PMP Cheat Sheet and PMP Formulas To Use in 2024 and Beyond

PMP Cheat Sheet is a guide that will be your go-to resource for passing the Project Management Professional (PMP) exam. As a person who has dealt with the intricacies of project management, I cherish the value of having rapid, easy access to information. This cheat sheet isn't about short-cutting; it's about distilling essential ideas, formulas, and significant observations into an easy-to-use guide that improves learning and confidence.

The following article contains a summary of critical PMP test information, covering topics from project initiation and planning to implementation, control, evaluation, and completion. Anticipate finding visual reminders of process flows, PMP formulas cheat sheets, and memorized phrases that will come in handy when answering complex tests. No surprise then that certification courses for Project Management are in great demand. However, like every good thing, earning PMP certification also requires a lot of dedication, hard work, time, and effort.

Whether you're approaching the end of your exam prep or just need a fast review before the actual test, our cheat sheet is here to help. Consider it your simplified study buddy, always available to deliver a quick recap on key PMP principles.

Let me walk you through the PMP exam cheat sheet and learn about project management.

What is a PMP Cheat Sheet? 

A PMP cheat sheet is a concise, quick-reference document designed exclusively for anyone planning ahead for the Project Management Professional (PMP) test. It is a detailed description of the significant ideas, formulas, methods, and critical points required to pass the exam. Instead of replacing extensive study and comprehension, it serves as a supplement that can reinforce information and assist in speedy memory during the test.

A PMP cheat sheet PDF often includes symbols for process flows, significant formulas, and key concepts structured according to the skill domains and procedure groups of the PMBOK reference. It is intended to assist participants in swiftly accessing and reviewing essential information, making it an important asset during the final phases of exam preparation or for a brief recap during the exam.

Consider it an informative manual that reduces a broad amount of project management information into a simple and readily understandable format, assisting individuals in reinforcing their learning and increasing their self-assurance when confronted with the PMP exam's obstacles.

Know more about importance of Project Charter.

Efficiency Through Strategic Condensation

The cheat sheet is a simplified resource designed to help PMP candidates. It maximizes performance rather than delivering shortcuts by condensing complex theories and techniques into straightforward pieces of information. This deliberate structure guarantees that essential information is quickly available without sifting through lengthy textbooks.

Increasing the Recall of Fundamental Principles

The cheat sheet, which serves as a way to recall information, allows for quick access to and study essential project management principles, methods, and concepts. It is structured logically and associated with the PMBOK guide's structure, including several knowledge domains and procedure groups. This methodical technique promotes easy learning and recall.

PMP Terms Cheat Sheet

If you’re here, you are already aware that the PMP is a difficult exam with a multitude of tricky questions. It is designed to test the depth of your knowledge and understanding of the key concepts. If you’ve signed up for a Project Management professional training course, you must expect learning tools like these. You will discover that there are also several terms that you will come across frequently in the course of your PMP learning. While the PMBOK is the cornerstone of all PMP knowledge, it does not differentiate between terms and concepts from the exam perspective. This is where a PMP terms cheat sheet can help you.  

Here is a handy list of some important PMP terms that we think you need to know to ace your PMP Exam. Let’s dive in:  

1. Project Management Plan
   Every project needs a Project Management Plan. It covers all the details that are needed for proper project execution. It consists of all baselines, strategies, management plans, and any other important information needed for the successful execution of a project.
2. Configuration Management Plan
   It defines how information related to different project items will be stored and updated so that the functioning of the project is not hampered.
3. Configuration Control
   It deals with all the specifications of the process.
4. Performance Measurement Baseline  
   It is used as a benchmark for comparison of cost-specific future measurements. It consists of scope, objectives, costs, schedule, and resources required to complete a project. It is very essential in terms of managing project performance.  
5. Project Life Cycle
   It is the journey of a project from initiation to completion.  
6. Development Approach  
   It involves product/service or development approach including agile, predictive analysis, and more.  
7. Management Reviews  
   Complete evaluation of the project to identify key areas that determine project performance.  
8. Change log  
   It consists of all the changes that happen during the journey of a project. It includes every little detail and all relevant information that played a vital part in the project.
9. Change Management Plan  
   A project undergoes an array of modifications during its journey. The change management plan is created to manage the entire change process.
10. Change Control
    It includes everything related to changes in the project documents. It helps to align with the Project Management principles with the help of timely identification of project changes.

Know more about characteristics of Project Management.

