The Project Management Professional (PMP) certification is a globally recognized certification that aims to test your knowledge in project management. PMP is ranked as a top management certification, and people with a PMP earn up to 25% more than those without the certification.
However, achieving the certification takes time, money, effort, a four-year degree, 36 months of leading projects, and 35 hours of project management training. That’s why SPOTO offers a total of 35 hours of project management training, training courses, the latest authentic exam dumps, and services like PMP approval application to help you pass the exam without spending too much time. Here are the free and updated cheat sheets and formulas to help you prepare for your PMP exam.
Terms and Formulas
The following list of terms and formulas is a good start to prepare for the PMP exam before reading the PMBOK Guide or any other resource of your choice. This is not an exhaustive list, but many of the terms are essential and expanded upon in the PMBOK Guide.
The Project Management Plan describes the way that the project will be executed, monitored, controlled, and completed. In addition, it gathers all subsidiary management plans and baselines, as well as any other information needed for project management.
The Configuration Management Plan defines how information about the project items will be recorded and updated so that the outcome of the product, service, or project remains complete and operates as planned. It tracks changes to configuration items to keep documentation and information about the project up to date.
Configuration Control involves the specification of deliverables and processes.
Performance Measurement Baseline is a project’s Scope-Schedule-Cost plan measured against the project initiation to manage performance.
Project Lifecycle is the phases a project goes through from initiation to completion.
The Development Approach involves how a product, service, or outcome is developed, such as predictive, iterative, agile, or hybrid model.
Management Reviews find places where the project manager and relevant stakeholders will review the project’s progress to determine whether performance is going well and if something needs to be corrected.
The Change Log shows the changes which have occurred during the project work. It includes all relevant information and the status with change demands.
The Change Management Plan is a plan for dealing with the change control process. Also, It contains the roles and responsibilities of the Change Control Board (CCB).
Change Control involves tracking changes, including identifying, recording, approving, or rejecting changes to project documents, deliverables, or baselines.
The Assumptions Log documents all assumptions and constraints throughout the project lifecycle.
The Business Case details the needs of the business and proves the cost-benefit analysis of the project. In addition, it lists the goals and reasons for starting the project. The business case analysis addresses the following criteria: required, desired, and optional. Options for addressing the problem or opportunity are identified below:
- Do nothing. This “business-as-usual” option can result in the project not being authorized.
- Do the minimum amount of work to solve the problem or opportunity. The minimum amount of work can be found by identifying the key criteria for solving the problem or opportunity.
- Do more than the minimum amount of work needed to solve the problem or opportunity. This option meets a minimum set of criteria and some or most of the remaining documentation criteria.
The benefits management plan summarizes the targeted benefits of the project as follows:
- Target Benefits
- Strategic Alignment
- The time frame for benefits realization
- Benefit Owner
The Issue Log is a project document that details and tracks all issues that occur during a project, including the type of issue, who raised it, when it happened, description, priority, who was assigned to the issue, target resolution date, status, and final resolution. Having an issue log does not guarantee that the issue will be resolved or not recur.
The Lessons Learned Register might incorporate the classification and description of the situation, the impact, recommendations, and suggested actions related to the situation. In addition, the lessons learned registry can record challenges, issues, realized risks and opportunities, or other relevant information. The register is created as a direct output of project knowledge. It is then used as an input and updated as an output during many of its processes. Finally, this information is transferred to an organizational process asset called a lessons learned repository at the end of the project. The last lessons learned register is completed during the closeout phase.
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A Milestone is an essential point in the project. The milestone list describes all project milestones and shows if the milestone is mandatory, for example, a contractually required milestone or optional, i.e., based on historical information. Milestones have a duration of zero, as they reflect a significant point or event.
Knowledge Management Tools help connect people so that they can co-create new knowledge, which includes.
- Communities of practice (also known as communities of interest or simply communities) and special interest groups
- Meetings (online and face-to-face traditional meetings)
- Work shadowing and reverse shadowing
- Discussion forums
- Knowledge-sharing events (workshops and conferences)
- Creativity and ideas management techniques
- Knowledge fairs and cafes
- Training that involves interaction between learners
Information Management Tools and Techniques are used to connect people with information. They help share essential information, including:
- Methods for encoding explicit knowledge
- Learned register
- Lessons learned register
- Library services
- Information collections, such as searching and reading published articles through the web
Project Management Information System (PMIS)
Alternatives Analysis is used to select corrective measures or a mix of corrective and preventive measures to be applied in deviations. In other words, it involves reviewing options.
