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  • Writer's pictureSujoy Dutta, PMP

PMP Essential Notes

(PMP®) Project Management Profession Certification helps Project Managers strengthen their careers. PMP® is the global standard for project management, and PMI offers it. Professionals who hold this Certification earn 25% more than those without it. That’s understandable – that’s why project management courses are popular. But like every achievement, earning a PMP® Certification requires dedication and hard work. and with PMP® Cheat Sheet you can get your PMP® Certification very easily.

People, Processes, & Business Environment

These terms are very different for a layperson and an aspiring project manager. With 35 hours of training through an Authorized Training Partner (ATP), extensive practice, mock tests, and doubt clearing sessions with other PMP® Certification aspirants.

You are all set to take the somewhat intimidating PMP® Exam. With dozens of resources and advice articles online, it can be overwhelming to choose where to start. In this case you can start with PMP® Essential notes.

We’ve created a PMP® Essential notes for the PMP® Exam Prep that includes all the essential terms, formulas, and concepts. It’s a great tool to use as you study for the Exam.

PMP® Term Essential notes

The PMP® is a difficult exam with many tricky questions, and it is designed to test the depth of your knowledge and understanding of key project management concepts.

If you have enrolled in a PMP® training course, you will discover that the course includes learning tools. You’ll also quickly find that several terms and concepts will frequently appear throughout your PMP® training. The PMBOK is the cornerstone of any successful PMP® candidate, but it does not provide information from an exam perspective, which is where a PMP® review resource like this can help.

Let’s dive into some basic PMP® terms. Below is a list of key phrases you need to know before taking the PMP® Exam:

  1. Project Management Plan – A project management plan is a document that all successful projects need. It covers all the essential details for carrying out a project and has information about schedules, strategies, estimates, etc.

  2. Configuration Management Plan – It defines how the different pieces of information are stored and updated so that the project functions smoothly.

  3. Configuration Control – The process deals with all the specifications.

  4. Performance Measurement Baseline – It’s used to measure the cost of future measurements. It has a scope and objectives and lists the costs, schedule, and resources needed to complete a project. It plays an integral part in project management.

  5. Project Life Cycle – It’s the process of planning and managing a project from start to finish.

  6. Development Approach – The training involves many topics, including agile coaching, predictive analytics, and more.

  7. Management Reviews – This evaluation aims to identify the factors that cause a lack of project performance.

  8. Changelog – The process of the project development is called a PPP, or Project Process Plan, which defines all the steps that will happen during the length of the project and how they should be done.

  9. Change Management Plan – Changes to a project will happen throughout its creation process. Can use the change management plan to ensure all changes are implemented smoothly.

  10. Change Control – The change control process identifies any changes to the project on time, which helps consultants align with project management principles.

PMP® Formulas Essential notes

Projects usually depend on their value, and the knowledge of any aspect’s value is dependent on many different factors. To compute many types of values, you need formulas. Considering the vastness and scope of project management, the number of formulas for various functions seems overwhelming.

So, here’s a list of PMP® Formulas that are most important during the study and exam preparation. The following is a list of formulas you will need before taking the PMP® Exam.

