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Browsing All posts tagged under »PMP Exam«
Estimate at Completion – Using CPI and SPI Method 5th Edition PMBOK
The Budget at Completion (BAC) is how much the project is supposed to cost when finished. However, during the project it may become clear that the project will not end up costing what it is supposed to cost. The Estimate at Completion (EAC) replaces the BAC for the amount that the project is now believed […]
Earned Value Management – CPI and SPI
November 9, 2013 by Dave Kohrell
Cost Performance Index (CPI) and Schedule Performance Index (SPI) are indicators of how closely accomplished work is on budget and on schedule. CPI shows how many dollars (or other type of currency) worth of work is being accomplished for every dollar spent. SPI shows how the work is progressing compared to the original schedule. The […]
Project Exclusions, Assumptions, and Constraints 5th Edition PMBOK
October 23, 2013 by Dave Kohrell
Project exclusions, assumptions, and constraints (among other information) are included in a Project Scope Statement. They’re also explicitly referenced in the Develop Project Charter, Plan Project Plan and Plan Procurement Management processes. Each of the 47 processes has an implicit reference to exclusions, assumptions and constraints. Here’s a simple example to help you lock in […]
PERT Formula – 5th Edition PMBOK
October 19, 2013 by Dave Kohrell
The Program Evaluation and Review Technique (PERT) formula or 3 point estimating is a simple and useful tool for project managers, and those who are planning to take their PMP Exam should have it memorized. There is much more to PERT as a project scheduling and planning technique than this formula, but here we’ll focus […]
PMBOK 5th Edition
February 28, 2013 by Dave Kohrell
Yes, it’s coming this year. 2013. Really soon! But don’t worry we have your back at TAPUniversity. Our blog minions, elves and other noble folk are updating over 300 PMBOK rocking entries for the hefty new PMBOK. Yours truly, David, has seen this rodeo before. Why I remember the very first PMBOK – pdf and […]
Virtual Teams – Conflict Resolution, Risk Assessment
January 20, 2011 by Dave Kohrell
Step Two of Resolving Virtual Team Conflict is to treat it as a potential risk. The advantage of looking at team conflict as a risk is it’s an easier to say “hey let’s treat team conflict as a risk element, something that might happen” rather than “gee, we’re conflicted and at each others throat, upper […]
Virtual Teams – Conflict Resolution – Prepare
January 19, 2011 by Dave Kohrell
Conflict. The mere term evokes a strong response. In today’s environment, examples of conflict are replete: Middle East, War on Terrorism, Political Divides. Intra personal conflict also appears to be increasing. Project managers also encounter a variety of conflicts: inadequate resources, changing organizational direction, project direction, disagreement among stakeholder groups, clash with functional teams, role […]
Virtual Teams – Swift Trust
January 17, 2011 by Dave Kohrell
While delivering over forty Effective Virtual Team workshops at TAPUniversity since 2006, one question we encourage participants to ask is "well, OK, how does this differ from team members we see in person?" Swift Trust is one concept worth digging in to help answer the question of differentiation.
Virtual Teams Primer and Perfection
January 11, 2011 by Dave Kohrell
Virtual teams are geographical dispersed teams (GDT) who are formed for a variety of reasons. Sometimes the virtual team is formed as a result of mergers and acquisitions (M&A), or a collaboration among organizations may trigger it, perhaps a key employee moves or a company wishes to get some “boots on the ground” in a […]
Organization Structure on the PMP Exam
May 10, 2010 by tapuniversity
One of the most common questions I receive from those studying for their PMP® Exam is how to distinguish between the different types of organizational structures. There are three main types of organizations—Functional, Matrix, and Projectized. An organization that has more than one of these types (perhaps across different departments, locations, or teams) is called […]
Progress Payment
May 6, 2010 by tapuniversity
For large, long-term projects especially, rather than pay the contractor the full payment when the project is complete, partial payments may be made throughout the duration of the project. These partial payments are called Progress Payments. They typically are tied to certain stages of progress or milestones. For example, for a construction project to build […]
NIH Syndrome
May 3, 2010 by tapuniversity
The Not Invented Here (NIH) Syndrome is observed across many realms—not just project management. NIH Syndrome manifests itself as an avoidance to use certain products or ideas because of their origin (with this origin being something other than one’s own). Now if an individual or organization is truly the best at something, than it makes […]
Hanging Activity
April 30, 2010 by tapuniversity
This is what happens in old Western movies when the good cowboys apprehend the bad guys and justice is served. It’s also a scheduling term used in project management. Imagine a project schedule network diagram. For all but the smallest projects, there will be various paths of activities. These paths represent logical sequences of activities […]
Float Trend Chart
April 29, 2010 by tapuniversity
“We’ve had to start some of these project activities a little later than we had hoped—how has our wiggle-room for starting these remaining activities changed?” Float (also called slack) is how much time a certain project activity’s start can be delayed without delaying the finish date of the entire project. Please see the earlier posting […]
Float
April 28, 2010 by tapuniversity
“How long can I put off starting this activity and not be in trouble?” When managing a project schedule, each activity in the schedule network diagram should have its float indicated. Float (also called slack) is how much time a certain project activity’s start can be delayed without delaying the finish date of the entire […]
Financial Sourcing
April 27, 2010 by tapuniversity
Actually getting the funding needed for a particular project is termed “financial sourcing.” This could be accomplished in many ways—explaining the need for the project to the organization’s executives, finding investors who are interested in sharing the profits, or even finding buried pirate treasure! Whatever the means, getting the funding is what this term is […]
Concurrent Delays
April 26, 2010 by tapuniversity
“Your llama barn is almost finished—the last thing I have to do is paint and I’ll start that tomorrow” says Peter as he walks towards the barn. “Great! So you had no trouble getting the lavender-colored Llamalike brand llama-friendly paint?” asks Larry. Peter groans. “I forgot about the special paint… I’ll order it today but […]
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November 26, 2013 by Dave Kohrell
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