Thursday, January 14, 2016

PMP Exam Questions and Answers - FREE

By With 5 comments:
Here, you will find a list of mock PMP exam questions that are designed to represent the actual PMP exam questions as closely as possible. These free mock PMP exam questions are framed based on my personal experience in appearing for the PMP exam and the PMI-RMP exam.

The real PMP exam questions are not easier; but the more you practice, it would be better for you to face the actual PMP exam questions with ease at the exam.

Mock PMP Exam Questions

1. You are the project manager for a software project. You are in the process of establishing the policies, procedures and documentation for planning, developing, managing, executing and controlling the project schedule. You may use all of the following Tools & Techniques EXCEPT:

(A) Expert judgment
(B) Meetings
(C) Decomposition
(D) Analytical techniques

2. The following are all examples of Organizational Process Assets EXCEPT:

(A) Historical information
(B) Organizational structure
(C) Templates
(D) Change control procedures

3. You are the project manager of a $400 million construction project. You, along with your team, have identified and documented the specific actions to be performed to produce the project deliverables. What would be your immediate next action be?:

(A) Develop Schedule
(B) Collect Requirements
(C) Sequence Activities
(D) Select Sellers

4. Your project involves the construction of a temporary concrete road. The road is expected to be in use for 6 months before it gets demolished. You have completed the laying of the temporary concrete road. But, the customer specification states that you have to wait for 28 days before using the road. Which of the following relationships most likely represents the relationship of the start of the use of the road to the completion of the construction of the road?

(A) Finish-to-start with a 28 days lead
(B) Finish-to-finish with a 6 months lag
(C) Finish-to-start with a 28 days lag
(D) Start-to-finish with a 28 days lag

5. You are in the planning process of a $1b project. You realize that your schedule requires more resources in certain months of the project than that are available to you. Your senior management has clearly instructed that you will not be able to obtain any additional resources for the project. So, you instruct your planner to adjust the schedule to accommodate these constraints. What are you instructing the planner to do?

(A) Crashing
(B) Resource leveling
(C) Programme Evaluation and Review Technique
(D) Fast tracking

6. Projects are a means of achieving objectives within an organization's strategic plan. Which of the following statements is NOT true about projects?

(A) Every project creates a unique product, service or result
(B) The duration of the project is short
(C) Repetitive elements may be present in some project deliverables and activities
(D) A project can involve a single individual

7. The project charter contains high level information. Which of the following elements is NOT typically found in a project charter?

(A) Project purpose or justification
(B) Summary milestone schedule
(C) Work packages
(D) Stakeholder list

8. The key benefit of performing quantitative risk analysis is that it produces quantitative risk information to support decision making in order to reduce project uncertainty. Which of the following is NOT a commonly used quantitative risk anlaysis and modeling technique?

(A) Tornado diagram
(B) Decision tree diagram
(C) Monte Carlo Technique
(D) Delphi Technique

9. An organization invests certain amount of money into a project and makes $48,400 after 2 years. If the rate of return is 10%, how much money did the organization invest in the project?

(A) $44,000
(B) $40,000
(C) $47921
(D) $47446

10. An organization is trying to choose between two projects. Project A has an estimated cost of $400,000 and an estimated NPV of $90,000. Another project B has an estimated cost of $360,000 and an estimated NPV of $110,000. If the senior management decides to go ahead with project B, what would be the opportunity cost?

(A) $40,000
(B) $20,000
(C) $90,000
(D) $110,000

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Conclusion

I am confident that you would find the above questions helpful in your PMP exam Prep. The answers and detailed explanations with references for the above PMP exam questions would be uploaded soon. I would also update this list with more questions. IF you have any comment/ suggestions/ feedback on the above PMP exam questions, you may leave your comment below.

Tuesday, January 12, 2016

Answer Key for Oliver Lehmann PMP Exam

By With 2 comments:
Oliver F. Lehmann is one of the well known project management trainers. Being a trainer since 1995, he primarily focusses on PMP certification preparation. His 75 free sample questions (PMP® Exam Self-Assessment Test) is very popular. If you have not tried the test yet, please STOP reading this article.

