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How To Claim Your PDUs?

Once you get PMP® certified, you need to earn a certain number of PDUs in order to maintain your certification credentials. What are PDUs? PDUs or Professional Development Units are a part of PMI’s Continuing Certification Requirements (CCR) program which you need to earn every three years once your certification credentials expire. PDUs are one-hour blocks of time that you spend learning, teaching others, or volunteering.You need to gain 60 PDUs to maintain your Project Management Professional (PMP)® certification. PMI Talent Triangle™ offers you the opportunity to continue your learning and development process by aligning it with the PDUs which you need to earn to renew your certification credentials. Also, you need to choose between the opportunities and ways provided under education and giving back to the profession to earn these PDUs. Once you earn these PDUs, you need to claim them to earn your PMP® certification.8 steps to claim your Education PDUs It is mandatory for you to submit and claim your PDUs in order to earn your PMP® certification. The most efficient way to record your PDUs is by using CCRS. In order to maintain active certification status, you need to record your PDUs and complete the renewal process. You can claim your PDUs in these 8 easy steps:1. Log in to PMI.org. You need to log in to the PMI website using your login credentials. Once you log in, you need to click on ‘Report PDUs’.2. Course or trainingIn the next landing page, you need to click on ‘Course or Training’ under Education.3. Enter the name of a providerOnce you enter the name of a provider, the system looks for PMI-approved providers within the search. However, you are also allowed to enter a third-party provider’s name into the field.You need to select a provider from the list in order to get pre-approved activity information in the claim form. But if you have taken a course or activity offered by a third-party vendor which is not pre-approved by PMI® for its PDUs, you just need to type the name of the provider into the field and do not select any provider from the list.4. Select a PMI-approved providerOnce you select a PMI-approved provider, CCRS will only return the training or courses that are already associated with that provider.Typing three letters into the Activity field will search for any activity which matches in the CCRS directory. Do not select any activity from the list if you have taken a course or training activity from a third-party vendor, as it will pre-populate the rest of the form with the information from a pre-approved provider and activity. You just simply need to type the activity name into the field.5. Fill the remaining fields on this formIf you have taken training with a PMI® approved provider then you just need to select the dates of the activity. Once you select the provider and activity from the list, the other activity details will be pre-populated into the claim form.You need to complete all the fields to provide the details for the claim is you have taken education activities offered by third-party vendors who are not pre-approved by PMI®.6. Enter or modify the PDUs that align with the PMI Talent Triangle™ You can modify the Talent Triangle™ PDU values for PMI-approved activities that are pre-populated in the claim form is you didn’t stay for the entire activity. You may modify Talent Triangle™ PDUs to values below the maximum limit for the activity.You need to manually enter PDU values under the Technical skill area if you have taken training from any third-party provider. Again, you need to enter PDU values for Leadership and Strategic skill areas manually. If you hold multiple certifications, these PDUs will automatically be shared across all your certifications.7. AgreeIn the next step, you need to click on ‘I agree this claim is accurate’.8. SubmitOnce you agree to the terms, you need to submit your PDU claim. Once you click on the ‘Submit’ button, you will receive a transaction notification which shows multiple Claim IDs for multiple certifications and allows you to print the notification or continue to reporting another claim.Steps to claim ‘Working in the Profession’ PDUsAs a PMI® member, you can earn PDUs for working in the profession in numerous ways. Few of them are as follows:Create new content: You can earn PDUs for maintaining your PMP® certification credentials by writing project management books and articles for professional print or electronic publications. You can also write blogs for your company or organisation, or present a podcast or webinar.Volunteer Service: Provide professional services to an organisation or group outside your employer in order to earn the required PDUs for maintaining your PMP® credentials. This might include any elected offices that you hold for a project management organisation. PMI® offers numerous volunteer opportunities too.Doing your job: You can also claim PDUs by practicing project management professionally. You can maintain your credentials by working as a project manager every day.Follow the below steps to claim your PDUs under ‘Working in the Profession’:Step 1: You need to log in to the PMI® website using your log-in credentials to claim your PDUs for working in the profession and select ‘Report PDUs’ and Cat F for the PDU category and click on ‘Next’. But you will need to ensure the following in order to complete the PDU request:Workplace nameWorkplace addressDate startedDate completedNumber of hours completedFurther, you need to consider the Processes and Knowledge Areas that you use in your practice and be prepared to select each of those.Step 2: If you see your name at the top of the landing page that means, you have successfully logged in.Step 3: In the next step, you need to select ‘Maintain your certification: Earn and report PDUs’ which will appear on the drop-down list once you hover over ‘Certification’. Or, select myPMI.Step 4: The above step will take you to a CCRS landing page where you need to select ‘Category F’ in the PDU category.Step 5: Once you do that, you will land on a complete detail page where you need to select ‘Next’.Step 6: In the next page, you will see that 5 PDUs are already displayed in the blank. You just need to click ‘Next’.Step 7: Now you need to click on ‘Agree’ and then click on ‘Submit’ to claim your 5 PDUs.Step 8: Once you complete the process, check your e-mail for confirmation from PMI®, as you should receive an e-mail from PMI.org indicating that you have successfully submitted your PDU request. This e-mail will be sent to the address which you have provided in your PMI.org profile.Ways to earn PDUsYou need to earn a total of 60 PDUs under the Continuing Certification Requirement (CCR) program. You can earn them by choosing the opportunities provided under:EducationGiving back to the profession.The following opportunities are offered by PMI® in order to earn the required PDUs in order to maintain your PMP® certification credentials:1. Course or TrainingYou can earn PDUs by participating in educational training courses through instructor-led formal education courses or classes held in-person or online. It is a traditional and effective way to learn.2. Organisation MeetingsYou can attend professional meetings organised by Local PMI® chapters and third parties in order to gain the opportunity to learn and also to network as well as earn PDUs.3. Online or Digital MediaYou can customise learning and educational opportunities by choosing self-paced learning conducted online or through varied forms of digital media. This also allows you to earn PDUs to meet the CCR program needs.4. ReadEarn PDUs by reading books, articles, whitepapers, or blogs and stay informed along with supporting your ongoing professional development.5. Informal LearningEven productive interaction with others can help you to earn PDUs in order to maintain your PMP® credential. For example, mentoring sessions or participating in a ‘lunch and learn’ session with your organisation.You can earn the required PDUs for maintaining your PMP® certification credentials by choosing from the following opportunities available under Giving Back to the Profession:1. Work as a practitionerYou get to apply your knowledge and skills in a practical setting each day while you work in a domain area related to your certification. This also allows you to earn PDUs in order to meet the CCR requirements.2.Giving a presentationYou can use this opportunity to earn PDUs by giving a formal presentation to others and share the knowledge that relates to your certification.3. Share knowledgeSharing your domain knowledge to help others learn and grow can also provide you with the opportunity to earn PDUs to maintain your PMP® certification credential. You can either choose to mentor or teach or apply your subject matter knowledge towards activity in order to benefit others with your experience and perspective.PMI®’s CCR ProcessThe following steps are involved in the process of your participation in the CCR program:Step 1Earn a PMI certificationYour CCR cycle begins on the day you pass your PMP® exam and lasts for 3 years.Step 2Participate in professional development activitiesYou need to take part in professional development activities in order to earn PDUs.Step 3Record and report PDUsYou need to submit your PDU claims for your certification through the CCR system (CCRS).Step 4Fulfill CCR requirementsYou need to earn enough PDUs in order to meet the CCR requirements for your certification.Step 5Complete CCR application and pay renewal feeYou’ll receive information from PMI for renewal and provide payment.Step 6CCR Renewal CompleteYou need to follow guidelines in order to continue maintaining your certification.To concludePDUs, clearly, are an integral part of your PMP® certification journey. But you can’t restrict your activities or actions to just earning these PDUs. You need to claim these PDUs to avoid your certification credentials from getting invalid. You need to gain 60 PDUs within a period of three years in order to maintain the validity of your PMP® certification.PMI®’s Continuing Certification Requirements (CCR) program supports your ongoing educational and professional development. There are various suggested opportunities and ways under CCR that allows you to earn the required PDUs to maintain your PMP® certification credential. One PDU is worth one hour of your project management training. You need to earn 35 PDUs under education and 25 PDUs under giving back to the profession. As a PMP® certified professional, you can claim your PDUs by visiting PMI®’s website.  