PMP Formulas Cheat Sheet

Projects are typically value-driven and the knowledge of the value of any aspect of a project is dependent on several factors. To be able to compute several kinds of values, you need formulae. Considering the vastness and scope of project management, the number of formulas used for several different functions may seem mind-boggling.

So, here’s a PMP Formulas Cheat Sheet to help you retain the most important ones from the PMP Exam prep perspective. Our PMP formulas cheat sheet consists of important formulas that you must know before appearing for the PMP exam. Let’s take a look:

Sr. No.	Formulas
1	Future value (FV) = PV (1 + i)^n
2	Present value (PV) = FV/ (1 + i)^n
3	Target price = target cost + target fee
4	Point of Total Assumption (PTA) = [(Ceiling price – target price) / buyer’s share ratio] + target cost]
5	Communication channel = n (n -1) / 2
6	Earned value (EV) = % complete x budget at completion (BAC)
7	Cost variance (CV) = Earned value (EV) – actual cost (AC)
8	Schedule variance = Earned value (EV) – planned value (PV)
9	Cost performance index (CPI) = EV / AC
10	Schedule performance index (SPI) = Earned value (EV) / Planned value (PV)
11	Estimate at Completion (EAC) = BAC / CPI
12	EAC = AC + Bottom-up ETC
13	EAC = AC + (BAC – EV)
14	EAC = AC + [(BAC – EV) / (CPI x SPI)]
15	Variance at completion (VAC) = BAC – EAC
16	Estimate to complete = EAC – AC
17	To complete performance index (TCPI) = (BAC – EV) / (EAC – AC)
18	Standard deviation (SD) = Pessimistic – Optimistic / 6
19	Pert Formula Beta = (P + 4M + O) / 6
20	Expected monetary value (EMV) = Probability * Impact
21	Risk Priority Number (RPN) = Detection * Occurrence * Severity
22	Cost Plus Percentage of Cost (CPPC) Contract = Cost + % of cost as a fee
23	Cost Plus Fixed Fee Contract = Cost + fee of fixed amount
24	Cost Plus Award Fee Contract = Cost + award fee
25	Cost Plus Incentive Fee Contract = Cost + incentive fee
26	Return on Investment (ROI) = (Net profit / cost of investment) * 100
27	Payback period = initial investment / periodic cash flow
28	Cost-Benefit Ratio (CBR) = Net present value of investment / initial investment cost

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PMP Concepts Cheat Sheet

PMP exam is comprehensive. A PMP exam cheat sheet only serves a limited purpose. Getting a grip on all the concepts in project management may seem challenging. From this perspective it is important that you have an idea of what concepts are more important and understand how to organize the wealth of information regarding project management. There cannot be an exhaustive list of topics related to project management. This is why courses like the KnowledgeHut Project Management Professional training course focus on covering topics in a systematic manner.

We have made a list of the most important ones that you should understand for you to have a good chance of clearing the PMP exam. These are broad categories that contain many concepts and techniques under each of them.

Managing Scope: You will need to have a good understanding of the scope of the project. What is to be done? What results are to be achieved? What are the deliverables? When is the project considered complete? These are all questions that need to have a clear answer to.

Schedule: Most projects are time bound. You should have a proper timeframe for each task and sub-task with sufficient buffers considering all the constraints and uncertainty surrounding a project. You should also know how to manage the schedule when the scope changes.

Cost: Estimating the costs of the projects is a key responsibility of a project manager. Once this is accurately established then you can get budgets cleared, resources allocated, and be in a better position to handle cost fluctuations when a variable changes.

Quality: A project is considered done, only when it meets the criteria that is agreed on by the stakeholders. A project that does not meet the customers’ requirements cannot be considered complete.

Resources: How to arrange for the workforce to complete tasks in a timely manner from the project perspective is a decisive factor that can affect the project outcome. This needs to be clear with a plan for contingencies.

Procurement: Continuing from the last point you will need to plan where to arrange, buy, or build each component that is needed for a task in the project.  

Risk: We operate in a world that is changing fast. Projects that do not anticipate risks or plan for it are less likely to succeed. Having alternate solutions or having backup plans can mitigate risks by a great deal.

Communications: All stakeholders in a project should get clear and frequent updates about project progress. This helps identify issues early and ensures that the project stays within the estimated timelines.

Stakeholders: Stakeholder management is a vital process in project management. All the stakeholders in a project should receive updates about progress and changes in a project. This ensures that everyone involved is considered and there are not any unpleasant surprises.

Project Closing: Project closure is when the deliverables have been made and the outcome is measured against expectations and any outstanding issue or misunderstanding is addressed.

