What Is Opportunity Cost and Why Do You Need to Understand It

What Is Opportunity Cost and Why Do You Need to Understand ItA Guide to the Project Management Body of Knowledge (PMBOK® Guide)  should be your primary resource when studying for the PMP Exam as it is the globally recognized standard and guide for the project management profession. However, it does not cover every possible topic that the PMP Exam may touch on.

One of those topics not covered by the PMBOK® Guide is Opportunity Cost. In this article, we explain why as a project manager you need to understand Opportunity Cost and what it is exactly. We will also go through a couple of examples of Opportunity Cost questions.

Contents of this article include:

  1. Why does a Project Manager need to understand Opportunity Cost?
  2. What is Opportunity Cost?
  3. PMP Exam Sample Question 1
  4. PMP Exam Sample Question 2

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

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How to Prepare for the PMP® Exam in 30 Days

How to Prepare for the PMP® Exam in 30 DaysPreparing for the PMP Exam takes time and while it is not advised to take a fast approach, sometimes there are “legitimate” reasons that require you to sit for the exam within 30 days (or sooner).

Here are key steps, processes, and resources that, along with your dedication, will allow you to prepare for and pass the PMP exam in 30 days (or less).

Let's begin with some general thoughts on how to get started.

Questions answered in this article are:

  1. How to Get a PMP Certification Fast?
  2. How to Pass the PMP in 30 days?
  3. How to Pass the PMP in 10 days?
  4. Need your PMP Fast? Think again!
  5. So, what is the Best Way to Pass the PMP Exam?

Read more: https://www.project-management-prepcast.com/free/pmp-exam/articles/701-how-to-prepare-for-the-pmp-exam-in-30-days

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Lessons Learned Management Techniques for the PMP® Exam

Lessons Learned Management Techniques for the PMP® ExamLearning the lessons of past projects is important for you to improve as a project manager. It is essential for you to understand what worked and what didn't when managing projects and for getting better outcomes each time.

In this article, you will learn everything you need to know about lessons learned management techniques. Lessons learned management techniques are the knowledge and skills that a project manager needs to be able to use lessons learned to improve their projects.

This will help you prepare for questions on the topic and also give you the tools you need to learn from your experiences on projects.

Topics discussed in this article include:

  1. PMP Lessons Learned Management Techniques: 3 Things To Know For Your Exam
  2. The Lessons Learned Project Management Process
  3. How to Run a Lessons Learned Project Management Meeting
  4. Lessons Learned Project Management Questions
  5. Lessons Learned: Project Management Challenges
  6. Next Steps For Learning About Lessons Learned

Read more: https://www.project-management-prepcast.com/free/pmp-exam/articles/756-lessons-learned-management-techniques-for-the-pmp-exam

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Project and Process Tailoring for the PMP® Exam

Project and Process Tailoring for the PMP® ExamThe A Guide to the Project Management Body of Knowledge (PMBOK® Guide) defines a project as “a temporary endeavor undertaken to create a unique product, service or result.” With that said, it is important to also understand that an organization's project management processes will likely need to be tailored in order to ensure project success. 

Project tailoring takes into consideration that project management processes are not "one size fits all", meaning, there will be many times when processes need to be adjusted (added, removed, or revised) in order to ensure project success.

Tailoring in project management can happen at any time and for any process being applied to a project.

As a project manager, you cannot blindly follow a methodology. You need to know how to assess a project to determine what processes will need to be adjusted to achieve a successful project outcome.

In this article, we are going to look at a very high-level method for process tailoring.

This 4-step method includes the following:

  1. Evaluate Existing Project Management Processes
  2. Assess the Project Tailoring Needs
  3. Document the Project Tailoring Process
  4. Re-Evaluate Project Management Processes

Read more here: https://www.project-management-prepcast.com/free/pmp-exam/articles/764-project-and-process-tailoring-for-the-pmp-exam

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Meeting Management Techniques for the PMP® Exam

Meeting Management Techniques for the PMP® ExamMaybe you're wondering, what makes a good meeting? What are the meeting management techniques that project managers have to know and master?

Meeting management is part of the Project Management Professional (PMP)® Exam Content Outline, so it is possible that you’ll be asked about this in your exam.

This article covers what you need to know about this subject. You'll also learn some great tips for managing successful meetings every time. Plus, 10 essential meeting management techniques that you surely don't want to miss!

Topics discussed in this article are:

1. PMP Meeting Management Techniques Defined
2. 10 Essential Meeting Management Techniques for PMP
3. Project Management Meetings With Virtual Teams
4. Taking it Further: More on Meeting Management for PMP

Read more: https://www.project-management-prepcast.com/free/pmp-exam/articles/782-meeting-management-techniques-for-the-pmp-exam

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