He has given the answers and relevant references for all the 75 questions. He has not given any answer explanations, probably to encourage candidates to research themselves. I do encourage you to think and do a research before reading further on.

Question No. 2 from Oliver Lehmann PMP Exam Self Assessment Test

I took question #2 from the sample test to solve here. Read further only if you have failed to solve yourself and really need a guidance.

Answer Key for Oliver Lehmann PMP Exam Question No. 2
Source: http://www.oliverlehmann.com/pmp-self-test/75-free-questions.htm

Answer Key for Oliver Lehmann PMP Exam Question No. 2

There are two projects in the question. We need to choose the project with a better returns based on the Net Present Value (NPV). The below table shows the given data.

Project #DurationCostReturns
19 months$250,000$120,000/ year
29 months$250,0001st year: $15,000
2nd year: $125,000
3rd year: $220,000

Since the cost and duration are the same for both projects, let us ignore those data; we will look into the returns/ benefits of the project only to compare.

Net Present Value (NPV) = FV/(1+r)t, where
FV = Future Value
r = rate of interest
t = time period

So, the NPV of project 1 considering first three years
= 120000 / 1.05 + 120000 / 1.052 + 120000 / 1.053
= $326790

NPV of project 2 considering first three years
= 15000 / 1.05 + 125000 / 1.052 + 220000 / 1.053
= $317709

Comparing the two values, project #1 is better. By, what percentage?
= (326790-317709) / 317709
= 0.029
= 2.90% (approximately 3%)

So, the first project is more attractive by approximately 3%.

Conclusion

Hope the above explanation helps. If you need any further information/ help regarding this question, please leave a comment below.

Monday, November 23, 2015

How did I prepare for PMI-RMP Certification?

By With No comments:
What is PMI-RMP® Certification? How did I prepare for PMI-RMP® Certification? You will find answers to these questions in this article.

PMI-RMP® Certification is the prestigious Risk Management Professional Certification from PMI (Project Management Institute). It demonstrates your ability to identify and analyze project risks, avoid/ transfer/ mitigate threats and capitalize on opportunities. PMI states that

83% of organizations that are high performers in project management practice risk management frequently while just 49 percent of low performers do so (Pulse of the Profession®: Capturing the Value of Project Management, February 2015)


Get ready for PMI-RMP Certification

How did I prepare for PMI-RMP Certification?

I became a Certified Risk Management Professional and earned my PMI-RMP® Credential about two years back. In this article, I would like to share the various mock exams I tried and the scores I obtained in those. I am just jotting down the journey towards obtaining PMI-RMP® Certification.

Date of the Mock TestService ProviderDescriptionNo. of questionsScore Obtained
124-06-2013SimpliLearnFree PMP test17578.9 %
215-07-2013UcertifyFree RMP Test1573 %
316-07-2013UcertifyChapter Quiz2677 %
417-07-2013The PM InstructorsFree PMI-RMP Questions2085 %
522-07-2013Rita MulcahyPretest2584 %
628-07-2013Abdulla J. AlkuwaitiPractice Questions6587.1 %
729-07-2013PMXCEL.comSample Quiz2592 %
802-08-2013Head First PMPRisk Management Chapter Questions2095 %
903-08-2013VTCRMP Part 14095 %
1004-08-2013VTCRMP Part 25088 %
1105-08-2013ScordoRisk Management Questions1080 %
1206-08-2013Oliver LehmannPMP Test7580 %
1306-08-2013VTCRMP Part 312589 %
1407-08-2013VTCPMI-SP Part 14085 %
1510-08-2013Rita MulcahyHuman Resource Chapter3476 %
1610-08-2013Rita MulcahyQuality Chapter3591 %
1712-08-2013Rita MulcahyTime Chapter3894.7 %
1814-08-2013EdwelFree PMP Exam20079 %
1912-08-2013Rita MulcahyCost Chapter3894.7 %
 20 15-08-2013Rita MulcahyProcurement Chapter4092.5 %

I believe that only practice can help you. I believe that most of the candidates who prepare for the risk management exam are already certified PMPs. So, they have the knowledge and basic understanding of how the risks are identified, assessed, risk responses planned, monitored and controlled. So, all they need is to practice more and more mock tests/ practice questions to get it right. Please go ahead and successfully obtain your PMI-RMP Credential!

