Project Management Blog - Page 22 of 38 - Resources for Project Management

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 […]

Man holding pen stopping dominoes from falling

PMP Formulas

PMP Exam Prep: Variance at Completion (VAC)

Megan Bell

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

PMP Formulas

Free Float vs Total Float

Megan Bell

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,

PMP Formulas

Cost Variance (CV) Formula: CV PMP Exam Guide

Erin Aldridge, PMP, PMI-ACP, & CSPO

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

PMP Formulas

EMV PMP®: Your Guide to Expected Monetary Value Analysis

Erin Aldridge, PMP, PMI-ACP, & CSPO

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

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

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

PMP Formulas

A Three-Point Estimating Technique: PERT

Megan Bell

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

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

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