Accuracy vs Precision: Definition, Diagram, & Example

accuracy and precision

Do you know there is a difference between Accuracy and Precision? Hmm…Really? But why bother? On the face of it, these terms look to be the same. Well! You should bother if you are a Quality professional or a Project Manager. And if you are a PMPĀ® aspirant then it definitely warrants a clear understanding. … Read more Accuracy vs Precision: Definition, Diagram, & Example

Estimate At Completion (EAC) Formulas In Project Management

estimate at completion eac formula

You might be thinking why there are so many Estimate At Completion (EAC) formulas in project management and how are they used for Earned Value Management (EVM) calculations. EVM full of confusing terms and formulas. Estimate At Completion seems like a misnomer. Well! How can you estimate anything when it is already complete? I have … Read more Estimate At Completion (EAC) Formulas In Project Management

Total Float vs Free Float: Formulas & Calculations For Critical Path Method

free float and total float

I have written this article to explain the difference between Total Float and Free Float in Critical Path Method (CPM). You will find a complete in-depth explanation of different types of floats in project management this article, which includes free & total float formulas for doing CPM calculations and definitions, meaning, & example of floats. … Read more Total Float vs Free Float: Formulas & Calculations For Critical Path Method

Work Breakdown Structure in Project Management With Examples

You might be looking to understand what Work Breakdown Structure (WBS) is and why is it important in project management. Work Breakdown Structure is deliverable oriented hierarchical decomposition of total scope of work. WBS is a fabulous tool delineate and represent total scope – project as well as product scope. It is useful for estimating, … Read more Work Breakdown Structure in Project Management With Examples

5 Steps That Define PMBOK Guide’s Project Risk Management Process

Project Risk Management

What is PMBOK Guide’s Project Risk Management Process? Nothing | Zilch | Nada | Zero That’s impossible! PMBOK Guide contains globally recognized Standard for Project Management. Surely the Guide would define a Project Risk Management Process. Let me state something that belies common wisdom. PMBOK Guide does not define a Project Risk Management Process. Before … Read more 5 Steps That Define PMBOK Guide’s Project Risk Management Process