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 […]
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).
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
In the next five years, the world will see more projects than ever. The reconstruction of the economy after the devastating global pandemic crisis, will be unprecedented in human history. According to McKinsey , Governments announced $10 trillion in reconstruction funds just in the first two months of the crisis, which is three times more
Anyone in a project management role knows the top questions asked by the customer (or boss) will be: “when will it be done?” and “how much will it cost?” Although project managers do not have a crystal ball to see into the future, there are proven formulas to provide data-based predictions for schedule and cost.
Project Management is a dynamic and diverse field that can provide career opportunities across industries and even the globe. The international governing body Project Management Institute (PMI) closely monitors the requirements for achieving the Project Management Professional (PMP®) certification to ensure standards are met no matter where the project manager is working. Yet, earning your
Quality audits and inspections are often used similarly in everyday conversations. However, these terms are not interchangeable when it comes to project management. You must understand the difference between a quality audit vs. inspection for the PMP exam. Read through the following guide to quality audits and inspections and see if you can answer the
The Project Management Institute (PMI)® plans a new edition of the A Guide to the Project Management Body of Knowledge (PMBOK® Guide) for release on August 1, 2021. The changes for the PMBOK® Guide are reflective of changes in the profession since the 2017 PMBOK® Guide – Sixth Edition with shifts to valuing delivery over
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