About This Chapter
Who's It For?
Anyone who needs help learning or mastering project management formulas/calculations will benefit from the lessons in this chapter. There is no faster or easier way to learn about the formulas and calculations that are used in project management. Among those who would benefit are:
- Students who want to learn a broad topic in a short amount of time
- Students who are looking for easy ways to identify the most important information on the topic
- Students who have fallen behind in memorizing project management formulas
- Students who prefer multiple ways of learning about project management (visual or auditory)
- Students who have missed class time and need to catch up
- Students who have limited time to study for an upcoming exam
How It Works:
- Complete each lesson in the chapter to review all key topics.
- Refer to the lesson to reinforce your learning.
- Test your understanding of each lesson with a short quiz.
- Complete your review with the Project Management Formulas & Calculations chapter exam.
Why It Works:
- Study Efficiently: The lessons in this chapter cover only information you need to know.
- Retain What You Learn: Engaging instruction and real-life examples make topics easy to grasp.
- Be Ready on Test Day: Take the Project Management Formulas & Calculations chapter exam to make sure you're prepared.
- Get Extra Support: Ask our subject-matter experts any project management question. They're here to help!
- Study With Flexibility: View lessons on any web-ready device.
Students Will Review:
This chapter summarizes the material students need to know about project management formulas and calculations for a standard project management course. Topics covered include:
- The project management maturity model
- Schedule performance index vs. the cost performance index
- Planned value and actual cost formulas
- Earned value analysis
- Examples of the consumer price index
- Comparing estimate at completion with estimate to complete
- Differences between EPC and EPCM project management
- The risk assessment matrix
- Project management formulas
1. Project Management Maturity Model: Definition & Levels
The Project Management Maturity Model provides a mechanism to assess the capabilities of an organization by measuring the maturity of project management processes. In this lesson, we'll explore some history behind the model and discuss how it can be used as an action plan for improvement.
2. Schedule Performance Index: Definition & Examples
In this lesson, we will gain an understanding of what schedule performance index is, how it is used to monitor a project schedule, and how to calculate it.
3. What is Cost Performance Index? - Definition & Formula
This lesson explains the concept of cost performance index which is commonly referred as CPI. CPI can help a project manager assess if the project is on budget and gives a sense of how efficiently costs are allocated.
4. Cost Performance Index vs. Schedule Performance Index
How can you check whether your project is spending money too fast or not? Learn to evaluate the cost and schedule efficiency of a project by using the cost performance index and the schedule performance index!
5. Planned Value in Project Management: Definition & Formula
Planned Value is a calculation used in project management to monitor project costs compared to a baseline value. Let's look at how it is calculated and used.
6. Actual Cost in Project Management: Definition & Formula
Actual Cost in project management is the total cost, to-date, spent on the finished project work. This lesson will discuss the definition and formula for the actual project cost.
7. Planned Value vs. Earned Value in Project Management
Planned value and earned value are calculations used in project management to help assess a project's delivery. In this lesson, we look at how they are calculated and used.
8. Earned Value Analysis in Project Management
Earned Value Analysis is a project management tool that monitors the amount of work accomplished and compares this to the original plan to help determine if a project is on track.
9. Estimate at Completion (EAC) in Project Management
Estimate at completion is a forecasting technique employed to estimate the cost of a project at completion. This lesson explores several ways to calculate the estimate at completion for a project.
10. Estimate at Completion (EAC) vs. Estimate to Complete (ETC)
Estimate at Completion and Estimate to Complete are forecasting techniques to determine if the project costs are on track. In this lesson, we'll look at the difference between Estimate at Completion (EAC) and Estimate to Complete (ETC) and explore methods for calculating each.
11. Risk Assessment Matrix: Definition & Examples
A risk assessment matrix i is a project management tool that helps determine which risks to the project warrant preparation of a response plan. The purpose of this lesson is to help you understand the risk assessment matrix and to provide examples.
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