How To Claim Your PDUs?

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How To Claim Your PDUs?

Once you get PMP® certified, you need to earn a certain number of PDUs in order to maintain your certification credentials. What are PDUs? PDUs or Professional Development Units are a part of PMI’s Continuing Certification Requirements (CCR) program which you need to earn every three years once your certification credentials expire. PDUs are one-hour blocks of time that you spend learning, teaching others, or volunteering.

You need to gain 60 PDUs to maintain your Project Management Professional (PMP)® certification. PMI Talent Triangle™ offers you the opportunity to continue your learning and development process by aligning it with the PDUs which you need to earn to renew your certification credentials. Also, you need to choose between the opportunities and ways provided under education and giving back to the profession to earn these PDUs. Once you earn these PDUs, you need to claim them to earn your PMP® certification.

8 steps to claim your Education PDUs 

It is mandatory for you to submit and claim your PDUs in order to earn your PMP® certification. The most efficient way to record your PDUs is by using CCRS. In order to maintain active certification status, you need to record your PDUs and complete the renewal process. You can claim your PDUs in these 8 easy steps:

1. Log in to PMI.org. 

You need to log in to the PMI website using your login credentials. Once you log in, you need to click on ‘Report PDUs’.

2. Course or training

In the next landing page, you need to click on ‘Course or Training’ under Education.

3. Enter the name of a provider

Once you enter the name of a provider, the system looks for PMI-approved providers within the search. However, you are also allowed to enter a third-party provider’s name into the field.
You need to select a provider from the list in order to get pre-approved activity information in the claim form. But if you have taken a course or activity offered by a third-party vendor which is not pre-approved by PMI® for its PDUs, you just need to type the name of the provider into the field and do not select any provider from the list.

4. Select a PMI-approved provider

Once you select a PMI-approved provider, CCRS will only return the training or courses that are already associated with that provider.
Typing three letters into the Activity field will search for any activity which matches in the CCRS directory. Do not select any activity from the list if you have taken a course or training activity from a third-party vendor, as it will pre-populate the rest of the form with the information from a pre-approved provider and activity. You just simply need to type the activity name into the field.

5. Fill the remaining fields on this form

  • If you have taken training with a PMI® approved provider then you just need to select the dates of the activity. Once you select the provider and activity from the list, the other activity details will be pre-populated into the claim form.
  • You need to complete all the fields to provide the details for the claim is you have taken education activities offered by third-party vendors who are not pre-approved by PMI®.

6. Enter or modify the PDUs that align with the PMI Talent Triangle™ 

  • You can modify the Talent Triangle™ PDU values for PMI-approved activities that are pre-populated in the claim form is you didn’t stay for the entire activity. You may modify Talent Triangle™ PDUs to values below the maximum limit for the activity.
  • You need to manually enter PDU values under the Technical skill area if you have taken training from any third-party provider. Again, you need to enter PDU values for Leadership and Strategic skill areas manually. If you hold multiple certifications, these PDUs will automatically be shared across all your certifications.

7. Agree

In the next step, you need to click on ‘I agree this claim is accurate’.

8. Submit

Once you agree to the terms, you need to submit your PDU claim. Once you click on the ‘Submit’ button, you will receive a transaction notification which shows multiple Claim IDs for multiple certifications and allows you to print the notification or continue to reporting another claim.

Steps to claim ‘Working in the Profession’ PDUs

As a PMI® member, you can earn PDUs for working in the profession in numerous ways. Few of them are as follows:

  • Create new content: You can earn PDUs for maintaining your PMP® certification credentials by writing project management books and articles for professional print or electronic publications. You can also write blogs for your company or organisation, or present a podcast or webinar.
  • Volunteer Service: Provide professional services to an organisation or group outside your employer in order to earn the required PDUs for maintaining your PMP® credentials. This might include any elected offices that you hold for a project management organisation. PMI® offers numerous volunteer opportunities too.
  • Doing your job: You can also claim PDUs by practicing project management professionally. You can maintain your credentials by working as a project manager every day.

Follow the below steps to claim your PDUs under ‘Working in the Profession’:

Step 1: You need to log in to the PMI® website using your log-in credentials to claim your PDUs for working in the profession and select ‘Report PDUs’ and Cat F for the PDU category and click on ‘Next’. But you will need to ensure the following in order to complete the PDU request:

  • Workplace name
  • Workplace address
  • Date started
  • Date completed
  • Number of hours completed
  • Further, you need to consider the Processes and Knowledge Areas that you use in your practice and be prepared to select each of those.

Step 2: If you see your name at the top of the landing page that means, you have successfully logged in.

Step 3: In the next step, you need to select ‘Maintain your certification: Earn and report PDUs’ which will appear on the drop-down list once you hover over ‘Certification’. Or, select myPMI.
Step 4: The above step will take you to a CCRS landing page where you need to select ‘Category F’ in the PDU category.

Step 5: Once you do that, you will land on a complete detail page where you need to select ‘Next’.

Step 6: In the next page, you will see that 5 PDUs are already displayed in the blank. You just need to click ‘Next’.

Step 7: Now you need to click on ‘Agree’ and then click on ‘Submit’ to claim your 5 PDUs.

Step 8: Once you complete the process, check your e-mail for confirmation from PMI®, as you should receive an e-mail from PMI.org indicating that you have successfully submitted your PDU request. This e-mail will be sent to the address which you have provided in your PMI.org profile.

Ways to earn PDUsWays to earn PDUs in Project Management

You need to earn a total of 60 PDUs under the Continuing Certification Requirement (CCR) program. You can earn them by choosing the opportunities provided under:

  • Education
  • Giving back to the profession.

