Are you preparing for The PMI Agile Certified Practitioner (PMI-ACP)® Exam? The Agile PrepCast offers dozens of video training lessons to help you study for the certification.
Today, we review The Declaration of Interdependence. The Declaration of Interdependence and was published in 2005 by a group of Agile practitioners to help implement guidelines set forth in the Agile Manifesto. It contains six principles essential to "management' in general, not just to "project' or "product' management, and outlines leadership methods used to manage the interdependency of people, processes and value in order to perform work.
Watch the Free Agile Lesson here: https://www.youtube.com/watch?v=rhCWnk5y3Rc&hd=1
Lessons learned towards becoming a Project Management Professional (PMP)® shared to us by PM PrepCast student Sarah Koehler, PMP.
"I took the PMP® Exam on 12/30/2016. I spent approximately 16 weeks preparing for the exam using a combination of the following 4 tools: Electronic version of A Guide to the Project Management Body of Knowledge (PMBOK® Guide), PMP® Exam Prep, by Rita Mulcahy, the PM PrepCast, and the PM Exam Simulator. I found that all of these tools complemented each other and were all instrumental to my success. I started by reading both the PMBOK® Guide and Rita’s book cover to cover. This set the baseline for me to understand the cyclical nature of the process. From there I listened to all of PM PrepCasts that didn’t discuss a specific knowledge area. After that I started back on the knowledge areas and began my deep dive. I would read one knowledge area and listen to the PrepCast for it as well; taking detailed notes the entire time. I did that through all the knowledge areas."
After I completed all of that, I started my PMP® Exam Simulator and took EVERY test. I would take 2 tests per week; and even re-took 2 exams that I had scored the lowest on a second time. I would mark any question I didn’t immediately know and review at the end of each exam. Using the PM Exam Simulator testing statistic, I was able to focus my studies on the area that I was deficient and re-focus my effort on the specific knowledge area. I would also add to my notes where needed or highlight common threads. At the end of my review, my “notes” were actually a 47 page document!.."
Read more here: https://www.project-management-prepcast.com/kunena/pmp-exam-lessons-learned/5474-pmp-exam-success-passed-on-12-30-2016
One of the more important steps in preparing for the Project Management Professional (PMP)® exam is to schedule your exam date as soon as you meet all the eligibility requirements. This will give you a specific date toward which you can work. Now you have deadline - a big red "X" on your calendar - and this will motivate you in your studies. If you don't have the date scheduled you can always find excuses for not studying and delaying things. But having the date in your mind and calendar will drive you to study regularly.
Now that you see your exam approaching, here are a few good study activities:
Read the A Guide to the Project Management Body of Knowledge (PMBOK® Guide). Read it twice. Because the PMP® exam is largely based on the PMBOK® Guide contents, it makes sense to know what it says. However, the PMP® exam requires far more than just recounting facts. You can’t just memorize the PMBOK® Guide and pass the exam. You must understand how each of the 47 PMBOK® Guide processes, along with their inputs, outputs, and tools and techniques would be applied in real life project situations. So a good way to enhance your studies is to apply the concepts you learn from the PMBOK® Guide on your projects right away.
Next, read the Project Management Institute (PMI)® Code of Ethics and Professional Conduct, and as with the PMBOK® Guide, read it at least twice. Think of project scenarios for each topic that will be more meaningful and help you remember the concepts as you study the Code. Learn how each section in the Code is different and why each one is necessary for the project management profession.
And lastly, don't forget to discuss project management topics with others to really learn the material. Find a local or online study group and meet with them as you study for the exam.
In which type of contract is the seller reimbursed for performing the contract work and receives a fixed fee payment calculated as a percentage of the estimated project cost?
A. Cost plus award fee contract
B. Lump-sum contract
C. Cost plus fixed fee contract
D. Cost plus incentive fee contract
HINT: Costs are being reimbursed.
All our questions are updated to the latest A Guide to the Project Management Body of Knowledge (PMBOK® Guide) standard. Stop by at http://www.pm-prepcast.com/freesimulator and try the PM Exam Simulator free for 3 days. We also offer 110 free questions at http://www.free-pm-exam-questions.com. We are a Project Management Institute (PMI)® Registered Education Provider.
Answer and Explanation:
The correct answer is C.
In a cost plus fixed fee contract the seller is reimbursed for all allowable costs for performing the contract work and receives a fixed fee payment calculated as a percentage of the initial estimated project costs.
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