Difference between Fixed Cost and Direct Cost

Difference Between Fixed Cost & DIrect Cost For PMP Exam

Several PMP exam questions focus on the difference between Fixed Cost, Direct Cost, Indirect Cost & Variable Cost. These questions come from Cost Management knowledge area, but are also covered in Scope Management and Procurement Management. Unfortunately the PMBOK Guide does not provide any detailed information on these cost types and their definitions. Thus, most … Read more

How To Define Scope of Your Project?

Define Scope is one of the 47 process defined in the PMBOK Guide, Fifth Edition, by PMI. It belongs to the Scope Management knowledge area, and the Planning process group. Define Scope is focused onĀ  getting a clear understanding of the project scope, and clarifying on what exactly will be delivered at the end of … Read more

3 Point Estimate: Triangular Distribution vs Beta Distribution (PERT)

PMP aspirants often come across the 3 Point Estimate when studying for the PMP exam for the first time. There are 2 different formulas for the 3 Point Estimate, and it is generally not clear to most project managers as to which one to use, and when, or why. I have written about the 3 … Read more

All About Project Charter For PMP Exam

Looking to Understand the Project Charter? Chances are high that you are studying for the PMP exam right now… You see, most people have never heard of a Project Charter. They only come across this term when they begin to study for the PMP exam. And since they have never heard nor seen this project … Read more

What is the Delphi Technique?

Yesterday, after I wrote about the Performance Measurement Baseline for the PMP exam, I received an email asking about the Delphi Technique. I replied to the query, but then thought to expand it, and make it into a detailed article for your benefit too, as it is a common question on the PMP exam. Most … Read more

Master SPI Questions for Easy Marks on PMP Exam

In the PMP Exam, there are atleast 4-5 questions that only focus on simple interpretation of the Schedule Performance Index (SPI) or the Cost Performance Index (CPI). There questions are from the Cost Management or Time Management Knowledge Areas, as defined in the PMBOK Guide. Some such questions require you to do minor calculations. As … Read more

Point of Total Assumption Calculations on PMP Exam

Some time back, we covered the Cost Plus Incentive Fee Type of Contract Calculations, which is a “must know” for the PMP exam. Also watch the video on How to Answer Contract Type Questions for PMP exam. In the recent past, there have been many questions coming from a relatively unknown term – Point of … Read more

Do You Know about Hammock Activity for PMP exam?

Written by Vinai Prakash, PMP. A Hammock Activity is a schedule or project planning term for grouping smaller subtasks that hangĀ  between two dates. The sub tasks are not really related in a hierarchical sense. This means that there is no fixed sequence of tasks – any of these subtasks can be done at any … Read more