The following opportunities are offered by PMI® in order to earn the required PDUs in order to maintain your PMP® certification credentials:

1. Course or Training

You can earn PDUs by participating in educational training courses through instructor-led formal education courses or classes held in-person or online. It is a traditional and effective way to learn.

2. Organisation Meetings

You can attend professional meetings organised by Local PMI® chapters and third parties in order to gain the opportunity to learn and also to network as well as earn PDUs.

3. Online or Digital Media

You can customise learning and educational opportunities by choosing self-paced learning conducted online or through varied forms of digital media. This also allows you to earn PDUs to meet the CCR program needs.

4. Read

Earn PDUs by reading books, articles, whitepapers, or blogs and stay informed along with supporting your ongoing professional development.

5. Informal Learning

Even productive interaction with others can help you to earn PDUs in order to maintain your PMP® credential. For example, mentoring sessions or participating in a ‘lunch and learn’ session with your organisation.

You can earn the required PDUs for maintaining your PMP® certification credentials by choosing from the following opportunities available under Giving Back to the Profession:

1. Work as a practitioner

You get to apply your knowledge and skills in a practical setting each day while you work in a domain area related to your certification. This also allows you to earn PDUs in order to meet the CCR requirements.

2.Giving a presentation

You can use this opportunity to earn PDUs by giving a formal presentation to others and share the knowledge that relates to your certification.

3. Share knowledge

Sharing your domain knowledge to help others learn and grow can also provide you with the opportunity to earn PDUs to maintain your PMP® certification credential. You can either choose to mentor or teach or apply your subject matter knowledge towards activity in order to benefit others with your experience and perspective.

PMI®’s CCR Process

The following steps are involved in the process of your participation in the CCR program:

Step 1Earn a PMI certification
Your CCR cycle begins on the day you pass your PMP® exam and lasts for 3 years.

Step 2
Participate in professional development activities
You need to take part in professional development activities in order to earn PDUs.
Step 3

Record and report PDUs
You need to submit your PDU claims for your certification through the CCR system (CCRS).
Step 4Fulfill CCR requirements
You need to earn enough PDUs in order to meet the CCR requirements for your certification.
Step 5Complete CCR application and pay renewal fee
You’ll receive information from PMI for renewal and provide payment.
Step 6CCR Renewal Complete
You need to follow guidelines in order to continue maintaining your certification.

To conclude

PDUs, clearly, are an integral part of your PMP® certification journey. But you can’t restrict your activities or actions to just earning these PDUs. You need to claim these PDUs to avoid your certification credentials from getting invalid. You need to gain 60 PDUs within a period of three years in order to maintain the validity of your PMP® certification.

PMI®’s Continuing Certification Requirements (CCR) program supports your ongoing educational and professional development. There are various suggested opportunities and ways under CCR that allows you to earn the required PDUs to maintain your PMP® certification credential. One PDU is worth one hour of your project management training. You need to earn 35 PDUs under education and 25 PDUs under giving back to the profession. As a PMP® certified professional, you can claim your PDUs by visiting PMI®’s website.  

KnowledgeHut

KnowledgeHut

Author

KnowledgeHut is an outcome-focused global ed-tech company. We help organizations and professionals unlock excellence through skills development. We offer training solutions under the people and process, data science, full-stack development, cybersecurity, future technologies and digital transformation verticals.
Website : https://www.knowledgehut.com

