Firstly you have the PMP code of Ethics. Though there are few questions in the PMP exam which tests your professional ethics and code of conduct and answering them may look simple at the first site, it is not though actually. You need to be aware what Code of Ethics and Professional conduct means from PMI point of view. So please read the code of ethics document to understand about this better. You can reach this document using the link http://www.PMI.org/PDF/ap_PMIcodeofethics.pdf. 

All you need to know about the PMP exam. The PMP Credential Handbook answers all your questions regarding the PMP exam. You must read the handbook at least once before taking up your exam. You can access this handbook at http://www.PMI.org/PDF/PDC_PMPHandbook.pdf

As part of continued commitment to the project management community, PMI has posted the errata to the PMBOK® guide fourth edition at http://www.pmi.org/PDF/PMBOKGuide%E2%80%94FourthEditionErrata%20Sheet.pdf

This errata sheet pertains to the first printing of the PMBOK® Guide–Fourth Edition.

Errata sheets are commonplace in book publishing. Such documents list content revisions, and are typically a page or two in length. As the name implies, errata sheets are intended to correct errors and alleviate potential confusion. While errata sheets are not generated to correct simple typographical errors, the revisions may address errors of commission as well as those of omission. In each case, the object is to promote accuracy, clarity, consistency, and thoroughness.

For your PMP exam we recommend you to please read the errata sheet once just to make sure you are studying the correct concepts of the PMBOK® guide.

The PMP exam has a total of 200 questions with each question having 4 possible answers: A), B), C) or D) and each correct answer carries one mark. Though there are no negative markings for a wrong answer (Good news!) if you don't answer a question, then it is considered incorrect and you will not get any mark for that. Having said that there are no negative markings for a wrong answer, you should try to answer every single question on the exam. Though 4 hours for answering 200 questions may seem enough time at least on papers, some students may not have enough time to answer all the questions and finally end up marking random answers to the questions without reading them fully. So here are few tips for handling this

1. Make sure you first write down all the formulas in a paper booklet provided in the exam hall. This will help you a lot in answering formula related questions.
2. Write down the Processes Vs Knowledge areas mapping present in page 74 of PMBOK guide. This too will help you when it comes to Processes Vs Knowledge area questions. For your convenience and for those who do not have access to PMBOK guide, this mapping is given in the PMP Quick Reference Guide.
3. Read the question first from the beginning. Understand it. Filter out the extra information present in the question so that there is no ambiguity in the question. After that it is easy to answer them. Remember! many of the PMP questions will give you extra information in order to divert your attention and make you choose the wrong answer.
4. Read all the 4 answers and close down on the 2 best answers and eliminating the other two. From this, narrow down your choice to just one answer. For narrowing down your answers, the above point will help you a lot.
5. If your question happens to be a large one (usually it will), then reading the last sentence will sometimes get you an idea in choosing the correct answer.
6. If you are not too sure about a question, then do not spend too much time sitting on that question. There is a check box available for each question to mark it for a review. Please mark such questions and you can revisit them later on.
7. If you are not at all sure about an answer for a question, mark any one of the 4 choices instead of leaving it blank and unattended. In that way, you have at least 25 to 30% chance of having it correct. But this should be your last option!
8. Lastly, do not answer any question from your own experience! The PMBOK guide is always right and you must answer the questions from the PMBOK point of view and not from your point of view.

Being a marathon 4 hours exam, the PMP exam is not an easy take. You need to answer 106 questions out of 200 to pass the exam. What happens when a candidate actually fail to secure these 106 questions? Firstly, after the exam is over, you will be handed a score report (usually a print out). It tells you that you’ve not cleared the exam. Additionally it also tells you your proficiency level (Proficient, Moderately Proficient, and Below Proficient) for each of the six performance domains. Based on this report, you can analyze yourself in which performance domain you actually failed and try to focus more on that domain.

Secondly, you can also challenge the result if you feel that you should have actually fared better in a particular domain. The PMP credential program is administered and supervised by the manager of PMI’s Certification Program. All challenges are governed by the comprehensive and exclusive rules of the PMI Certification Governance Council’s (CGC) Certification Appeal Procedures. You can challenge your result by downloading the appeals procedure from the PMI website and submitting your appeal.

So which is the better option? Challenge the result or re-take the exam? Well, certainly re-taking the exam is the wise option. You can re-take the exam up to 2 times within your one year eligibility period. You pay $275 for this if you are a PMI member (Please check for the exact amount as PMI has the rights to increase them without prior notice). Leave a gap of probably one to one and a half months before re-appearing for the exam. During this period, you focus on the performance domain(s) in which you failed. Also take up lot of online simulator practice questions. There are many free web sites which offer you free samples as well as commercial web sites. So practice, practice and practice more.

