What is PMP certification and why do I need it?

What is PMP? This is the certification from project management institute. Give overview of PMP framework:- PMP in itself is composed of the following knowledge areas: 1) Project Integration Management 2) Project Scope Management 3) Project Time Management 4) Project Cost management 5) Project quality management 5) HR management 6) communications management 7) Risk Management 8) Procurement management What is integration management? This knowledge area is comprised of the processes that is used to integrate the project What are the various process groups? There are five major process groups: 1) Initiation process group 2) Planning process group 3) Execution process group 4) Monitoring and controlling process group 5) Closing process group What is a project charter? Project charter is a document that has information on project objectives, project manager assigned to the project, how project objectives cor-relate with management objectives etc. This is the heart of project management. It has details on accomplishments made out of a project. This is the critical document that shouldn't be changed from project beginning to end. what is a project management plan? Project Management Plan is the crucial document needed for proper execution and control of a project. Integration management knowledge area briefs the steps needed to create a project management plan. Project management plan is a document composed of many sub-plans. The subsidiary plans included in project management plan includes scope management plan, time management plan, quality management plan, human resources management plan, communication management plan, risk management plan, procurement management plan. What is the difference between cost estimating and cost budgeting? Cost management a crucial knowledge area in Project management is composed of many processes. Few important ones are cost estimating and cost budgeting. Often these two terms are confusing. Cost estimating is the process of calculating the cost needed to accomplish a task(activity level or work package(combination of activities leads to work package)).This combines contingency reserves. Contingency reserve is the amount set aside by the management to respond to identified risks. Cost budgeting is the compilation process used to compile the cost estimates. This represents the overall amount needed to execute the project.. It combines in itself management reserve which is the amount set aside by management to tackle unforseen(unplanned) risks.