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A professional adept at PRINCE2 and holding the credential is highly valuable and sought after by organizations implementing PRINCE2 for their projects.  Benefits of getting PRINCE2 certifiedGuide projects in their entiretyTailor PRINCE2 to suit the needs of projects and organizationsValidate your commitment to continued excellence and quality  Master and demonstrate your proficiency of the PRINCE2® framework  Gain project management best practices and grow your career with confidence Work across projects in diverse sectors and industriesShow your ability to work in challenging work environments  Command higher salaries (upto $99,012 average) than your non-certified peers Top companies that hire PRINCE2 professionalsShellBPTranspower New ZealandIBMHPAquasoftGetronicsSiemensWhere to take training for certification: Aspirants must undertake training from a Certified Partner of AXELOS and an accredited training organization (ATO) with PeopleCert®.Who should take the training for certification?Project ManagersProject CoordinatorsProject AnalystsProject LeadersProduct ManagersProgram ManagersProject SponsorsTeam LeadersSenior Responsible OwnersProduct Delivery ManagersBusiness Change AnalystsProject and Programme Office PersonnelOperational Line ManagerAnyone who wishes to build up knowledge in project management EligibilityThere are no eligibility requirements for the PRINCE2® Foundation certification exam. To qualify for the PRINCE2 Practitioner exam, you must have at least one of the following certifications: PRINCE2® Foundation or higher (applicable only to certificates obtained after 1 January 2009) Project Management Professional (PMP)® Certified Associate in Project Management (CAPM)® IPMA Level A® (Certified Projects Director) IPMA Level B® (Certified Senior Project Manager) IPMA Level C® (Certified Project Manager) IPMA Level D® (Certified Project Management Associate) Project Management Qualification (PMQ) Project Professional Qualification (PPQ) Exam FormatFoundation ExamDuration: 60 minutes (1 hour) Questions: 60 Multiple choice questions Pass mark: 33 out of 60 available, or 55% Use of textbook: No, it’s a closed book examPractitioner Exam Duration: 150 minutes (2.5 hrs) Questions: 68 Objective type questions Pass mark: 38 out of 68 available, or 55% Use of textbook: Yes, but only the official PRINCE2® manual is permitted. Duration to get certifiedYou will need to attend 32-hours of PRINCE2® Foundation and Practitioner training from an ATO of AXELOS and PeopleCert®, following which you will be required to take the exams to demonstrate your knowledge of PRINCE2 and get certified. The results of your tests are issued within 2 business days from the date of your exam.  Course fee for certification: USD 1999Exam fee for certification: Included in course fee5.  PgMP®: Program Management Professional (PgMP)® Certification TrainingAnother project management from the PMI, this credential is more advanced than the PMP and certifies the holder’s ability to manage complex projects that cover functions, organizations, cultures and geographies. The credential mandates holders to be proficient in the six prime focus areas: Governance, Prioritization, Escalation, Resource Management, Benefits Realization, and Stakeholder Management.PgMP Demand: Credentials from the PMI are known for their rigorous standards and testing, which is why they are well accepted in industries across sectors. PgMP holders are better able to promote integration and coordination of multiple projects for the overall benefit of the program. According to PMI’s 2015 Pulse of the Profession® report, an organization’s projects are far more successful with program management than without it — 76 percent compared to 54 percent. This further compounds the demand for PgMP professionals. Benefits of getting PgMP certifiedGet in-depth knowledge of tools and techniques to handle complex multiple related projectsUnderstand Program Lifecycle and its processes, competencies, tools and techniques with practical sample templatesLearn to implement large-scale programs to align with business strategyOpen yourself to lucrative job opportunities and leadership rolesWork in projects across geographiesEarn high salaries, upto $139,000 on averageTop companies that hire PgMP professionalsAmazonGoogleMicrosoftCognizantCapgeminiDeloitteJP Morgan ChaseErnst & YoungWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI®Who should take the training for certificationTeam LeadsSponsorsProject DirectorsProgram ManagersPortfolio Managers  Project Management Office (PMO) HeadsEligibilityA Four-year Degree (Bachelor's or Global equivalent), with at least four years of Project Management experience and four years of Program Management experience.ORA Secondary Diploma (High school or Global equivalent), with at least four years of Project Management experience and seven years of Program Management experience. Exam FormatNo of questions: 170 multiple-choice, of which 20 are considered pretest questions which are not scored.Question type: Most questions are scenario based and test a professional's understanding and clarity of thoughts on different Program Management concepts.Time: 4 hoursDifficulty level: DifficultDuration to get certified: You have to complete your 24 hours of training from an Authorized Training Partner (ATP) of PMI. Make a study plan and stick to it religiously. The PgMP is considered to be more difficult than the PMP and requires a fair bit of preparation. Once you pass the 4-hour exam you will be PgMP certified.  Course fee for certification: INR 13,999; USD 1199Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationIn IndiaMember: ₹46,338.00Non-member: ₹77,230.00In U.S.Member: $800Non-member: $1000Retake fee for certificationMember: $600Non-member: $8006. PMI-ACPPMI-ACP Demand: Agile is a fairly new concept in the context of product development. Though organizations reap immense benefits by adopting Agile, the road to transformation can often turn out to be expensive if not well executed. PMI-ACP professionals are therefore in huge demand as they can bring in project management best practices in Agile environments and ensure project success.  Benefits of getting PMI-ACP certifiedThe shortage of Project Managers has increased job opportunities in the Agile environmentYou will qualify for Agile jobs with expertise in Agile methods like Scrum, FDD, Kanban, etc. which are in demand in the industryEarn salaries in the range of $108,000 on an averageEquips you with knowledge of various Agile methodsMakes you more marketableTop companies that hire PMI-ACP professionalsStandard CharteredOracleIBMVMWareSource: IndeedWhere to take training for certification: Aspirants must train from an Authorized Training Provider of PMI® Who should take the training for certification?Project ManagersProject PlannersQuality Assurance StaffDevelopers/ProgrammersDesigners, TestersProject ControllersProduct OwnersScrum MastersScrum Team MembersEligibilityTo apply for the PMI-ACP®, candidates must meet the following requirements:1. General Project Experience2000 hours of working on project teams within the last 5 years or having an active PMP®/PgMP® credential2. Agile Project Experience1500 hours of working on Agile Project Teams or with Agile Methodologies, in addition to “General Project Experience” above;3. Training in Agile Practices21 contact hours earned in Agile PracticesExam FormatNo of questions: 120 MCQ, of which 20 are pre-testDuration: 3 hoursDuration to get certified: Once you complete the course, you need to schedule the exam date. Exam applications have to be submitted and approved by PMI. Online applications m ay take upto five business days to get processed. Once your application is processed, you can schedule your exam date, and on passing receive the PMI-ACP credential.Course fee for certification: INR 10,999, USD 1099Application fee for certification: For PMI membership: USD $ 129 plus USD $10 for application fee.Exam fee for certificationFor members: $435Non-members: $495Retake fee for certificationMembers: $150Non-members: $200SummaryProject Management is among the most sought after job roles, not only in the tech industry but any industry that executes and manages projects. By 2027, 88 million individuals will need to be skilled in project management-oriented roles. This makes it among the hottest job trends in the coming years, and a credential will go a long way in helping you capitalise on this trend.
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Best Project Management Certifications in 2021

