Tag Archives for " Definitions "

How To Use Estimate to Complete (ETC) Formulas In Project Management?

estimate to complete

You might know that Estimate To Complete (ETC) is an important metric for Earned Value Management (EVM) calculations. ETC formulas are used to compute the cost of remaining project work. Even though ETC is a very important concept, it is explained sketchily in Project Management (PM) books and literature. Many PM books and PMP Study […]

Continue reading

Change your Project Risk Management Strategy

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 […]

Continue reading

4 Project Risk Response Strategies for Opportunities

risk management strategies

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 […]

Continue reading

Earned Value Management System Explained in Easy Language

Earned Value Management

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 […]

Continue reading

What is Project Time Management Definition?

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 […]

Continue reading

What is the Difference Between Project Effort and Duration?

project duration and effort

I recently posted a series of articles on Project Network Diagrams. I wrote an article on Start to Start Relationship. I described the relationship using a small example. While explaining the example I wrote a statement – “The Project Team will need a total of 3 days to complete these activities”. A very senior Project […]

Continue reading

Why Is Defect Repair Considered As A Change Request?

defect repair

A competent Project Manager can portray every Defect as a Change Request. Click to Tweet An intelligent Client can introduce every Change Request as a Defect. Click to Tweet 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 […]

Continue reading

What is a Gantt Chart?

what is gantt chart

What is a Gantt Chart? Is Gantt Chart same as a Scheduling Bar Chart? What is a Time Scaled Logic Diagram? Is it same as Gantt chart? What is a Time Scaled Network Diagram? How is it different from Gantt Chart? Project Schedule can be represented in many ways. In one of my previous articles, […]

Continue reading

9 Frequently Asked Questions on Lead and Lag

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, […]

Continue reading