Earned value results are very easy to report to senior management or other stakeholders. Generally the recipient needs some basic training regarding the meaning of the numbers, but this is not a major undertaking. We break down the typical reporting methods into three categories: Small projects Medium-size projects Large projects Small Projects For small … [Read more...]
Analogous estimating uses the actual data from a previous project as the basis for estimating the current project. For example, the previous fence cost $75/foot therefore this one should cost about $100/foot. Many different variables can be compared, such as: scope cost budget duration Measures of scale: Size, weight, length, etc. Work units: … [Read more...]
The VAC is a forecast of what the variance, specifically the Cost Variance (CV), will be upon the completion of the project. It is the size of the expected cost overrun or underrun. In many situations the project manager must request additional funding as early as possible, or at least report the potential for an overrun. The VAC represents the size of this … [Read more...]
The To-Complete Performance Index represents the efficiency level, specifically the CPI (Cost Performance Index) that will make the project finish on time. It can be a powerful indicator because it is generally easy to ascertain if your people will be as productive as the indicator tells you. There are two ways to calculate the TCPI: To achieve the original … [Read more...]
So you want to be certified as a project manager? Certification has many benefits, such as: Promotion Higher pay Recognition Whatever your reasons for pursuing certification, there are several different types of certification you could choose to achieve your goals. These fall into the following two basic categories: Project Manager. For the "full" … [Read more...]
A SWOT Analysis is a tool that achieves competitive advantage by comparing your strengths to your competitor's weaknesses, and analyzing the opportunities and threats that are present. Whether in corporate strategy, project management, or your personal life, making the decisions between various options that each have their own pros and cons is essential to becoming a … [Read more...]
Many people are confused by the difference between these two terms, even experienced professionals. Trust me, the boundaries between them are sometimes grey. However, there is a difference. And once you realize it, you'll be amazed at how obvious it is. Objective They have different objectives. Quality Assurance (QA) focuses on preventing defects. Quality … [Read more...]
The IPMA level D designation is an entry level project management certification issued by the International Project Management Association (IPMA) through member associations in each country. The nickname for level D certification is 'Certified Project Management Associate.' There are about 175,000 certifications worldwide in level D, the lowest of the four levels of … [Read more...]
There's nothing more aggravating than cheering or the underdog and then watching the favorite team win with what seems like a complete stroke of luck. But ask anyone who has played a sport. The lucky bounces always seem to go to the better team. It seems to defy logic when a shot results in a lucky bounce that has very little to do with skill. You inspect and … [Read more...]
Project success criteria are sometimes fickle and elusive things. On paper, the budget and schedule feature prominently in every project. After all, a project is defined as a temporary endeavor to create a unique product or service. But most projects have a host of other criteria, like product quality, third party stakeholders, or end user evaluation results. And to … [Read more...]
