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 Performance Index)
CPI= EV/AC
417.…

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 format that works…

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 (Responsibilty Assignment Matrix).

Below is a snippet of a RAM which can be developed out of your W.B.S(Work Breakdown Structure) to ensure your team and stakeholders understand their specific roles and responsibilites.



WBS Element          Project Team Members                                Other Stakeholders


1.0.1 Activity AEmeka               James                          Funke     Aliyu              Sponsor
N                             R                            C          A                     S
1.0.2 Activity B     R                                                             …