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Hi there! I know that you have subscribed to this newsletter because you want to be updated with the latest news in relation to the PMP exams. I hope we are living to your expectations.
Read on and enjoy another informative issue of the PM Exam Tips Newsletter.
Also, We would love to know you think we are (or not) so we would therefore appreciate it, if you could take five minutes and answer our seven-question survey. Almost all questions are "point and click", so it's a very easy survey to take. Please help us understand how we can make the newsletter better and help you become PMP certified.
The survey is here: http://www.surveymonkey.com/s/LJ85BRZ
Until Next Time,
Cornelius Fichtner, PMP
President, OSP International LLC
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gantthead PMXPO2011
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Let me also remind you of the gantthead PMXPO2011:
gantthead is once again excited to be bringing you our annual virtual
conference and exhibition on May 19th. Learn, network, earn PDUs and
gain valuable knowledge from the comfort of your home, office or
somewhere in between. Registration is free.
In five sessions-plus an exciting keynote presentation-gantthead will offer overviews of common PPM and PMO issues with valuable take-away materials, including templates, checklists, project plans and presentations that you can modify and use in your own practice.
Sign up here for free to participate...
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PMP Product Overview: The PM StudyCoach.
Your Roadmap to PMP Exam Success
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Are you busy with work but still want to study for the PMP Exam? Or you don't know where and how to start? Preparing for an exam requires time and focus. Wouldn't it be nice to have someone guide you through the PMP Exam prep process?
This is why we created The PM StudyCoach for you. The PM StudyCoach is a 10-week long coaching course in which you are taught exactly what you have to study for The PMP Exam. It's your "Study Roadmap" to the PMP Certification. At its center are the Coaching Sessions with your coach Cornelius Fichtner, PMP.
Each session is a recording that you can play on your computer or portable player. In these sessions, your coach will keep you motivated to continue on your road towards becoming a PMP. He will also give you expert tips and tricks. Together, you will look at lessons learned from other successful PMPs and he will show you how you can use their experience towards your success.
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Schedule Your PMP Exam Today!
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 You've decided that you want to take the Project Management Professional (PMP) exam, congratulations! You're taking one of the biggest steps of your career but there is a bit of planning to do and some details to take care of beforehand. First, be sure that you have the qualifications, experience and contact hours required and have documentation for each should you need it. Then you're ready to apply for the exam. You may want to join the Project Management Institute (PMI) before you apply, as it will save you substantially on the application fee. You'll also get a free PMBOK Guide in electronic format.
You can apply to take the PMP exam online or by paper form. I recommend doing it online, since it is a lot less hassle. You will have to pay the required fee as you submit the forms. This financially commits you to this particular "project" and you are now already less likely to procrastinate. We all tend to put off what we fear are unpleasant or daunting tasks but this is one task that is neither!
After you apply, you'll receive an email of acceptance from the PMI and it will give you instructions on how to schedule an exam appointment. You will take the exam in one of the many Prometric test centers worldwide, and the Prometric website is also the place where you schedule the exam online. There is usually no problem scheduling your exam unless you want a Saturday appointment. Many people who have taken the exam recommend taking it on a Tuesday; you've had the weekend to rest up and the day prior to testing to wind up loose study ends and be absolutely certain of your knowledge.
You have a year after applying to take the exam but don't wait that long. It really is best to go online and set your exam date right away. If you schedule it for about three months after you receive your acceptance, you'll have time to study without having to cram. Knowing you've committed yourself to this project might be a bit stressful so don't shortchange yourself on preparation time and contribute to that stress. The year allotted between acceptance and actually taking the test is to allow for rescheduling should a complication arise. One of your jobs is to make sure there are no delays by carefully planning for the test and allowing for unexpected surprises that could deter you from your goal. Look carefully at your schedule and personal obligations before you schedule the exam and then choose a date accordingly.
After you schedule your exam, it's time to make a study plan. It is best to choose the same block of time every day so that you can settle into a predictable routine that will be conducive to learning. You may want to take a formal class or study on your own but however you decide to study, be sure to take practice tests. You can find them in books or in several places online. There are also many online PMP forums you can join. Here you can communicate with other PMP students like yourself, often find free practice questions and these forums are generally a good place to find help and encouragement as you prepare for your PMP exam.
