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estimate to complete etc formula

Estimate to Complete (ETC) Formulas In Project Management

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 …

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project risk vs issue example

Project Risks vs Issues: Examples And Definition

A project risk is an uncertain event or condition that can have positive or negative impact on at least one of the project objectives whereas an issue (a.k.a. problem) is something that has already occurred or is currently happening. Risks are uncertain in nature i.e., they may or may not occur. There is probability attached …

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risk management strategy

Change your Project Risk Management Strategy

What is your Project Risk Management Strategy? “Duh! We will deal with the problem when it comes. Is there any other Project Risk Management Strategy?” In my experience “deal with the problem when it comes” is the most frequently used Project Risk Management Strategy (also called Project Risk Response Strategy). Most Project Managers (and other …

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risk management strategies

4 Project Risk Response Strategies for Opportunities

Do you use Project Risk Response Strategies to avail Opportunities? Let us be frank here. Most of us never think about Project Risk Response Strategies for Opportunities. We usually ignore the Opportunities and think only about threats. Many of you would vociferously disagree with me. Well, I am not talking about Life Opportunities. In the …

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Earned Value Management

Earned Value Management System Explained in Easy Language

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 …

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time management definition

What is Project Time Management Definition?

Project Time Management Definition & Terminology Project Time Management is a subset of Project Management. It includes knowledge, tools & techniques and skills that are required to ensure the timely completion of a project. Project Time Management is one of the essential pieces of Project Management. Some people claim that it is 50% of the …

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project duration effort elapsed time difference

Project Effort vs Duration vs Elapsed Time With Examples

There main difference between effort, duration and elapsed time is that effort refers to the amount of exertion or work done to complete a task, duration refers to the length of (working) time to complete a task, and elapsed time is the total amount of (working and non-working) time that passes between start of an …

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defect repair

Why Is Defect Repair Considered As A Change Request?

A competent Project Manager can portray every Defect as a Change Request. An intelligent Client can introduce every Change Request as a Defect. I started managing projects long time ago. We used to have lot of fun in the earlier years. During that period, we used joke about defects and changes. Don’t get me wrong. …

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lead and lag

9 Frequently Asked Questions on Lead and Lag

Lead and Lag Demystified There are many terms that perturb project management professionals. Lead and Lag are two such terms. I interact with many professionals on a regular basis. I often find that many of them are not fully aware of meaning of these terms. Even though they know the correct definitions of these terms, …

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