  1. Future value (FV) = PV (1 + i) ^n.

  2. Present value (PV) = FV/ (1 + i)^n.

  3. Target price = target cost + target fee.

  4. Point of Total Assumption (PTA) = [(Ceiling price – target price) / buyer’s share ratio] + target cost].

  5. Communication channel = n (n -1) / 2.

  6. Earned value (EV) = % complete x budget at completion (BAC).

  7. Cost variance (CV) = Earned value (EV) – actual cost (AC).

  8. Schedule variance = Earned value (EV) – planned value (PV).

  9. Cost performance index (CPI) = EV / AC.

  10. Schedule performance index (SPI) = Earned value (EV) / Planned value (PV).

  11. Estimate at Completion (EAC) = BAC / CPI.

  12. EAC = AC + Bottom-up ETC.

  13. EAC = AC + (BAC – EV).

  14. EAC = AC + [(BAC – EV) / (CPI x SPI)].

  15. Variance at completion (VAC) = BAC – EAC.

  16. Estimate to complete = EAC – AC.

  17. To complete performance index (TCPI) = (BAC – EV) / (EAC – AC).

  18. Standard deviation (SD) = Pessimistic – Optimistic / 6.

  19. Pert Formula Beta = (P + 4M + O) / 6.

  20. Expected monetary value (EMV) = Probability * Impact.

  21. Risk Priority Number (RPN) = Detection * Occurrence * Severity.

  22. Cost Plus Percentage of Cost (CPPC) Contract = Cost + % of cost as a fee.

  23. Fixed Fee Contract with Cost Plus = Cost + fee of fixed amount.

  24. Cost Plus Award Fee Contract = Cost + award fee.

  25. Cost Plus Incentive Fee Contract = Cost + incentive fee.

  26. Return on Investment (ROI) = (Net profit / cost of investment) * 100.

  27. Payback period = initial investment / periodic cash flow.

  28. Cost-Benefit Ratio (CBR) = Net present value of investment / initial investment cost.

PMP® Concepts Essential notes

The PMP® Exam is very comprehensive, and a PMP® Essential notes will only be helpful to a certain extent. Understanding all the concepts in project management can seem challenging at first. You should, however, focus on the concepts and principles that are more important and learn how to organize a large amount of knowledge of project management and understand how everything works together. There cannot be a definitive list of topics related to this as it depends on your understanding.

We’ve listed some of the essential points you should know before taking the PMP® Exam. These are broad topics containing many different techniques and ideas.

  1. Managing Scope: What the project is about, you need to have a good understanding. Also, you need to know what results are expected and how long the project will take.

  2. Schedule: Projects are usually time-bound. It would be best if you are sure, you have given yourself enough time for each task and sub-task, with an appropriate amount of extra time to consider all the problems and uncertainties that exist. And you need to know what to do when you’re stuck on a project because something has changed its scope.

  3. Cost: Estimating the costs of a project is an essential responsibility of a project manager. Once you know how much something will cost, you can work on getting budgets cleared, assigning staff to the job, and handling unforeseen changes in costs.

  4. Quality: A project is considered complete when it meets the stakeholders’ criteria. It cannot be considered complete if it does not meet customer expectations.

  5. Resources: The time it takes to complete tasks is one of the most critical factors in determining success. It would be best if you plan to deal with unexpected circumstances.

  6. Procurement: To plan how to buy or build each component needed for one task in the project, you will need to determine what each component is and where you should buy it.

  7. Risk: Successful business strategies take risks into account. Without planning for possible problems, projects are less likely to succeed. Having multiple solutions or backup plans can help your business avoid risks.

  8. Communications: All project stakeholders should be regularly notified about the progress. Which will help identify issues early and keep the timeline for the project on track.

  9. Stakeholders: Stakeholder management is an essential process in project management. All the stakeholders in a project should be updated about the progress and changes to ensure that everyone involved is considered and there are no unpleasant surprises.

  10. Project Closing: When a project is finished and all the deliverables are complete, it’s time to look at its success and identify any issues that need resolving.

PMP® Essential notess cannot contain all the information you need for preparing for the PMP® Exam. They are just a list of important topics to remember, and they can also help when planning your preparation activities. In addition to the measures you already have in place, you should also use essential notess.

A PMP® Essential notes doesn’t have to be excluded from an exam preparation perspective. You can use the essential notes when starting a new project and managing an existing project. Using the essential notes on active projects will help you remember all the essential concepts and experience the benefits of the PMP® approach.

They are learning by practicing.

Frequently Asked Questions (FAQs)

Can you bring a PMP® essential notes to the PMP® Exam?

You are not allowed to bring any essential notes, notes, or books to the Exam and must put all materials away before you start writing the Exam.

Can you have a PMP® essential notes?

You can prepare to PMP® Essential notes on PMP® that cover topics you’re likely to see on the Exam. These sheets are only a broad overview, and truly studying takes both planning and effort.

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