Project Variance Analysis

Monitoring and Controlling of project work requires constant review of planned vs actual data of project work. Earned Value (EVM) project management technique offers mathematical equations for arriving at schedule and cost variance but there are many organizations that do not use earned value management techniques for project monitoring and controlling. Whether a project deploys evm techniques or not, it is necessary that the present performance of the project is compared against Read More

Earned Value Management Example

Implementation of EVM technique offers some challenges and the most important ones are developing implementation methodology, assessment of percentage work completed, timely collection of work progress data, and availability of actual cost data as organizations have different principles in collection and reporting of actual project cost data. Given the challenges faced with implementation of evm technique it is an effective and a reliable tool. Read More

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. So what’s new in the sixth edition? Read More

Sequence Activities – Tools To Establish Logical Relationships.

While developing the project schedule it is imperative that all project activities that relate to project success are identified. These identified activities are then analysed for relationships that exists among them so that a well-structured and a logically correct network of project activities can be established. A logically correct schedule network can help the project team in concentrating on sequence of activities essential for project success. 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 slippages 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 in MSP, all you need to do is to indent a task just below it. Read More

EVM Techniques To Forecast Project Cost Performance

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 technique has a set of highly effective and proven tools to forecast the cost performance of the project. This post explains how evm formulas can be used to forecast project costs. 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 are not accounted for scoring 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