The Project Management Profession (PMP) certification is essential for Project Managers. In simple terms, it assists professionals in Project Management in enhancing their careers. The PMP certification is highly sought after and recognized worldwide. Professionals who are PMP-certified earn approximately 25% more than their peers who do not hold this certification. It is not surprising that there is a high demand for certification courses in project management. PMP certification is a great achievement, but achieving it takes effort, time, hard work, and dedication.
People. Processes. Business Environment.
The meanings of these terms can vary between someone who is not familiar with the field and someone who is aiming to become a project manager. After completing 35 hours of training with an Authorized Training Partner (ATP), engaging in extensive practice, mock tests, and attending doubt-clearing sessions, you will be well-prepared for the PMP Exam. It might be difficult to know where to start when there are so many resources and articles of advice readily available online.
Our goal is to make it easier for you to pass the PMP exam by giving you everything you need to succeed. Basically, it’s a PMP study guide. We have assembled a group of professionals with years of experience in project management. For the PMP exam, we have requested that they compile a detailed reference guide for you. The PMP terms, formulas, and concepts presented here are all in one convenient place. It is intended to be a useful resource for studying for the PMP exam. They have been asked to compile an extensive PMP cheat sheet for you. This cheat sheet includes a compilation of PMP terms, formulas, and concepts. It is designed to serve as a helpful learning tool as you prepare for the PMP exam.
PMP Terms Cheat Sheet
If you’re reading this, you’re likely aware that the PMP exam is challenging, and filled with many tricky questions. This exam is designed to evaluate how well you understand the main ideas and how much you know about them. If you have enrolled in PMP certification training, it is appropriate to expect the availability of learning tools similar to these. Throughout your PMP learning journey, you will frequently encounter various terms that are essential to understand. All PMP knowledge is derived from the PMBOK, but terms and concepts are not categorized according to how important they are to the exam.
A cheat sheet of PMP terms can be useful in this situation. We have created a comprehensive list of essential PMP phrases that we believe are crucial for your success on the PMP Exam. Here we go:
Project Management Plan
A Project Management Plan is a comprehensive document that outlines the approach, processes, and procedures to be followed in managing a project. It serves as a roadmap for the project team, Having a Project Management Plan is crucial for every project. The document contains all the essential information needed for the project to be executed successfully. A project plan encompasses essential strategies, baselines, management plans, and other critical information necessary for the successful execution of a project.
Configuration Management Plan
The information management plan for a project outlines the procedures for storing and updating data related to different project elements, with the goal of ensuring efficient project operations.
Configuration control is the process of managing and regulating changes to a system’s configuration. It involves documenting and tracking modifications made to hardware, and software It meets all the requirements of the process.
Conduct a comprehensive evaluation of the project in order to identify the key areas that have a significant impact on project performance.
Performance Measurement Baseline
It serves as a benchmark for comparing future cost-specific measurements. A project plan includes the scope, costs, objectives, schedule, and resources needed to successfully complete a project. Managing project performance is highly essential.
Project evolution includes all the modifications that occur throughout the course of a project’s journey. It includes all pertinent details and relevant information that were crucial to the project’s success.
Project Life Cycle
The journey of a project begins with its initiation and concludes with its completion.
Change Management Plan
A project goes through various modifications throughout its journey. The purpose of creating a change management plan is to effectively manage the entire change process.
It includes various aspects such as product/service development approaches, including agile methodologies, predictive analysis, and more.
The scope of this includes all aspects pertaining to modifications made to the project documents. Identifying project changes in a timely manner makes it easier to follow the rules of project management.
Also Read: What Is PMP Certification?
PMP Formulas Cheat Sheet
Projects are usually driven by value, and the understanding of the value of different aspects of a project depends on various factors. In order to calculate various types of values, formulae are necessary. The number of formulas used for various functions in project management can be overwhelming due to its vastness and scope.
