Do you thinks competitors are project stakeholders? Some say that’s obvious! They are Negative Project Stakeholders. They assert that, according to the PMBOK Guide, Competitors are not Project Stakeholders. Many PMP books state the same thing. But is it really true? Let me answer this question with some examples. Organizational Competitors vs. Project Stakeholders Since…
There are many Change and Change Management Definitions floating around. Many Project Management Standards and Leading Professionals have different Change and Change Management Definitions. Let us talk about Change and Change Management Definition as described in PMBOK Guide. This post will help you if you and your Stakeholders have frequent run-ins. It will be useful…
![Work Package In Project Management [Activity Examples]](https://www.pmbypm.com/wp-content/uploads/2013/12/Work-Package-1.png)
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…
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…
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…
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…
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…
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…
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…
