Career and Business Mentor

Earned Value Management is a  great way to track performance of your Project's schedule and cost. Here is a sample Question: Activity A is worth $200, is 100% complete, and actually cost $200. Activity B is worth $75, is 90% complete, and actually cost $120 so far. Activity C is worth $200, is 75% complete and has cost $175 so far. The total budget is $1000. What is 1) ETC 2) VAC 3) CPI 4) CV 5) PV 6) EAC Answers: You need to look at the activites as tied to an entire project. The BAC is $1,000. PV(Planned Value) 1.Activity A's PV -$200 2.Activity B 's PV -$75 3.Activity C's PV -$200 Then start calculating the EV EV(Earned Value) 1.Activity A is BAC*Actual % Complete 200*100% =200 2.Activity B is BAC*Actual % Complete 75*90%=67.5 3.Activity C is BAC*Actual % Complete 200*75% =150 Total Earned Value = 417.5 AC(Actual Cost) **there is no formular to this Activity A+ Activity B + Activity C Total Actual Cost =200+120+175 = 495 CPI (Cost Perf...

7 Lessons Learned from the PMP Exam By Cornelius Fichtner, PMP Everyone has different ways of studying for the Project Management Professional (PMP)® certification. You may carry the PMBOK® Guide around with you, or use flashcards. You may join your local Project Management Institute (PMI)® Chapter and study in a group. Whatever your study path, someone has been there before you. While everyone has a slightly different story to tell, there are some things that make a big difference to your chances of success with the PMP Exam. Luckily, exam candidates are very happy to share their stories and lessons learned with you. We have reviewed and analyzed a number of lessons learned from the PMP Exam that successful exam takers have posted on our website. Here are our top 7 lessons learned. 1: Make a plan “I had a plan laid out and had to rebaseline it twice but it helps to view where you are and align it once every 2-3 days,” says one student on our forum. Create a plan in a...

Are you involved currently with a Project or you have been involved in the past?If its the later then you will recall that conflicts arise during project implementation due to lack of clarity on what each team members roles and irresponsibility should be as pertaining to project deliverables. To keep everyone on the same page a tool that simplifies this effort comes in the form of a chart called the R.A.M ( R esponsibilty A ssignment M atrix). Below is a snippet of a RAM which can be developed out of your W.B.S( W ork B reakdown S tructure) to ensure your team and stakeholders understand their specific roles and responsibilites. WBS Element           Project Team Members                                 Other Stakeholders 1.0.1 Activity A Emeka               James             ...

PMBOK 5th Edition-Checklist of some key changes PMI –Project Management Institute USA has constantly over the years reviewed their PMBOK(Project Management Body Of Knowledge) which is the reference book for the institute's PMP Certification Credentials. This Post is to enlighten you on some of the key changes going forward. Please Note: This post is in regards to the Project Management Institute's exposure draft of the Project Management Body of Knowledge, Fifth Edition early this year.  PMBOK Version 5 won't be out till the 4th Quarter of 2012; and new restructured PMP exam test will start from approximately from June 2013.  If you're studying for the PMP currently from 2012-June 2013 stick with PMBOK version 4(unless otherwise stated) PMBOK 5th Edition Checklist of some key changes: 1. Addition of a new knowledge area called ‘Stakeholder Management’ making 10 Knowledge areas. 2. PMBOK 5th Edition has 248 pages minus the glossary. 3. 47 Processe...

FAQ-Frequently Asked Questions Project Management what is it about? Project Management is a management concept/principle applied to manage change, increase organisational efficiency, improve productivity, and increased returns on investment using standardised techniques, methods, tools and processes. How relevant is project management? Relevant in all fields of endeavour. Infact the western world-multinational corporations, blue-chip companies, government agencies and private companies drive their processes using project management processes and techniques. Is project management of any significant value in Nigeria? YES. Most Nigerian companies now require that their personnel acquire project management skills. Those with these skills are highly priced and attract comparable to their international counterparts. How is it relevant to me? Am not an engineer or a technical person? Project management is not limited to any particular discipline, it is applied across in...

What are the Five Conflict Resolution Modes? And which one do you use most often? When you understand how you handle conflict, you can begin to understand when your approach is effective and when it is not. Then you can learn to adapt your behavior and draw from different conflict resolutions styles as-needed. There are five conflict handling modes and one of these is your preferred mode. These five modes come from the TKI or Thomas-Kilmann Conflict Mode Instrument. What is the TKI? The TKI is a questionnaire designed to measure how you tend to handle inter-personal conflict.  This is expressed using five modes (which we will cover next) and two dimensions: >Assertiveness – This is the degree to which you try to satisfy your own concerns when faced with a conflict. >Cooperativeness – This is the degree to which you try to satisfy the other person’s concerns when faced with a conflict. The TKI was developed in the early 70’s by Kenneth W Thomas and Ralph...