5 Differences Between Project Charter and Contract

5 Differences Between Project Charter and Contract

Project Charter Definition, Meaning and Purpose A few years ago, I got an assignment to setup PMO for a small software services company. After understanding their business and organization structure, I advised them to start creating Project Charter (PC) for every project. I provided a brief overview of PC to the main stakeholders and gave…

Don’t Use Project Management Experience For A Good PMP Exam Result

Don’t Use Project Management Experience For A Good PMP Exam Result

Did you know that many experienced project managers feel extremely confident about their PMP exam result? Alas their confidence is usually unfounded. The result of the PMP certification exam is neither a function of your project management (PM) experience nor your educational qualifications. The passing or failure rate in the credential test depends solely on…

3 Different Types of Contracts In Procurement (PMP Exam)

3 Different Types of Contracts In Procurement (PMP Exam)

There are three different types of contacts in procurement management. These are: Fixed Price (FP) – also called as Fixed Fee or Lump Sum Time & Material (T&M) – also called as Unit Price or Rate Contract Cost Reimbursable (CR) – also called as Cost Plus (CP) In this article, you will find definition and…

How To Fill PMP Application [Registration Process 2024]

How To Fill PMP Application [Registration Process 2024]

You might have filled many application forms but nothing is as tedious as PMP registration and application process. Applying to PMP exam is not difficult but it needs some time. You will end up spending 10-15 hours, over a period of 15-20 days, before you actually submit the form. In this post, I will take…

To Complete Performance Index (TCPI) Formulas | PMP Exam

To Complete Performance Index (TCPI) Formulas | PMP Exam

To Complete Performance Index (TCPI) is the estimated cost efficiency required to complete the remaining project work within a defined budget. The defined budget could be the original budget i.e., Budget At Completion (BAC) or it could be the revised budget Estimate At Completion (BAC). TCPI is different from Cost Performance Index (CPI). TCPI is…