Is Project Budget and Cost Baseline the same?
Short answer – No! But don’t forget to watch the video and understand the different terms. One more tip – Project Budget and Cost Baseline should not be used interchangeably …
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Value Analysis – Bringing the Cost down without reducing the Project Scope
Value Analysis is a term that is often used in Value Engineering. Value Engineering is defined as, The modification of designs and systems according to value analysis The next question …
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How to remember EVM formulas – SV, SPI, CV, SPI
Are you feeling overwhelmed with all the EVM formulas? Let’s discuss in this video how to remember four important ones. RELATED LINKS COST MANAGEMENT: FAQshttps://goo.gl/YdX2LQ EARNED VALUE MANAGEMENT (EVM)https://goo.gl/MFcQcd COST …
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Sample PMP Questions of Earned Value Management with Answers
Before proceeding, hopefully you already know the formulas for Earned Value Management technique, if not, check out this two videos, Earned Value Management Technique Formulas Earned Value Management Technique Formulas …
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Control Costs Process
What’s better than studying a topic only to realize you already know it! That’s exactly what you’ll feel like when we discuss the Control Costs process. But the caveat is, …
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Earned Value Management (EVM) Technique Formulas and Explanations
Although we have already covered Earned Value Management formulas, in this article we are taking an overview of what each concept really means. Earned Value Management technique is a method …
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All PMP Cost Management Formulas (Earned Value Management – CPI, SPI, CV, SV, EAC, ETC, TCPI, VAC)
Schedule Performance Index SPI = EV/PVEV = Earned ValuePV = Planned Value < 1 behind schedule = 1 on schedule> 1 ahead of schedule Cost Performance Index CPI = EV/ACEV …
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I don’t do Cost Management on my Projects
What if you don’t do Cost Management on your projects at all? Sure Cost Management is a Knowledge Area you need to study for your PMP preparation but what’s the …
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Determine Budget Process
Once we are done with Estimate Costs, the next process in the line is Determine Budget. You may ask, what is the difference between an Estimate and a Budget? Check …
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What is the difference between Cost Estimates and Budget?
Cost Estimates and Determine Budget are two different processes of the Cost Management knowledge area. A question that should come up here is the difference between Estimates and Budget. Aren’t …
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