Multi-criteria Decision Analysis (or Prioritization Matrix) is used to find critical issues and related alternatives that will be prioritized for implementation. The criteria are weighted, and the options are then ranked by score. This helps to decide what should be prioritized.
The Scope Management Plan is part of the project management plan and explains how the scope will be defined, developed, monitored, controlled, and validated.
The Requirements Management Plan describes how requirements are managed, documented, and analyzed, including how to handle requirements, missed requirements, and configuration management, prioritize requirements, define metrics for the product as well as traceability structures, and approve authorization levels for new requirements. A requirements management program is the primary way to understand and manage stakeholder expectations.
Product Scope involves distinguishing the features and functions of a product, service, or outcome. Therefore, Project Scope sometimes includes product scope.
The Project Scope involves completing work to deliver a product, service, or result with specified functions and qualities.
The Project Scope Statement describes the project scope, key deliverables, assumptions, and constraints. In addition, it details the whole scope, including project and product scope, product scope description, acceptance criteria, deliverables, and project exclusions.
Requirements Document explains how the individual requirements meet the business needs for the project. Requirements in the document may relate to areas such as business, stakeholders, solutions, projects, quality, transitions, and readiness.
The Requirements Tracking Matrix links product requirements from their sources to deliverables that meet them and shows who requested the criteria.
Product Analysis defines products and services, including questions and discussions about a product. The following are techniques.
- Product Breakdown
- Requirements Analysis
- System Analysis
- Systems Engineering
- Value Analysis
- Value Engineering
The following lists common formulas:
- Future value (FV) = PV (1 + i) n
- Present value (PV) = FV/ (1 + i) n
- Target price = target cost + target fee
- Point of Total Assumption (PTA) = [(Ceiling price – target price) / buyer’s share ratio] + target cost]
- Communication channel = n (n -1) / 2
- Earned value (EV) = % complete x budget at completion (BAC)
- Cost variance (CV) = Earned value (EV) – actual cost (AC)
- Schedule variance = Earned value (EV) – planned value (PV)
- Cost performance index (CPI) = EV / AC
- Schedule performance index (SPI) = Earned value (EV) / Planned value (PV)
- Estimate at Completion (EAC) = BAC / CPI
- EAC = AC + Bottom-up ETC
- EAC = AC + (BAC – EV)
- EAC = AC + [(BAC – EV) / (CPI x SPI)]
- Variance at completion (VAC) = BAC – EAC
- Estimate to complete = EAC – AC
- To complete performance index (TCPI) = (BAC – EV) / (EAC – AC)
- Standard deviation (SD) = Pessimistic – Optimistic / 6
- Pert Formula Beta = (P + 4M + O) / 6
- Expected monetary value (EMV) = Probability * Impact
- Risk Priority Number (RPN) = Detection * Occurrence * Severity
- Cost Plus Percentage of Cost (CPPC) Contract = Cost + % of cost as a fee
- Cost Plus Fixed Fee Contract = Cost + fee of fixed amount
- Cost Plus Award Fee Contract = Cost + award fee
- Cost Plus Incentive Fee Contract = Cost + incentive fee
- Return on Investment (ROI) = (Net profit / cost of investment) * 100
- Payback period = initial investment / periodic cash flow
- Cost-Benefit Ratio (CBR) = Net present value of investment / initial investment cost
The PMP exam is considered to be one of the most challenging project management exams. Here are a few tips to make sure you pass your exam:
1. Study far in advance. About 45% of people do not pass the PMP exam on the first try. Therefore, it is crucial to study far in advance so that you don’t need to absorb a lot of knowledge in a short period. Setting a long-term study plan will keep you from stressing over studying and will also keep all the information fresh in your mind.
2. Don’t spend too much time answering a single question. Since the test takes four hours to complete, it’s best to save the questions you’re unsure about by marking them for later. You only have nearly one minute per question.
3. Study the PMBOK Guide. It includes all the terms and guidelines that relate to project management. Not everyone needs the Guide; some people choose resources summarizing the PMBOK Guide in an easy-to-read format. However, other resources have information derived from this Guide.
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