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Communication Channels PMP®: Managing Project Communications

According to the Project Management Institute’s PMBOK® Guide, about 90% of a project manager’s time is spent communicating. Effective communication is critical to a project’s success since better communication leads to more efficient project management. For a PMP, effective communication channels are absolute necessity. One hurdle to good communication is communication complexity. PMP exam candidates …

Net Present Value Formula PMP®

When selecting a project to pursue, it’s crucial to consider how inflation and deflation will impact your project’s future value. For example, there is a difference in the purchasing power of $1,000 today and the same amount five years in the future. The concept of Net Present Value helps PMP® credential holders account for this …

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Point of Assumption

Different types of contracts have different requirements and budget impacts. Project Managers who are working towards earning the Project Management Institute (PMI)’s Project Management Professional (PMP)® certification should have a basic understanding of contracts and project formulas connected to different types of contracts. For instance, the point of total assumption calculation can be used with …

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PMP Exam Prep: Standard Deviation (SD)

Standard deviation, from a project management lens, is used most frequently in the manage and control quality processes. Project Managers seeking to enhance their skill set or who are preparing for the Project Management Institute (PMI)’s Project Management Professional (PMP)® certification exam, should know the basic formula for calculating Standard Deviation (SD), understand its role …

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PMP Exam Prep: Variance at Completion (VAC)

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 …

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Free Float vs Total Float

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 …

Cost Variance (CV) Formula: CV PMP Exam Guide

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 …

EMV PMP®: Your Guide to Expected Monetary Value Analysis

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 …

About the Parametric Estimating PMP Exam Tool

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 …

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

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 …