Exam Essentials

Know the three types of resources used on a project. A project needs human resources, equipment, and materials.

Understand how to create a Responsibility Assignment Matrix. Match each project activity with the appropriate resource from the resource pool. Determine if more than one of these resources is required. Continue the process until resources have been assigned to all of the tasks .

Understand the different types of resource rates and how they are used. A time-based rate such as an hourly or daily rate is used for labor resources or leased equipment. A per use rate applies to any resource the project incurs a charge from based on usage such as access to a centralized database. A fixed rate applies to the purchase of materials or equipment such as a new server.

Know the difference between analogous, parametric modeling, and definitive estimating techniques. Analogous or top down estimates use expert judgment and historical data to provide a high level estimate for the entire project. Parametric modeling uses a mathematical model to create the estimates. The bottom up method starts at the lowest level of activity on the WBS and calculates the cost of each item to obtain the total cost.

Know the discretionary funding allocations a project may receive. The two types of discretionary funding are a contingency fund and a managerial reserve.

Explain the purpose of a cost baseline. A cost baseline is created to allow for tracking and comparison of actual costs to the original estimates and to project future costs. It includes all of the estimated project costs except for any contingency fund or managerial reserve.

Understand how, why, and when you'd use resource loading in a project plan. Not all resources can be pre-loaded into the project plan. There's also the difficulty associated with salaries and benefits coupled with worker styles.

Understand your company's financing model. Companies have drastically different methods of tracking funds for projects. Some companies allow the PMO to manage its funding; others require that the departmental finance officer handle it; still others require that a centralized finance office manage everything. Then there's the whole thing of understanding corporate costcenters (i.e., accounting codes for different sections where money is allocated and spent).