While nothing can replace industry work experience... Read More

Project Contracts – A Vital Legal Binding

One of the key knowledge areas discussed in the Project Management Professional (PMP®) certification is Procurements Management. As part of project procurements management a project manager is mainly expected to be able to initiate, execute and manage projects based on the project contracts. This article is an attempt to discuss about project contracts, to discuss the importance of such contracts and to give an introduction to types of contracts as a precursor to subsequent articles. The PMBOK® defines a contract as follows. “Contract represents a mutually binding agreement that obligates the seller to provide the specified products, services or results, and obligates the buyer to provide the monetary or other valuable consideration in return. A contract can also be called an agreement, understanding, undertaking or a purchase order.” (PMBOK® 5.0) Any project involves two or more parties. One main party that is the buyer and the other the seller. In addition to these there can be other 3rd party elements that are not directly involved in the contract but are interested in or are impacted by the same. The contract between the buyer and the seller happens to protect the interests of the two parties entering into the agreement. The seller provides goods or services to the buyer for which the buyer compensates the seller monetarily or through other financial or non-financial means.   A contract is a formal agreement between the two parties and it is a legal binding amongst the two entities. A formal contract must be in written format and can be used even in court of law in the case of either party failing to honour their commitment or in the case of an appeal against any misdeeds. Dishonouring contracts may actually lead to settlements even in court but should ideally be settled mutually among the disagreeing parties, most probably through a mediator called an ‘arbitrator’. Normally in large organizations contracts are managed by a separate contract manager or a procurements manager. The management of contracts are done in 2 separate ways namely; centralized contracting and decentralized contracting. In centralized contracting, one contract manager manages all the contract related matters for multiple projects. This requires expertise in contracting, standardization of contracting practices across the organization and more focused management of contracts. In decentralized contracting, separate contract managers are allocated to manage the procurements for individual projects. This results in full time management of contracts and the contract manager must report progress to the project manager. This results in more focused management of project contracts and with time creates specialized expertise in contracting. However, this may result in duplication of contracting expertise and less standardization of contracting practices across multiple projects in the company. There are three main types of contracts. They are Cost Reimbursable OR Cost Plus, Time and Material or Unit Price and Fixed Price or Lump Sum contracts.  The applicability and use of these contract types based on the type of project, complexity and the parties involved may decide on variations based on the charges involved in order to ensure that the contract terms are mutually beneficial for the two parties. Hence, these contracts vary based on the cost, time and price.  A cost plus or cost reimbursement contract is a contract in which the contractor is reimbursed or paid all the actual expenses they incur when carrying out the work. In addition to this they are also allowed to charge an extra fee allowing them to obtain a profit. For example a contractor taking up building a contract may claim resource costs as well as any miscellaneous expenses incurred for travel, food, purchases as well as charge an additional amount from the customer in order to make a profit from the tasks carried out. A fixed price contract on the other hand does not depend on the resources utilized or time expended. A fixed amount is agreed upon between the contractor and the customer where the amount is paid to the contractor even if the resources expended is lower or higher than the agreed upon amount. Time & material contract is where the contracting party is paid only for the amount of time or resources spent. For example if there is a software development firm which assigns 4 resources for a project on a T&M basis the company will be paid an hourly rate for each resource based on the amount of time they spend on tasks in the project.  Each contract type has its own pros and cons for both the contracting and implementation party. For example a fixed price contract is suitable for an organization as they would know the amount due before hand and know that they won’t end up paying extra if the triple project constraints are not met. Similarly, a time and material project may be suitable for both parties, as amount will be charged only based on the amount of work done in the project and for the time spent. Advantages and disadvantages of each contract type depend on the context. Thus, it is important for stakeholders involved in projects to negotiate on contracts wisely.
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Project Contracts – A Vital Legal Binding

