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PMP Formulas

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You are a project manager for a national consumer goods retailer. Currently, you are about to start the development of the assumption log for a project to build a new retail store. What should you do first?
Explanation: The assumption log is a project document used to record all assumptions and constraints throughout the project life cycle. The assumption log is created as an output of the Develop Project Charter process, as such limited information is available to create this project document. High-level strategic and operational assumptions and constraints are normally identified in the business case before the project is initiated and will flow into the project charter. Lower-level activity and task assumptions are generated throughout the project. The assumption log is used to record all assumptions and constraints throughout the project life cycle. Therefore, of the available options, the project business case is the best source of information to use in the development of the assumption log.

With our experience, if you passed the 180 questions test with above 80% for 4 times within 3 hours 30 minutes, you are confident to register and take the PMI examination for the certificate.

About the Project Management Professional (PMP) Certification

The PMP certification is managed by the Project Management Institute (PMI®) and reflects the PMI's project management processes as published in the PMBOK® Guide. Since 1984, the PMP certification has been one of the most sought-after project management credentials available.

The average salary of a PMP certified manager is 16% higher than individuals without the PMP certification.

The PMP certification is a globally recognized credential, and individuals are encouraged to remain active via PMI's Continuing Certification Requirements (CCRs). Only individuals who maintain active PMP credentials may refer to themselves as Project Management Professionals. Individuals do not need to be a member of PMI to earn a PMP credential.

The minimum requirements in attaining the PMP certification:

  • Education: At a minimum, A high school diploma is required
  • Project management experience
    • 36 months and 4,500 hours of professional experience for individuals with a bachelor’s degree or global equivalent (within the past 8 years)
    • 60 months and 7,500 hours of professional experience for individuals without a bachelor’s degree or equivalent (within the past 8 years)
  • Project Management Education: 35 contact hours of formal education •Ethics: Agree to PMI's Code of Ethics and Professional Conduct
  • Pass the PMP Exam

PMP Exam Details
The PMP exam is designed to objectively assess and measure project management knowledge. Concepts covered in the PMP exam are directly derived from the PMBOK® Guide, an internationally recognized standard (IEEE Std 1490-2003) which outlines project management fundamentals; and is applicable to a wide range of industries.

The actual exam is offered in both a computer-based testing (CBT) environment, as well as through proctored paper-based exams. A summary of the exam structure and passing requirements are as follows:

  • There are 180 total multiple-choice questions which make up the PMP exam
  • 25 randomly placed "pretest questions" are included, and do not count towards the pass/fail determination
  • Individuals have four hours to complete the exam
  • Only correct answers count, and a passing score is determined by “sound psychometric analysis”. This method indicates that scores reflect the difficulty of the questions answered.
    For the purposes of this book, a numeric scoring system will be applied, allowing students to easily measure their knowledge.

The Ten Knowledge Areas of the PMBOK® Guide

The ten knowledge areas outlined in the PMBOK® Guide and covered by the PMP exam are listed below.

Project Integration Management

Project Scope Management

Project Schedule Management

Project Cost Management

Project Quality Management

Project Resource Management

Project Communications Management

Project Risk Management

Project Procurement Management

Project Stakeholder Management

Additionally, the PMP practice exam content in this book include questions on the overall Project Management Framework and Professional Responsibility; reflecting the real PMP exam.
The ten knowledge areas contain a total of 49 processes which are applied to five basic process groups. These five basic process groups, or “domains”, are common across all projects and listed below along with the percentage of questions one should expect on the new PMP exam:

1.People (42%)

2.Process (50%)

3.Business Environment (8%)