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Project Management Best Practices PMP Resources
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
Earned value management system is a robust methodology to integrate schedule, scope, and cost baselines of a project. EVM is an analytical tool that also uses variances to track schedule and cost performance of a project. It further uses efficiency indicators to forecast project health. Though EVM analysis offers numerous benefits, implementing this technique offers some challenges. Read More
Project variance analysis is an important technique that allows project teams to constantly compare planned performance with actual project data. Hence, it assists project teams in identifying and analysing deviations in project performance. In simple terms, variance analysis is the variation between plan and actual project performance. It further helps to identify causes and assess severity of deviation. Read More
Understanding of earned value project management concepts is critical to successful implementation of this technique in real life projects. Solving earned value management example problems can not only help understand the concepts but also assist project management professional aspirants prepare for the pmp certification examination. This post consists of 3 basic types of evm problems. Read More
Project managers must face questions on future performance of project cost. The most commons questions are (a) What is the remaining work likely to cost? (b) What is the entire project likely to cost? (c) 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 project cost performance. Read More
Earned Value Management Analysis methodology is an analytical tool that uses data generated during project execution. Analysis of the collected data reveals the present state of the project. Further, analysis of the trends in the data can forecasts the future project performance. The collected data when compared to a baseline indicates variances in project performance. This also helps in initiating corrective actions. Read More
Earned Value Management (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. It is a technique used to track project progress and report project’s current status, it is also used to forecast future performance. Read More
