Understanding Earned Value Management System (EVMS)

Scope of the project : This project comprises of laying a fence around a square plot of size 1 km on each sides (A,B,C,D). Each side has a budget of 1000. The work is supposed to get over on the 4th week. The surveyor is conducting the survey to assess the progress after 4 weeks …

Multi dimensional risk analysis for PMP

Here is a multi dimensional risk analysis for the PMP credential from the industry, trainer, PMP aspirant perspectives with an intent to communicate an independent and unbiased view.  Industry related risks  The risk - There is a wide spread rumor about PMP credential as a product, which has reached the end-of-life stage in the product …

AACEI’s TCM vs PMI’s PMBOK

One of the things that drew me to WRENCH was its insistence on standardization. As someone who has long been immersed in PMI and AACE (the top two industry-wide standards of our time), I was delighted to meet someone who shared my view, namely, that standardization is perhaps the most overlooked yet most critical success …

Why traditional project success criteria are still relevant today?

During one of my training programs, a project manager said ‘I am not getting acceptance for my project. What should I do get the acceptance?’. That was a difficult question to answer, considering the fact that I did not know much about his project. Still I wanted to give it a try, and I asked …

PMBOK Definitions #2

7 steps to define good project requirements?

Identify the project's stakeholders Classify them into groups of; High power - high interest High power - low interest Low power - low interest Low power - high interest Collect the detailed requirements from the relevant stakeholders through; Interviews Questionnaires Brainstorming Requirements development workshops Benchmark with similar projects / products Analyze the requirements Define requirements …

Architectural comparison of TCM and PMBOK

Architecture refers 'carefully designed structure of something', and here it is about the Total Cost Management (TCM) framework. As the name suggests, the focus of TCM framework is cost management of projects and the deliverable of projects (assets). There lies the fundamental difference between the Project Management Body of Knowledge (PMBOK) by PMI, USA and …

How to define project goals – 10 questions one should answer

Whether it is about starting a new blog or building a new airport, before starting the project one has to get convinced about the business case and the viability of the project. Projects fail at the beginning, not at the end. Filtering out the best before investment is the key to avoid failures. Before starting …

Project management essentials

Define the goal Collect requirements Define scope Develop product breakdown structure Develop work breakdown structure Develop project strategy Estimate the work packages Determine budget Decompose the work Packages into activities Develop activity sequences Estimate activity effort and durations Perform bottom up estimation Optimise budgets Develop schedule Allocate resources Execute Change management Monitor and control Close …

Risk response Vs contingency

The actions we take proactively to reduce the probability or impact or both comes under risk response planning. For example - Building an earth quake resistant building in an earthquake prone area is part of risk response planning. The actions we do, when the risk really happens fall under risk contingency actions. Here is one... …