Cornelius Fichtner help you with your PMP Exam Prep (https://www.project-management-prepcast.com) as well as earn free PDUs (www.pm-podcast.com/pdu). Passing the PMP Exam is tough, but keeping your PMP Certification alive is just as challenging. Preparing for the exam requires an in-depth study of the PMBOK Guide and dedicated study discipline. And once you are PMP certified, then you are required to earn 60 Professional Development Units (PDUs) every 3 years to keep your certification alive. Let me help you make this journey easier with tips and tricks on how to prepare for and pass the exam as well as efficiently earning your PDUs once you are certified.
Listen to this free interview and earn 0.50 PDUs (Leadership):
Generally speaking there are six leadership styles: authoritative, democratic, affiliative, pace setting, commanding and coaching. Each one of these has its time and place.
But for you and me as project leaders, project management coaching should be at the top of our list. After all, it is the people working on our projects who get things done, so we want to unlock their potential. And coaching may just be the answer.
A little while back we had Susanne Madsen on the program to discuss how her Project Management Coaching Workbook can help unleash your potential. And today, we are going to do a deep dive into various coaching techniques and how it can make you a better project leader.
This interview was originally published on The PM Podcast.
Listen to this free interview and earn 0.25 PDUs (Leadership):
When we talk about “change management in project management”, the words “resistance” and “tension” often spring to mind.
Consider the resistance to project change management for instance, when two organizations merge, or the fear that employees will feel when a part of their job is automated and some of their skills become redundant.
But the problem isn’t the change itself in spite of the difficulties that it may bring.
To discuss the project change management process with us today I’m very pleased to welcome back one of our favorite interview guests: Susanne Madsen whose book The Power of Project Leadership contains a large section on change management.
She says: Organizational change is vital for any business that wants to survive and thrive in our increasingly competitive and fast paced word. The problem is that many project leaders struggle to fully motivate and engage their teams in the process. They often move too fast, are too outcome driven and not sufficiently consultative in their approach.
This interview was originally published on The PM Podcast.
If you are in the middle of preparing to take the Project Management Professional (PMP)® Exam you have undoubtedly read through A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition at least once and possibly even more. If you are just starting to prepare to take the PMP Exam, then you should be planning to read through the PMBOK® Guide at least a couple of times. The PMBOK® Guide should be your primary resource when studying for the PMP Exam as it is the globally recognized standard and guide for the project management profession; however as you probably already know, it does not cover every possible topic that the PMP Exam may touch on.
One of those topics not covered by the PMBOK® Guide is Opportunity Cost. There is no guarantee that you will see it during your PMP Exam, but there is also no guarantee that you will not. Here we will explain why as a project manager you need to understand Opportunity Cost, beyond that it may be on the PMP Exam, and what exactly Opportunity Cost is. We will also go through a couple of examples of Opportunity Cost questions.
Why does a Project Manager need to understand Opportunity Cost? It is very possible as a Project Manager you will be charged with project selection at some point in your career. You will need to make sure you evaluate and select projects based on your organization’s goals and needs to ensure returns are maximized as well as opportunity costs are minimized. As part of the project selection process you will need to evaluate where to best utilize valuable resources such as specific skill sets, time, and of course money. Allocating these resources to a specific project prevents their use for other projects at the same time, after all an organization only has so many resources and needs to take on projects with the highest potential for success and the greatest return.
What is Opportunity Cost? Opportunity cost is the loss of potential future return from the second best unselected project. In other words, it is the opportunity (potential return) that will not be realized when one project is selected over another. For example if Project X has a potential return of $25,000 and Project Y has a potential return of $20,000, then selecting Project X for completion over Project Y will result in an opportunity cost of $20,000. That is the “loss” of not completing Project Y.
Let’s take a look at a couple of PMP Exam sample questions around Opportunity Cost:
PMP Exam Sample Question 1: “Which definition best fits Opportunity Cost?”
a) The sum of all of the potential returns of projects not selected.
b) The potential return of the second best project that was not selected.
c) The difference between the potential return of the project selected and the potential return of the second best option that was not selected.
d) The difference between the present value of cash inflows and the present value of cash outflows.
The correct answer is B. Opportunity Cost is the potential return of the second best option that was not selected. It is not the sum of all potential returns that were selected or the difference between the potential return of the project selected and the second best option. It is also not the difference between the present value of cash inflows and the present value of cash outflows as that is the definition of net present value.
