Project  Management Guidance - PMP    

PMP Important formulas which required to remember

1. PV (Planned Value) = BAC * (% of planned work), Where BAC is Budget at completion

2. EV (Earned Value) = BAC*(% of Completed work)

3. Schedule variance(SV) = EV-PV

4. Cost Variance(CV) = EV- AC Where AC is Actual Cost, Incurred to perform completed work

5. Schedule Performance Index (SPI) = EV/PV

6. Cost Performance Index (CPI) = EV/AC

7.Since Changes in the projects are inevitable, BAC may become vary during project execution. To forcast the budget at the time of completion,

ie, EAC (Estimate at Completion), EAC = AC+(BAC-EV), provided, Work performed at the budgeted rate.

It means, Estimate to complete the remaining work, performed at the budgeted rate. Assumption is current performance is not upto the level or favorable, it does not mater, but future performance will be improved and performed at the budgeted rate..

8. EAC= BAC/ CPI -> If Cost performance is same as in future

  Bala Manick

What is Project?

Project is set of activities or tasks accomplished to meet the specific requirements or objective. Project is temporary in nature. It will have specific start date and end date. It produces unique product , service or result. It produces component of product or product itself.

It involves single person or multiple persons.

What is Project Management?

Project Management is application of knowledge, skills, tools, techniques and processes to complete the project successfuly and properly

Properly means, complete the project within the cost, schedudule and deliver it on time.

Project Manager Role:

Project manager is reponsible for the following but not limited to

                -  Develop Project management plan

                -  Addressing stakeholders concerns and their expectations

                -  Coflict Management

                -  Communication plan and management

                -  Develop and control schedule

                -  Estimate and control costs

                -  Risk planning

                -  Risk identification and tracking

                -  Procurements

                -  Quality 

                -  Resource planning

                -  Acquire,develop and manage project team (Motivation.coaching etc)

                -  Change control

                -  Delivery and Acceptance

Project manager is 100% responsible for everything.

Project Managers expended majority of their time ie, 90% of their time on communicating to their stakeholders and team members.

According to PMBOK Fifth edition, describes 47 processes  grouped in five process groups called

- Initiating

-Planning

-Executing

-Monitoring and controling

-Closing

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Bala Manick