Benefit-Cost Ratio PMP® Exam Guide

Resource limitations may require you to decide if a project is worth pursuing or which project to choose from multiple viable options. Using benefit-cost ratios can help ensure you are using your resources in the best way possible. Your team at Project Management Academy has put together this guide outlining everything you need to know …

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. …

Quality Audit vs Inspection

Quality Audit vs. Inspection PMP

Quality audits and inspections are often used similarly in everyday conversations. However, these terms are not interchangeable when it comes to project management. You must understand the difference between a quality audit vs. inspection for the PMP exam. Read through the following guide to quality audits and inspections and see if you can answer the …

Ben Schwartz

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 …

Accuracy vs. Precision for the PMP® Exam

Precision and accuracy are seemingly similar concepts that actually have unique definitions and purposes. While some use these terms interchangeably, their differences are crucial for quality management questions on the PMP exam and other project management work. In this article, we will focus on understanding Accuracy vs Precision for the PMP Exam.

Quality vs Grade PMP Guide

Quality vs. Grade for PMP

The terms “quality” and “grade” are often used interchangeably. However, PMP certificate holders need to understand the difference between quality and grade for the PMP exam and project management work. These PMP concepts are closely related, so it can be challenging to grasp what is different about quality vs. grade. Your experts at Project Management …

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 …

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 …

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: