Best Project Management Training Online

Popular Project Management Certifications

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

 

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Understand EVM and EVM Formulas

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

EVM Eaed Value

 

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.

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Uses of WBS (Work Breakdown Structure)

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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Project Success Evaluation

Success Measurement Is Distinct for Everybody

Success is a word with broad connotation, and it may signify different sense to different individuals. If you have finished your work assigned for a particular day, and your writing table is tidy, that may be success to you, but may be not success for all. If you are constructing a building, and you have completed the last task of delivering the building to the user, the delivery of the completed house is an authentic assessment of your success. If you are performing the duties of a sales person, and the sales objective was to trade 100 objects in two months, and you manage to sell 120, you will possibly consider yourself to be doing well. These are simple methods for the measurement of success in normal life, but what are the critical success factors regarding measurement of success in projects?

Evaluation methods of project success

 

Evaluating Success In Projects

In the earlier days, when project management was not yet developed as a discipline, project success implied completing a project on schedule, under the allocated cost, and accomplishment of the project goals. Success criteria have changed today, particularly when a large number of project management methodologies are available to be used.

Searching the query of how can success be measured in projects, can be solved by the Internet, where professionals, offer the most mode, and most novel techniques. But is their opinion correct? Some specialists have the opinion that use of eared value management, which examines cost, scope, and schedule during the project life cycle is the top technique. Others have the opinion that a balanced scorecard is more reliable in presenting project success.

Determining Success Distinctively

There are projects in all business. Projects contain established objectives with allocated activities based on the results desired. Only completion of a project, does not always determine success. Over budget in projects does not necessarily imply that you are failed. Objectives that change halfway through will not signify that your project will not be successful. Then, how can we determine that our project is successful?

Project Setting – Software may be used to identify if a project will be successful.

Surveys – Some business use surveys to determine if a project was successful. Surveys are forwarded to customers, with the questions concerning the project. Survey responses will indicate the level of customer satisfaction, which can be used for improvements. Surveys to project stakeholders are a useful technique for measurement of success.

SWOT Analysis – Performing a SWOT analysis is a reliable initiative for success measurement. 

Communications – Do you put brief and quantifiable queries to the team during the project lifecycle? Do you offer chance to team members to offer recommendations? Establish principled communication plans, which can assist to measure project success. 

Measurement Approach – There are numerous evaluation methods to obtain an authentic assessment of the project success. The critical success factors include meeting of project scope baseline, cost baseline, and schedule baseline, personal targets, and customer outlook. Select measurement techniques, from the several available. 

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What Does Project Manager Do At Their Workplace?

What Does Project Manager Do

A Project Manager is pivotal in ensuring that a project is executed to a successful completion, through proficient planning, implementation, and closing. Their primary aim is to complete the project within the agreed upon timeline, budget, and satisfying the needs of all stakeholders. So what does project manager do? The role of a Project Manager encompasses several responsibilities, including:

Project Planning: The Project Manager outlines the scope of the project, develops a comprehensive plan, sets deadlines and budgets. They work in conjunction with stakeholders to comprehend their expectations and allocate resources accordingly.

Project Execution: The Project Manager supervises project team's effort and ensures that tasks are completed within the budget and timeline. Furthermore, he handles any challenges that may arise during the project. They keep stakeholders informed about the progress and address their concerns.

Monitoring and Control: The Project Manager tracks the project progress, evaluates the schedule and takes the necessary steps to keep the project on track. They consistently monitor milestones and swiftly resolve any issues.

Risk Management: The Project Manager identifies and assesses potential project risks and develops strategies to mitigate them. They identify threats, assess their likelihood and impact, and plan accordingly to manage risks.

Stakeholder Management: The Project Manager manages relationships with stakeholders such as sponsors, team members, and others. They communicate with stakeholders, address their concerns, and fulfill their needs throughout the project.

A successful Project Manager should possess exceptional communication and interpersonal skills, strong leadership abilities, the capability to motivate, and problem-solving skills.

Is a Project Manager Helpful in Achieving Project Success?

In answering the question of whether a Project Manager is crucial to the success of a project, the answer is affirmative. An accomplished Project Manager can greatly influence the success of a project by efficiently planning, executing, controlling, managing risks, and stakeholders. They motivate and lead the project team to ensure tasks are completed with efficiency. They effectively manage risks to prevent unforeseen events from impacting the project outcome.

In conclusion, what do project managers do? A Project Manager is a critical part of any project team, and his skills and qualities can have a substantial impact on the project's success. When considering a career in project management or hiring a Project Manager, look for individuals with strong leadership and communication skills, the ability to motivate, and expertise in risk management

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