Work Authorization System
The Work Authorization System is an important aspect and you can definitely expect atleast a question around it in the PMP exam. The Work Authorization System is basically a subsystem …
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Top 3 things you must know about Defects
Defects are inevitable and all projects have them. Fixing defects means fixing deliverables not necessarily the plan. Below are the top three things you should know about defects – 1. …
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Top 3 things you must know about Deliverables
‘Deliverables’ is one term you will come across many a times during the course of a project. We list the top 3 things you must know about deliverables below, these …
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Overview of Project Selection Concepts / Methods / Techniques
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Project Selection – Internal Rate of Return
Definition This is one of the most, if not the most, important metric that the Project Manager should be looking at because other stakeholders will definitely be doing so. To …
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Project Selection – Benefit-Cost Ratio
Definition Benefit-Cost ratio is the ratio of the benefits of a project compared to the costs calculated in terms of Present Value (PV). BCR > 1 – the project is …
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Project Selection – Opportunity Cost
Definition Opportunity Cost is the highest value a person needs to give up for the selected choice. For example, if you have US $10, you can either buy a coffee …
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Project Selection – Return on Investment
Definition Return on investment (ROI) is the benefit an investment bring about, by comparing profits in relation to capital invested. Sample Question An organization is considering several projects with the …
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Project Selection – Payback Period
Definition Payback Period is the time it takes for the organization to earn back the initial investment (in terms of monetary cost) to the project and begin making profits. Sample …
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Project Selection – Net Present Value (NPV)
Definition Net Present Value (NPV) of the sum of all cash inflows (in Present Value) of the project minus the initial cost, i.e. PV (benefits) – PV (costs) (Read more) …
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