Wednesday, November 4, 2015

PMI Ending The Economic Exception Pilot, But Savings Continue

By With 2 comments:
PMI embarked on the Economic Exception Pilot Program for PMI membership about three years back. The pilot program was open to only PMI members from four countries namely Brazil, India, Mexico and Nigeria.

Under the Economic Exception Pilot Program, existing members enjoyed about 50% discount in their membership renewal fees. While the regular membership fee was US$129, PMI members enjoyed a discounted fees of US$65 under the Economic Exception Pilot Program.

I am one of those members benefited by the Economic Exception Pilot Program. I was extremely happy to renew the PMI membership in 2014 and 2015 at the discounted price. Since it was launched as a pilot program for only three years, it is about to expire by end of this year. I was eagerly awaiting to see whether PMI would further extend this benefit.


PMI ending the Economic Exception Pilot

Unfortunately, PMI has decided to discontinue this program in India after December 2015. I am not sure about the status of the program in the other three countries, Brazil, Mexico and Nigeria. PMI has sent a recent update to PMI members in India:
Thank you for joining PMI under the Economic Exception Pilot. While the pilot is being discontinued after 31 December 2015, your savings will continue.

Since you participated in the pilot, you are eligible for a special US$65 annual membership rate when you renew your membership during your next renewal period.

You can continue to enjoy another year of membership benefits and save significantly over the regular membership rate of US$129 every year you renew without interruption.

I am disappointed at PMI ending the Economic Exception Pilot Program in India. But, at the least, I am glad that PMI has allowed me to renew the membership for another year at the discounted price. Thank you, Project Management Institute!

How to renew the PMI membership using the discounted price?

Would you like to renew your membership for one last time using the discounted price? Here are the steps you should follow:
  1. Log on to www.PMI.org with your username and password
  2. Click on the myPMI tab
  3. Click on the "Renew your membership/Print invoice" link located under your name and member information
  4. PMI Membership: Economic Exception
  5. Select the "Economic Exception" option and click "continue"
  6. Proceed to Checkout
Good things happen when you get involved with PMI.

Sunday, October 25, 2015

How many PMP credential holders are there?

By With No comments:
You may know that the Project Management Professional (PMP)® is the most important industry-recognized certification for project managers. But, do you know how many active PMP Credential holders are out there? Is the number of PMP Credential holders increasing? Let us find out.

PMI Today is a monthly publication from the Project Management Institute (PMI). It keeps the PMI members informed of the latest news, events, volunteer activities and services of PMI and its communities. PMI Today is a benefit of PMI membership and is delivered digitally to all members each month.

PMI Today contains a column called PMI fact file, which reports the total active holders of the PMI Credentials/ Certifications. It reports data on all the eight PMI Credentials. But, I just took the number of PMI Credential holders for analysis.

I took the PMP Credential holders data from Sep 2014 to Aug 2015, for a period of one year.

Number of PMP Credential holders is increasing
Data Source: PMI Fact File, PMI Today Publications

The number of PMP Credential holders was about 626K about 12 months ago. It has increased to about 670K by the end of August 2015. The popularity of PMP Credential and its value is ever increasing and so is the number of people showing interest in the PMP Certification examination. In the past 12 months, the number of PMP Credential holders has increased by about 7%.

PMI’s Salary Surveys regularly show increased earnings for Credential holders. The surveys showed that the PMP credential has a positive impact on annual salary. As such, I am sure that the number of PMP Credential holders is about to grow much faster in the next 12 months.