One of the key knowledge areas discussed in the Pr... Read More

How much does a PMP® Certification cost?

 Are you planning to take the PMP® certification exam soon? If yes, you should take the next step by starting with the application process. But before that, you need to have a clear idea about the costs which are included in the process of getting PMP® certified.  PMP® is considered as one of the most valuable and high demand certifications in the project management category. Having a PMP® certification under your belt will introduce you to the world of greater opportunity and lucrative salaries. But PMP® is a tougher exam compared to other certifications and requires more preparation to pass the exam.There are multiple items to consider when you try to find out the cost involved in the PMP® certification process. The PMP® certification costs include the application and exam fees plus any other additional costs associated with preparing for the exam.It is not just about the PMP® Exam feeYou need to pay an amount of $555 as the exam fee to sit for your PMP® certification exam. But you can bring it down to $405 by becoming a PMI member. But this is not the only cost involved in the PMP® certification cost. The costs can further be explained in the following points:1. Become a PMI member:It is not necessary for you to become a PMI member to sit for your PMP® certification exam. But the benefits of getting a membership with PMI is more than the membership fee. The annual membership fee along with the first time registration fee is $139. You can save $150 on the exam fee itself by becoming a PMI member.Apart from the exam fee, you get a free copy of the latest edition of PMBOK® Guide and other standards or guides published by PMI which you need to be thorough with in order to pass the PMP® examination. Further, you can gain the required PMP® PDUs for free by watching the webinars and joining the annual online conferences which are exclusively available for the members.2. PMP® certification exam fee:Once you become a PMI member, you need to pay $405 as the PMP® certification exam fee to take the computer-based exam at your nearest Prometric exam center. But it is $555 for non-members.You can take up the PMP® certification exam three times in the one-year eligibility period. Again, if you are a PMI member, you just need to pay a PMP® re-examination fee of $275 whereas, the non-members need to pay $375.3. PMBOK® Guide:As a PMP® aspirant, you shouldn’t consider only the PMBOK® Guide to be the syllabus of PMP® exam. It is an official reference book for the PMP® exam. It is recommended for every aspirant to read the PMBOK® Guide more than once while you prepare for your PMP® exam. The content of the PMBOK® Guide can be found in the real PMP® exam. The current cost of PMBOK® Guide is $47.98.Got a PMI membership? Then you can download the free copy of the PMBOK® Guide from the PMI website.4. Earning 35 contact hours by attending the Project Management Training Course:You need to complete 35 hours of project management course work to sit for the PMP® exam. Taking up a Project Management Training Course can help you to earn these 35 contact hours. The cost of these courses ranges based on the training provider. You need to spend around $1,000 to meet this requirement.5. PMP® exam reference books:As you know that PMP® certification exam consists of a complex exam pattern and you need to be well prepared to clear it at one go. You can get access to reference books both in hard copy and online. These resources contain tons of project management knowledge which proves helpful while you prepare for your PMP® exam.6. Practice Exams and Mock Tests:Taking PMP® sample exams plays a pivotal role in your PMP® exam preparation. These mock tests and practice exams prove as a good resource to test your readiness for the exam. Further, these mock tests will help you understand the techniques of time management which is an important factor while writing your PMP® certification exam.7.Renewing your credentials:You can’t stop your quest once you get your PMP® certification. Your PMP® certification is only valid for three years and you need to renew your credentials before it gets invalid. So, you need to pay $150 to renew your credential every three years. However, you can bring down this cost to $60 by becoming a PMI member.Confused? The following chart will help you to get a clear understanding of the costs involved in your PMP® certification:Sl. No.PMP® Certification Cost (Different Cost Aspects)Costs1PMI Membership fee along with joining fee$1392PMI Membership renewal fee$129 per year3PMP® Certification Exam fee for PMI members$4054PMP® Certification Exam fee for non-members$5555Rescheduling fee for PMI members$2756Rescheduling fee for non-members$3757PMBOK® handbook cost for membersFree8PMBOK® handbook cost for non-members$50 on Amazon9Cost of study guides and resources$40 to $10010Cost of practice tests$60 to $10011Renewal cost of PMP® certification for PMI members$6012Renewal cost of PMP® certification for non-members$150Online PMP® trainingWon’t it be great if you get access to PMP® certification training from your preferred location? You can make it possible by opting for online PMP® certification training. The e-learning course provided by the R.E.P.s give you access to innumerable mock tests and exam revisions. Few of the features of such