Burn Rate is a term used on the PMP Exam and is largely in Agile environments, as an indicator of how well a project is, or is not, staying within the project budget. Project Managers should understand what burn rate is and how to calculate it. Keeping track of your burn rate is important when …
PMP, PMI-RMP
Estimating is a key skillset for any project manager in any industry. There are multiple estimating tools project managers can combine to better refine the final estimated value for resources, effort, budget, timelines, and even risks. No project plan can happen without estimating. The analogous estimating (or “top-down estimating”), parametric estimating, and three-point estimating tools …
Continue reading The Difference Between Parametric vs Analogous Estimating PMP
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 …
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 …
Continue reading About the Parametric Estimating PMP Exam Tool
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 …
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 …
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