Three Point Estimating

Three-Point Estimating is an estimating technique used in Estimate Costs process of Project Cost management process area. This provides accuracy over the single-point activity cost estimates
The three estimates used are
Most likely (M) = Realistic cost estimate of the activity
Optimistic(O) = Best case cost estimate of the activity
Pessimistic (P) = Worst case cost estimate of the activity

The expected Cost using Triangular Distribution
                            (O + M + P)
                C =      ---------------
                                   3

The expected Cost using Beta Distribution 
                          ( O + 4M + P)
               C =       ----------------
                                    6

Sample question.
If it takes 8 hours to build a wall on a normal day and 7 hours if the weather condition is very good and 12 hours if the weather condition is bad. What will be the estimate using Beta Distribution?
C =  (7 + 4 * 8 + 12) /6 = 51/3 = 17

For more questions, visit www.ajithn.com

PMP Exam Overview, Eligibility Criteria, Application process

Overview

Project Management Institute’s (PMI) Project Management Professional (PMP)^® credential is the most important industry-recognized certification for project managers.

To earn your Project Management Professional (PMP)^® credential, you need to meet the experience and education requirements, and pass the PMP^® examination, a 200-question, multiple-choice test. The duration of the test is 4 hours. There is no negative mark for wrong answers.

Eligibility Criteria

A four-year degree (bachelor’s degree or the global equivalent)

Minimum three years of project management experience

4,500 hours leading and directing projects

35 hours of project management education.

OR

A secondary degree (high school diploma, associate’s degree, or the global equivalent)

Minimum five years of project management experience

7,500 hours leading and directing projects

35 hours of project management education

PMP Examination Fees

                 PMP Examination fee is for Non-PMI member is $555. For Non-members the exam fee is $405.Annual membership is USD $129 (plus USD $10 application fee for new members). So it is better to take PMI membership first and then apply for PMP examination.

How to Prepare for the Exam

PMI members can download a complimentary PDF copy of A Guide to the Project Management Body of Knowledge (PMBOK^® Guide)—Fifth Edition from PMI website.

To meet the 35 hours training need, you can register for a training which helps you in the preparation of PMI exam. The PM PrepCast is one of the best programs which provides in depth coverage of the PMI examination topics. It also provides 35 PDU hours required for PMP examination .

Practice Tests – There are many practice tests available on the internet which you can utilize for your PMP examination. The following free sites have good quality questions.

http://www.ajithn.com/
http://www.oliverlehmann.com
http://www.preparepm.com/mock1.html
http://www.examcentral.net/pmp/pmp-exam-questions#
http://certification.about.com/od/projectmanagement/a/pmp_test_whiz.htm
http://www.tutorialspoint.com/pmp-exams/pmp_mock_exams.htm

Application for PMP Examination

If you are not a member of PMI, you can start with  PMI Registration Page and complete the registration process. After completing the registration, you can take PMI membership.

The PMP Handbook provides all the necessary details regarding the application process.