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Here’s a comprehensive overview of the key tools used in Quantitative Risk Analysis (QRA) — the discipline of numerically estimating risk probability, impact, and outcomes.Here’s a detailed breakdown of each tool: 1. Monte Carlo Simulation This is the most widely used QRA tool. It runs thousands (or millions) of randomized iterations of a model, each […]
EAC estimates the total project cost at completion based on the project’s performance up to a given point in time.
Earned Value Management (EVM) is a project management technique used to assess project performance by comparing planned work with actual work completed and costs incurred. It integrates scope, schedule, and cost to provide a comprehensive view of project health. Below is an overview of EVM and its key formulas. Key EVM Metrics 1. Planned Value […]
Outlines are used to group the Tasks in Microsoft Project. Outlines are useful for creating a hierarchy that will help us to better organize the project tasks. Through this article, we are going to discuss how we can use outlines in Microsoft Project. Step 1. To use the outlines feature in Microsoft Project; first, we […]
Microsoft Project uses Task types when scheduling the project. Task types are important to understand, to understand how the Project deals with different fields when scheduling the project. One important thing to remember is, Task types apply to Automatic Scheduled tasks only. Fixed Duration, Fixed Units and Fixed Work are three different Task types, we […]
When you are dealing with projects in Microsoft Project, you are dealing with the fields; Duration, Work and Units. You must have to understand what are these fields and how these will behave during the project schedule for successful Schedule Management in Project. These fields are connected. Hence, when we modify one field’s value, will […]
Whenever you are working on the Project, you must need to know the purpose of the Project and reason the Project has been selected. As a Project Manager or Stakeholder this is important to you to know. Keep that in mind that the Projects WILL NOT START without any proper business NEED. There must be […]
We have discussed “Project Management Process Groups” in our Previous Article. Like Process Groups, all the processes are categorized into 10 Knowledge Areas. A Knowledge Area is defined by its knowledge requirements and described as its processes, practices, inputs, outputs, tools, and techniques. As Processes are logically linked, Knowledge Areas are also interrelated. How the […]
Through the series of Articles; so far, we have created: A draft Project “Space Debris Robo” was created in “Microsoft Project 2013 – Create Project – Set Project Information” and set the initial Project information. To proceed with the Project planning, we must set the Project Options and we did this through “Microsoft Project 2013 […]
Through the series of Articles, I am going to explain; create & manage the Project through Microsoft Project 2013 Application. As part of this, I have created a Project “Space-Debris-Robo” through our previous Article “Microsoft Project 2013 – Create Project – Set Project Information“. We will extend that Project, to add Project Options. I am […]