PMP Exam Sample Question 2: “You are part of a project selection team evaluating three proposed projects and you need to select the project that would bring the best return for the organization. Project A has an NPV of $25,000 and an IRR of 1.5, Project B has a NPV of $30,000 and an IRR of 1.25, and Project C has an NPV of $15,000 and an IRR of 1.5. What would be the opportunity cost of selecting Project B over Project A?”
a) $15,000
b) $5,000
c) $25,000
d) $30,000
The correct answer is C. Opportunity Cost is the potential return of the project not selected. In this case we did not select Project A, so it is $25,000. There is extra unrelated information in this question; IRR is not relevant when evaluating opportunity cost. Once all of the unnecessary information is filtered out the questions is simply asking what is the dollar value associated with Project A.
Opportunity Cost simply comes down to the benefits or returns that are passed up when one project is selected over another. Understanding what Opportunity Cost is may or may not be necessary when taking the PMP Exam. Even if questions about Opportunity Cost are not on your PMP Exam it is still important for you as a Project Manager to understand Opportunity Cost as it is a method for selecting one project over another especially when valuable resources are limited.
About the author: Cornelius Fichtner, PMP is a noted PMP expert. He has helped over 34,000 students prepare for the PMP Exam with The Project Management PrepCast at http://www.pm-prepcast.com and The PMP Exam Simulator at http://www.pm-exam-simulator.com
If you are working towards or just considering taking the Project Management Professional (PMP®) exam it is certain you have concerns about taking the exam itself. Concerns that can only be answered by practicing, or what types of questions are on the exam, or do I understand the material enough to pass, and can I answer 200 questions in four hours. You can discover the answers to these concerns and others like them through taking mock exams or answering mock online exam questions before you even register for an official exam date.
Online Mock PMP Exams are the way to go if you want to see where you are knowledge wise, to find out if you can answer 200 questions in four hours, or if you just want to kick a case of the nerves. Therefore, this article explains what a mock exam is, how an online mock test helps you, where you would find such a test, and how good these tests can actually be. My goal is to give you the information you need to both locate a free online mock PMP test and how to identify a quality exam that will help you to be on your way to become a certified PMP.
What are PMP Mock Tests?
A mock test is one that is taken prior to the official exam for practice. A mock test can be taken to help you learn the types of questions that may be on an exam, to test your knowledge, or to simply practice taking the test.
Knowing what kinds of questions may be on the exam, that you can answer 200 questions in four hours, and that you can pass a mock exam can help settle your nerves for the official exam. There are several quality full-length online mock PMP tests on the market, but you don’t always need a full-length exam to test your knowledge. There are also quality options for shorter mock practice tests and also single questions that can be used as part of your successful study plan.
How does a PMP Online Mock Test help me?
It helps, because it allows you to practice taking the PMP exam in the most realistic manner possible, which can be fundamental to you successfully passing the PMP exam.
A good full-length mock practice test will be very much like the official exam. It will consist of 200 questions, be limited to four hours, and will also have questions that are similar in difficulty, style and format as the official exam. It also covers the same topics. An online mock exam for the PMP exam is a good simulation of the actual exam process since the PMP exam is typically computerized. You should find a quiet location, block out four hours, log onto the mock test, and practice taking the exam in the most realistic way possible.
Shorter mock exams or single mock exam questions are also a good method for testing yourself. These questions will be similar in difficulty and in a similar format as the official exam and allow you to practice based on the time you have. If you have an hour or two maybe a shorter mock test is best for you. If you have ten minutes maybe a few practice questions are your best option. Many of the websites that offer single mock test questions offer a mobile option that can be used anywhere.
Where do I find a PMP Mock Exam Online Free?
Online mock tests that are both good and free are hard to come by. After all, you want to make sure you find quality free online practice exams and questions so your time is well spent.
The best one I know comes from Oliver Lehmann at www.oliverlehmann.com. Here you will find some of the most difficult questions around. Consider it a success if you can answer more than half correctly. This site offers questions in a variety of formats along with a free 90-minute, 75-question simulated exam. It is not a full-length exam, but it is definitely worth your time since it is so difficult. The website also has links to 4000 additional practice questions.
