You’ve made the decision to get your PMP credential. It’s a big step in your career, and it can be a time-consuming and difficult journey. However, this certification from Project Management Institute (PMI)® is definitely worth the effort.
Let’s map out your journey to becoming a PMP in 10 easy steps. Here is your complete plan for becoming a certified project manager.
Ready? Let's jump right in!
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The PM Exam Simulator gives you 1600+ highly realistic PMP Exam sample questions, 7 full exams, 1 ITTO exam, detailed explanations for all the answers, and more.
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Studying PMP Exam Formulas Made Easy!
Are you stressed about the math and formulas you need to study and know for your Project Management Professional (PMP)® Exam?
Don't worry! There's a better way to study them.
Yes, the PMP Exam and the formulas are complex. But The PMP Exam Formula Study Guide was created specifically to provide you an easy reference and study guide. It is your authoritative source to all the formulas and values you need to master for the PMP Exam.
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A project manager is developing a cost management plan and needs to determine the best source of funding for a project that is dictated by a legal requirement. The cost of capital is estimated at 9.7% for non-dividend paying equity, 6.7% for debt, and 5.1% for self-funding. The NPV of the project is $500,000 with an opportunity cost of $750,000. What is the project manager's best course of action?
A. Fund the project with equity since there are no dividend obligations
B. Select the self-funding option since it provides the lowest cost of capital
C. Perform an alternatives analysis since there are multiple factors to consider
D. Recommend the termination of the project since another project has a higher NPV
HINT: What tool or technique associated with the Plan Cost Management process might be helpful in this situation?
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What is Opportunity Cost and Why Do You
Need to Understand It
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One of those topics not covered by the A Guide to the Project Management Body of Knowledge (PMBOK® Guide) is Opportunity Cost. There is no guarantee that you will see it during your PMP Exam, but there is also no guarantee that you will not. Here we will explain why as a project manager you need to understand Opportunity Cost, beyond that it may be on the PMP Exam, and what exactly Opportunity Cost is. We will also go through a couple of examples of
Opportunity Cost questions.
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PMI-RMP, PMI-ACP, and PMI-PBA are registered marks of the Project Management Institute, Inc.
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