| Independent project management contractors know | | | | will have to document their actual project time to |
| that the Project Management Professional, (PMP®), | | | | claim these credits. This should not be difficult since it |
| credential represents a significant boost to their ability | | | | is likely a professional obligation already. |
| to conduct business. Unfortunately, they have the | | | | Attending the local PMI® chapter meetings is an |
| biggest cost while studying for the certification exam | | | | excellent way to earn renewal credits and strengthen |
| due to lost billable time. Depending on how they earn | | | | local business connections. The credits earned in this |
| the professional development units, (PDU), required | | | | category will cost perhaps $14 each. Considering the |
| to renew their credential, they can continue to bear | | | | possible future value of the business connections, this |
| high costs. By utilizing more of the available credit | | | | is often money well spent. |
| earning options, costs can be lowered. | | | | Other inexpensive renewal credits are available. |
| Many project managers earn the 60 renewal credits | | | | Volunteering to serve on a board or providing project |
| in each 3 year cycle by attending courses. These | | | | management services to a non-profit organization are |
| tend to be relatively expensive. Typical tuition fees | | | | recognized activities. Unfortunately, these often |
| for project management courses are at least $250 | | | | require a substantial investment of time. Independent |
| per day. Often, tuition is $500 per day or higher | | | | contractors would likely use their free time in order |
| which represents a per credit cost of between $30 | | | | to avoid a loss of billable hours. There would be |
| and $70. Along with the useful knowledge, credential | | | | possible business contacts to gain but the time |
| holders gain 8 credits for an 8 hour course. Of | | | | commitment would need to be closely examined. |
| course, an independent consultant would lose the | | | | Independent contractors would be well advised to |
| billable hours, worth perhaps $800, while they attend | | | | consider certain writing activities for their renewal |
| the course. Seminars and workshops also provide | | | | credits. Perhaps an existing blog post or a project |
| renewal credits but have costs similar to course | | | | review document would be useful as a good starting |
| tuition fees. Again, the independent contractor loses | | | | point for an article. Up to 15 renewal credits can be |
| billable hours. | | | | claimed for each project management article |
| Luckily there are other, less costly ways to earn | | | | published in a journal. Combining various materials can |
| credential renewal credits. Reading project | | | | help when working on an article. |
| management materials in journals or on the Internet | | | | Until recently, there were few publishing opportunities |
| earns 1 credit for each hour of activity. This is a | | | | as many journals had very restrictive submission |
| great way to research topics and get significant | | | | policies. Luckily this situation is now improved. Project |
| credits. Up to 15 credits can be claimed in each 3 | | | | management journals now exist that welcome article |
| year renewal cycle. The costs can be low or free | | | | submissions. Independent contractors will find that |
| and the time is well used, usually not resulting in a | | | | writing articles for these publications offer some of |
| loss of billable hours. | | | | the best value for renewal credits, both in dollars and |
| Working as a project manager also counts for up to | | | | time. |
| 5 renewal credits per year. Independent contractors | | | | |