Another free online PMP mock test is the PM Exam Simulator located at http://free.pm-exam-simulator.com. This simulator provides several shorter exams and allows you to practice taking the PMP Exam in a manner that mimics the official exam. The questions are formatted using the same difficulty and style that are used for the actual exam. It also provides questions in the same process group proportions to best simulate the exam. It offers three modes to best fit your current learning needs: Learning Mode where you can receive hints and there is no time limit; Timed Mode where you can receive hints, but are held to the time limit; and Real Exam Mode where you can get the real PMP Exam experience.
The final recommended option for free mock PMP questions is at www.free-pm-exam-questions.com. Here you can sign up to have questions delivered directly to your inbox a well as the Weekly PMP Exam Tips Newsletter.
There are many good products on the market that may fit your needs. For some additional recommendations please read my article My Top Recommended Web Sites for Free PMP Exam Sample Questions. And in the interest of disclosure, the PM Exam Simulator and free mock PMP questions mailing list mentioned above are my own products.
How good can a PMP Mock Exam Free Actually be?
It depends! Sometimes you truly get what you pay for, but there are several, high-quality and free online PMP mock exams on the market.
One assumption that we can make is this: free mock exams provided by PMI Registered Education Provider will likely be quite good. Especially if this provider also offers their own online simulator. The reason for this is simple: The free questions they give you will be of a high quality because they want to showcase them to you in the hope that you like them and sign up for the paid products.
How do I spot a GREAT Online PMP Mock Test?
Consider both the source and also the questions themselves:
• As we have just seen, it is a good sign if the provider of the free questions is a PMI Registered Education Provider because it is in their own interest to give you excellent free materials.
• Then you have to consider the questions themselves. Here you have to primarily ensure that they are updated to the most recent PMBOK® Guide and that they follow the latest exam specifications.
Questions with explanations that reference the PMBOK Guide or other quality current project management reference materials are also a good sign of great PMP mock questions.
If you are just beginning or are in the middle of studying for the Project Management Professional (PMP®) Exam, you probably already know that in order to pass, you need to fully understand both A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition, Project Management Institute, Inc., 2013 and the Project Management Institute (PMI) Code of Ethics. You have probably spent some time thinking about the many study techniques available to you. In this article, I examine four PMP Exam study techniques, their effectiveness, and some possible alternatives, you may not have considered.
Technique 1 – Reading and Highlighting / Underlining the PMBOK Guide and PMI Code of Ethics
Reading text and highlighting or underlining as we go is a technique many of us learned and used during our high school or college days, so it is a familiar technique.
Verdict:
Studies have found that although 84% of students at elite colleges use this technique, they have also found it to be ineffective. It is kind of a security blanket, in that it makes the student feel that they are learning, but the student is actually more focused on highlighting or underlining rather than learning the concept.
Passively reading is a great first step, so don’t discount the need to read the PMBOK Guide and PMI Code of Ethics and Professional Conduct; however, highlighting or underlining likely adds very little to your learning.
It does little to enhance understanding of the material and long term recall of the material, which makes this technique ineffective overall.
Alternatives:
Try to find other methods to learn about PMP concepts other than just reading, highlighting, or underlining them such as:
Be more active while reading. For example, ask yourself “why” a concept is relevant, or try to relate the concept to a real world example you can recall when it comes up on the PMP Exam.
Attend a PMP Exam Prep Course so you can hear about the concepts from an instructor and learn from others in the class.
Use other tools to learn PMP concepts such as the PM Prepcast™ or another PMP Exam prep book such as “Achieve PMP Exam Success, 5th Edition: A Concise Study Guide for the Busy Project Manager.”
Technique 2 – Using PMP Flashcards
Flashcards are a compact quick use study aid that typically covers one question, formula, or tidbit of information per card. This is another technique you may be familiar with from your high school or college days.
Verdict:
Spreading study sessions out over time, also known as distributed practice, has been found to enhance student performance. Flashcards provide a great method to be able to spread out learning and use the distributed practice method in a controlled and flexible way. You can easily breakdown PMP concepts into smaller “bite-sized” chunks to ensure you review and master the material one concept at a time.
PMP Exam Flashcards have been found to be a very effective learning technique. You can pace yourself and easily use the flashcards as many times as you need in order to solidify the concepts in your mind. You can create your own from taking information out of the PMBOK Guide or other exam prep material, or purchase premade flash cards such as PMP eFlashcards.
Technique 3 – Taking Notes on the PMBOK Guide and PMI Code of Ethics and Professional Conduct
Taking notes is the act of write down important information while reading the material to be learned. This is another technique many of us have learned while in school.
