project management
Pessimist – We are going Down. Optimist – We cannot go down any further. Now the only way is Up. Realist – Let us analyze the current situation and decide what best can be done. Humans, by nature, are usually optimistic. Project Managers (unless they are from another Galaxy) follow the same trait. Recently, I…
A project is scheduled to FAIL from start. This is a very strong statement albeit true. I have noticed this phenomenon many times during my experience. Let me explain. Project Managers rarely understand good scheduling concepts/techniques. Even if they understand, good concepts/techniques are rarely used while developing project schedule. What are good scheduling concepts/techniques? These…
Everything you wanted to know about the Critical Path Method Critical Path…It sounds like the most important path of the project. It is certainly the most important path, but at the same time it is also one of the most important concepts of the project management. You would already know that the importance of Critical…
In this post, I have solved a small question on Precedence Diagramming Method (PDM) that is used to draw project management network diagrams. There are a number of PDM Questions in the PMP Exam. I have taken a small network diagram example to showcase how PDM PMP questions can be solved using sequence of 4…
When you think about project funding, you would think about Project Sponsor Role. So what is the role of Customer? Doesn’t Customer provide funds for the project? Is Project Sponsor same as Customer? I am often asked these kind of questions during PMP and other project management training workshops. Let us look at the definition…
You would find Program Evaluation & Review Technique (PERT), Critical Path Method (CPM) and Standard Deviation in complete detail this post. IT describes how they are related to each other and how they can be used together for project schedule analysis. This article assumes that you are already know how to use PERT Formula for…
![Variance And Standard Deviation In PERT Formula [PMP]](https://www.pmbypm.com/wp-content/uploads/2013/04/pert-variance-standard-deviation.png)
You might be looking to understand the usage of variance and standard deviation in PERT formula. PERT is an acronym for Program Evaluation and Review technique. This technique is used to determine duration and cost estimates of a task. In this technique, a weighted average (mean) of three different estimates is used to determine the…
PERT Formula is one on the ways for doing three point estimation. It calculates expected duration by finding the weighted average of three different estimates viz. Optimistic (O), Pessimistic (P), and Most Likely (M). E_PERT=(O+P+4×M)/6 The three point estimation can also be done by using simple average formula. E_SA=(O+P+M)/3 PERT (Program Evaluation and Review Technique)…
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…
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…
