zero experience. Be that as it may don’t lose hope, there are parts help yearning for undertaking administrators manufacture their experience and ability set. Working in a Project Management Office (PMO) or as a Project Co-ordinator can give significant knowledge. Search for chances to work close by accomplished undertaking chiefs and watch precisely how they function.

CERTIFICATION

Individuals frequently ask whether picking up a project management certification will offer great assistance. In short, yes. Any manager is going to need to know you comprehend the technologies and strategies required to run effective projects. Picking up a PM certification demonstrates to you is not kidding about joining the profession and can finish a thorough system of study. Regularly these accreditation can open entryways and help you get a couple of steps further up the stepping stool to your objective.

SKILLS

Much is composed about the skills required to turn into a project supervisor. I won’t show them here, however you ought to recognize the aptitudes required and match them to, those you have, those you require, and those you have to make strides. Project management includes a considerable measure of delicate abilities, so don’t simply take a gander at those in the syllabus of undertaking management certificates.

Apart from above skills, you should have the following project management skill set

  1. Quality to switch from a leader to a manager as situation require
  2. Be a team builder and team manager
  3. Problem solver
  4. Should be influencer
  5. Excellent communicator
  6. Organizing skill
  7. Knowledge of financial techniques and systems along with accounting principles
  8. Be competent and consistent planner

CONCLUSION

Being a Project Manager is a massively compensating occupation; however, you ought not to belittle the intricacy and trouble of the part. It needs a scope of abilities in numerous business zones.

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