The exam is computer based and begins with a fifteen-minute tutorial. It probably won't take you that long to go through the tutorial but be sure that you clearly know the instructions. The test consists of two hundred multiple choice questions and you have four hours to complete it. You'll get your score at the end of the test and know immediately that you passed. It's best to arrive early so you can settle in and become comfortable in your surroundings. As you are sitting in front of the computer to take the test I recommend that you relax, pace yourself, take a deep breath and then click on "Begin".
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Exam Time Management and Question Styles
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 Proper time management and understanding the question styles in the exam will help you pass the PMP Exam.
Watch this video we have prepared for you: http://bit.ly/k2xPja
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Sample PMP Exam Question
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 Project A is 60% complete, its BAC is $5,000 and the CPI is 0.7. Project B is 65% complete, its BAC is $5,500 and the CPI is 0.75. Which of the following statements regarding the given information is correct?
A. CV of Project B is lower than CV of Project A
B. CV of Project A is lower than CV of Project B
C. CV of Project A and Project B are equal
D. CV cannot be determined from the information given
Hint: Calculate the CV of both the projects. (CV=EV-AC)
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Exam Tip: The Project Management Plan |
A project management plan is a formal, approved document that defines how the project is executed, monitored and controlled. It may be summary or detailed and may be composed of one or more subsidiary management plans and other planning documents. The objective of a project management plan is to define the approach to be used by the Project team to deliver the intended project management scope of the project. The project manager creates the project management plan following input from the project team and key stakeholders. The plan should be agreed and approved by at least the project team and its key stakeholders.
[On a side note: In many organizations the term "project management plan" and "project schedule" are often used interchangeably. If this is the case in your organization, then please make sure that you understand that for the PMP Exam, these are two distinctly different documents. We will discuss the project schedule in next week's tip.]
The PMBOK Guide 4th Edition also defines Develop Project Management Plan as the process of documenting the actions necessary to define, prepare, integrate, and coordinate all subsidiary plans. The project management plan defines how the project is executed, monitored and controlled, and closed. The project management plan content will vary depending upon the application area and complexity of the project. The project management plan is developed through a series of integrated processes until project closure. This process results in a project management plan that is progressively elaborated by updates and controlled and approved through the Perform Integrated Change Control process.
The project management plan typically covers topics used in the project execution system and includes the following main aspects:
- Scope Management
- Schedule Management
- Financial Management
- Quality Management
- Resource Management
- Communications management
- Project Change Management
- Risk Management
- Procurement Management
It is good practice and mostly required by large consulting and professional project management firms, to have a formally agreed and version controlled project management plan approved in the early stages of the project, and applied throughout the project. Project planning is part of project management, which relates to the use of schedules such as Gantt charts to plan and subsequently report progress within the project environment.
Get a full load of the definition and examples of the Develop Project Management Plan process in the Project Management Body of Knowledge Guide (PMBOK Guide) Fourth Edition, 4.2 to 4.2.3
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Solution
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 Correct Answer: B
Reference: PMBOK4 - pg:182
Explanation: We need to calculate the CV for both the projects by the formula CV = EV-AC. First we have to determine the EV by the formula EV = BAC x %complete. AC can be calculated by the formula AC = EV/CPI. The CV for project A is ($1,286) while the CV for project B is ($1,192). CV for Project A is less than the CV for Project B. Choice B is the correct answer to this question.
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Lessons Learned from
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Professionally, yesterday was the great day that brought smiles on my face when I saw the monitor at 4:30 CET. Thanks God.
In my preparation used the below mentioned materials:
1. PMBOK 4th Edition
2. Rita Mulcahy's PMP Exam prep 6th Edition
3. The PM Prepcast
4. PM Formulas
5. PMP Materials available within my organization
6. Mock exams.
The PM PrepCast really helped me to understand the concept. It really eased my learning.
The hundred odd question part of the PM Formula was too good. It really helped me to understand the formulas and the concepts behind them. In the exam, I was confident that I got the entire formula oriented question correct which really keep my confidence high
Last days preparation included the review of process chart in the Rita Mulcahy's PMP Exam prep book, mapping chart in Page 43 of PMBOK and Glossary, a re-run of selected episode of The PM Prepcast (Quality Management / Procurement / Risk management) and many mock question that I could get hold of.
The journey was great and big relief.
Indeed we celebrated this occasion with family at the nearby restaurant.
To read more success stories go here..
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