Verdict:
Taking notes is a better technique than highlighting or underlining, but can be very time consuming. If you use this technique wisely then it can be very effective to use while reading the PMBOK Guide and PMI Code of Ethics. Be careful not to take notes that simply regurgitate information or your learning will be adversely affected and taking notes would be similarly ineffective as highlighting or underlining.
Alternative 1 – Use Notes to Create PMP Flashcards:
When taking notes, do it in a manner where you can hide terms and definitions easily. For example, create two columns on a single page where the left column contains the terms and the right column contains the definitions. Writing it out this way allows you to hide the definitions with one hand as you try to repeat them to yourself. Or you can leave a lot of extra white space that you can use to rewrite the concept later to “test” yourself. Then you can compare what you wrote verses the note you took. Using a notebook is not as flexible as using flashcards, but you can use any notes you take as a basis for creating your own flashcards.
Alternative 2 – Use a PMP Brain Dump:
Create a brain dump. After reading about a concept, take a sheet of paper and write down all of the details you can recall about that topic. Don’t forget to verify that the details in your brain dump are correctly recalled and that you did not miss anything. This is an effective technique for learning a concept since you are actively filtering for the most essential information. You also end up with a way of actively recalling the information over time and most importantly you can recreate the brain dump on the day of your PMP Exam.
Technique 4 – Taking a PMP Practice Exam
Taking practice tests can include anything from testing yourself one question at a time or sitting in a quiet location and taking a full length four hour two hundred question simulated PMP practice test.
You can self-test while reading PMP related material. For example, if student A was re-reading a PMBOK Guide chapter straight through and student B hid some text from themselves purposely as they read in order to recall the information prior to revealing the text (taking a self-imposed practice test) then student B would be more likely to recall the information long-term. As student B was going through the self-imposed testing, when he failed to recall information, he simply went back to re-study the concept.
Flashcards are also a form of practice test as each card poses a test question. Flashcards are not ideal in the sense that the format of the PMP Exam is not necessarily the same as flashcards, but are still effective. If you are looking for a PMP Exam practice test that is close to the PMP Exam, look into using the PMP Exam Simulator.
Verdict:
Practice tests are definitely recommended and studies have shown that taking practice tests is a very effective learning technique in a wide array of situations. Self-testing as you read PMP related study material and using flashcards are both effective methods, but most effective method is taking full-length timed practice PMP Exams.
PMP Study Technique Conclusion:
Not all study techniques are equally effective. For your PMP Exam preparation spend your time wisely by knowing the best study techniques. Understanding the PMBOK Guide and the test itself is fundamental to preparing for the PMP Exam. Read each chapter as actively as possible and learn the concepts from a variety of resources. Practice tests and distributive practice have been found to be highly effective study techniques, so consider using flashcards and exam simulators when studying for the PMP Exam. The more you are able to connect concept with example in your learning the better. Create meaningful and intelligent notes, and figure out your brain dump before you decide to do any highlighting. Finally learn from others who have prepared and passed the test by visiting online forums.
Generally speaking there are six leadership styles: authoritative, democratic, affiliative, pace setting, commanding and coaching. Each one of these has its time and place.
If you are in the middle of preparing to take the Project Management Professional (PMP)® Exam you have undoubtedly read through A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition at least once and possibly even more. If you are just starting to prepare to take the PMP Exam, then you should be planning to read through the PMBOK® Guide at least a couple of times. The PMBOK® Guide should be your primary resource when studying for the PMP Exam as it is the globally recognized standard and guide for the project management profession; however as you probably already know, it does not cover every possible topic that the PMP Exam may touch on.
If you are working towards or just considering taking the Project Management Professional (PMP®) exam it is certain you have concerns about taking the exam itself. Concerns that can only be answered by practicing, or what types of questions are on the exam, or do I understand the material enough to pass, and can I answer 200 questions in four hours. You can discover the answers to these concerns and others like them through taking mock exams or answering mock online exam questions before you even register for an official exam date.
If you are just beginning or are in the middle of studying for the Project Management Professional (PMP®) Exam, you probably already know that in order to pass, you need to fully understand both A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition, Project Management Institute, Inc., 2013 and the Project Management Institute (PMI) Code of Ethics. You have probably spent some time thinking about the many study techniques available to you. In this article, I examine four PMP Exam study techniques, their effectiveness, and some possible alternatives, you may not have considered.
