Project Cost Management Knowledge Area
Quick Reference for Earned Value Management Formulas If you are looking for a comprehensive list of all the Earned Value Management Formulas, then you are at the right place. If you are preparing for PMP® Exam, you will find all the Earned Value Formulas. This article would provide you with a step up in doing …
Estimate To Complete (ETC) is an estimation of funds required to complete the remaining work of a project. I have written this post to explain ETC with the help of an example. You will find a complete discourse on ETC in this post, which includes: significance of ETC in project management. definition and meaning of …
Estimate to Complete (ETC) Formulas In Project Management Read More »
Do you find Earned Value Management System a difficult concept? I generally ask the above question in my class before I start explaining what is Earned Value Management System. Usually I find most of the students have not even heard about Earned Value Management System, let alone gauge its difficulty. On the other hand, a small …
Earned Value Management System Explained in Easy Language Read More »
What is Work Breakdown Structure? Work Breakdown Structure (WBS) is one of the most misused term in Project Management. It can mean different things to different professionals. The meaning could be Organization Chart, Bar Chart (popularly known as Gantt Chart) or Roles & Responsibilities Chart. It is important to define WBS before we proceed further. …
A work package contains the work defined at the lowest level of the Work Breakdown Structure (WBS) for which cost and duration can be estimated and managed. A WBS work package can be further decomposed (broken-down) into an activity list. The project team can produce a tangible outcome or create a deliverable by accomplishing these …
Work Package In Project Management [Activity Examples] Read More »
Quality Assurance vs Quality Control is one of the most confused and debated topics among project managers and quality professionals. Even some of the experienced and learned practitioners are not able to explain the difference between Quality Assurance and Quality Control. You will be easily able to distinguish and differentiate between these terms after reading …
Top Differences Between Quality Assurance & Quality Control (QA vs QC) Read More »
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 …
To Complete Performance Index (TCPI) Formulas | PMP Exam Read More »
Accuracy is the degree of exactness or correctness whereas precision is the degree to which a measurement is reproducible. The former checks how close a measured value is to the true or accepted value while the latter checks the consistency of repeated measurements and determines how close they are to each other. Precision and accuracy …
Accuracy vs Precision: Definition, Difference & Example Read More »
Estimate At Completion is the revised estimate of the total funds required to complete total work of a project. It is the sum of the Actual Cost (expenditure already incurred or the money already spent) till the control date and Estimate to Complete (expected cost of remaining work). EAC formula can be expressed by using …
Estimate At Completion (EAC) Formulas/Calculation For PMP Read More »
How EVM can be implemented in Projects? In my previous post I explained EVM through an example – Building Tables. Was that a practical project or practical measurement? I would not say so. Does an impractical project gel with my blog philosophy?EVM – Here I come… One of the reader’s wrote following comment on the …
