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 scheduling is the key to ensuring the original project plan and final project outcome are at least close enough to call the project a success. It's the map that guides the ship. Good project managers look at the schedule constantly, sometimes on a daily basis, and take the actions necessary to stay on track. Because the definition of a project requires it to … [Read more...]
The Critical Chain Method is a relatively new concept in project management. It was developed and popularized by Dr. Elihayu M. Goldratt in his book Critical Chain (1997), which is written as a novel but outlines the methods used to ensure that projects complete on time. Critical Chain vs. Critical Path The Critical Chain method is similar to the Critical Path Method … [Read more...]
When you, the project manager, need to make sure a project finishes on time, there is a science as well as an art form involved. But the science tends to enhance the art, in other words, if you know the science you will be that much better at practicing the art form. In yesterday's post we outlined the critical path method which is the professional project manager's … [Read more...]
Like the tiny O-rings that brought down the space shuttle Challenger, one small underestimation often results in a chain reaction that the project can't recover from. Therefore, project planning needs to make sure that enough time is assigned to each task. Once the project has been divided into activities and resources assigned to those activities, the next step is to … [Read more...]
In project management, all tasks have dependencies. If they didn't they wouldn't be part of the project. That is, a task that doesn't need to be completed in order to finish the project is not part of the project. It's an orphan adrift at sea. There are four types of task dependencies, and each one has its own specific reason why you would use it. … [Read more...]
A project manager must deal with many different issues on a daily basis, for example, The project deadlines are firm but the resources are occupied. The deadlines have been tightened but the quality must stay the same. The customer wants a higher quality product at the same price. In order to balance these often competing objectives, the Project Management … [Read more...]