courses are as follows:35 PDUs on completion of 35 hours of e-learning15 audio-visual modules covering all course topics from PMBOK® Guide13 hours of online contentPMP® eBook in downloadable format and PMP® exam blueprintA question bank on all knowledge areasTips and tricks to pass PMP® in the first attempt.PMI Talent Triangle™ BundleYou need to continue your learning and development in order to maintain your PMP® certification. The PMI® has set a 60 PDU requirement which you are expected to meet in order to continue your PMP® journey. As a PMP® certification aspirant, won’t you be happy to get all the course which you need to fulfill your PDU requirements in a bundle? You need to earn 35 PDUs in the Education category and meet the following minimum requirements, as per the PMI Talent Triangle™  skill areas:Education PDUs - Minimum Talent Triangle RequirementsCertificationTechnical PDUs RequiredLeadership PDUs RequiredStrategic PDUs RequiredRemaining PDUs - across any area of PMI Talent TriangleTotal Minimum RequiredPMP8881135The activities and courses included in the three components of the PMI Talent Triangle™ are as follows:TechnicalLeadershipBusiness & Strategic ManagementLife Cycle ManagementCoaching & MentoringCustomer relationship & satisfactionTime, Scope, Risk ManagementProblem SolvingBenefits RealisationEstimationTeam BuildingLegal & Regulatory complianceAgile PracticesEmotional IntelligenceStrategic planning & analysisGovernanceConflict ManagementOperational FunctionsData gathering and modelingBrainstormingBusiness acumenEarned value managementInfluencingCompetitive analysisPerformance ManagementListeningMarket awarenessInterpersonal skillsBusiness models and structuresThe best way to earn 35 contact hours of PMP® trainingYou can get access to PMP® certification training in three different methods. They are classroom training, instructor-led training, and self-learning method. All the mentioned modes have their own pros and cons, but self-learning is considered as the cheapest of all the three courses.You can choose between self-learning mode or instructor-led mode to take your online training. There are numerous R.E.P.s in the market who provide such training and help you attain 35 contact hours to fulfill the PMI requirements.You should consider the following important factors while searching for the best online platform for your PMP® certification training:Is the training provider a registered training body?Will you be provided with 35 hours certificate?Is the training provided in English?What is the duration of the eLearning access?Salary of a PMP® certified professionalAfter knowing about all the costs which you need to bear in order to get PMP® certified, won’t you love to know about what lies ahead of it? Here are five jobs for project management professionals in the US with the highest paid salaries.1. Pharmaceutical project management professionalA Pharmaceutical Project Manager works with researchers, doctors, and engineers to ensure that the research and development stay on schedule and on budget. He or she is responsible for overseeing the development of new medication for the treatment of diseases and other health problems. The average annual salary of a Pharmaceutical Project Manager based in the US is $131,833.2. Resources project management professionalA Resources Project Manager works toward making the process of extracting and growing natural resources by working with farmers, mining, and oil companies and eliminating waste as well as improving communication. He or she looks into the procurement of natural resources for efficient delivery to end consumers. The average annual salary of the Resources Project Manager based in the US is around $129,368.3. Consulting project management professionalFrom environmental engineers to sales managers, a Consulting Project Manager works at all the levels of the industry and they work on a case-to-case basis. He or she works with the goal to furnish industry expertise and advanced knowledge to the client in order to lead their project to success. A Consulting Project Manager earns an annual average salary of $129,208 in the US.4. Aerospace project management professionalThe job description of an Aerospace Project Manager includes working with designers and engineers to ensure the delivery of the new aircraft on time and on budget. His or her focus areas include quality control and risk management. The average annual salary of the Aerospace Project Manager based in the US is $121,923.5. Engineering project management professionalAn Engineering Project Manager communicates with clients to ensure the quality of the end product as demanded by the client. The annual salary of the Engineering Project Manager based in the US is $121,769 per annum.To concludeAs you can see, the PMP® certification involves a lot of other costs other than the exam cost itself. There is a cost involved in all the processes which you need to go through in order to get PMP® certified. But these costs can vary from person to person and the country you are residing in. Further, adding a PMP® certification to your collar exposes you to better career opportunities and higher salaries.
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How much does a PMP® Certification cost?

 Are you planning to take the PMP® certification... Read More

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