PMBOK Guide 6th Edition – An Overview of Changes

The Guide To The Project Management Body Of Knowledge (PMBOK Guide)® is an indispensable resource for project managers as well as for PMP aspirants. The guide includes the standard for project management and key concepts and project management processes that can be used in any industry. The PMBOK guide fifth edition was published in 2013 and was due for an update in 2018. Read More

Critical Path Analysis – Solved Example.

Arrow Diagram Method (ADM) and Precedence Diagram Method (PDM) are the two methodologies used to construct a project schedule network diagram. ADM uses Activity-on-Arrow (AOA) technique to construct the schedule network diagram where as PDM uses Activity-on-Node (AON). The schedule network analysis methodologies associated with these techniques respectively are Program Evaluation And Review Technique (PERT) and Critical Path Method. Read More

Project Schedule Analysis Using Critical Path Method (CPM)

Critical path of a logically structured project schedule network diagram specifies a list of activities that are in sequence and need utmost attention of the project manager and the project team. If any activity on the critical path is delayed it will delay the project completion date. Critical path signifies that all activities on the critical path must start and finish as per the schedule dates and no slippage are acceptable. Read More

MS Project Summary Task Is Not WBS

Summary task as the name signifies are project activities used for structuring the project schedule. Summary tasks are not assigned any predecessor and successor and are also not assigned any duration or resources. MS Project automatically calculates the duration, start, finish dates and the cost associated with the summary task based on the information of the associated sub task. In order to create a summary task, all you need to do is to indent a task just below it. However, there are Do’s and Don’ts associated. Read More

EVM Techniques To Forecast Project Cost Performance

At some point in time project managers have to face questions on future performance of the project cost. What is the remaining work likely to cost? What is the entire project likely to cost? How much will be over or under budget at the end of the project?Earned Value Management has a set of highly effective and proven tools to forecast the cost performance of the project. It is perceived that these formulas are complex but they are not at all difficult to remember. Read More

Analysis of PMP Exam Questions

PMP examination that offers numerous benefits to both individuals and well as the organizations is a gruelling four-hour long test which needs to be completed in one sitting. A total number of 200 questions needs to be answered in a time frame of 4 hours. The PMP Handbook specifies the distribution of these questions across various process groups. The data is reproduced below in graphical format. All 200 questions that needs to be answered. Read More

Project Monitoring Using Cost, Schedule Variance & EVM Performance Indicators

In order to ensure that the project is completed on schedule and within the assigned budget, project manager, project team and the management needs to know factors affecting project health and what the future scenario of the project looks like? Earned Value Management methodology is an analytical tool that uses data generated during the course of project execution, the collected data is used to analyse the present state of the project, Read More

Earned Value Management: An Integrated Approach To Performance Measurement

EVM as Earned Value Management is popularly known, is a technique used to track the progress and report current status of a project, it is also used to forecast the future performance of the project. EVM is an analytical tool that systematically integrates measurement of cost, schedule, and scope accomplishments on a project. EVM was developed in 1960’s by Department of Defence (DOD) to keep track of defence projects. Read More

Wrong Cost Estimates? – Solutions to Improve Project Profitability

During project execution most of us have dealt with the issue of wrong cost estimates. This issue becomes a serious concern especially when you are working on a fixed price contract, these contracts pose a great risk to project margin as the team has to work with zero escalation of costs until the delivery of the project. While developing the budget for a new project it is an accepted practice to refer to costs incurred in a previous similar project. Read More

Benefits of PMP Certification

PMP is an abbreviation for Project Management Professional, it is a professional certification offered by a not-for-profit professional membership association for the project, program and portfolio profession called Project Management Institute (PMI) based at Pennsylvania, USA. According to the May 2017 edition of PMI Today, PMI has 286 chapters, is spread in 208 countries and has 484,524 members. In this post let us see what benefits does PMP certification offer to both the individual as well as the organization. Read More