Welcome, Guest
Do you need customer support or technical assistance? Click here to submit a support ticket...

TOPIC: Query on Total Fee or Cost of procurement calculations

Query on Total Fee or Cost of procurement calculations 4 months 1 week ago #7867

  • Pramod
  • Pramod's Avatar
I believe there could be a few questions related to total fee or total price calculation for CPIF or FPIF or CPPC contracts (this is apart from PTA calculation) . However, do not see those examples on the simulator nor on the formula study guide. Did not find anything specific about this topic on forums too.Please advise how best to prepare & answer such questions on the PMP exam?

Query on Total Fee or Cost of procurement calculations 4 months 1 week ago #7872

  • Mark Wuenscher, PMP
  • Mark Wuenscher, PMP's Avatar
  • Offline
  • Moderator
  • Posts: 196
  • Thank you received: 29
  • Karma: 0
Pramod,
I don't recall encountering any of those type questions in my studies or in the Exam Simulator. I think you mainly need to focus on understanding the different contract types and I think the questions you encounter for those will be situational. The only formulas you will need to know are those in the formula study guide.
Mark
Mark Wuenscher, PMP
Community Moderator
The following user(s) said Thank You: Pramod Kumar R

Query on Total Fee or Cost of procurement calculations 4 months 1 week ago #7907

  • Deborah Waitzman
  • Deborah Waitzman's Avatar
  • Offline
  • Fresh Boarder
  • Posts: 7
  • Thank you received: 1
  • Karma: 0
Hi Mark - I have failed the exam twice, but do recall Fixed Fee problems. I have found the only source to be Rita, Eighth Edition, P. 479-482. I remember memorizing this the night before my last exam and putting it on the brain dump asap! It's interesting that the only formula circulating in most circles is PTA; only applicable to FPIF contracts. But the Fixed Fee and Cost Plus have two required calculations: Final Fee and Final Price. "Remember you may have to calculate both the final fee and the final price for the exam", P. 480 - RMC Publications, Rita Mulcahy PMP exam prep; Eighth edition.

Query on Total Fee or Cost of procurement calculations 4 months 1 week ago #7912

  • Mark Wuenscher, PMP
  • Mark Wuenscher, PMP's Avatar
  • Offline
  • Moderator
  • Posts: 196
  • Thank you received: 29
  • Karma: 0
Deborah,
Thanks for sharing your experience. The only formulas that I studied were those in the PM Formulas guide which does include the PTA formula. I also did not use Rita's guide but would do so if I were doing it over again as I can see it has been helpful to so many that have prepared for and taken the exam. I guess I just got lucky and didn't get any of these types of questions on my exam.
Mark
Mark Wuenscher, PMP
Community Moderator
Moderators: Yolanda Mabutas, Ahmed Amin, Scott Gillard, Michael DeCicco, Rahul Kakkar, Fernando Jr Sinlao Lim, Mary Kathrine Padua, Chris Preziotti, Lazard Toe, ITBMC, MPM, CIPM, PMP, ITIL, Christian Winter, Kevin Nason, Michael Sumaquial, PMP, Mark Wuenscher, PMP

OSP INTERNATIONAL LLC
OSP INTERNATIONAL LLC
Training for Project Management Professional (PMP)®, PMI Agile Certified Practitioner (PMI-ACP)®, and Certified Associate in Project Management (CAPM)®