How to use PMP Cheat Sheet in 2024- StarAgile

Tabel of the content

9With the growing demand for PMP professionals globally, they must have a good grasp of the technicality of PMP. The PMP professionals are recognised for their knowledge of skills and for managing projects effectively.

According to a survey by PMI, a professional with PMP certification is getting a hike of around 16% compared to non-certified ones. They are over one million PMP professionals globally. However, to stay ahead of the competition, the professionals should be well-versed in the technical terms of PMP. So, this article will discuss the PMP Cheat Sheet in detail for better reference.

Master PMP Certification Bangalore with StarAgile – Enroll Now to Boost Your Career with Hands-On Training and Industry-Recognized Certification!

PMP cheat sheet

What is PMP?

The Project Management Professional (PMP) certification approves the PMP professional's knowledge and understanding to manage projects efficiently. It showcases the project manager's skill, experience, qualification and competence to work on complex projects.

The Project Management Institute (PMI) administers the PMP certification. The PMI recognises several institutes where candidates can register to undergo PMP training. This is one of the most in-demand certifications globally. This certification is accepted by all major companies all over the world. A PMP professional would get exciting career growth as this course is intended to create several job opportunities with a better salary package.

Also Read: Control Chart in PMP

PMP formulas cheat sheet

The scope of project management is huge, and it is value-driven. Several formulas need to be considered. Many factors are dependent on these formulas.

Let us look at the PMP formulas cheat sheet regarding PMP examinations and future requirements. The formulas are important for the exams.

Present Value (PV) = FV / (1 + i)^n
Future Value (FV) = PV / (1 + i)^n
Target Price = Target fee + Target cost
Point of Total Assumption (PTA) = [{(Ceiling Price - Target Price) / Buyer’s share ratio} + Target Cost]
Communication Channel = n(n - 1) / 2
Schedule Performance Index (SPI) = EV/PV
Cost Performance Index (CPI) = EV/AC
Earned Value = % completion x Budget at completion (BAC)
Cost Variance = Earned Value (EV) - Planned Value (PV)
Estimate To Complete (ETC) = EAC - AC
Estimate At Completion (EAC) = BAC/CPI
Estimate At Completion (EAC) = AC + (BAC - EV)
Estimate At Completion (EAC) = AC + Bottom - up ETC
Estimate At Completion (EAC) = AC + [(BAC - EV) / (CPI x SPI)]
Variance At Completion (VAC) = BAC - EAC
Standard Deviation (SD) = Pessimistic - Optimistic / 6
Pert Formula Beta = (P + 4M + O) / 6
Expected Monetary Value (EMV) = Probability x Impact
To Complete Performance Index (TCPI) = (BAC - EV) / (EAC - AC)
Cost- Benefit Ratio (CBR) = Net Present Value of investment / Initial investment cost
Risk Priority Number (RPN) = Detection x Occurrence x Severity
Cost Plus Fixed Fee Contract = Cost + fee of a fixed amount
Cost Plus Award Fee Contract = Cost + Award Fee
Cost Plus Incentive Fee Contract = Cost + Incentive Fee
Cost Plus Percentage Of Cost Contract (CPPC) = Cost + % of the Cost as a fee
Payback Period = Initial investment / periodic cash flow
Return On Investment (ROI) = (Net Profit / Cost of Investment) x 100

Also Read: Enterprise Environmental Factors in Project Management

PMP concept cheat sheet

The PMP cheat sheet for formulas will not suffice the requirement to cover the entire PMP syllabus before the exam. It is necessary to understand some important concepts related to PMP. For future reference, let us look at some important PMP cheat sheet concepts.

Schedule - The projects are always time-bound. So, one should have a definite timeframe for all the tasks and sub-tasks with sufficient extra time for different constraints and uncertainty. One should also know how to maintain the schedule where there is a change in scope.
Managing Scope - Managing the scope means properly understanding the scope. It involves what tasks are to be completed for successful results. The managing scope involved the project completion schedule. These processes come under managing the scope.
Quality - A project is considered complete when it fulfils all the criteria provided by the stakeholders. The project will not clear the quality check if it does not meet the criteria.
Cost - The main duty of a project manager is to estimate the project's cost and components of cost of projects. Once all the expenses for the project are decided, the budgets are cleared, and the resources are allocated to the project manager. Once this is done, the project manager will be in a suitable position to handle any cost fluctuations during the project execution.
Risk - When projects are not invested with risks or plans, they are less likely to succeed. It is always important for the project manager to have a backup plan that would help to minimise the risk to a larger extent.
Procurement -The project manager needs to have a plan regarding arranging, building, or buying every component required to complete the project.
Resources - The project manager has to arrange a workforce to finish the task on time. This is an important factor that would help the project's outcome. The project manager needs to have a complete plan for hiring the best resource for the project.
Stakeholders - All the stakeholders should receive timely updates about the progress and changes in their projects. This is an important process in project management. This would ensure that all involved in the project do not get any surprises at any point in the execution.
Communications - All project stakeholders should get frequent updates regarding the project. This helps detect problems early and ensures that the project is completed successfully within the designated timeline.
Project closing - This is the last step of project execution. In this phase, the results are analysed against the expected outcomes. If there is any issue or change in output, those are addressed.

Also Read: Creative Project Manager

PMP terms cheat sheet

After understanding the PMP formulas cheat sheet and the concepts, let us look at some important PMP terms that would help a candidate to do well in the exam.

Project Management Plan - It covers all the details required for perfect project execution. The plan includes strategies, baselines, management plans, and other important information required for successful project execution.
Configuration Management Plan - This plan works on how information related to different projects would be stored and updated for the project's proper functioning.
Configuration control - The configuration control handles the process specifications.
Performance Measurement Baseline - This is used as a benchmark to compare different cost-specific measurements. The baseline includes objectives, scope, costs, schedule, and all the resources required to complete the project. This is an important part of project management.
Project Life Cycle - This cycle includes the project's initiation till it is completed.
Development Approach - This includes product/service development approaches like predictive analysis, Agile and others.
Management Reviews - This review of the complete project to detect key areas to determine project performance.
Change log - This records all the changes that occur during the project execution. It provides all the details and information that are essential to the project.
Change management Plan - Many changes occur during the project execution. This plan is developed to manage the entire change process for proper project execution.
Change control - The Change control involves all changes related to the project documents. It puts the project management principles in line with the timely identification of changes in the project.

Must Read about Types of feasibility study

Importance of PMP cheat sheet

The PMP cheat sheet is a note to jog the memory of candidates pursuing PMP certification. A candidate cannot remember all the formulas, concepts and techniques in PMP. So having a cheat sheet is handy. All the important concepts and formulas mentioned in it that are used regularly in PMP.

The PMP cheat sheet and the PMP formulas cheat sheet help candidates quickly review the concepts, techniques, and formulas before the exam.

Conclusion

There are many formulas, techniques, and processes involved in PMP, making it challenging to retain everything. However, with the PMP cheat sheet, the workload is significantly reduced. It serves as an essential starting point to help candidates remember key concepts and formulas, enabling them to communicate effectively during their PMP exam and professional careers. This tool aids in revising critical information efficiently before the exam. Additionally, the cheat sheet’s insights into important formulas and techniques are beneficial in real-world professional scenarios. If you're seeking PMP training from reputed trainers at a recognized institute, enroll today at StarAgile for their industry-driven PMP certification.

Share the blog