Here is a PMP Formulas Cheat Sheet that will assist you in keeping the most important formulas from the perspective of PMP Exam preparation. Our PMP formulas cheat sheet comprises essential formulas that you should be familiar with prior to taking the PMP exam. Let’s examine this:
- 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
PMP Concepts Cheat Sheet
The PMP exam covers a wide range of topics A PMP exam cheat sheet serves a single goal. Understanding all of the ideas of project management might be difficult. It is critical to comprehend the fundamental principles and know how to efficiently organize the huge amount of information connected to project management from this aspect. It is not possible to create a comprehensive list of topics that are related to project management. Microtek Learning Project Management Professional training courses are meant to cover topics in a systematic manner.
We’ve developed a list of the most important ideas to master in order to maximize your chances of passing the PMP exam. Within each of these areas, there is a diverse set of concepts and practices.
Managing Scope: To effectively manage the project, it is crucial to have a thorough understanding of its scope. What should be done? What particular goals or objectives must be fulfilled? Could you please provide information on the deliverables? When will the project be considered completed? There is a precise response necessary for each inquiry.
Schedule: The bulk of initiatives have timing constraints. It is important to establish a clear timeframe for each task and sub-task, taking into account any constraints and uncertainties that may arise during the project. Additionally, it is advisable to include sufficient buffers to accommodate unexpected delays or changes. It is critical to be able to successfully manage the timetable when the scope changes.
Cost: Cost estimation is a critical job for project managers. Once you have accurately established this, you can proceed to get budgets cleared, allocate resources, and be better prepared to handle cost fluctuations when a variable changes.
Quality: A project is deemed complete only when it satisfies the criteria agreed upon by the stakeholders. A project that fails to meet the needs of the clients cannot be considered finished.
Resources: The efficient allocation of resources is a critical factor that can impact the outcome of a project. It is critical to learn how to efficiently organize a workforce to guarantee that assignments are done on schedule. It is important to ensure clarity and have a well-defined plan that includes contingencies.
Procurement: Building upon the previous point, it is important to carefully plan the arrangement, purchase, or construction of each component required for a task in the project.
Risk: We live in a fast-changing world. Projects that fail to anticipate and plan for risks are less likely to be successful. Having alternative solutions or backup plans can greatly mitigate risks.
Communications: Effective communication is crucial in any project, ensuring that all stakeholders receive regular and concise updates regarding the progress of the project. This practice aids in the early detection of issues and helps to ensure that the project remains on track within the estimated timelines.
Stakeholders: Stakeholder management is an essential process in project management that involves effectively managing stakeholders. It is important for all stakeholders involved in a project to receive regular updates regarding the progress and any changes that may occur. This ensures that everyone involved is taken into consideration and that there are no unpleasant surprises.
Project Closing: Project closure refers to the final stage of a project, where the completed deliverables are evaluated against the initial expectations. During this phase, any remaining issues or misunderstandings are resolved.
Cheat sheets cannot incorporate every single piece of information. This is simply a starting point or a list meant to serve as a reminder of the important topics. Additionally, you can utilize it as a guide when organizing your PMP exam preparation. It is an important tool to incorporate into your PMP exam preparation. A cheat sheet can be used not only for exam preparation but also for starting a project or analyzing a project that you are currently managing. Utilizing the cheat sheet for active projects will assist you in retaining crucial concepts and reaping the advantages of the PMP approach. One effective way to learn concepts is by practicing them.
Frequently Asked Questions(FAQs)
Can you bring a study guide with you to the PMP exam?
No, you are not permitted to bring study materials to the PMP exam. It is forbidden for you to consult any materials while completing the exam.
Is it possible to obtain a PMP cheat sheet?
Yes, you can create PMP cheat sheets that cover the main subjects that need to be learned in order to pass the exam. These types of documents are simply meant to serve as general recommendations; they cannot take the place of thorough planning and practice, which demand time and energy.