Balancing preparation for the Project Management Professional (PMP) test with a hectic work schedule?

Research shows that after obtaining their certification, more than 72% of PMP holders say their careers improved [source: PMI]. However, it’s true that the PMBOK Guide is a formidable resource, and trying to cram everything in the night before the test can feel daunting. 

Project management is experiencing rapid growth in the dynamic and fast-paced commercial environment of today. Professionals like you must constantly stay on top of trends and upskill in order to remain relevant. 

Whether you’re an experienced project manager or someone looking to advance in the field, earning the PMP certification can help you stand out from the crowd.

This blog aims to provide you with essential information and a simple reference guide to assist you in navigating the PMP environment.

What is PMP Certification?

Project Management Professional is what PMP stands for. It is a globally recognised certification that attests to your project management expertise and abilities. Obtaining a PMP certifies your capacity to organise, lead, carry out, oversee, and manage projects in various industries.

PMP Terms Cheat Sheet

The following is a helpful list of the important PMP terms that you should be familiar with in order to pass the exam:

  • Project Management Plan: A project management plan is necessary for all projects. It includes all baselines, strategies, management plans, and other important information, covering every element required for a project to be executed properly. 
  • Configuration Management Plan: Specifies how data pertaining to various project components will be updated and maintained to guarantee efficient project operation. 
  • Configuration Control: Manages all the specifications of the process.
  • Performance Measurement Baseline: A standard for comparison of cost-specific future measurements, covering scope, objectives, costs, schedule, and resources. 
  • Project Life Cycle: A project’s trajectory from concept to conclusion.
  • Development Approach: Includes product and service development approaches including agile, predictive analysis, and more.
  • Management Reviews: Evaluations of the project to identify key areas that determine project performance.
  • Change Log: Keeps track of all changes and relevant information made to the project throughout its duration.
  • Change Management Plan: Manages the wide range of modifications a project undergoes during its course of action.
  • Change Control: Tracks and identifies changes in project documents in a timely manner, ensuring that they are in compliance with project management guidelines.

PMP Formulas Cheat Sheet

Projects are usually value-driven, and knowledge of any aspect’s value depends on several factors. For your exam preparation, use this essential PMP Formulas cheat sheet:

  • 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 Channels = n(n – 1) / 2
  • Earned Value (EV) = % Complete x Budget at Completion (BAC)
  • Cost Variance (CV) = EV – Actual Cost (AC)
  • Schedule Variance (SV) = EV – Planned Value (PV)
  • Cost Performance Index (CPI) = EV / AC
  • Schedule Performance Index (SPI) = EV / PV
  • Estimate at Completion (EAC) = Various formulas depending on conditions
  • Variance at Completion (VAC) = BAC – EAC
  • Estimate to Complete (ETC) = EAC – AC
  • To Complete Performance Index (TCPI) = (BAC – EV) / (EAC – AC)
  • Standard Deviation (SD) = (Pessimistic – Optimistic) / 6
  • PERT Formula Beta = (Pessimistic + 4(Most Likely) + Optimistic) / 6
  • Expected Monetary Value (EMV) = Probability x Impact
  • Risk Priority Number (RPN) = Detection x Occurrence x Severity

PMP Cheat Sheet Guide

Here is a quick reference guide to help you understand the essential components of PMP certification:

Understanding PMP Eligibility Requirements

Educational Background: Either a four-year degree with 36 months of project management experience or a secondary degree (high school diploma, associate’s degree, or the worldwide equivalent) with 60 months of project management experience.

Project Management Experience: This involves leading and directing projects and teams.

Formal Education: A minimum of 35 hours of in-person project management instruction. PMI Registered Education Providers (REPs), which include training firms, consultants, and higher educational institutions, can complete this.

Key Topics Covered in the PMP Exam

Initiating the Project: Ensure a solid start by developing project charters and determining stakeholders.

Planning the Project: Developing a detailed project management plan covering scope, schedule, cost, quality, resource, communication, risk, procurement, and managing stakeholders.

Executing the Project: Leading and managing the project team while carrying out the project management plan.

Monitoring and Controlling the Project (25%): Monitoring project progress to identify and address issues, and deal with changes to the project scope, schedule, and costs.

Closing the Project: This involves formally ending the project and finishing all of the associated actions.

Tips for PMP Exam Preparation

Tips for PMP Exam Preparation

Maintaining Your PMP Certification

Continued Education: Completing 60 professional development units (PDUs) every three years will help you stay current. These can involve things like going to PMI worldwide conferences, taking classes, and participating in webinars.

Giving Back to the Profession: Get involved in activities such as blogs about project management, delivering presentations, or volunteering within PMI chapters.

Essential PMP Certification Preparation Tools

Jumpstart your PMP exam preparation with these essential resources tailored to help you succeed:

  • PMP Exam Prep Course: Dive deep into all exam topics with our comprehensive PMP Exam Prep Course.
  • PMP Real Practice Exams: Test your knowledge with our PMP Real Practice Exams, designed to mirror the actual exam environment.
  • PMP Flashcards: Quickly review key terms and concepts with our handy PMP Flashcards.
  • PMP Weekly Quiz: Stay sharp and assess your progress with our PMP Weekly Quiz.

Frequently Asked Questions (FAQs)

Let’s go over some frequently asked questions from working professionals about PMP Cheat Sheet.

1. What are the benefits of PMP certification?

Obtaining the PMP certification can help you advance professionally by enhancing your career prospects, growing your professional network, and even raising your pay.

2. Are there online resources recommended by PMI for exam preparation?

Yes, PMI provides a range of resources, like practice exams, the PMBOK® Guide, and courses offered by approved training partners.

3. How often is the PMP exam updated?

Every few years, PMI modifies the PMP test to reflect the most recent practices. The most current revision, which came in 2021, brought more agile and hybrid project management techniques.

Conclusion

We hope this blog has given you helpful insights into the PMP certification process and equipped you with a practical cheat sheet to further your project management career. 

Remember that the secret to success is lifelong learning and using what you’ve learned to tackle practical projects.

Are you prepared to keep going forward? Enquire now and let us help you achieve your project management goals.

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