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.




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.


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.


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.


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!


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


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.


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.


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.


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.


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



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.


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.


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.


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.



You must browse each and every resource on Google then you will get an exact URL. I have filtered them for you only so that you can only quality questions for practice.

For Example;
Suppose you want to visit Oliver Lehmann PMP questions then search in as –
“Oliver Lehmann 175 pmp exam questions”
Search and take exam before January 2018 because PMP exam is Changing from January 2018. Good Luck and let me know what you think on these questions whether they are useful or not. Or if you know any resource apart from above kindly mention in the inbox – we would love to know.
Many of PMP Aspirants Say PMStudy Que is quite close to the real exam.
Kindly share if you like this

What is Organizational Process Assets In PMBOK 5th Edition

You will find Enterprise Environmental Factors (EEFs) and Organizational Process Assets(OPAs) very frequently while going through the PMBOK5th edition and therefore firm understanding of the topics is required. Here we will discuss the Organizational Process Assets.
Asset: Any tangible or intangible thing that can be owned or controlled to produce value for us is called an Asset for us. For example my house which I use to live is an asset for me, and so my car is which I use to commute etc.
Similarly an organization has assets in terms of process policies and knowledge base which becomes mature with the time. Organization invests in creating all these process, policies and knowledge bases so that it can help the organization wherever it is needed and thus called Organizational Process Assets.
Let me give a real example: One of my friend in my last organization was assigned a finance related project and he had to develop a detailed risk management plan. He was not experienced enough in doing that and therefore he approached me. I asked him to go to our company’s knowledge base and get one template for the same and then develop his own. And after few days I saw his name in one of the best PM of that quarter. See how helpful the knowledgebase can be for anyone who needs it and that’s why we call it Organization Process Assets.
Organizational Process Assets has important role in project’s outcome and with the time it grows and becomes more and more mature.
As per PMBOK the Organizational Process Assets is divided in two categories
  1. Processes and procedures
  2. Corporate knowledge base

PMP Passing Score For PMP Examination (Myths Vs. Facts)


“Can you please let me know what the passing score for the PMP exam is? How many questions have to be answered correctly, out of 200 to pass the PMP?”

I got this email last week in my inbox. One of our subscribers asked this questions and I decided to provide him a detailed explanation on this. However, there are many myths roundabout the PMP passing score as many people talk about it differently. If you asked me “what is the exact passing score for PMP examination?”, my direct answer is – There is no pre-defined criteria mentioned by PMI® on this. It means – there is NO exact passing score for PMP examination. However, a long ago, there was 61.5 % passing score officially published by PMI®.


Actually, PMI® determines passing score based on the difficulties of the set of PMP exam questions someone has answered. I have analyzed that – the best way to ensure your PMP exam is – to get minimum 75% to 80% in quality PMP Exam Sample Questions (click here to get free one full simulation test – 200Qs).The PMI no longer will officially state a passing score. They do not want us to study just enough to pass, they want us to really know and understand the PMBOK and the processes and why they exist.

Read More..

5 PMP Exam Preparation Tips That Really Work in Real PMP Certification Exam

You can start your study for the PMP Credential today! Simply follow our Step-by-Step PMP Study Plan, and prepare for the exam easily, without hassles. We have mentioned some best ways to study for PMP Exam


Preparing for the PMP exam is quite unlike what you did in school and college. Here the focus is not on memorization, but understanding the concepts, best practices, guidelines, and project management framework, as per PMI’s PMBOK Guide
Most of the people have heard about PMP from their friends or colleagues and are interested to gain the professional certification in Project Management. However, they mostly lack the experience of project management. Most have worked on small projects, and may not have been in a Project Manager position for a significant amount of time.
So, when it comes to preparing for the PMP Exam, you need to have a plan that is specific, practical, time-bound and achievable. Without a good game plan, you may simply be overwhelmed by the sheer amount of work, or just run out of steam mid-way. One good Study Plan for PMP that has been recommend to students here is as follows.


You should quickly enroll pmp training program near your city. The length of the program will be either 4 days or 5 days. The main benefit is – it will give you a brief idea about exam pattern, what to study and etc.
In Delhi, you can go with the following pmp training institutes:
If you are unable to attend classroom session, you can attend via online.