Project Managers use a combination of experience, insight, and quantifiable data to assess potential project risks. In project management, determining the probability of occurrence is one factor in the overall risk assessment and planning work. For the Project Management Institute’s (PMI) Project Management Professional (PMP)® certification exam, and as part of continuous skill development, it […]
While planning a project, you may discover some tasks or products can either be accomplished in-house or by a vendor. Make or Buy Analysis is a PMP exam technique that will help you decide which option is better. On this page: Make or Buy Analysis PMP Definition Factors to Consider for Make or Buy Decision
One of the essential duties of a project manager is to determine whether a project is worth investing in and ensure its success from beginning to end. For example, one helpful metric of project value is the payback period; that is, how long will it take to recover your initial investment in the project? Let’s
It can be a challenge to select the next project for your team to accomplish. One project management concept that can help you make an informed decision is Net Present Value, which describes the difference between a project’s cash value now versus what it will most likely be in the future. It’s important to understand
Burn Rate is a term used on the PMP Exam and is largely in Agile environments, as an indicator of how well a project is, or is not, staying within the project budget. Project Managers should understand what burn rate is and how to calculate it. Keeping track of your burn rate is important when
As we explore the inextricable link between business success and project management, I ask you: For each of the following formulas, can you tell if they are used by the Chief Financial Officer (CFO) or the Project Manager (PM)? To determine the discounted value of future cash flows resulting from an investment project: PV =
Estimating is a key skillset for any project manager in any industry. There are multiple estimating tools project managers can combine to better refine the final estimated value for resources, effort, budget, timelines, and even risks. No project plan can happen without estimating. The analogous estimating (or “top-down estimating”), parametric estimating, and three-point estimating tools
Most organizations do not want to waste money. The Return on Investment (ROI) tool is a means to compare profits to costs to determine if funds were used effectively. ROI can be used as a predictive tool with expected profits and costs to inform future decisions, or, as an evaluation tool using known profit and
The Project Management Institute (PMI)’s Project Management Professional (PMP)® exam may include questions around the definition, purpose, and calculation of project management formulas used to assess cost and schedule. Among those project management tools is the To Complete Performance Index (TCPI), informally known as the “TCPI PMP.” Whether preparing to take the PMP® exam or
One of a project manager’s many critical roles is to keep projects on track. It can be easy for projects to deviate from the agreed-upon schedule. While this may happen for reasons out of anyone’s control, schedule variances are often unnecessary or preventable. Ultimately, all schedule variances can impact the project’s budget, as well as
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