This is a free lesson from The PM PrepCast available only until this weekend.

Earned Value Management (EVM) is the best thing that ever happened to project management. Or at least this statement holds true for anyone who is preparing to take the PMP exam. Without knowing EVM you will have a hard time passing.

Earned Value Management - most people simply call it Earned Value (EV) - is a method of monitoring project performance and progress for each work package or at the control account level.

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You are managing a feasibility study project, investigating the feasibility of constructing a dam in your country. The project needs to be analyzed from technical, economical, and social points of view. You have created the project charter on behalf of the project sponsor, and it is now approved. What should your next step be?

A) Develop Project Management Plan    
B) Identify Risks    
C) Identify Stakeholders    
D) Create WBS

Hint: You should complete the project initiation processes before moving on to the planning processes.

We would like to recommend the following article to you.

Strictly speaking this is not about PMP Exam Prep but we wanted you to see it anyway.

Read the 4 Steps to Turning Around a Troubled Project here!

This week's featured lessons learned comes to us courtesy of Chi Wing Chung.

In this lesson learned Chi Wing Chung shared some of his preparations and experiences in the PMP exam:

After 3 hours and 36 minutes of sitting before a computer answering 200 PMP Exam questions, I am finally a certified PMP. The whole preparation journey is both a joyful and fruitful experience for me and my professional life...

Written by project management expert Kim Heldman, PMP: Project Management Professional Exam Study Guide (Disclosure: Compensated Affiliate) is an excellent book that will guide project managers on their way to the PMP Exam. It provides comprehensive coverage of the exam objectives, essential PMP topics, concepts, and key terms...