The Monte Carlo Simulation is a quantitative risk analysis technique which is used to understand the impact of risk and uncertainty in project management. It is used to model the probability of various outcomes in a project (or process) that … Read more
Construction claims are getting complex based on the nature and the complexity of the construction projects. Clients, contractors, and subcontractors of this environment try to reach their own goals and expectations in order to increase their benefits. Conflicts may arise … Read more
Activity on Node and Activity on Arrow Diagrams, Critical Path Analysis, Critical Chain Method are widely used scheduling tools in project time management. A PERT chart is a project management method that allows getting a visual representation of a project … Read more
Communication is an invaluable skill for project managers that plays a key role in project management. Creating good communication channels with stakeholders improves the project’s likelihood of success. On the other hand lack of communication is the root cause of … Read more
There are many tools, techniques and formulas used to forecast the cost performance of a project. To Complete Performance Index (TCPI) is another strong forecasting tool of Earned Value Management (EVM). The PMI’s PMBOK Guide defines the to complete TCPI … Read more
In order to conduct organizational activities and manage projects in an orderly manner, organizations are established in various structures. Likewise organizations, projects involve many tasks from human resources management to budgeting and scheduling activities. Therefore a weak or rigid organizational … Read more
Enterprise Environmental Factors (EEF) and Organizational Process Assets (OPA) are the inputs of the project integration management processes. These concepts have extensive coverage in the PMBOK Guide. Both concepts are easily understandable however, many PMP aspirants have difficulty to understand. … Read more
There are many forecasting tools and metrics used to calculate the future performance of a project. Schedule Variance, Cost Variance, Budget at Completion and Earned value are some of them. Likewise, other forecasting tools, Estimate at Completion (EAC) helps to … Read more
The success of organizations is dependent on the profitability of projects that they select. Once an opportunity has appeared for a project, there are several reasons that need to be analyzed before an organization decides to take it up. Project … Read more
The Expected monetary value analysis (EMV) is an important concept in project risk management which is used for all types of projects to make a quantitative risk analysis. As a risk management tool, Expected monetary value (EMV) helps to quantify … Read more
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