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.
When you think of your project manager skills, then “compassion” is probably not the first word that comes to mind. You would probably first list some other hard project management tools and techniques like your scheduling abilities or completing your projects on scope and on budget.
And only if you keep adding words to this project management skills list will you eventually come to terms like conflict management, team building, empathy and compassion.
Margaret Meloni (http://www.margaretmeloni.com) says that we project managers should value compassion much more than we do.
If we are supposed to use compassion as one of our project management soft skills then we have to first define what it is, how it relates to project management and hear examples of how to use it on our projects. And that’s exactly what you are going to get from Margaret’s interview.
But the most important question that I have asked Margaret is this: If compassion is truly so important for me as a project manager, how can I see quantifiable results on my projects?
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.
When you think of your project manager skills, then “compassion” is probably not the first word that comes to mind. You would probably first list some other hard project management tools and techniques like your scheduling abilities or completing your projects on scope and on budget.
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.
