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Earned Value Management – Forecasting

Earned Value Management –Forecasting This is in continuation with the article Earned Value Management –Analysis, where all the definition and formula for planned value, actual cost and earned value concept was discussed in detail. Forecasting Methods Forecasting involves examining the actual project performance data to date and making predictions about future project performance based on this data. According to the PMBOK® Guide,...

Earned Value Management – Analysis

Earned Value Management (EVM) is a methodology that combines scope, schedule, and cost to assess the project performance and progress. It is project management techniques which can be applied to all projects in any industry.EVM develops and monitor 3 key dimensions for each work package and control account: PV, EV and AC. Acronym Term Description PV Planned Value Work planned at the starting with respect to...

Project Management Mathematics (Planning) – Part 4

Project Management Mathematics IV- Planning This article will cover the following tools and technique of Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis. Expected Monetary Value Decision Tree Risk probability and impact calculations Expected Monetary Value Expected monetary value (EMV) analysis is a statistical technique that calculates the average, anticipated future impact of the decision. EMV is calculated by multiplying the probability of the...

Project Management Mathematics (Planning) – Part 3

Project Management Mathematics III -Planning This article will cover the following tools and technique of Develop Schedule and some are common tools and techniques of Control schedule (last three techniques) PERT - Program Evaluation and Review Technique Standard Deviation and Variance Cost Reimbursable Contract Fixed Price Contract Time and Material Point of Total Assumption PERT-Three-point estimates This estimate is also known as PERT (Program Evaluation and Review Technique)....

Project Management Mathematics (Planning) – Part 2

Project Management Mathematics II - Planning Project Cost Estimation Input Tools & Techniques Output Cost Management Plan Expert Judgment Basis of estimates Project Schedule Analogous Estimating Activity cost estimates Scope Baseline Parametric Estimating Project  Document updates Risk Register Bottom up Estimating Organizational Process Assets Three point Estimates Enterprise Environment Factors Reserve Analysis Human Resource Management Plan Group Decision making Techniques Cost Of Quality Vendor Bid  Analysis Project Management software This article will cover three Tools and Techniques of Estimate Costs. Analogous estimating Parametric estimating Bottom up estimating Analogous...

Project Management Mathematics (Planning) – Part 1

Project Management Mathematics I - Planning This article will cover the following tools and technique of Develop Schedule, out of which the last three are common tools and techniques of Control schedule. Critical Path Method Critical Chain Method Schedule Compression Resource Optimization Techniques Modeling Techniques Critical Path Method Critical path method (CPM) is a schedule method, which determines the amount of float, or schedule flexibility, for each...

TIPS and Collected Experiences

About the PMP Exam By passing the exam, you can say that you have passed an international examination designed to prove your knowledge of project management. Since the exam focuses on situations you might see in the real world, passing also indicates that you are experienced. The basic PMP exam is not industry specific. The PMI Certificate of Added Qualification (CAQ),...

Risk Management – Part 3

PROJECT RISK MANAGEMENT This is the third and last in the series of articles on RISK Management. After discussing 4 of the 6 processes, we are left with Plan Risk Responses and Control Risks now. The earlier 4 processes were in planning part and the remaining two now are in action part of risk management process. Let us start looking...

Stake Holder Management – Part 2

Stakeholder Management - II We have covered Identifying Stakeholders and Planning Stakeholder Engagement in previous article on stakeholder management. Now, we are left with Manage Stakeholder Engagement (the execution of the planning part we completed before) and Control Stakeholder engagement (The process of verifying the engagement process and revising it or improving it whenever necessary). As soon as you hear about...

Stake Holder Management – Part 1

Stakeholder Management - I Who is a stakeholder? Any person or group or an organization, which is effected or impacted by the project directly or indirectly, positively or negatively is called as stake holder. Even with a slightest interest in the project or on its outcome, anyone and everyone can be taken as a stakeholder of the project. Project stakeholders are individuals,...

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