PMP Certification Exam Cheat Sheet For 2024

In today's fast-paced business environment, organizations are seeking professionals who can effectively manage projects and drive them to success. This has led to a growing demand for certified Project Management Professionals (PMPs). Let's see PMP certification exam cheat sheet in details.

 

PMP Exam

 

PMP certification is recognized across the globe and is the gold standard in project management. It is awarded by the Project Management Institute (PMI), a non-profit professional organization that promotes excellence in the field of project management. They are trained to lead projects of all sizes and complexities, using industry-recognized best practices, tools, and techniques.

 

The demand for PMP professionals have demand globally over the years, and this trend is expected to continue in the future. This is due to several factors, including the increasing complexity of projects, the need for improved project performance, and the growing importance of project management in achieving organizational goals.

 

To become PMP Certified Need to Pass PMP Exam

 

Moreover, PMP professionals can bring significant benefits to organizations, including improved project outcomes, increased efficiency, better risk management, and higher customer satisfaction. Therefore, companies are willing to invest in hiring and training the trained professionals to meet their project management needs.

 

The increasing demand for project management professionals is driven by the need for effective project management and the benefits they bring to organizations. As the business environment becomes increasingly competitive and complex, PMP certification will continue to be a valuable asset for professionals seeking to advance their careers and for companies looking to improve their project management roles & responsibilities.

 

The Project Management Institute (PMI) conducts regular surveys on the salaries of PMP certified professionals who hold the Project Management Professional (PMP) certification. The survey results for the latest report show that PMP certified professionals receive higher salaries than their non-certified peers.

 

PMP Certified Professionals Salary

 

In fact, the report states that PMP certified professionals receive a median salary that is 35% higher than those who do not hold the certification. The report also indicates that the average salary for PMP certified professionals has been increasing steadily over the years. The survey results confirm that investing in the PMP certification can significantly impact a project manager's professional career.

 

PMP Formulas Cheat sheet

 

There is huge scope in the field of project management and is highly valuable. Various formulas are available which learners can consider as numerous important factors are aligned to these PMP formulas.

 

Below are the PMP formulas cheat sheet you can use for PMP exam

 

PMP	PMP Formula
Cost Plus Incentive Fee Contract =	Cost + Incentive Fee
Schedule Performance Index (SPI) =	EV/PV
Cost Plus Award Fee Contract =	Cost + Award Fee
Estimate At Completion (EAC) =	AC + Bottom - up ETC
Future Value (FV) =	PV / (1 + i)^n
Target Price =	Target fee + Target cost
Cost Plus Percentage Of Cost Contract (CPPC) =	Cost + % of the Cost as a fee
Estimate At Completion (EAC) =	AC + (BAC - EV)
Cost Performance Index (CPI) =	EV/AC
Present Value (PV) =	FV / (1 + i)^n
Communication Channel =	n(n - 1) / 2
Estimate At Completion (EAC) =	AC + [(BAC - EV) / (CPI x SPI)]
Point of Total Assumption (PTA) =	[{(Ceiling Price - Target Price) / Buyer’s share ratio} + Target Cost]
To Complete Performance Index (TCPI) =	(Budget at Completion - Earned Value) / (Budget at Completion - Actual Cost)
Estimate At Completion (EAC) =	BAC/CPI
Pert Formula Beta =	(P + 4M + O) / 6
Cost Plus Fixed Fee Contract =	Cost + fee of a fixed amount
ETC =	Estimate at Completion - Earned Value
Earned Value =	% completion x Budget at completion (BAC)
Cost- Benefit Ratio (CBR) =	Net Present Value / Initial Investment
EMV =	Probability of Event Occurring * Impact of Event Occurring

 

 

PMP formulas

 

If you are looking forward to take PMP training with an experienced training provider like Vinsys which is Authorized Training Provider (ATP -2739 ) then enroll today!

 

Course Name	Schedule	Mode
PMP Online Certification Training	19-20-26-27-Oct-2024	Online
PMP Online Certification Training	23-24-30-Nov-01-Dec-2024	Online
PMP Online Certification Training	14-15-21-22-Dec-2024	Online

 

 

Cheat Sheet about PMP terms

 

Here are some important PMP (Project Management Professional) terms for the exam:

 

• Project Scope: The work that needs to be done to deliver a product, service or result with specified features and functions.
• Project Stakeholders: Individuals and organizations who are involved in or may be affected by project activities and outcomes.
• Work Breakdown Structure (WBS): A hierarchical decomposition of the project scope into smaller and more manageable components.
• Critical Path Method (CPM): A technique for scheduling activities in a project based on their duration, dependencies, and constraints.
• Earned Value Management (EVM): A project performance measurement technique that integrates scope, schedule and cost data to provide project status and forecasts.
• Risk Management: The process of identifying, assessing, responding to, and monitoring project risks.
• Configuration Management Plan: This plan works to keep your projects running smoothly by storing and updating information about your various projects.
• Configuration Control: Configuration control manages process specifications.
• Performance Measurement Baseline: Used as a benchmark to compare various specific cost metrics. It includes scope, goals, costs, timelines, and the resources needed to finish the project. It is an important factor in project management.
• Project Life Cycle: This cycle consists the start to the end of the project.
• Development methodology: This consists product/service methodologies such as agile, predictive analytics.
• Change Management: The process of controlling changes to the project scope, schedule, budget, and other aspects to minimize the impact of changes and ensure project success.
• Project Charter: A document that authorizes the project and defines its objectives, scope, deliverables, stakeholders, and high-level requirements.

 

Why PMP exam cheat sheet is crucial?

 

The PMP exam is a comprehensive assessment of a candidate's understanding of project management principles, practices, and techniques. The exam includes various formulas, concepts, and terminologies that are crucial for a project manager to master. These formulas help professionals to calculate budgets, schedule tasks, estimate resources, and track progress. The concepts and terminologies provide a common language and framework for communication, collaboration, and decision-making among project team members. Understanding and applying these formulas, concepts, and terminologies are essential for passing the PMP exam and becoming a successful project manager. Moreover, it helps project managers to execute projects more efficiently, effectively, and with greater confidence.

 

Summing up: Why PMP cheat sheet

 

Various formulas, processes and methodologies are involved in PMP. It's so hard not to forget everything. However, through the PMP cheat sheet, the load can be reduced. This is a starting element to help candidates not to forget the main factors in PMP. This allows candidates to review important pointers before the exam. Basic formulas, methodologies and concepts further assist candidates in their professional endeavors.

 

There are some of the project management professional are still confused whether to go for PMP certification vs MBA then PMP certification having edge over MBA .