Understanding Internal Rate of Return (IRR) for the PMP Exam

Business professionals, including Project Managers, should have a clear understanding of the accounting term “Internal Rate of Return” (IRR) for its value in making informed financial decisions and in project selection choices. IRR is the “interest rate at which the cash inflow and cash outflow of the project equal zero” and is an economic method for …

Megan Bell

A Three-Point Estimating Technique: PERT

The Program Evaluation and Review Technique (PERT) is used to find the estimated time for activities to be completed when there are many unknown factors. With origins in the US Navy, PERT has been in use for over 60 years, speaking to the value it brings to project managers. The Project Management Institute (PMI)’s Project …

Megan Bell

students learning in classroom

Schedule Performance Index (SPI) for PMP® Exam Prep

Time is money. For project managers, clients, leaders, business owners, stakeholders, and well, anyone in a professional role working collaboratively on a project, “will it be done on time?” is a question packed with meaning. Project managers use proven formulas to provide data-based predictions for schedule and cost, such as the Schedule Performance Index (SPI). …

Megan Bell

Cost Performance Index (CPI) for PMP® Exam Prep

Anyone in a project management role knows the top questions asked by the customer (or boss) will be: “when will it be done?” and “how much will it cost?” Although project managers do not have a crystal ball to see into the future, there are proven formulas to provide data-based predictions for schedule and cost. …

Megan Bell

Use Your PMP® Certification To Prepare for Program and Portfolio Management

Project Management is a dynamic and diverse field that can provide career opportunities across industries and even the globe. The international governing body Project Management Institute (PMI) closely monitors the requirements for achieving the Project Management Professional (PMP®) certification to ensure standards are met no matter where the project manager is working. Yet, earning your …

Megan Bell

Update to the PMBOK Guide

A Guide to the Project Management Body of Knowledge (PMBOK® Guide) 7th Edition and the PMP® Certification

The Project Management Institute (PMI)® plans a new edition of the A Guide to the Project Management Body of Knowledge (PMBOK® Guide) for release on August 1, 2021. The changes for the PMBOK® Guide are reflective of changes in the profession since the 2017 PMBOK® Guide – Sixth Edition with shifts to valuing delivery over …

Megan Bell

PMP for Federal Government

PMP for Federal Government

The skills of a Project Management Professional® (PMP) apply across industries and companies. However, there are specific project processes, terminology, and certifications for federal government due to the layers of regulations and legislation shaping the work. Project Managers seeking to transfer into government work will benefit from learning about federal government project management training and …

Megan Bell

Flowchart Daigrams for Project Managers

Flowcharts for PMPs

A picture is worth a thousand words. The flowchart, a project management tool, exemplifies that saying with the power to quickly convey complex information using a diagram. A flowchart can not only convey interconnecting steps but be used in monitoring progress and periodic status reporting. When preparing for the Project Management Professional® (PMP) exam, project …

Megan Bell

Cause and Effect Diagram for the PMP

Cause and Effect Diagrams for PMP

Project teams need to actively identify a problem and understand the root cause of the problem if they are to solve it. In the Project Management Professional ® (PMP) certification exam, cause and effect diagrams are a tool used to better understand the root of a problem. On this page: What are Cause and Effect …

Megan Bell

Scatter Diagram in Project Management

Scatter Diagram Types

To understand the impact of scatter diagrams, it is important to know the correlation between the data sets has the most meaning. Also, knowing how the data correlates aids with determining the type of scatter diagram. When preparing for the PMP exam, project managers should know the three categories of scatter diagrams based on correlation:

Megan Bell