The Certified Associate in Project Management (CAPM) certification is issued by the Project Management Institute (PMI) based in the United States. PMI is considered the leading project management certifying organization in the world. The PMI issues two project management certifications, of which the CAPM is the lower. The other, main, certification is Project … [Read more...]
In earned value analysis, the Estimate At Completion, usually abbreviated EAC, is the estimate of the final project cost given the past performance of the project. Thus, it allows the project manager to see what the final project cost estimate is. The EAC is one of four calculations in the Earned Value Management which allow you to forecast the future performance of … [Read more...]
In earned value analysis, the Estimate To Complete, usually abbreviated ETC, is the expected remaining cost to complete the project. It is not the final overall project cost (that's the EAC), rather it is the expenditure from now to the end of the project. It does not include what has already been spent. Thus, it allows the project manager to compare the funding needs … [Read more...]
Earned Value Management is the secret to project success! If you are passionate about having projects finish on time, on schedule, and with all other project success criteria satisfied, you must learn how to use it. Earned Value Management is a project control technique used by project managers to keep projects on schedule and budget. Earned Value analysis gives the … [Read more...]
The Program Evaluation and Review Technique (PERT) is an important step in project scheduling. A PERT chart is a tool used to plan the execution of tasks within a project. PERT charts are a central part of any project management course. They are quick to draw and intuitive to use. How to Draw a PERT Chart There are two rules: Tasks (activities) are represented … [Read more...]
Project quality is a unique aspect of project management in that it lurks in behind the scenes. Time and money (budget) are usually bigger factors in project success, but inadequate focus on quality can sneak up and trip up a project at least as much as those two factors. On top of that, the minimum quality standards are often difficult to define and subject to … [Read more...]
When a patient is first wheeled into the emergency room, the first priority of any doctor is their vital signs, that is, pulse, breathing, body temperature, and blood pressure. Regardless of the injury, if the vital signs are not stable the patient is dying and all efforts must be directed toward stabilizing them prior to treating the original injury. Project management … [Read more...]
The real benefit of the earned value method is in the early warning signal it provides. In my previous life at a large engineering company, I saw many project managers get to a monthly billing cycle before they realized the project was behind, and even then they would rationalize it by deciding their project team was going to be more efficient in the next cycle. Suffice … [Read more...]
Getting an early indicator of deviations from the project plan can be a game changer for project managers. This is precisely the main benefit of the earned value method, and its diligent application can do wonders for a project manager's career. Planned Value, usually abbreviated as PV, is one of the fundamental inputs of the Earned Value Management System. It is … [Read more...]
Project Management is the application of knowledge, skills, tools, and techniques to project activities to meet project requirements. The profession of project management includes the application of many skills, which include: Dividing the project into tasks Creating schedules (deadlines) Estimating budgets Determining project scope Communicating with … [Read more...]
