Project Management Academy Blog - Page 19 of 34 - Resources for Project Management

EMV PMP®: Your Guide to Expected Monetary Value Analysis

Erin Aldridge, PMP, PMI-ACP, & CSPO / July 21, 2021

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 […]

PMP Formulas

About the Parametric Estimating PMP Exam Tool

Erin Aldridge, PMP, PMI-ACP, & CSPO / July 21, 2021

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

PMP Formulas

Understanding Internal Rate of Return (IRR) for the PMP® Exam

Megan Bell / July 14, 2021

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

PMP Formulas

A Three-Point Estimating Technique: PERT

Megan Bell / July 9, 2021

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

PMP Quality, Project Management

Quality – Business Leaders and Project Managers Should Work Together to Increase the Quality of Their Products

Jason Cassidy / July 7, 2021

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

PMP Formulas

Budget at Completion (BAC)

Erin Aldridge, PMP, PMI-ACP, & CSPO / July 6, 2021

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

PMP Formulas

Three-Point Estimating PMP® Exam Resource

Erin Aldridge, PMP, PMI-ACP, & CSPO / June 30, 2021

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

PMP Formulas

The EAC Formula: PMP Questions & Insights into Project Budgets

Erin Aldridge, PMP, PMI-ACP, & CSPO / June 28, 2021

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

PMP Formulas

Earned Value for the PMP® Exam

Erin Aldridge, PMP, PMI-ACP, & CSPO / June 24, 2021

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

PMP Formulas

Schedule Performance Index (SPI) for PMP® Exam Prep

Megan Bell / June 21, 2021

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).