What is Procurement, Purchasing, Types of Contract and the Risk Factors Involved Questions like what is the difference between Procurement or Purchasing, Agreement or Contract, how to select the Procurement Contract who carries the risk in which kind of Contract and many more are answered in this article. An article is a good place for […]
So once we know about the Project Manager Competency Development (PMCD) Framework, it is time for us to start working on learning new skills. Learning, practising, mastering new skills not easy and requires commitment and patience. This is where the Data, Information, Knowledge and Wisdom Pyramid (DIKW Pyramid) comes in; Data Are observed, Collected as Facts, […]
Project Charter: An Ultimate Guide to Showcase Your Project A Project Charter is a versatile document that formally authorizes a project or a phase. It defines the reason of establishing the project and assigns it to whoever is worthy of doing it. A project needs descriptive assistance through which others can understand its technicalities. Many […]
Many Project Managers use the terms Hammock activity and Summary activity interchangeably. I do agree that largely they have the same function on the project, but objectives are different for adding a summary and hammock activity. So before going into detail a quick overview of the Summary Activity is as follows; Summary Activity Summary activity […]
Dangling Activities Dangles are loosely-tied activities in the project schedules which means that they don’t have defined start or end dates. Project Schedule with Dangle or Dangling activities is not a close diagram and have open loops which make it’s logic incomplete. This happens because of missing clear, legitimate and logical relationships within activities of […]
Control Quality, Validate Scope and Quality Assurance are three terminologies which keep bugging every new PMP Aspirant. In the following article, I tried to make the two terms clear and then you might want to read the other one to be crystal clear with these terminologies. Control Quality Control Quality is the process of supervising […]
The following write up explains the difference between the Quality Assurance and the control Quality. Quality is the degree to which a set of inherent (existing) characteristics fulfils requirements. ISO 9000 Quality Assurance A set of activities that ensure quality in the processes by which end products are developed. Quality Assurance (QA) is the procedure […]
Free Float The amount of duration in which the scheduled activity can be deferred without postponing the subsequent scheduled activities. In project management, free float refers to the duration that spans from the finishing point of a scheduled activity while extending to the upcoming planned activities. It is measured by subtracting the primary end of […]
Budget and Cost Estimates are two terminologies that even senior project managers use them interchangeably all the time. Well! one may say that these are the opposite side of the same coin. Estimate – To produce a statement of the approximate cost of (Merriam-Webster Online, http://www.m-w.com/dictionary/estimate) Budget – A plan expressed in quantitative, usually monetary, terms that covers a specific period of time […]