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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 […]
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
While reviewing a project schedule recently, a colleague pointed out that our task durations had a high standard deviation. I knew what that meant in statistical terms—a wide spread of data around the average—but it was a reminder of just how critical this concept is in project management. Standard deviation isn’t just a math term
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
What’s the difference between a minor delay—and a major disaster? When your schedule’s on the line and every task feels critical, understanding free float vs total float can mean the difference between staying on track and falling behind. Yet despite their importance, these two terms are often confused, misused, or misunderstood entirely. In project management,
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
Every project decision represents a financial crossroads. When executives ask “Should we invest in this project?” they’re really asking “Will this generate better returns than our alternatives?” This is where Internal Rate of Return (IRR) becomes your most powerful weapon in project selection. IRR represents the discount rate at which a project’s net present value
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
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New Horizons
Project Management Academy
Velopi
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TRACOM
Watermark Learning