Estimate At Completion is the revised estimate of the total funds required to complete total work of a project. It is the sum of the Actual Cost (expenditure already incurred or the money already spent) till the control date and Estimate to Complete (expected cost of remaining work). EAC formula can be expressed by using…
Total Float is the maximum amount of time an activity can be delayed without delaying the project whereas Free Float is the amount of time an activity can be delayed without impacting the Early Start date of any of its immediate successors. Total Float and Free Float are used in Critical Path Method (CPM) to…
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,…
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…
