Accuracy and Precision Accuracy defines the closeness of a measured value to a standard or known value. Precision defined the closeness of two or more measurements to each other. Accuracy Accuracy is an interesting term in project management. It refers to the measurement of values that are near to the intended target. In simple words, […]
Verified deliverables and Accepted deliverables are essential concepts in project management, indicating different stages of deliverable approval. A Verified Deliverable has undergone verification processes to ensure it meets predefined criteria and specifications. On the other hand, an Accepted Deliverable has been reviewed and approved by stakeholders or clients, signifying their satisfaction with the final outcome. […]
Quality Quality is basically what the customers and stakeholders require from the project deliverables. By keeping the definition associated with the consumer or stakeholder, quality management can have a narrow focus which means its more probable to achieve the ultimate project goals. Managing the project quality involves many factors such as setting quality targets and […]
Cost Baseline and Cost Budget are two essential components in project management. The Cost Baseline is like a snapshot of the project’s planned expenditures at a specific point in time. It’s like setting a financial roadmap for the project, outlining the estimated costs for each activity or phase. On the other hand, the Cost Budget […]
Project Cost Management No Initiative will be approved and no project will get into execution until the Project Manager or Project Management team provides the project schedule and the project budget. These are baselined during the Planning process Group so that can be used for measuring the progress of the project against a Project Management […]
Project Cost Management The Cost Management is among the most crucial project management knowledge areas and strongly connected with the Project Schedule Management as we will be using the same estimation techniques we have used there to estimate the cost and eventually budget. Cost management should happen as early as possible in the project as […]
Project Cost Management (A high-level snapshot) Project Cost Management Knowledge Area is about planning, estimating, budgeting, financing, funding, managing & controlling the cost so that the project can be completed within the approved budget Project Cost Management Knowledge Area Processes Plan Cost Management (Planning) It provides guidance and direction on how the project costs will be […]
This resource-optimizing like Resource Leveling and Resource Smoothing techniques are available as scheduling tools to the Project Manager to effectively create a viable schedule during the Develop Schedule Planning Process of Project Schedule Management Resource Leveling: A technique in which start and finish dates are adjusted based on resource constraints with the goal of balancing demand […]
Product Scope and Project Scope Scope: The extent of what a project will produce (product scope) and the work needed to produce it (project scope). It is the sum of the products, services, and results produced in a project. It is often documented using a scope statement and a Work Breakdown Structure (WBS), which are approved by […]
