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 on  getting a clear understanding of the project scope, and clarifying on what exactly will be delivered at the end of … Read more

Closing Process Group for Project Management

There are 5 Process Groups for Project Management, as defined in the PMBOK Guide, Fifth Edition. The Closing Process Group,  in the PMBOK Guide, Fifth Edition, is a relatively easy area for the PMP exam. Beware, Closing process group accounts for as much as 18 questions ( 9%) in the PMP Exam. However, if you study … Read more

Executing Process Group for PMP

There are 5 Process Groups as per the PMBOK Guide – Initiating, Planning, Executing, Monitoring & Controlling & Closing. There are only 8 processes within the Executing process group. However, it is the area which gets the highest number of questions – 31% of questions (see latest PMP Exam Question Distribution).  So if you master … Read more