Cheat sheets cannot be exhaustive. It is only a starting point or a list to remind you of the important topics. You can also use it as a blueprint while planning your PMP exam preparation. It is an additional tool to add to your arsenal of measures that you need to take in your preparation to clear the PMP exam. This does not have to be exclusively from an exam preparation perspective, you can use a cheat sheet whenever you start a project or use it to analyze a project that you are currently managing. Using the cheat sheet on active projects will help you remember the important concepts and experience the benefits of the PMP approach. Learning the concepts by practicing them.
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Why PMP Exam Cheat Sheet is Crucial?

The worth of the PMP Exam Cheat Sheet resides in its capacity to simplify enormous amounts of knowledge, maximize time usage, assist in recalling information, and boost confidence—a versatile tool that is essential for navigating the complexity of the PMP exam preparation path.

Mastery via Complete Information

The PMP exam covers a broad range of project management topics, techniques, and standard procedures. In this vast ocean's surface, the cheat sheet serves as a beacon and, therefore, distills critical information into concise, ordered portions. It enables applicants to concentrate on key subjects, simplifying their knowledge without becoming overwhelmed by the immensity of the syllabus.

Increasing Time Efficiency

Time is a limited resource throughout the exam. The PMP cheat sheet saves time by providing easy access to essential calculations, shortcuts, and vital ideas. It allows test-takers to quickly obtain the required details by reducing the need to browse through large amounts of material, maximizing productivity during the assessment.

Improving Retention with Summarization

Visual aids and brief overviews are excellent memory boosters. The PMP cheat sheet PDF represents a visually structured and simplified depiction of key project management concepts. This helps reinforce knowledge, improve memory, and allow test-takers to retrieve information more accurately during the test.

Boosting Confidence and Providing a Safety Net

Confidence is essential in challenging circumstances such as the PMP test. The cheat sheet acts as a safety net, offering quick access to crucial information. It reduces anxiety, boosts confidence, and serves as a dependable reference through difficult examination questions.

PMP Exam Tips

Keep in mind that, in addition to careful study, implementing these tactics into your PMP examination preparation can considerably increase your probability of success. Develop a positive outlook and modify your strategy for your learning method throughout the preparation process. Below are five crucial PMP exam preparation tips:

Recognize the Exam Format and Content

Understand the exam format and content before beginning your preparation. Get acquainted yourself with the PMBOK guide, as well as the exam technique, question formats, and topic weightage. Understanding what to expect enables more focused planning.

Make a Study Schedule and Stick to it

Create a study plan that is tailored to your timetable and learning approach. Divide the syllabus into smaller portions and provide time for every topic. Stick to your schedule and assess your progress regularly to make sure you're encompassing every aspect.

Use Trustworthy Study Materials and Sources

Invest in high-quality learning resources, guides, and practice tests. Excellent quality materials, like textbooks, PMP prep books, courses on the internet, and mock exams, cover exam subjects in depth and assist in replicating the exam atmosphere. Practice examinations are beneficial for testing your abilities and identifying weak points.

Concentrate on Comprehension Rather than Memorization

Understanding and application are more important than rote learning in project management. Grasp the PMBOK guide's fundamental principles, approaches, and processes. Compare them to real-life circumstances or initiatives you've worked on; this will help you remember and apply them throughout the exam.

Exam Approaches and Time Management Practice

During test preparation, focus on time management. Practice completing questions under time constraints and build strategies for dealing with various query categories efficiently. For multiple-choice questions, for example, employ the method of elimination and mark difficult ones to review later. Use your time wisely to answer all questions.

Conclusion 

The PMP Cheat Sheet serves not only as a reference but also as a stimulant in the route to PMP certification chest sheet accomplishment. Its compact yet complete form attests to efficiency in project management planning.

This small collection, which has been intentionally constructed to coincide with the PMBOK guide, is more than simply a quick reference or memory help; it encapsulates the essential content of the basics of project management. It's a reliable acquaintance that reduces complications, saves time, improves retention, and instils confidence.

Remember that this reduced collection of knowledge is more than simply a tool for learning as you enter the world of specialized project management equipped with it. It's a tool designed to improve your comprehension, sharpen your skills, and boost your confidence as you prepare to take the PMP exam.

It's intended to be your steady assistance in traversing the convoluted pathways of project management techniques. Use it as a guideline, a memory jogger, and an immediate source. Accept its value, adhere to its efficiency, and allow it to help you master the science and art of project management.