Book Image

Becoming a PMP® Certified Professional

By : J. Ashley Hunt
Book Image

Becoming a PMP® Certified Professional

By: J. Ashley Hunt

Overview of this book

One of the five most prestigious certifications in the world, the PMP® exam is said to be the most difficult non-technical certification exam. With this exam guide, you'll be able to address the challenges in learning advanced project management concepts. This PMP study guide covers all of the 10 project management knowledge areas, 5 process groups, 49 processes, and aspects of the Agile Practice Guide that you need to tailor your projects. With this book, you will understand the best practices found in the sixth edition of the PMBOK® Guide and the newly updated exam content outline. Throughout the book, you'll learn exam objectives in the form of a project for better understanding and effective implementation of real-world project management tasks, helping you to not only prepare for the exam but also implement project management best practices. Finally, you'll get to grips with the entire application and testing processes in PMP® and discover numerous tips and techniques for passing the exam on your first attempt. By the end of this PMP® exam prep book, you'll have a solid understanding of everything you need to pass the PMP® certification exam, and be able to use this handy, on-the-job desktop reference guide to overcome challenges in project management.
Table of Contents (22 chapters)
1
Section 1: Introduction to Project Management and People
8
Section 2: Project Management Processes
17
Section 3: Revision
19
Chapter 16: Final Exam

Plan cost management

The cost management plan is similar to the schedule management plan in terms of its headers, and it sets the stage for agreement about the almighty budget early in project planning. You'll see from the following headers that they make sense as needed:

  • Units of measure (How the currency is used, lump sum or otherwise. This may also include different types of currency.)
  • Level of precision (Are we rounding up or down… um… up?)
  • Degree of accuracy (Usually, the standard is a tolerance of +/- 10%. This can help with risk contingency, and also provides the levels we can bounce between. If we bounce out, it's time for corrective actions.)
  • Organizational procedures link (The WBS is the framework for the cost management plan, so estimates, budgets, and control of costs are consistent. The WBS aspect that is used for cost accounting is called the control account, which has a unique code or number that ties it directly to the accounting...