PMP BLOG

Cost Control Process

How to Calculate Planned Value First thing you need to do is to calculate BAC i.e Budget at completion of the project. Planned % complete at the given interval to time. If the schedule says that your team should have done 300 hours of work so far, and they will work a total of 1,000 hours on the project, then your planned % complete is 30%. Then PV =BAC *Planned % Complete. Example: You’re managing a project to install 200 windows in a new skyscraper and need to figure out…

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PMP BLOG

Determine budget Process

Determine budget Process: how to build a budget   Tools   Roll up your estimates into control accounts. This tool is called cost aggregation. You take your activity estimates and roll them up into control accounts on your work breakdown structure. That makes it easy for you to know what each work package in your project is going to cost.   Come up with your reserves. When you evaluate the risks to your project, you will set aside some cash reserves to deal with any issues that might come your…

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PMP BLOG

Develop Schedule Process

Develop Schedule Process   Develop Schedule Process:  is the core of Time management knowledge area. It is the process where you put all thing together, what you have done so far and putting it up all together and combining it onto one and come up with final schedule of the whole project. Develop Schedule brings everything you’ve done so far together into one final schedule. All of the outputs from the other Time Management processes are inputs to Develop Schedule.    The critical path method is an important tool for…

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