Author: Aileen Ellis, PMP, PgMP
Published by: AME Group, Inc.
If you are studying for the PMP examination, then you know that one of the 10 knowledge areas is Project Procurement Management. All of the PMP-prep books cover this topic. However, not all of the PMP-prep books cover in detail the part of this area that relates to contract calculations. As I prepared for the examination, I came across only two books that covered contract calculations in an in-depth manner. One of the books was the mini-book How to Get Every Contract Calculation Question Right on the PMP® Exam: 50+ PMP® Exam Prep Sample Questions and Solutions on Contract Calculations by Aileen Ellis, PMP, PGMP. By now, you know that I HIGHLY recommend the PMP-prep series of books written by Ms. Ellis. If not, let me just say, this is my fourth review of her work.
Now, some of you may not have heard of contract calculations. In a nutshell, contract calculations solve for a variety of variables related to the three categories of contracts covered on the exam. For example, you can be asked to solve rent vs. buy questions, or you can be asked to solve for the fee that a seller receives on a contract, or for what is the seller’s actual profit. You can also be asked to solve for the point of total assumption (PTA), which is the point in which the seller assumes all the cost risk on a Fixed Price Incentive Fee contract. If this NOW sounds like a topic that you want to review in more detail before you sit for the exam, you should read Ms. Ellis’ book.
In all of her mini-books, Ms. Ellis takes the same approach. First she provides the reader with an overview of the topic and then she provides the reader with 50+ challenging questions on the topic followed by a detailed discussion of the solutions. This approach works, and I am glad that she sticks to it.
In this book, Part One covers Contract Types and provides the reader with access to her videos. In Part Two the author presents 50+ Contract Calculation Questions. In Part Three, she presents the 50+ detailed solutions.
After covering the 50+ Contract Calculation Questions and the detailed solutions, both my understanding of the topic and my ability to solve the calculations improved greatly. This came from completing all 50+ questions and the author‘s in depth review of the solutions. Ms. Ellis focuses on making certain that the reader understands the topic with only limited focus on memorization. She tells the reader to “make sure that you review every question so that when you see the questions similar to these on the PMP Exam you are sure you will get every single one right.” The emphasis is on practice and mastering each question before you move on to the next.
As you know, the PMP exam consists of 200 questions. However, PMI’s database of questions is rumored to be about 10,000. So that means that it is possible for you to see all kinds of questions on the exam. If you have not been exposed to Contract Calculations, you should consider purchasing How to Get Every Contract Calculation Question Right on the PMP® Exam: 50+ PMP® Exam Prep Sample Questions and Solutions on Contract Calculations to prepare for the possibility of seeing these kinds of questions on the exam. It will be time well spent studying this topic. At least that is way I felt as I answered contract calculation questions on my exam.
Good luck on your exam!
Evelyn F., PMP