Is it Important to understand Correct Definition of Project Risk? Yes! It is extremely important to understand correct definition of Project Risk. It is not only important to understand correct definition of Project Risk but also to use it in the correct manner. In fact, let me go a step forward – it is important […]
Do you know what the difference between Project Assumptions, Constraints and Dependencies is? As a young Project Manager I was always confused about 3 Project Management terms. I was confused about the meaning of Project Assumptions, Project Constraints and Project Dependencies. I could not differentiate one from the other. I used to think that it […]
PERT, CPM and Standard Deviation are Related Concepts! What is Critical Path Method (CPM)? Critical Path is the Longest Path in the Project Network. Critical Path represents the Shortest Possible Duration of the project. Critical Path can be determined by applying Critical Path Method (CPM) on the Project Network. How can Critical Path be “Longest” […]
PERT Formula and Use of Standard Deviation What is the chance of getting a ‘Heads’ in a toss of a coin? You would say that’s easy. There is a 50% chance of getting a Heads. Or you would say Probability of getting ‘Heads’ is 50% or 1/2. What is the chance of getting a ‘Six’ […]
What is PERT and 3-point Estimate? Estimation is one of the most basic concepts of Project Management. In fact poor and improper estimation is one of the main causes of challenged projects. There are many ways to Estimate. Some of these estimation techniques are specific to an industrial domain like software size estimation techniques. While […]
In my previous post I gave a brief on Procurement and Risk. I deliberated upon who (buyer or the seller) has more/less risk in contract types. The post was written to help PMP aspirants answer some tricky questions reared to Risk and Procurement in the exam. The post can be read by following the below […]
Types of Contracts and Risk A Question You are working for a Defense Contractor. Your company is bidding for a Government’s secret project called Project “Hush-Hush”. The Government has decided to outsource this project as a Fixed Price Contract. Who has more Risk for this Project? Defense Contractor Government All Projects are risky. Both Defense […]