Lastly, if your fail in your 2nd and 3rd attempts as well (I wish certainly not), then you will have to wait for a year from the date of your last test before re-applying and attempting to take the exam again. If your one-year eligibility period expires without having passed the examination you must re-apply for the PMP. Again the PMP credentials handbook tells you more about these in detail at http://www.PMI.org/PDF/PDC_PMPHandbook.pdf   So what’s the best way to pass your exam on the first attempt? Well read the PMBOK guide at least twice and take lot of practice exams. Have a good study plan like the one available in www.PMPlessons4you.com

Do not press the panic button!

By applying for the the PMP exam you also automatically agree to comply with the PMI's audit terms and conditions.

To ensure that only qualified individuals attain credentials from PMI, PMI routinely conduct audits of candidate applications. However the audit process is primarily random.

The audits are completely random and you will be informed through email that your application is selected for an audit. This email is usually sent to you the moment that you submit your application. The email also contains detailed audit instructions for you.

At this point, it is important to note that once your application is selected for an audit process, your there is a “stop” in your application progress. By this we mean that you have 1 full year following the submission of your application to take the PMP exam. But during the audit, there is a "stop" and your application does not continue until your audit has been processed. So if your audit takes 6 weeks, then you have 1 year and 6 weeks to take the exam.

PMI will prepare the "audit package" for you. You’ve to log into your PMP account to find this. This package contains the details that you have submitted for each of your projects in your application. It also contains further instructions.

You must now do the following

1. In your application you would have named a primary contact person(s) for each of the projects that you had worked on. Forward the appropriate section of the package to each of your primary contacts. They now have to verify that the information listed is correct, print and sign the document, put it into a sealed envelope and then put another signature across the sealed flap of the envelope.
2. You will also have to make photocopies of the certificates you received from your training courses, to show that you have received 35 Contact Hours of training related to the 9 Knowledge Areas of PMBOK. Then you will have to send the sealed envelopes and your certificate copies to the PMP for review.
3. The PMP will inform you about their decision via email. In case you fail the audit, then the PMP will refund the money that you paid minus an administrative fee of $100.
4. Please note that you have the power to expedite the audit process. The sooner you respond, the sooner it is processed. The PMP is usually rather quick in processing your audit documents after you send them in. In some cases it can take as little as 3 to 4 days.
5. So you see that being audited is neither stressful nor difficult. Be truthful in your application and then simply follow the instructions provided.

As you are well set and prepared to take your PMP exam please follow the below mentioned guidelines. These guidelines are proven to be “effective” by many PMP exam takers !

1. Have a good sound sleep the previous night of the exam
2. Do not eat exotic foods 2 days before the exam. There is a high possibility that it may harm your digestive system. Remember if you are unable to take the PMP exam, you should inform your Prometric 48 hours in advance and give necessary support documents for the reason.
3. Be present in your Prometric center at least half an hour before the start of the exam.
4. Bring 2 forms of your identification. Both original and photo-copies.
5. Stop by few days before the exam into the Prometric center and get to know the basics so that nothing surprises you during the exam day.
6. Visit your Prometric center 2 days in advance – In this way, you come to know the traffic pattern in your city.
7. Lockers are available in your Prometric exam center. So leave all the non-allowed belongings in your locker provided for you before entering the exam hall.
8. Prometric center will provide you with papers and pencil. However it is always good to carry your own pencil with you.
9. Firstly write the “Process Group and Knowledge Areas Mapping” from the PMBOK page number 74 (Check the exact page number) and the important formulas before the exam clock starts.
10. There is an Exhibit button for some of the questions in your exam. This shows the diagrams, tables etc. So you click this button to solve your questions.
11. If you are not sure about a particular question, click the “Mark” check box and proceed further. You can come back to these “marked” questions later on. There is also a possibility that some other question down the line will provide an answer for this question.
12. Do not spend more than 1 minute and 15 seconds for each question.
13. Re-energize during the break. You can take a small break in between your exam. However you are not allowed to leave the exam premises.
14. Lastly! DO NOT PANIC if you do not know the answer for more than 3 to 4 questions simultaneously. Sometimes it so happens. So “mark” them and move on.
15. Please read the PMP Credentials handbook thoroughly and know all the terms and conditions. It is available under http://www.pmi.org/PDF/PDC_PMPHandbook.pdf