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Project Management Best Practices PMP Resources
The Guide to Project Management Body of Knowledge PMBOK 7th edition is out. The PMBOK Guide seventh edition is divided into two main parts namely; the standard for project management and secondly, A Guide to the Project Management Body of Knowledge. Moreover, in PMBOK 7th edition both the project management standard and the PMBOK Guide have different content. Read More
PMBOK 6th edition groups tools and techniques as per their purpose. The group names describe the intent of what needs to be done. The tools and techniques in the group represent different methods to accomplish the intent. PMBOK 6th edition has 07 groups of 132 different project management tools. The 132 tools and techniques are good practices that can be used for successful project delivery. Read More
A pareto chart is a series of bars whose heights reflect the frequency or impact of problems. It consists of both bars and line graphs. Bars in descending order in a pareto diagram represent individual values and the line is cumulative value. A pareto diagram gets its name from the pareto principle. According to pareto principle 80% of the effects comes from 20% of the causes. Read More
The lessons learned register is a document that the project team uses to record their lessons learned in a project. Project Management Body Of Knowledge (PMBOK) Sixth Edition has introduced a new process called “Manage Project Knowledge”. The manage project knowledge process chiefly governs lessons learned in projects. The lessons learned register is an important output of this process. Read More
The seven basic quality tools facilitate data collection, data analysis and data visualization. PMBOK 5th edition specifically mentioned the complete list of the seven basic quality tools. However, PMBOK 6th edition has grouped all tools and techniques under six specific categories. Hence this post briefly describes all seven basic quality tools like Pareto diagrams, Check sheets, Control Charts etc. Read More
Net Present Value is a financial analysis technique that evaluates project profitability. It is a useful project selection technique. NPV project selection criteria falls under the classification of benefit measurement method. Further, NPV analysis uses discounted cash flow method to assess project profitability. In fact, major advantage of NPV method is that it uses time value of money. Read More
There are a number of project management formulas to perform quantitative analysis, but from pmp exam point of view there are a few important ones. Key areas such as Earned Value Analysis, Critical Path Analysis, and Procurement Management require use of Quantitative skills. Hence, this post enumerates important mathematical formulas required for Project Management Professional certification exam. Read More
