Variance is the amount of change from the original plan. In the project management context, a variance can be a problem or risk, with an impact on the schedule and budget. Calculating “Variance at Completion” (VAC) is a way for project managers to forecast cost variance (CV) at the end of the project. Project Managers […]
Until Project Managers can control time itself, they can benefit from the use of “float” in project schedules to better manage how activity duration impacts the project completion date. Within project management, there are different types of float: free float, total float, and project float. It’s important to understand the similarities and differences between free
Variance analysis is a helpful tool for analyzing your project’s health, monitoring deviations from your budget or schedule, and identifying corrective actions promptly. Cost variance analysis is specifically intended to help you complete your project within the approved budget. This guide by your experts at Project Management Academy will help you understand how to apply
Making decisions can be a bit complicated when you have many variables to consider, especially with important ones that could impact your project and stakeholders. It is crucial to consider your options carefully, including risks, alternatives, and possible outcomes. Expected monetary value (EMV) analysis is an essential PMP exam tool for quantifying the impact of
Parametric estimating is a practical quantitative approach to various PMP exam-related processes, such as estimating costs. This project management tool helps determine a project’s expected time or cost requirements based on historical or market data. Learn more from your Project Management Academy experts about parametric estimating and what you need to know for the PMP
Business professionals, including Project Managers, should have a clear understanding of the accounting term “Internal Rate of Return” (IRR) for its value in making informed financial decisions and in project selection choices. IRR is the “interest rate at which the cash inflow and cash outflow of the project equal zero” and is an economic method for
The Program Evaluation and Review Technique (PERT) is used to find the estimated time for activities to be completed when there are many unknown factors. With origins in the US Navy, PERT has been in use for over 60 years, speaking to the value it brings to project managers. The Project Management Institute (PMI)’s Project
Quality for Business Leaders and Project Managers Every business leader wants a quality product yet defining “quality” can be overlooked or deemed something so obvious it is not worth the time to explain. Leaders need to pay attention to quality, and those driving the quality processes need to communicate in a way that resonates with
Budget at Completion formula PMP® Exam Topic One of the critical concepts within the Earned Value area of formal project management is Budget at Completion (BAC). The Project Management Institute (PMI)’s Project Management Professional (PMP)® certification exam may include questions about, or driven by, the earned value (EV) performance calculations, including BAC. The great news
Producing a project estimate for the potential time, effort, and cost required is essential in project planning. One estimating technique suggested by the Project Management Institute in the A Guide to the Project Management Body of Knowledge (PMBOK® Guide) is three-point estimating. This Project Management Academy resource will help you understand three-point estimating and relevant
Receive our newsletter to stay
on top of the latest posts
Popular Courses
Corporate Training
Contact Us
Mon - Fri | 8:00 AM - 6:00 PM ESTConnect With Us
PMI, PMBOK, PMP, CAPM, PMI-ACP, PMI-RMP, PMI-SP, PMI-PBA, The PMI TALENT TRIANGLE and the PMI Talent Triangle logo, and the PMI Authorized Training Partner logo are registered marks of the Project Management Institute, Inc. | PMI ATP Provider ID #3348 | ITIL® is a registered trademark of AXELOS Limited. The Swirl logo™ is a trademark of AXELOS Limited | IIBA®, BABOK® Guide and Business Analysis Body of Knowledge® are registered trademarks owned by International Institute of Business Analysis. CBAP®, CCBA®, IIBA®-AAC, IIBA®-CBDA, and ECBA™ are registered certification marks owned by International Institute of Business Analysis. | BRMP® is a registered trademark of Business Relationship Management Institute.
New Horizons
Project Management Academy
Six Sigma Online
Velopi
Watermark Learning
Login
Influencing Without Authority
(877) 637-0450
contact@projectmanagementacademy.net
New Horizons
Project Management Academy
Velopi
Six Sigma Online
Watermark Learning