Project Management Process Simplified

Project Management Body of Knowledge sixth edition suggests forty-nine different project management processes. Moreover, the five different process groups logically categorize these processes. Further, the ten knowledge areas also make use of these processes to establish a specific field of study. This article describes how project management processes links with process groups and knowledge areas. Read More

PMP Exam 2021 Changes That You Must Know

The new PMP Exam 2021 has come into effect from 02 January 2021. Thus, the PMP certification exam is now based on the new exam content outline. As a matter of fact, PMI published its new exam content outline in June 2019. Now that the changes have come into effect it is good to understand these changes. Read this post to understand major changes to the PMP Exam. Read More

Project Phase Understanding its Nuances

Project Phase and Project Management Process Groups are often misunderstood terms. Project phase is a collection of logically related project activities that culminates in the completion of one or more deliverables. However, Project Management Process Groups are logical grouping of project management processes. This blog post describes the differences between the two terms. Read More

Net Present Value (NPV) Calculation Steps

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

Project Selection Methods Top 5 Criteria

Project selection methods have a vital role during project initiating phase. In fact during the project selection process a project manager rarely has any involvement. However, knowing the essentials of the project selection process adds value to the overall project execution. Moreover, those aspiring for the pmp certification examination need to know the basics of project selection criteria. Read More

Earned Value Management Challenges

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

Wrong Cost Estimates Implications Solutions

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 must work with zero escalation of costs until the delivery of the project. Wrong cost estimates adversely affect project margin and surface only during later stages. Read More