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

PMP Strategy: How to Study & Answer PMP Questions

The PMP exam is based on the PMBOK Guide, which is a very holistic framework for managing projects. For most project managers, it is an eye opening experience. Most people find that there are huge gaps in what they know and practice on real projects, versus what learn from the PMBOK Guide. This leads to … Read more

Help! I Failed The PMP Exam Today… WHY?

“I failed the PMP exam today. It is really unbelievable. I thought I did well on the exam. I was able to finish on time. I have 8 years of project management experience, and have never failed any exam. Yet, I got only one area as Moderately Proficient, and Below Proficient in all other areas. … Read more

Which Process Is Used To End the Project As Per The PMBOK Guide?

Yesterday, After I finished responding to Karen’s question about PMP Exam eligibility for people from Support/ Operations, I chanced upon another question sitting in the Comments Section. It seems that after reading the differences between Contract Closure and Administrative Closure, James, one of the readers of our PMChamp PMP Exam Tips Blog wrote to me … Read more