Cost Management Ready Reckoner
PMP - Ready ReckonerBy Sainath Sherigar, PMP,ITIL v3F
Prerequisite
To make optimum use of these charts, please make sure that you have read the corresponding knowledge area at least once from the PMBOK.
Key to understanding the chart:
PSS – Project Scope Statement
PMP – Project Management Plan
CMP – Cost Management Plan
WPI – Work Performance Information
Blocks indicate processes
Arrows coming into blocks indicate inputs
Arrows going out of the blocks indicate outputs – at many places outputs of a process act as inputs for the next process in sequence
Note: Not all of the inputs and outputs are mentioned. Also tools and techniques have not been listed at all. I have tried to make it as concise as possible – to maintain its utility value. The PMBOK can be referred to if detailed information is required.
Ask yourself the following questions:
Why are the schedule management plan and risk register acting as inputs to cost estimating?
If the answer is not clear then you need to clarify your understanding about activity resource estimating and activity duration estimating. Also you need to know what gets listed in the risk register and specifically why it acts as an input. Please proceed ahead only if the logic is absolutely clear.
Why is the PSS (Project Scope Statement) again acting as an input to cost budgeting when it has already been used during cost estimating?
Please check the PMBOK – you will find the answer.
Similar logic can be applied to each of the remaining inputs and outputs.
Rationale behind this approach
The clearer you are with regards to the why’s, how’s and what’s corresponding to each process, the better positioned you are with regards to choosing the right option in the exam. The exam is a test of reasoning, logic and decision making and the above approach ensures that you are thinking on the right track.
The scenario based questions will force you to think – and the above reckoner helps you to sharpen your thinking skill provided you use it correctly.
If you have thoroughly understood why each item is acting as the input or output you can be fairly certain that you will choose the right option in the exam.
Final check
Once you have understood the entire cost management knowledge area, try solving the questions listed in PMP Exam Prep by Rita Mulcahy. This will give you immediate feedback on your state of exam readiness.
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Sainath Sherigar – email: sainath.sherigar@gmail.com or blog me at ugaininfo.blogspot.com