Project Cost Management

PMP Exam Change 2021

Project Management Professional (PMP)® Exam Aspirant’s Definitive Guide to PMP® Exam Changes 2021

In June 2019, PMI Certification has released a new PMP® certification content outline. Based on this exam content outline, exam pattern will change by Jan 2021. It is an effort to equip project managers with today's modern project environment. So, now the question is what modern project management is? Based on research by PMI, the following are some highlights to see how project management profession has progressed: 1. Project Manager as a Coach Project Practitioner keeps observing the importance of empathy…
Read More

What is the Point of total assumption (PTA) ?

During my interaction with Project Management Professional (PMP)® Certification aspirants, often I see that they take the Point of Total Assumption as a confusing concept. I observed that there are lots of misunderstandings and confusions that need clarity. Though not a crucial question from the PMP® exam point of view, it still needs a detailed discussion. In this blog, I will address the puzzling PTA concept with simple to understand examples. This concept is only related to fixed-price incentive fee contracts.…
Read More
Top Pmp interview questions

PMP®Exam interview Questions

Domain Based What is a baseline, how is it use while creating project management plan? What are organizational influences? Explain with examples What is a project charter? Is project manager involved in the creation of a project charter? What is a project, how is it different from a program, and a portfolio? How many knowledge Areas are there in Project Management. Do you use all in your projects? What are project management methodologies? Which one did you used in your…

Read More

How To Calculate ETC When Variance Is Atypical

When we evaluate our project performance we need to also forecast how much more money is needed in this project and what could be the revised budget. Cost forecasts is a very important topic from PMP® exam point. Revised budget is nothing but EAC (Estimate At Completion) which will be different from initial planned numbers i.e. BAC (Budget at completion). EAC and ETC (Estimate To Complete) can be calculated in different ways depending on the reason of variations. In this…
Read More

What is EAC & ETC and What are its Variants?

EAC (Estimate at Completion) and ETC (Estimate to Complete) are two important dimensions of Earned Value Management. Of late, I have received many questions on these two attributes in our discussion forum and especially on the variants of it. PMP®  certification aspirants have much confusion around this and also about which variant of formula can be used and when. In this blog, I am trying to unfold all these confusions along with formula selection points. Before I begin explaining EAC…
Read More