It is a universal fact that at any stage of Project management, project managers are required to perform simple as well as complex computations and calculations for their projects. This guide will take you through the most important PMP formulas used to perform these computations. The PMP exam requires the knowledge and application of such formulas, and this helps the assessor to get a better understanding of the examinee’s knowledge and potential. Currently, PMP Certification online training is also available.
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One of the most fundamental things that an aspirant must take note of while understanding the formulas is the fact that s/he must not be intimidated by them, they are easier than most people feel. Listed below are the important PMP Exam formulas one needs to have an understanding about:
- Present Value
- Standard Deviation
- Activity Variance
- PERT (Project Evaluation and Review Techniques) 3-Point Estimation
- Communication Channels
- Cost Variance
- Schedule Variance
- Cost Performance Index
- Schedule Performance Index
- Estimate At Completion
- Estimate To Complete
- To Complete Performance Index
- Variance At Completion
- Expected Monetary Value
- Total Float, and
- Point Of Total Assumption
Tips to Memorize PMP Formulas
While there are many ways in which one may memorize and retain PMP formulae, some of the most popular methods are using Flash Cards, manually writing them down and/or using various apps available on smartphones across the market. Some pre exam tips according to experts are:
- Study the formulas until you feel confident enough to recite them.
- Practice every day by writing the formulas at least 5-6 times.
- In case you make mistakes, get to the root of it, understand the same and correct it.
- Do this for at least two weeks prior to the exam date, at different times of the day.
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Once you feel confident about your knowledge of the PMP formulas
- Have someone time you.
- Write down the formulas as fast as you can (Start with a max of 15 minutes).
- Do this 5-6 times a day, if you make any mistakes, review.
- Every day, try to better the previous day’s timing.
- Try to get your timing down to 5 minutes at least a week before the exam.
On the day of the PMP exam
- You will be given 3 blank sheets of paper to use for Math problems.
- Before the actual computer exam starts, you will be familiarized with the commands through a tutorial.
- You may use some of this time to write down the formulas on one side of a blank piece of paper.
- You can refer to this paper for formula-based questions in the exam – this is acceptable.
Referred Content: Mark Troncone, MBA, PMP®, CSM
PMP® and PMI® are registered trademarks of the Project Management Institute, Inc.