Organizations outsource projects for solutions from expertise which benefits them in the long run. Mostly these projects are short term. So, Project Management consists of knowledge, skills, techniques, tools, that are used all together to meet the established goals and objectives of the project.
Managing projects is challenging due to many factors. When the project team and clients fail to negotiate properly, the projects fail. Both the clients and the service providers bear a loss of time, resources, financial loss as well. Failure of negotiation is because of improper planning of goals and objectives, lack of required resources.
According to PMI, 37% of projects fail due to the lack of defined project objectives and milestones, also 44% of projects fail due to lack of alignment between business and project objectives. The project manager may also be responsible for this and leading the team as well as clients improperly, unable to manage risks.
This indicates that it is highly important for companies to hire skilled project managers, preferably those who have achieved a PMP certification.
What is the PMP Certification?
The PMP (project management professional) certification examines an individual’s capability to manage projects effectively, making the managers deliver qualitative results to their clients. The PMI certification is provided by the Project Management Institute(PMI), USA. The criteria are education, work experience and the number of projects worked on.
According to PMI’s A guide to the project management body of knowledge (PMBOK Guide), the processes of project management fall into five categories of initiating, planning, executing, monitoring and controlling, closing. And project management knowledge draws on ten areas: integration, scope, time, cost, quality, procurement, human resources, communications, risk management, and stakeholder management.
According to Project Management Salary Survey, the median salary for PMP holders in the U.S is 23% higher than those without PMP certification.
How to Prepare for PMP Certification?
Here are the important tips to prepare for PMP certification:
1. Review the PMP examination content online
First of all, go through the exam content published by PMI. The topics going to be covered, their weightage, the breakup of questions according to the process areas, etc. are the important thing to be aware of. The list of all the tasks, skills, and knowledge required are the most important. Make sure, that you must be very well aware of all these things. It sets the foundation of all the other preparation required for the certification.
2. Review the latest edition of PMBOK
The PMBOK (Project Management Book of Knowledge) project management guide consists of important guidelines, rules, and characteristics of projects across all countries. When project managers follow these sets of practices, they strive for their project towards excellence. So, it is important for the projects to stay updated with the latest guidelines. So, the key is to stay informed about the latest versions of PMBOK guidelines that PMI releases. The aspirants should go through PMBOK very carefully. The latest edition of PMBOK is the 6th edition released in 2017.
3. Enroll in a formal study course offered by R.E.P.S
PMI has Registered education providers (R.E.P.S) who provide all the qualitative assistance to the aspirants. These courses have tailor-made PMP study materials, strategies to follow So, it will be beneficial for you to enroll in one of the registered trainers and prepare for the certification.
4. Practice sample mock tests
Answering the PMP sample questions provided by the online training institute like Simplilearn are very helpful in making you prepare for the actual exam for certification. It will help you identify your weaker and stronger areas in project management knowledge. Later on, you can work upon your weaker areas. So, the key is to practice some mock tests until you feel confident enough in your concepts. Thereby, it ensures that you give your best in the actual test.
5. Prepare a study plan
While preparing for any exam, it will be an added advantage if you prepare a study plan for it. So, break up your work as per the topics you need to cover. Allot the timeframes to it. Stick to the schedule prepared, and it will enhance your performance in the exam. Do not forget to include all the resources which will be helpful for the preparation.
6. Form a study group
Lastly, find people who are also preparing for the PMP certification. Together you can plan in advance, the topics to study, resources to rely upon and the latest updates. As a result, you can motivate each other and have each other’s back to resolve any issue. This will help you brainstorm in scenario-based questions which are quite challenging.
7. Give the exam
Finally, give the exam which you have been waiting for. After you practiced some mock tests and sample questions, be ready to give the exam at the right time. Give you your best in the exam. If you cannot clear the exam in the first attempt, don’t worry! PMP allows for retaking the exam.
Getting certified in PMP has many advantages. It helps the project managers lead their team effectively. The project team is trusted by organizations to deliver expected results to the clients. It will help the project manager to manage the risks as well. So, organizations trust the abilities of certified project managers and give them vast opportunities to handle different projects. According to Payscale, the average salary of a certified PMP is 1 million. If you have worked on some projects, then enroll yourself in certified PMP courses and upgrade yourself to the next level.