The Project Management Professional (PMP) certification is considered to be one of the most widely recognized and respected project management certifications in the world. It is offered by the Project Management Institute (PMI) and is intended for project managers with significant experience in the field.

What Are the Most Popular Project Management Certifications?

The PMP certification demonstrates an individual's knowledge and skill in leading and directing project teams and in delivering projects within the constraints of schedule, budget and resources. To qualify for the PMP certification, individuals must have a certain level of education and professional project management experience, as well as pass a rigorous exam.

Other popular project management certifications include:

• Certified Associate in Project Management (CAPM) - offered by PMI, for those with less project management experience.
  
  
• PRINCE2 (PRojects IN Controlled Environments) - offered by AXELOS, a UK government-owned organization, it is widely recognized in the UK and internationally.
  
  
• Scrum Master Certification (SM) - offered by Scrum Alliance, for Agile project management.
  
  
• Six Sigma - offered by various organizations, for process improvement.

Ultimately, the best certification for you will depend on your career goals, experience level, and the industry you work in. If you're interested in obtaining online PMP training, contact Javedpmp

 

Philosophy of Earned Value Management (EVM)

What is EVM. Earned value management is a valuable technique that permits the project and program managers to effectively monitor schedule, cost, and technical project progress by the use of EVM formulas. The earned value management implementation is a highly professional function of project management. It ensures that schedule, cost, and technical features are strictly integrated. EVM has the distinctive capability to combine scope of schedule performance, cost performance, and technological operations in a sole integrated system. EVM provides an advance caution of performance issues, allowing for timely remedial measures.

Performance Forecast

All project activities should essentially earn some value, with the completion of project work. The earned value, attained by the completion of activities, is compared with the planned and actual costs to determine the performance of the project. The forthcoming trends of the performance can then be forecasted accurately. Physical progress is calculated in units of applicable currency, and then cost and schedule performance are evaluated in the similar units.

EVM Formulas, Earned Value Analysis, How to Understand?

The following are earned value analysis formulas. For EVM formulas description, read the article Definition of EVM formulas.

SV      =    EV – PV                        + ve good

CV      =   EV – AC                        + ve good

SPI     =   EV/PV                          greater than 1 is good

CPI     =     EV/AC                          greater than 1 is good

EAC    = AC + BAC – EV              budgeted, atypical, no variation in future

EAC    = BAC/CCPI                      no variation in BAC, same rate spending

EAC    =     AC + (BAC-EV)/CCPI       typical, same variation in future

TCPI =     (BAC – EV)/(BAC-AC)      must meet BAC

TCP I =     (BAC – EV)/(EAC-AC)      not meet BAC, CPI decreased

VAC  =      BAC - EAC

ETC    =      EAC – AC 

% Complete =      EV/BAC

EV     =     Total months completed / Total months project  x  Total cost

PV     =     Planned % complete      x        Project budget

EV     =     Actual % complete         x        Project budget

Conclusion

Implementation of EVM in difficult and large projects include several features, indicators, and forecasts that assists to keep track of the progress with relation to the plan, and assists in timely corrective and preventive actions. However, the main function of an EVM system is its capability to measure progress by the use of EV and EV. Earned value management (EVM) measures progress objectively. Several books are available to lea more about the application of EVM formulas, and what is EVM.

Also Read:

Definition of EVM formulas.

A Gantt chart is a project management tool that provides a visual representation of a project schedule. Here are some benefits and uses of a Gantt chart:

Project planning is simplified by Gantt charts, which separate tasks into smaller, easier-to-manage chunks and give each task a due date. This guarantees that the project will be finished on schedule and within the allotted spending limit.

What are the Uses of WBS

Allocation of resources:
Gantt charts help project managers allocate resources such as staff, equipment, and budget by clearly showing when each resource is needed.

Progress tracking: By using Gantt charts, project managers can monitor the advancement of each task, simplifying the detection of obstacles, delays, or situations that require additional resources.

The status and progress of a project can be communicated visually to team members, stakeholders, and clients using a Gantt chart. This enables all project participants to be informed of the status and change plans as necessary.

Gantt charts can be used to identify potential risks and make backup plans when managing risks. Project managers can take action to reduce risks and avert expensive delays by monitoring the progress of each task and spotting potential delays.

Time management: Gantt charts help project managers manage time effectively by showing the dependencies between tasks and highlighting critical paths. By doing this, we can ensure that the project is completed on time and within budget.

Gantt charts, in general, are useful project management tools because they provide a clear and visual depiction of the project plan, making it easier for anyone to plan projects, measure progress, assign resources, and communicate with stakeholders.

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