I'm an enrolment consultant with Firebrand Training and I help project managers on their training needs. One of the books we recommend apart from the PMP Exam Prep by Rita Mulcahy is the PMP Exam Prep: Rapid Learning to Pass PMI's PMP Exam-On Your First Try! ISBN: 9781932735185
Also the study guide from PMI is helpful.
A Guide to the Project Management Body of Knowledge: PMBOK Guide
Having just passed mine 2 days ago, I will tell you what I did, but how you study is based on many things -- there is not a "one size fits all."
1. I read the PMBOK making written notes in a notebook for multiple brain-input exercising
2. Took a 200 question assessment exam (there are several for free on the internet) to see which areas needed additional work
3. Used Kim Heldman's "PMP Exam Study Guide" book (amazon for less than $30 with CD) since it was organized along process group order
4. Used Andy Crowe's "The PMP Exam" book (amazon for less than $30 with free week's trial use of his website) organized along AOK
I scheduled the exam and then began to study hard for the 2 weeks before the exam. The reason for scheduling is to ensure you take it seriously and not just do the "manana thing." You should based your approach on knowing how you learn, your project management experience, and available time. Finally, if you have significant project management experience, do one more thing:
Forget what you think you know (for the exam), and just learn the PMBOK vocabulary and processes. You can go back to what works for you after you pass the exam. The exam is based on pmi.org terms, processes, and knowledge areas -- not your own. Once I did this, studying and passing the exam was much easier.
Go through the PMBOK a second time. You will be surprised at the amount of content and things you may have skipped over or didn’t understand the first time around.
Mark sections to review. There will always be some sections in the PMBOK that need extra attention, so make sure to highlight them to re-read and review later.
Try using other study materials. Although the PMBOK is great and well-developed, it is extremely dry. You may want to try reading Rita Mulcahy’s PMP Exam Prep. This will give you another perspective on taking the test along with tips and exam practice questions.
Make sure you know all the formulas. Each time you study, quickly jot down the list of formulas used on the exam. This makes them fresher in the mind and helps you write them down at the beginning of the test. You don’t want to find yourself forgetting formulas during the test. This can happen because the test is hard and long; you may get a bit stressed, so it is common to forget simple things.
Additional Tips With External Resources
Know how to use the formulas and diagrams. First memorize the formulas; second understand how and why they are used. Grab some Youtube videos and other books and activities to practice using the formulas. Here is one of my favorites.
Understand all the PMP Processes. Know them well! You will definitely encounter many questions on the test regarding the processes.
Practice exam questions. I can’t emphasize this enough. It is one thing to read the PMBOK, but another to do the questions. The PMP exam questions are full of fluff, so you really have to read the question and eliminate all of the excess info. Practice, practice, practice doing exam questions. You will notice that your speed at reading questions and identifying the important information becomes much faster. You will also notice that you become less tired when taking the exams. One great resource to test your knowledge is Oliver Lehmann’s Self Assessment Test.
Score high on practice exams. I know that this is a no-brainer, but you should really set a goal to get a certain score on your practice tests. Although we do not know the exact passing score of the PMP, some say it’s 62%, others say it is upwards of 80%, you should always aim to score high. You want to guarantee that you will pass the test the first time around. More info on this in the PMP Handbook Page 35.