Freebie Friday: Exam Simulator Comparison Worksheet

Freebie Friday: Exam Simulator Comparison WorksheetNeed help in choosing the right exam simulator to use? Here is the Exam Simulator Comparison Worksheet to help you in selecting a Project Management Professional (PMP)® Exam Simulator that fits your needs. Use this worksheet to compare our PM Exam Simulator to the other available simulators out there and then decide which one suits you best.

The worksheet is straightforward and easy to use. Simply fill in all the data points from the simulators that are on your short list and now you have a simple way of comparing and making a fact-based decision.

Download it here: http://www.pm-exam-simulator.com/worksheets/32-step-1-download-the-exam-simulator-selection-worksheet

Print Email

Write comment (0 Comments)

Featured PMP® Exam Lessons Learned from Louie Julius Bagoyado, PMP

Featured PMP® Exam Lessons Learned from Louie Julius Bagoyado, PMPLessons learned towards becoming a Project Management Professional (PMP)® shared with us by PM PrepCast student Louie Julius Bagoyado, PMP.

"Today marks the beginning of a new journey.

I started my preparation for the exam last November 2017 when I received a professional development scholarship from PMIEF via PM PrepCast + Online Exam Simulator.

Study Hours and Strategy: 5 months
I was a busy professional with 3 lovely kids so I had to listen to the PM PrepCast on my way to work and going back home. I spent about 2-3 hours per day.

After 2 months of listening to the PM PrepCast, I subscribed to the PM Study Coach where it helped me focus on the Essential Essentials. After watching the PM Study Coach for a specific Knowledge Area, I will then watch the PM PrepCast Knowledge Area to refresh my mind on the concepts. It really improved my understanding of the different processes..."

Read more here: https://www.project-management-prepcast.com/kunena/pmp-exam-lessons-learned/6984-passed-pmp-exam-today

Print Email

Write comment (0 Comments)

Free PMP® Exam Sample Question

Free PMP® Exam Sample QuestionYou are assigned to manage a project to build five bridges in a metropolitan city. The project is divided into five sequential phases, with each phase representing the construction of one bridge. You have just finished the first phase of your project, and you are about to start your second phase. Which project management process should begin the second phase of the project?

A. Develop Project Charter
B. Develop Project Management Plan
C. Direct and Manage Project Work
D. Monitor and Control Project Work

--------------------
HINT: Which process group is performed at the beginning of a new project or a new phase of an existing project?
--------------------

All our questions are updated to the latest A Guide to the Project Management Body of Knowledge (PMBOK® Guide) standard. Stop by at http://free.pm-exam-simulator.com/ and try the PM Exam Simulator free for 7 days. We are a Project Management Institute (PMI)® Registered Education Provider.

Answer and Explanation:
The correct answer is A.

The Initiating Process Group is made up of two project management processes, Develop Project Charter and Identify Stakeholders. The Initiating Process Group is performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase. In the scenario described, you are about to start a new project phase. Therefore, you should start with the Develop Project Charter process. It does not necessarily mean you would develop a new project charter for each consecutive project phase, but it means that you will perform the processes of the Initiating Process Group starting with the Develop Project Charter process. You will review the project charter to see if the high-level assumptions and constraints made during project initiation are still valid, and whether or not the market conditions are still favorable for the project. Performing this process may result in an update of the charter or an addendum to the project charter. In an extreme scenario, this process may result in project termination.

While A Guide to the Project Management Body of Knowledge (PMBOK® Guide) does not explicitly mention going back to the Initiating Process Group to look at the project charter, it does provide several examples implying that the project team may choose to go with each new phase as a separate, stand-alone project. Undertaking a stand-alone project means performing all its processes, starting with the Develop Project Charter. The same logic applies to the next process in the Initiating Process Group, the Identify Stakeholders process. It is possible that new stakeholders became involved in the project, or some of the previous stakeholders left, or the level of engagement of the existing stakeholders have changed. Even if nothing has changed, the Develop Project Charter and the Identify Stakeholders processes should be performed. Otherwise, how would you be able to conclude that nothing has changed? Therefore, starting the new phase of the project with the Develop Project Charter process is the best answer to the question asked.

Details for Each Option:

A. Develop Project Charter
Correct. The Initiating Process Group is made up of two project management processes, Develop Project Charter and Identify Stakeholders. The Initiating Process Group is performed to define a new project or a new phase of an existing project by obtaining authorization to start the project or phase.

B. Develop Project Management Plan
Incorrect. The Develop Project Management Plan process is part of the Planning Process Group. A phase is started with the Initiating Process Group and not the Planning Process Group.

C. Direct and Manage Project Work
Incorrect. Authorization to start a new phase of a project is obtained in the Initiating Process Group. The Direct and Manage Project Work process is part of the Executing Process Group.

D. Monitor and Control Project Work
Incorrect. The Monitor and Control Project Work process is part of the Monitoring and Controlling Process Group. The phase must be initiated, planned, and execution must be underway before there can be any project work to monitor and control.

Reference: A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) – Sixth Edition, Project Management Institute Inc., 2017, Page(s) 23, 75

Print Email

Write comment (0 Comments)

Free PMP® Exam Sample Question

Free PMP® Exam Sample QuestionA project manager is preparing business cases for two product development projects that the company is considering. The first of these is code-named project Alpha, which is expected to result in a $50 million net profit, while the second one is code-named project Beta and is expected to net $45 million. Both projects could be very lucrative and rewarding. However, the financial controller has stated that the company can only invest in one of these projects. If project Alpha is selected, what will be the opportunity cost?

A. $95 million
B. $50 million
C. $45 million
D. $5 million

--------------------
HINT: Opportunity cost is defined as the value of the alternative that is not chosen.
--------------------

All our questions are updated to the latest A Guide to the Project Management Body of Knowledge (PMBOK® Guide) standard. Stop by at http://free.pm-exam-simulator.com/ and try the PM Exam Simulator free for 7 days. We are a Project Management Institute (PMI)® Registered Education Provider.

Answer and Explanation:
The correct answer is C.

Opportunity cost is regarded as the value of the alternative that is not chosen. If the decision is made to select project Alpha and forego the $45 million in potential profit from project Beta, the opportunity cost of this decision is $45 million, the value of project Beta. While the topic of this question is not included in the PMBOK® Guide, the Project Management Professional (PMP)® Examination Content Outline, June 2015, covers knowledge and skills with which PMP aspirants are expected to be familiar. Opportunity cost, as one of the project finance principles, is among these knowledge and skills.

Details for Each Option:

A. $95 million
Incorrect. Opportunity cost is the value of the project not selected. $95 million is the sum of both projects and would only be correct if the company did not select either alternative. The question is asked from the perspective of project Alpha being selected and, therefore, the opportunity cost would be the value of project Beta which is $45 million.

B. $50 million
Incorrect. $50 million represents the potential profit from project Alpha. Since opportunity cost refers to the value of the project not selected and project Alpha was selected, the company will forgo $45 million, the value of project Beta, as an opportunity cost.

C. $45 million
Correct. Opportunity cost refers to the opportunity given up by selecting one project over another. If the decision is made to go with project Alpha and forego the $45 million in potential profit from project Beta, this means the opportunity cost of this decision is $45 million, the value of project Beta.

D. $5 million
Incorrect. project Alpha has an anticipated net profit of $5 million more than project Beta. The opportunity cost is represented by the potential net profit of the project not selected rather than the difference between the two projects.

Reference: https://www.project-management-prepcast.com/free/pmp-exam/articles/691-what-is-opportunity-cost-and-why-do-you-need-to-understand-it

Print Email

Write comment (0 Comments)

More Articles ...