Earned Value Management
There is already a lot of stuff regarding Earned Value Management; still, people ask for it. Let me also try to put my insight, and I hope you will be …
Project Statement of Work & Project Scope of Work
Both of the terms are quite confusing sometimes and let me clear this straightaway that; Scope of Work is just a section in Statement of Work. Statement of Work is …
To Complete Performance Index
To Complete Performance Index – TCPI is a tool that helps the project manager to estimate the budget required for the project completion. It also calculates the efficiency required in …
Project Life Cycle vs Product Life Cycle
To start with, there can be more than one project life cycles in one product life cycle. The project life cycle & the product life cycle are quite confusing terms …
Rough Order of Magnitude
As the name suggests – Rough means not with that much accuracy (-50% to +50% ) Project cost estimation starts prior to initiation as the Owners want to know how …
Expected Monetary Value
Expected Monetary Value Analysis (EMV) is a statistical technique in risk management used for the purpose of quantifying the risks. This technique helps in determining the overall contingency reserve required. …
Crashing & Fast Tracking
I have been involved in the ‘Recovery Plan’ submissions. A recovery plan is the one where we do schedule compression without changing or extending the Project Finish Date. We use …
Lead & Lag
Lead and lag are the terms used to define a relationship between the tasks on a project. Both are scheduling terms used with relationships like Finish to Start, Start to …
Critical Chain Method in Project Management
The critical chain method is one of the key tools and techniques for developing a project schedule. To understand Critical Chain, we have to look at how a project schedule …
Project Expediter vs Project Coordinator
When I was doing my PMP preparations, and I came to know these terms and to be honest, these were confusing for me. But later on, all was crystal clear …