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 …
Continue reading Understanding Internal Rate of Return (IRR) for the PMP® Exam
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 …
The Project Management Institute (PMI)’s Project Management Professional (PMP)® certification exam may include questions about, or be driven by, the Estimate at Completion (EAC) formula. Often referred to informally as “EAC Formula PMP,” in fact the tool is more than just a reference point for PMP® exam questions. It is a calculation that incorporates actual …
Continue reading The EAC Formula: PMP Questions & Insights into Project Budgets
Project Management Value and Earned Value No matter what type of work is in a project or in what industry project work is performed, the question that always matters is: “is it on track?” To answer that question, Project Managers use Earned Value (EV) and Earned Value Management (EVM) tools to tell the story of …
Time is money. For project managers, clients, leaders, business owners, stakeholders, and well, anyone in a professional role working collaboratively on a project, “will it be done on time?” is a question packed with meaning. Project managers use proven formulas to provide data-based predictions for schedule and cost, such as the Schedule Performance Index (SPI). …
Continue reading Schedule Performance Index (SPI) for PMP® Exam Prep
Resource limitations may require you to decide if a project is worth pursuing or which project to choose from multiple viable options. Using benefit-cost ratios can help ensure you are using your resources in the best way possible. Your team at Project Management Academy has put together this guide outlining everything you need to know …
When I initially shared with peers that I was joining Project Management Academy, the reactions were varied and surprising. A friend who runs a software development team rolled his eyes and grunted, “We have a project management office and all they do is get in the way of our development.” Next up, a CEO of …
Continue reading Groundwork for a Successful Business: Project Management
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