Project Managers “best aid” in performing their operations involves widespread application of mathematical formulas in relation to the 10 project management knowledge areas. Project Managers & Project management professionals looking to be future PMI PMP credential certified professional needs to understand the application of mathematical formulas in context of the situation at hand.
Memorization of the formulas alone will not aid the PMP aspirants ace the PMP exam. Professionals need to have deep insights on how to effectively perform the required computations. This requires the project management skill and diligence of the subject matter to ensure the problems are resolved in the right direction correctly.
While there are many methods to memorize the formulas & go about PMP exam, the most prominent one which has brought success for PMP aspirants is discussed here.
5 Simple steps to PMP Success with mathematical inspiration
During your PMP preparation, write down the formulas over a piece of paper on a daily mode until the exam day. A word of caution: Do not be tempted by technology to use mobile gadgets to memorize. Use hands to write, while you see with your eyes; human brains are hard-wired to synchronize & digest information in subconscious mind effectively this way.
Recall how these formulas are applied in context of knowledge area & process group.
Repeat steps 1 & 2, until you are confident of the formulas. Without looking up in to PMI PMBoK guide(change in the PMBoK guide) or self notes.
Many PMP participants have successfully used this simple technique to pass through the exam. On the day of exam, as you enter the exam, simply recall all the possible formulas. Brain dump these formulas on the blank sheets provided to you for the first few minutes. Even before you look into questions.
As you move on the questions, simply pick the formulas sheet and work them out on the piece of sheets provided.
For the not-so-mathematical-savvy project managers, one may feel left back or nervous with the appearance and outset of so many PMP exam related formulas. Though, a complete knowledge and application of these formulas will bring down the nervousness and build confidence. Ensure to cater quality time to see how the formulas are applied and in what context. There is no shortcut here for success.
The list of 10 PMP knowledge areas include:
Integration Management, Scope Management, Time Management, Cost Management, Quality Management, Human Resource Management, Procurement Management, Risk Management, Communications Management, Stakeholder Management.
Please see not all knowledge areas will have formulas. Do not expect to have formulas for all 10 PMP knowledge areas.
The list of important and most widely used set of formulas include:
|Project Selection >||Future Value|
|NPV – Net Present Value|
|ROI – Rate of Interest|
|IRR – Internal Rate of Return|
|BCR – Benefit Cost Ratio|
|CBR – Cost Benefit Ratio|
|Communications >||Communication Channels|
|Procurement >||PTA – Point of Total Assumption|
|Risk >||EMV – Expected Monetary Value|
|Cost & Schedule > EVM – Earned Value Management||CV – Cost Variance|
|SV – Schedule Variance|
|AC – Actual Cost|
|PV – Present Value|
|CPI – Cost Performance Index|
|SPI – Schedule Performance Index|
|EAC – Estimate at Completion|
|BAC – Budget at Completion|
|TCPI – To Complete Performance Index|
|PERT(Program Evaluation and Review Technique) >||EAD – Expected Activity Duration|
|Variance of an activity|
|Network Diagram >||Activity Duration|
|Rough Order of Magnitude(ROM) estimate|
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We would love to hear your questions, suggestions and thoughts on the importance of PMP related formulas and how they contributed to your PMP success.