Tag Archives: PMP

Prepare for PMP Exam to obtain your PMP credential

To be eligible for a PMP credential, you must meet specific guidelines that objectively measure experience, education and professional knowledge.

Eligibility

  • Applicants must have 35 hours of specific project management education.
  • With a Bachelor’s Degree (or the global equivalent): Applicants must have a minimum three years’ professional project management experience, during which 4,500 hours are spent leading and directing project tasks, up to eight years from the time of application.
  • Without a Bachelor’s Degree (or the global equivalent): Applicants must have a minimum five years’ professional project management experience, during which at least 7,500 hours are spent leading and directing project tasks, up to eight years from the time of application

 

Steps to Obtaining a PMP Credential:

  • 1. Signup for an account at PMI website “not required if you will submit your application via mail”
  • 2. Complete an online application or download an application and submit via mail (faxes not accepted).
  • 3. If you meet the eligibility requirements, you will receive an e-mail explaining how to schedule the exam.
  • 4. Exam is available in 2 different formats Computer-based Testing with fees ($ 405.00 for PMI members or $ 555.00 for PMI Nonmember) or Paper-based Testing fees ($ 250.00 for PMI members or $ 400.00 for PMI Nonmember) “my recommendation apply for PMI membership it just for 100 $ so you will save about 50 $ for exam fees and also you will got more benefits regarding your PMI membership“.
  • 5. After scheduling the exam date you will receive any email with scheduling information and time.
  • 6. Individuals who attain a credential from PMI will be added to PMI’s Online Credential Registry after 7- 10 days after the exam and may immediately use the credential designation after their name.

 

The PMP Credential Examination

This four-hour examination composed of 200 multiple-choice questions measures your ability to apply knowledge, skills and techniques used in project management. The examination is developed by groups of individuals from around the globe who hold the PMP credential and is routinely reviewed and revised to ensure the best and consistently objective assessment.

25 of the 200 exam questions are “pre-release questions” meaning they are not included in your score for the exam. The questions will be randomly placed throughout the exam, you will not know which one are which.

Your score will be calculated based on your response to the remaining 175 questions. Passing score on the exam is 141 out of 175, approximately 81%

Examination Content based on project phases

  • Project Initiation: Percent of Questions 11%
  • Project Planning: Percent of Questions 23%
  • Project Execution: Percent of Questions 27%
  • Project Control: Percent of Questions 21%
  • Project Closing: Percent of Questions 9%
  • Professional Responsibility: Percent of Questions 9%

 

These ranges could be changed, it differ from one to one

How to study for the exam

  • 1. Start studying at least one month prior to when you are scheduled to take the exam.
  • 2. You must prepare yourself to study the PMBOK 2 times before entering the exam you can do it as following: 2 days for each knowledge area of the 9 knowledge areas.
  • 3. After studying each knowledge area try to summarize the major points and formulas of the knowledge area to be used later.
  • 4. Review the chapter related to the knowledge area you studied from “PMP Exam Prep by Rita Mulcahy book” if you can have it, it’s a very good book.
  • 5. Try to solve the questions of the knowledge area from “PMP Exam Prep by Rita Mulcahy book”.
  • 6. At the week before the exam review well the summary papers you made before and try to solve questions at the exam simulation software like “PM FASTrack: PMP Exam Simulation Software by Rita Mulcahy”, this will let you feel the environment of the exam before you enter.
  • 7. If you feel that you are aware from any of knowledge area, review it again and try to solve more questions and problems.
  • 8. Real Exam questions are different than questions in Exam Simulation software, it could be easier or complex, but in most time it’s easier.

Earned Value Management (EVM)

Earned Value Management (EVM)

The earned value Management involves developing these key values for each schedule activity, work package, or control account:

Planned value (PV). PV is the budgeted cost for the work scheduled to be completed on an activity or WBS component up to a given point in time.

Earned value (EV). EV is the budgeted amount for the work actually completed on the schedule activity or WBS component during a given time period.

Actual cost (AC). AC is the total cost incurred in accomplishing work on the schedule activity or WBS component during a given time period. This AC must correspond in definition and coverage to whatever was budgeted for the PV and the EV (e.g., direct hours only, direct costs only, or all costs including indirect costs).

Cost variance (CV). CV equals earned value (EV) minus actual cost (AC). The cost variance at the end of the project will be the difference between the budget at completion (BAC) and the actual amount spent. Formula: CV= EV – AC

Schedule variance (SV). SV equals earned value (EV) minus planned value (PV). Schedule variance will ultimately equal zero when the project is completed because all of the planned values will have been earned. Formula: SV = EV – PV

These two values, the CV and SV, can be converted to efficiency indicators to reflect the cost and schedule performance of any project.

Cost performance index (CPI). A CPI value less than 1.0 indicates a cost overrun of the estimates. A CPI value greater than 1.0 indicates a cost underrun of the estimates. CPI equals the ratio of the EV to the AC. The CPI is the most commonly used cost-efficiency indicator. Formula: CPI = EV/AC

Schedule performance index (SPI). The SPI is used, in addition to the schedule status to predict the completion date and is sometimes used in conjunction with the CPI to forecast the project completion estimates. SPI equals the ratio of the EV to the PV. Formula: SPI = EV/PV

Forecasting

Forecasting includes making estimates or predictions of conditions in the project’s future based on information and knowledge available at the time of the forecast. Forecasts are generated, updated, and reissued based on work performance information provided as the project is executed and progressed.

BAC is equal to the total PV at completion for a schedule activity, work package, control account, or other WBS component. Formula: BAC = total cumulative PV at completion.

ETC is the estimate for completing the remaining work for a schedule activity, work package, or control account.

ETC based on new estimate. ETC equals the revised estimate for the work remaining, as determined by the performing organization. This more accurate and comprehensive completion estimate is an independent, non-calculated estimate to complete for all the work remaining, and considers the performance or production of the resource(s) to date.

Alternatively, to calculate ETC using earned value data, one of two formulas is typically used:

ETC based on atypical variances. This approach is most often used when current variances are seen as atypical and the project management team expectations are that similar variances will not occur in the future. ETC equals the BAC minus the cumulative earned value to date (EVC). Formula: ETC = (BAC – EVC)

ETC based on typical variances. This approach is most often used when current variances are seen as typical of future variances. ETC equals the BAC minus the cumulative EVC (the remaining PV) divided by the cumulative cost performance index (CPIC). Formula: ETC = (BAC – EVC) / CPIC

EAC is the projected or anticipated total final value for a schedule activity, WBS component, or project when the defined work of the project is completed. One EAC forecasting technique is based upon the performing organization providing an estimate at completion:

EAC using a new estimate. EAC equals the actual costs to date (ACC) plus a new ETC that is provided by the performing organization. This approach is most often used when past performance shows that the original estimating assumptions were fundamentally flawed or that they are no longer relevant due to a change in conditions. Formula: EAC = ACC + ETC

The two most common forecasting techniques for calculating EAC using earned value data are some variation of:

EAC using remaining budget. EAC equals ACC plus the budget required to complete the remaining work, which is the budget at completion (BAC) minus the earned value (EV). This approach is most often used when current variances are seen as atypical and the project management team expectations are that similar variances will not occur in the future. Formula: EAC = ACC + BAC – EV

EAC using CPIC. EAC equals actual costs to date (ACC) plus the budget required to complete the remaining project work, which is the BAC minus the EV, modified by a performance factor (often the CPIC). This approach is most often used when current variances are seen as typical of future variances. Formula: EAC = ACC + ((BAC – EV) / CPIC)